| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.76% | -8.07% | -8.07% |
The Partners III Opportunity Fund returned -7.95% in Q1 2026, underperforming the Bloomberg 3000 Index's -3.98% decline. The quarter was dominated by AI-driven disruption fears that triggered a software sell-off, compounded by Middle East conflict. Major detractors included Microsoft and Roper Technologies, caught in the AI disruption narrative, while life sciences holdings Danaher and Thermo Fisher faced muted outlooks. Visa declined on regulatory concerns over credit card rate caps. Contributors included SiriusXM with positive subscriber growth, and Texas Instruments benefiting from AI transparency. The managers made strategic portfolio changes, exiting Roper while adding Salesforce and Accenture in software, and initiating positions in Vulcan Materials and Pool Corp outside the AI sphere. Despite the challenging environment where headline risks overshadow fundamentals, the managers maintain their value-oriented approach, believing current disconnects between business values and stock prices create improved long-term return prospects for patient investors.
Value-oriented approach focusing on company fundamentals despite market volatility driven by headline risks, with selective positioning in quality businesses trading at attractive valuations.
The managers acknowledge the challenging environment where headline risks drive volatility and push company fundamentals to the back seat. As fundamental, value-oriented investors, they believe that if their business value estimates are correct and continue to grow, the outlook for forward-looking, long-term returns has improved despite short-term stock price disconnects.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | ACN, CRM, DHR, IEX, LBRDK, MSFT, POOL, ROP, SIRI, TMO, TXN, V, VMC | AI, energy, Geopolitical, Long/Short, software, technology, value | - | Fund declined 7.95% as AI disruption fears triggered software sell-off affecting Microsoft and Roper, while Middle East conflict added volatility. Managers harvested losses in Roper, added Salesforce and Accenture, plus initiated Vulcan Materials and Pool Corp positions. Despite headline-driven volatility overshadowing fundamentals, they see improved long-term return prospects from current business value disconnects. |
| Jan 29 2026 | 2025 Q4 | AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value |
GOOGL KMX CHTR PRM BRK.B |
Weitz Partners III underperformed in 2025 with 3.17% returns versus 17.21% for the benchmark. AI Winners like Alphabet drove gains while deep value positions and life sciences holdings detracted. The managers sold struggling CarMax but held Liberty Broadband, betting on Charter's durable connectivity franchise and improving free cash flow as network investments moderate. |
| Oct 28 2025 | 2025 Q3 | AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Buybacks, Long/Short, Quality, technology, value | - | Weitz Partners III returned +0.15% in Q3 versus +8.25% for the benchmark, underperforming due to avoiding pure-play AI chip investments. The fund prefers AI exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can benefit from AI growth without depending on it. Alphabet led contributors while Liberty Broadband was the top detractor. |
| Jul 27 2025 | 2025 Q2 | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | KMX | Fund underperformed with +0.15% return as managers avoided pure-play AI chip makers despite strong performance, preferring hyperscalers with durable core businesses. Alphabet led contributors on favorable antitrust outcome and AI progress while Liberty Broadband detracted on Charter Communications earnings miss. Strategy focuses on quality businesses at discounts rather than thematic AI plays. |
| Mar 31 2025 | 2025 Q1 | ACN, ADBE, AMZN, AON, BRK-A, DHR, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, PRM, ROP, TECH, TMO, V | AI, Concentration, large cap, Long/Short, technology, Trade Policy, value | - | Weitz delivered a defensive -0.45% return versus Russell 3000's -4.72% decline amid AI Trade disruption and trade policy uncertainty. Berkshire's fortress balance sheet provided stability while life sciences faced funding pressure. Active portfolio reshaping included reallocating from Amazon/Meta to Microsoft and building life sciences positions. Closed index short to harvest losses while maintaining hedging optionality. |
| Jan 29 2025 | 2024 Q4 | AMZN, BRK-A, CCRD, CHTR, CSGP, DHR, FIS, GOOGL, GPN, LBRDA, MA, META, MSFT, PRM, ROP, SIRI, TECH, TMO, TXN, V | Life Sciences, Long/Short, Megacap, payments, technology, value | - | Weitz Partners III delivered solid 16.25% annual returns while maintaining value discipline, avoiding AI speculation but benefiting from quality tech holdings. Life sciences positions detracted amid sector downturn, prompting increased exposure to Danaher and new Bio-Techne investment. Fund tactically rotated within megacap tech and expects long-term value realization despite near-term cyclical headwinds. |
