| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.89% | 6.99% | -5.93% |
The Weitz Large Cap Equity Fund returned 7.03% in Q2 2026 versus 15.49% for the Bloomberg U.S. 1000 Index as AI-related exposure fueled heady index returns. Shortages of memory and logic semiconductor chips led to outsized gains for AI bottleneck beneficiaries. The fund owns large positions in hyperscaler cloud and AI service providers including Alphabet, Amazon, Microsoft, Meta Platforms, and Oracle, with mixed Q2 results. Risk-on factors such as momentum, growth, and sentiment have been outperforming defensive factors such as valuation, profitability, and stability by historic margins, creating extremes comparable to the Pandemic-era speculative bull market. Software and information services companies remained in the AI penalty box as investors grappled with potential business model impacts. The managers trimmed top contributors to manage position sizes and reduced exposure to detractors to manage risk, while adding to HEICO, Ingersoll Rand, and MercadoLibre. The portfolio of 30 companies has an estimated price-to-value in the upper-70s, offering adequate multi-year return potential. The managers remain committed to their timeless philosophy of owning quality companies at discounts to intrinsic value.
The fund maintains a concentrated portfolio of 30 quality large-cap companies trading at discounts to intrinsic value, with the top 10 positions representing over half of assets and an estimated price-to-value in the upper-70s offering adequate multi-year return potential.
The managers have ownership stakes in 30 companies, with the top 10 accounting for well over half of the portfolio. They estimate the portfolio's price-to-value is in the upper-70s, which they believe offers adequate return potential over a multi-year horizon. Most companies are growing profitably with decent operating momentum. The managers note that improving stories often attract new fans, which can provide extra fuel for outsized returns. They feel quite constructive about the majority of the portfolio and see sources of untapped return potential throughout.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | ACN, ADI, AMZN, CRM, CSGP, EFX, GOOGL, HEI, IDXX, IR, MELI, META, MLM, MSFT, ORCL, TECH, V, VEEV | AI, Cloud, large cap, momentum, Quality, semiconductors, technology, value | - | The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. |
| Apr 29 2026 | 2026 Q1 | ADI, ASML, CRM, CSGP, DHR, HEI, IEX, IR, MSFT, NVDA, ODFL, TMO, TSM | AI, Concentration, Industrial, large cap, Life Sciences, semiconductors, technology, value | - | Weitz Large Cap Fund underperformed significantly in Q1 2026 but managers maintain conviction in concentrated portfolio now trading at attractive valuations. Added semiconductor basket including ASML, Taiwan Semi, and NVIDIA to capitalize on AI infrastructure theme. Software names like Microsoft and Salesforce detracted on AI disruption concerns. Portfolio reshaping accelerated to adapt to volatile, thematic markets. |
| Jan 29 2026 | 2025 Q4 | ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO | AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value | - | Weitz Large Cap significantly underperformed in 2025 with -0.23% returns versus 17.51% for the index due to poor stock selection. Healthcare strength helped Q4 performance while AI infrastructure cooled. Management implemented process improvements and increased concentration to 24 holdings. Portfolio now positioned in improving businesses at attractive relative valuations with building confidence for 2026. |
| Oct 28 2025 | 2025 Q3 | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value |
MELI MELI |
Fund underperformed in Q3 as AI-driven stock sorting created volatility. Managers increased Microsoft exposure, added Mercado Libre for Latin American diversification, and trimmed Oracle after strong gains. AI infrastructure names contributed while software companies faced disruption fears. Portfolio trades at attractive mid-80s price-to-value with concentrated exposure to quality businesses positioned for multi-year returns. |
| Jul 27 2025 | 2025 Q2 | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | MELI | Weitz Large Cap Fund underperformed in Q3 as AI infrastructure spending created dramatic winner-loser sorting. Managers increased Microsoft, added Mercado Libre, trimmed Oracle after strong run. AI beneficiaries led gains while software companies faced disruption fears. Team challenging assumptions and raising portfolio standards. Portfolio trades at mid-80s price-to-value with adequate multi-year return potential. |