| Sep 30 2024 | 2024 Q3 | AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO | Broadband, Long/Short, Quality, Rate Cuts, technology, value | - | Weitz Partners III delivered strong Q3 performance benefiting from market rotation toward smaller companies as Fed cut rates. Value-focused strategy of owning quality businesses at discounts drove outperformance, led by Liberty Broadband merger catalyst and Perimeter Solutions wildfire demand. Despite Alphabet antitrust headwinds, managers remain convicted in quality holdings while taking profits selectively. |
| Jul 28 2024 | 2024 Q2 | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | - | Weitz Partners III underperformed in Q2 as mega-cap tech stocks drove market returns while small and mid-caps struggled. The fund benefited from positions in Alphabet, Amazon, and Meta but was hurt by Global Payments and Liberty holdings. Managers added three new positions and maintain confidence in their multi-cap value approach despite macro headwinds. |
| Apr 15 2024 | 2024 Q1 | AAPL, AMZN, BRK-B, CCRD, CHTR, FIS, GOOG, GS, LBRDA, LBTYK, META, MKL, MSFT, PRM, SPY | Broadband, Long/Short, Magnificent Seven, multi-cap, technology, value | - | Multi-cap value fund underperformed due to Russell 3000's mega-cap concentration despite strong contributions from Magnificent Seven holdings. Charter Communications remains challenged by wireless competition and subsidy expiration but managers added exposure believing in long-term value. Trimmed appreciated tech positions on valuation while maintaining 87% net long exposure. |
| Jan 27 2024 | 2023 Q4 | AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V | large cap, Long/Short, Media, payments, technology, value |
CCRD 4IMPRINT LBRDA CGPN.L |
Weitz Partners III delivered solid returns driven by large-cap technology winners like Meta, Amazon, and Microsoft, while facing headwinds from CoreCard and Perimeter Solutions. The managers increased exposure and added Global Payments, maintaining their valuation-focused approach despite acknowledging potential election-year distractions and emphasizing long-term business fundamentals over short-term market emotions. |
| Aug 11 2023 | 2023 Q3 | AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI | efficiency, Media, Quality, technology, Tracking Stocks, value | - | Weitz Partners III outperformed in Q3 with quality-focused strategy paying off. Liberty Broadband and Meta led gains while CoreCard and Perimeter Solutions detracted. Managers maintain conviction in durable businesses with competitive advantages and strong management teams. Portfolio remains concentrated in high-quality names with net long exposure at 87%. |
| Jul 20 2023 | 2023 Q2 | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, MA, META, MSFT, PMS, ROP, SIRI, TECH, TMO, V | AI, contrarian, large cap, Long/Short, technology, underperformance, value |
BRK/A|CSGP|KMX LBRDA |
Weitz's value-focused fund underperformed in 2025 despite solid AI winner positions, hurt by deep value detractors and life sciences weakness. The managers maintain conviction in their contrarian approach, selling CarMax on deteriorating fundamentals while holding Liberty Broadband for expected Charter cash flow improvement. Portfolio remains concentrated in durable growth businesses with 93% net long exposure. |
| Mar 31 2023 | 2023 Q1 | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, healthcare, Long/Short, technology, Telecommunications, value |
BRK/A|CSGP|KMX LBRDA |
Weitz's value-focused fund underperformed in 2025 despite strong AI holdings led by Alphabet's Gemini breakthrough. Life sciences and deep value positions dragged returns. Managers sold struggling CarMax but held Charter Communications expecting improved cash flows. The disciplined approach of selling at target prices while maintaining conviction in improving stories reflects their patient, contrarian investment philosophy. |
| Oct 26 2022 | 2022 Q3 | CSGP, KMX, LBTYK, META | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI model capabilities and innovation speed unleashed software sell-off as investors feared disintermediation. Anthropic's Claude Code and Cowork AI agents outpaced Microsoft's OpenAI partnership, with AI-generated code potentially replacing existing software vendors. The disruption created a dynamic environment affecting both software companies and potential AI victims. |
Software Disruption Innovation Technology |
SoftwareSoftware companies faced a sell-off dubbed the software apocalypse as AI capabilities raised fears of disintermediation. Microsoft and Roper Technologies were caught in the downdraft. Despite believing there is value in being an incumbent, the managers are picking spots carefully and remaining opportunistic in this sector. |
Technology Disruption Incumbents Selectivity | |
| 2025 Q4 |
AIManager believes market's assessment of AI risk differs from their own, with approximately 60% of relative underperformance attributed to positions where AI impact concerns drove stock declines. Portfolio companies deemed AI-losers declined 15% despite 10% revenue growth and 15% EPS growth, representing valuation compression rather than fundamental deterioration. |
Artificial Intelligence Disruption Valuation Technology Software |
QualityFund exclusively invests in businesses with superior characteristics including high barriers to entry, sustainable competitive advantages, and durable growth prospects. Manager notes their focus on leading businesses in sectors has been foundation of strategy since inception, though this approach was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. |
High Quality Competitive Advantages Barriers to Entry Sustainable Growth Market Leaders | |
Small CapsStrategy of owning competitively advantaged small and medium-sized businesses remained out of favor for most of the quarter. Fund observed improvement in early December as investors showed renewed enthusiasm for high-quality stocks that exclusively populate the portfolio, with significant pent-up potential demonstrated by 635 basis points of outperformance in just three weeks. |
Small Cap Medium Sized Growth Outperformance Value | |
| 2025 Q3 |
AIThe fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses. |
Infrastructure Hyperscalers Semiconductors Data Centers Computing |
BuybacksThe fund expects Charter Communications to accelerate its value-creating share buyback program as network upgrade spending winds down and free cash flow growth materializes. |
Share Repurchases Capital Allocation Free Cash Flow Value Creation | |
| 2025 Q2 |
AIEarly days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. |
Infrastructure Hyperscalers Semiconductors Data Centers Computing |
BuybacksCharter Communications expected to accelerate value-creating share buyback program as network upgrade spending winds down and significant free cash flow growth materializes. |
Share Repurchases Free Cash Flow Capital Allocation Value Creation | |
| 2025 Q1 |
AIThe AI Trade faced a significant setback in late January when Chinese firm DeepSeek announced its latest AI model was developed at a fraction of the cost of U.S. competitors. This caused investors to take much harder looks at AI spending plans at U.S. technology firms and shifted market sentiment overnight. |
DeepSeek Technology Spending Competition Valuation |
Trade PolicyInvestors began bracing for the new administration's trade and tariff plans set to be announced in the early days of April. This uncertainty undermined the confidence of investors and business leaders alike, resulting in a broad pullback from equities heading into quarter end. |
Tariffs Administration Uncertainty Policy | |
| 2024 Q4 |
AIInvestor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. |
Technology Megacap Growth Applications |
PaymentsThe fund trimmed holdings in the payments arena during the quarter, including Global Payments, Mastercard and Visa, while exiting remaining holdings of Fidelity National Information Services. Global Payments was a top contributor in the quarter despite being trimmed. |
Financial Services Processing Digital Fintech | |
| 2024 Q3 |
ValueThe fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices. |
Discount Intrinsic Quality Undervalued Cash flows |
| 2024 Q2 |
AIAI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. |
Artificial Intelligence Technology Consumer Applications Business Applications Cash Flow |
PaymentsThe fund shifted exposures within the payments space, trimming Fidelity National Information Services on strength while adding to Global Payments on weakness. Global Payments faced investor skepticism despite consistent operational execution, with results muddied by divestitures and acquisition synergies. |
Payment Processing Financial Services Operational Execution Acquisitions Synergies | |
LogisticsThe fund purchased Old Dominion Freight Line, one of the largest providers of less than truckload trucking services. ODFL is regarded as the highest-quality LTL operator with strong profit margins and balance sheet strength, with a long track record of successful investing through cycles to grow their logistics network. |
Trucking Freight Transportation Logistics Network Cyclical | |
| 2024 Q1 |
ValueThe fund focuses on valuation-driven investment decisions, trimming positions like Meta Platforms, Microsoft and Amazon based on valuation considerations. The managers emphasize their multi-cap approach to finding undervalued businesses across all market capitalizations. |
Value Valuation Multi-cap Undervalued Pricing |
BroadbandCharter Communications faces challenges from wireless broadband competition dampening subscriber growth, while network upgrade spending depresses current cash flows. The fund added exposure by initiating a direct Charter position despite near-term headwinds including federal subsidy expiration affecting five million customers. |
Broadband Charter Wireless Subscribers Infrastructure | |
AIThe letter references the dramatic headlines and high-flying tech stocks driven by quickly evolving AI technology that has made many investors uneasy. The fund holds positions in several AI-beneficiary companies including the Magnificent Seven stocks. |