| Mar 31 2025 | 2025 Q1 | AON, BRK-A, CHTR, CRM, CSGP, DHR, FIS, GOOGL, GPN, IDXX, IEX, IT, LH, META, MSFT, ORCL, SPGI, TECH, V, VEEV | AI, financials, large cap, Life Sciences, technology, value |
MSFT IDXX TECH |
Weitz Large Cap outperformed in volatile Q1 by actively reshaping portfolio concentration. Managers trimmed expensive mega-cap tech while adding quality life sciences names at discounts. The 27-position portfolio trades at low-80s price-to-value ratio, positioning for multi-year returns despite near-term turbulence expectations. |
| Jan 29 2025 | 2024 Q4 | ADBE, AMZN, CHTR, CRM, CSGP, DHR, EFX, GOOGL, GPN, IEX, MA, MCHP, META, ODFL, ORCL, ROP, SPGI, TMO, V | Concentration, large cap, Quality, technology, value | - | Weitz Large Cap Equity Fund's concentrated Quality-at-a-Discount approach underperformed in 2024 due to Magnificent Seven dominance and early rotation into quality companies facing headwinds. The 28-position portfolio trades at attractive valuations in the high 80s price-to-value, positioning for differentiated returns as their patient capital approach becomes increasingly valuable in today's instant-gratification market environment. |
| Sep 30 2024 | 2024 Q3 | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | - | Weitz Large Cap Equity Fund outperformed with a 7.84% Q3 return through concentrated Quality-at-a-Discount investing. The 30-stock portfolio delivered broad-based gains led by newer holdings while technology stocks weakened. The manager added to undervalued positions in Global Payments and Idex Corp while trimming winners like Meta and S&P Global after strong runs. |
| Jul 28 2024 | 2024 Q2 | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value |
IEX CSU.TO ODFL |
Weitz Large Cap underperformed in Q2 as AI momentum dominated markets, but the manager maintains conviction in their value-oriented approach. They trimmed expensive tech winners while adding quality businesses like IDEX, Constellation Software, and Old Dominion with superior capital allocation. The concentrated portfolio trades at attractive valuations with multi-year return potential. |
| Apr 15 2024 | 2024 Q1 | ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC | Broadband, large cap, Rotation, technology, valuation, value | - | Weitz Large Cap underperformed in Q1 as the rally continued, but the fund maintains disciplined value approach by rotating from fully priced tech winners to discounted opportunities. Despite Charter's broadband challenges creating near-term headwinds, the concentrated 29-stock portfolio trading at mid-90s price-to-value offers solid multi-year return potential through valuation discipline. |
| Jan 27 2024 | 2023 Q4 | ADBE, AMZN, AON, CHTR, CRM, DHR, EFX, FIS, GOOG, GPN, IT, LBRDK, LLYVK, META, ORCL, ROP, SCHW, TMO, VLTO | Concentration, growth, large cap, Rotation, technology, value |
VLTO CGPN.L |
Weitz Large Cap delivered strong 2023 performance by owning previously fallen growth stocks that recovered dramatically. The manager is now taking disciplined profits from tech winners and rotating into undervalued medium-sized companies. The concentrated 30-stock portfolio trades at attractive valuations despite potential market headwinds from policy changes and geopolitical risks. |
| Aug 11 2023 | 2023 Q3 | ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC | Concentration, large cap, Quality, Resilience, technology, value |
MCHP EFX |
Weitz Large Cap outperformed in Q3's market decline through concentrated ownership of resilient businesses like Charter, Alphabet, and Meta. New positions in Microchip and Equifax offer compelling value despite near-term headwinds. The 29-stock portfolio trades at low-80s price-to-value, emphasizing durable companies that can navigate Fed policy uncertainty and economic volatility. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI-related exposure fueled heady index returns in Q2 2026, with shortages of memory and logic semiconductor chips leading to outsized gains for AI bottleneck beneficiaries. The fund owns large positions in hyperscaler cloud and AI service providers including Alphabet, Amazon, Microsoft, Meta Platforms, and Oracle. Software and information services companies remained in the AI penalty box as investors grappled with the potential impact of AI on business models. |
Cloud Semiconductors Software Data Centers |
Semiconductor CycleShortages of key components, including memory and logic semiconductor chips, led to outsized gains in both profits and stock prices for AI bottleneck beneficiaries. Analog Devices was among the fund's top contributors for the quarter with a 26.05% return, reflecting strong company fundamentals and investor demand for semiconductor exposure. |
Memory Semiconductors AI | |
CloudThe fund owns large positions in hyperscaler cloud and AI service providers. Alphabet and Amazon remained in favor during Q2, while Microsoft, Meta Platforms, and Oracle lagged. The managers continue to believe all five companies are competitively well positioned and poised to earn reasonable returns on their voracious capital spending. |
AI Data Centers Technology | |
ValueThe managers emphasize their timeless philosophy of owning quality companies at discounts to what they are worth. Risk-on factors such as momentum, growth, and sentiment have been outperforming defensive factors such as valuation, profitability, and stability by historic margins. The portfolio's price-to-value is in the upper-70s, which the managers believe offers adequate return potential over a multi-year horizon. |
Quality Valuation | |
MomentumRisk-on factors such as momentum, growth, and sentiment have been outperforming more defensive factors by historic margins. According to Evercore ISI, this mix of factor extremes is most comparable with the Pandemic-era speculative bull market of late-2020 to early-2021. The managers note that while extremes can persist, valuation ultimately still matters. |
Growth Risk Appetite | |
| 2026 Q1 |
SemiconductorsThe fund made three new semiconductor investments during the quarter, taking a basket approach with ASML, Taiwan Semiconductor, and NVIDIA. The managers view these as among the best companies globally, benefiting from AI data center infrastructure buildout. They acknowledge the cyclical nature but believe the duration and magnitude of the up cycle may continue to surprise investors. |
AI Data Centers Foundries Semi Equipment Chip Designers |
AIAI data center infrastructure buildout has been the dominant theme of recent years. The fund added positions in ASML, Taiwan Semi, and NVIDIA as key beneficiaries. However, they also noted that Microsoft and Salesforce were detractors as investors questioned software companies' cash flow durability in the face of rapidly improving AI model capabilities. |
Data Centers Cloud Enterprise Software Semiconductors Infrastructure | |
IndustrialIndustrial companies showed improved trends during the quarter, with Old Dominion Freight Line and IDEX contributing positively. The fund added Ingersoll Rand, a multi-industrial company with diversified exposure to attractive end markets, citing improving short cycle segments and resilient longer cycle backlog. |
Logistics Industrial Machinery Trucking Automation Construction Equipment | |
Life Science ToolsDanaher and Thermo Fisher Scientific gave back fourth quarter gains despite healthy business trends. While the managers expected these stocks to be more defensive in choppy markets, their core life science and bioprocessing thesis remained intact. |
Biotechnology Medical Devices Diagnostics CRO & CDMO Healthcare | |
| 2025 Q4 |
AfricaFund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes this is still early in the opportunity cycle despite strong recent performance. |
Frontier Markets Emerging Markets Equities Value Growth |
LiquidityManager provides detailed analysis of liquidity challenges in African frontier markets, noting structural factors like tight ownership by corporates and local institutions. Acknowledges quarterly redemption limitations but expects liquidity to improve in current bull market environment with increased foreign and retail participation. |
Market Structure Trading Redemptions Institutional | |
CurrencyComprehensive review of currency performance across African markets shows mixed results, with West African Franc gaining 0.6% while Ghanaian Cedi and Nigerian Naira declined significantly. Manager actively times investments to buy when currencies are weak, citing Kenya as successful example and Nigeria as potential opportunity. |
Foreign Exchange Hedging Timing Volatility | |
| 2025 Q3 |
AICapital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. |
Infrastructure Winners Losers Revolution Disruption |
E-commerceInitiated position in Mercado Libre, a powerhouse Latin American ecommerce retailer and financial services provider with deep competitive moats built over 25 years. The company provides differentiated portfolio exposure with exceptional 5-7 year upside potential. |
Latin America Financial Services Competitive Moats Upside | |
| 2025 Q2 |
AICapital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. |
Infrastructure Winners Losers Revolution Disruption |
E-commerceInitiated position in Mercado Libre, a powerhouse Latin American ecommerce retailer and financial services provider with deep competitive moats built over 25 years. The company provides differentiated portfolio exposure with exceptional 5-to-7-year upside potential. |
Latin America Financial Services Competitive Moats Upside | |
| 2025 Q1 |
AIInvestors questioned returns on gargantuan capital spending needed to drive the AI revolution after early enthusiasm. Microsoft is well positioned as an AI infrastructure player with attractive long-term upside potential. |
Artificial Intelligence Infrastructure Capital Spending Technology Microsoft |
ValueFund recycled capital from more expensive stocks to cheaper ones as part of disciplined, valuation-sensitive approach. Portfolio trades at price-to-value in very low 80s offering adequate return potential over multi-year period. |
Valuation Price-to-Value Discount Expensive Cheap | |
| 2024 Q4 |
ValueThe fund employs a Quality-at-a-Discount approach to investing, emphasizing concentrated, valuation-sensitive investing. The portfolio trades at a price-to-value in the high 80s, which they believe offers adequate return potential over a multi-year period. |
Value Quality Discount Valuation Price-to-value |
AIWhile the fund avoided chasing AI trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. The managers acknowledge AI drove outsized returns on megacap tech stocks during 2024. |
AI Technology Applications Operations Growth | |
| 2024 Q3 |
ValueThe fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. |
Quality Discount Valuation Concentrated Price-to-value |
QualityThe fund focuses on high-quality businesses with strong fundamentals. The manager feels quite good about the Fund's collection of businesses despite stocks not being cheap. Quality companies are expected to deliver superior long-term performance through various market cycles. |
Business quality Fundamentals Collection Superior Long-term | |
| 2024 Q2 |
AIAI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. |
Technology Momentum Growth Semiconductors |
ValueThe fund maintains a valuation-sensitive investing approach that does not ride momentum waves. They focus on discounted stocks with reasonable paths to double-digit annualized returns over five-plus years with low probability of losing money. |
Valuation Contrarian Long-term Quality | |
QualityThe fund emphasizes high-quality businesses with top-tier capital allocation. They seek durable, competitively advantaged businesses that can navigate cyclical downturns and deploy capital productively over long periods. |
Capital allocation Competitive advantage Durability Management | |
| 2024 Q1 |
ValueThe fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level. |
Valuation Discount Intrinsic Value Price-to-Value Discipline |
BroadbandCharter Communications faced significant challenges with worse-than-expected broadband subscriber losses, higher capital spending plans, and five million customers participating in a federal subsidy program ending in April. Despite these near-term headwinds, the manager believes these issues push out rather than derail the investment thesis and added more Charter shares during the quarter. |
Subscriber Losses Capital Spending Federal Subsidy Infrastructure Telecommunications | |
| 2023 Q4 |
ValueThe letter emphasizes value investing principles, citing Benjamin Graham and David Dodd's Security Analysis and Horace's quote about fallen stocks being restored. The manager discusses how previously fallen growth companies became top performers in 2023, demonstrating the value investing principle that controversy often leads to outsized returns. |
Value Contrarian Fallen Angels Controversy Restoration |
TechnologyLarge tech-adjacent growth companies fueled 2023 equity returns, with Meta, Alphabet, Salesforce, Amazon, and Adobe being top contributors. The manager has been taking gains in these winners following discipline, rotating towards more prosaic businesses trading at discounts to business value estimates. |
Technology Growth Mega Cap Profit Taking Rotation | |
| 2023 Q3 |
ResilienceThe manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts. |
Durable Adaptable Quality Defensive |
BroadbandCharter Communications and Liberty Broadband were notable quarterly contributors as investor sentiment around broadband's competitive position became less negative. The stocks rebounded from oversold levels, suggesting the manager sees value in the broadband infrastructure space. |
Cable Infrastructure Telecom Communications | |
SemiconductorsThe fund added Microchip Technology, a leading provider of mixed signal microcontrollers and analog semiconductors. Despite semiconductor cycles, the company has durable cash flows and benefits from long-wave demand tailwinds like electronification and automation. |
Analog Microcontrollers Cyclical Industrial |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 28, 2025 | Fund Letters | Brad Hinton | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Fintech, Free Cash Flow, Key: e-commerce, Logistics, market share, Take rate, Tpv growth | Login |
| Oct 28, 2025 | Fund Letters | Brad Hinton | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Fintech, Free Cash Flow, Key: e-commerce, Logistics, market share, Take rate, Tpv growth | Login |
| Oct 9, 2025 | Fund Letters | Weitz Large Cap Equity Fund | MELI | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Competitive Moats, digital payments, e-commerce, Emerging markets, Fintech, growth, Latin America | Login |
| Apr 14, 2025 | Fund Letters | Weitz Large Cap Equity Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, cash generation, Cloud computing, Defensive growth, large-cap, Software, technology | Login |
| Apr 14, 2025 | Fund Letters | Weitz Large Cap Equity Fund | IDXX | IDEXX Laboratories | Health Care | Health Care Equipment | Bull | NASDAQ | Defensive growth, healthcare, laboratory services, life sciences, Pet Care, Point-of-Care Testing, Software, Veterinary diagnostics | Login |
| Apr 14, 2025 | Fund Letters | Weitz Large Cap Equity Fund | TECH | Bio-Techne Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Antibodies, biotechnology, Consumables, healthcare, Laboratory Supplies, Life Sciences Tools, Proteins, Research Equipment | Login |
| Jul 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | IEX | IDEX Corp. | Industrials | Industrial Machinery | Bull | NYSE | Acquisitions, Analytical instruments, capital allocation, Cyclical Recovery, Fire Safety, life sciences, Multi-industrial, semiconductors, water treatment | Login |
| Jul 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | CSU.TO | Constellation Software, Inc. | Information Technology | Systems Software | Bull | TSX | Acquisitions, Canadian, capital deployment, Decentralized operations, Mission-Critical Software, Niche markets, SaaS, vertical market software | Login |
| Jul 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | ODFL | Old Dominion Freight Line, Inc. | Industrials | Trucking | Bull | NASDAQ | Cyclical Recovery, Freight Network, Less-than-truckload, Logistics, Ltl, market share gains, Network Density, Transportation | Login |
| Jan 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | VLTO | Veralto Corp. | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | NYSE | capital deployment, Danaher, Industrial technology, margin expansion, Product Identification, spin-off, Water Quality | Login |
| Jan 20, 2024 | Fund Letters | Weitz Large Cap Equity Fund | CGPN.L | Global Payments, Inc. | Software & Services | Data Processing & Outsourced Services | Bull | NYSE | cash flow, Competitive Moats, financial technology, Issuer Processing, low valuation, Merchant Acquiring, Payments | Login |
| Oct 20, 2023 | Fund Letters | Weitz Large Cap Equity Fund | MCHP | Microchip Technology, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog, Automation, automotive, Cyclical, data center, Electronification, Industrial, Microcontrollers, semiconductors, share repurchases, Value | Login |
| Oct 20, 2023 | Fund Letters | Weitz Large Cap Equity Fund | EFX | Equifax, Inc. | Industrials | Research & Consulting Services | Bull | NYSE | Background Screening, Credit Bureau, Cyclical Recovery, Database, Employment Data, high margins, Mortgage, Pricing power, Verification Services, Workforce Solutions | Login |
| TICKER | COMMENTARY |
|---|---|
| GOOGL | Alphabet remained in favor during Q2. Alphabet was among the Fund's top contributors for the quarter with a 23.25% return. Company fundamentals have been strong, and good numbers plus good vibes have led to excellent returns. We trimmed the Fund's holdings in Alphabet during the quarter to manage position sizes at higher, less attractive prices. |
| AMZN | Amazon remained in favor during Q2. Amazon was among the Fund's top contributors for the quarter with a 14.87% return. Company fundamentals have been strong, and good numbers plus good vibes have led to excellent returns. |
| MSFT | Microsoft lagged during Q2 as investors became far more discerning about the buyers of AI chips. We continue to believe that Microsoft is competitively well positioned and poised to earn reasonable returns on its voracious capital spending. |
| META | Meta Platforms lagged during Q2 as investors became far more discerning about the buyers of AI chips. We continue to believe that Meta Platforms is competitively well positioned and poised to earn reasonable returns on its voracious capital spending. |
| ORCL | Oracle lagged during Q2 as investors became far more discerning about the buyers of AI chips. We continue to believe that Oracle is competitively well positioned and poised to earn reasonable returns on its voracious capital spending. |
| ADI | Analog Devices was among the Fund's top contributors for the quarter with a 26.05% return. Company fundamentals have been strong, and good numbers plus good vibes have led to excellent returns. We trimmed the Fund's holdings in Analog Devices during the quarter to manage position sizes at higher, less attractive prices. |
| TECH | Bio-Techne's stock rose 35% as the company agreed to be acquired by Merck KGaA of Darmstadt, Germany, in late June. While we did not view the purchase price as 'top dollar' for the assets, the deal supported our broader thesis on the value of life sciences consumables. We trimmed the Fund's holdings in Bio-Techne during the quarter to manage position sizes at higher, less attractive prices. |
| V | Visa rounded out the quarterly top contributors list as the company delivered another 'beat-and-raise' quarter with a 13.75% return. |
| ACN | Accenture was among the Fund's top detractors in the quarter with a -36.69% return. Software and information services companies remained squarely in the AI penalty box, as investors grappled with the potential impact of AI on a wide array of business models. Material trims of Accenture during the quarter helped limit the portfolio impact. Even after these trims, we continue to believe this investment offers attractive upside from current prices. |
| CSGP | CoStar Group was among the Fund's top detractors in the quarter with a -29.80% return. Software and information services companies remained squarely in the AI penalty box, as investors grappled with the potential impact of AI on a wide array of business models. Material trims of CoStar Group during the quarter helped limit the portfolio impact. Even after these trims, we continue to believe this investment offers attractive upside from current prices. |
| CRM | Salesforce was among the Fund's top detractors in the quarter with a -15.64% return. Software and information services companies remained squarely in the AI penalty box, as investors grappled with the potential impact of AI on a wide array of business models. Material trims of Salesforce during the quarter helped limit the portfolio impact. Even after these trims, we continue to believe this investment offers attractive upside from current prices. |
| EFX | Equifax was among the Fund's top detractors in the quarter with a -11.56% return. Software and information services companies remained squarely in the AI penalty box, as investors grappled with the potential impact of AI on a wide array of business models. |
| IDXX | Veterinary diagnostics leader IDEXX Laboratories made the quarterly detractors list with a -6.31% return despite posting strong quarterly results. |
| MLM | We bought a new position in Martin Marietta Materials during the quarter. Martin Marietta is a repeat holding, so we were able to act opportunistically and quickly at favorable prices. Martin Marietta is a leading aggregates producer with terrific assets and a solid capital allocation track record. The investment is a natural extension of our longstanding 'rocks and gravel' theme. |
| VEEV | We bought a new position in Veralto during the quarter. Veralto is a repeat holding, so we were able to act opportunistically and quickly at favorable prices. Veralto enjoys leading market positions and enviable economics in its water quality and packaging, labeling, and product traceability businesses. We see a clear path to modest organic growth, operating margin expansion, and value-creating capital deployment. |
| HEI | We added to the Fund's holdings in HEICO during the quarter. These purchases showcased our patient approach to building newer investments when stock prices come our way. |
| IR | We added to the Fund's holdings in Ingersoll Rand during the quarter. These purchases showcased our patient approach to building newer investments when stock prices come our way. |
| MELI | We added to the Fund's holdings in MercadoLibre during the quarter. These purchases showcased our patient approach to building newer investments when stock prices come our way. |
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