AI Technology Magnificent Seven Innovation | |
| 2023 Q4 |
PaymentsThe fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation. |
Payments Merchant Services Financial Technology Valuation Competition |
MediaThe fund holds positions in Liberty SiriusXM and Liberty Broadband, with Liberty SiriusXM announcing a transaction to eliminate its tracking stock structure. Liberty Broadband owns 31% of Charter Communications, where competition for broadband subscribers remains elevated, though longer-term growth opportunities from footprint expansion and wireless businesses remain intact. |
Media Broadband Tracking Stocks Wireless Subscriber Growth | |
TechnologyMajor technology holdings including Meta Platforms, Amazon, Alphabet, and Microsoft were top contributors for the year. Meta's year of efficiency initiative and renewed operating momentum drove nearly a tripling of its stock price, while the managers trimmed positions in several technology names due to strength across the portfolio. |
Technology Efficiency Operating Leverage Large Cap Tech Position Management | |
| 2023 Q3 |
QualityThe managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value. |
Competitive Advantages Durable Management Resilience Value Creation |
MediaSignificant exposure to media and entertainment companies including Liberty Broadband, Liberty SiriusXM, Live Nation Entertainment, and Meta Platforms. The fund benefits from structural changes like tracking stock collapses and efficiency initiatives across technology companies. |
Liberty Tracking Stocks Entertainment Broadcasting Efficiency | |
| 2023 Q2 |
AIThe fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, which averaged roughly 16% of fund assets in 2025. Alphabet was the fund's top performer in both the quarter and year, with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. |
Artificial Intelligence Technology Large Cap Growth Cloud |
ValueThe fund's deep value stocks, averaging roughly 16% of portfolio assets, had a disproportionately negative impact on returns despite statistically cheap valuations. The managers acknowledge being value-oriented investors comfortable taking contrarian positions, understanding that patience is required for others to see what they do. |
Contrarian Cheap Valuations Patient Capital Undervalued Long Term | |
BuybacksCharter Communications is expected to see improved free cash flow as network upgrade spending moderates in 2026, which should support continued share repurchases at today's depressed prices. The managers view this as a positive setup for the investment. |
Share Repurchases Capital Allocation Free Cash Flow Value Creation | |
| 2023 Q1 |
AIThe fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of fund assets in 2025. Alphabet was the top performer with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. |
Artificial Intelligence Technology Large Cap Growth Software |
ValueThe fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns despite statistically cheap valuations. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about changing company prospects. |
Value Investing Contrarian Cheap Valuations Deep Value | |
BuybacksCharter Communications is expected to see improved free cash flow as network upgrade spending moderates in 2026, supporting continued share repurchases at today's depressed prices. The managers believe the setup is improving for this capital return strategy. |
Share Repurchases Capital Return Free Cash Flow |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Wally Weitz | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, scale, Search | Login |
| Jan 29, 2026 | Fund Letters | Wally Weitz | KMX | CarMax Inc. | Consumer Discretionary | Automotive Retail | Neutral | New York Stock Exchange | Competition, Execution, Margins, retail, Used cars | Login |
| Jan 29, 2026 | Fund Letters | Wally Weitz | CHTR | Charter Communications Inc. | Communication Services | Cable & Satellite | Bull | New York Stock Exchange | broadband, buybacks, CapEx cycle, Connectivity, Free Cash Flow | Login |
| Jan 29, 2026 | Fund Letters | Wally Weitz | PRM | Perimeter Solutions SA | Industrials | Specialty Chemicals | Bull | New York Stock Exchange | government contracts, infrastructure, Pricing, Volatility-Reduction, Wildfire | Login |
| Jan 29, 2026 | Fund Letters | Wally Weitz | BRK.B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | New York Stock Exchange | capital allocation, conglomerate, Defensiveness, Insurance, Succession | Login |
| Jul 27, 2025 | Fund Letters | Wally Weitz | KMX | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bear | New York Stock Exchange | affordability, Credit, Margins, Rates, Usedcars | Login |
| Dec 31, 2023 | Fund Letters | Weitz Partners III Opportunity Fund | CCRD | CoreCard Corp. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Apple Card, credit cards, Entrepreneurial management, financial technology, Goldman Sachs, Partnership Transition, payment processing | Login |
| Dec 31, 2023 | Fund Letters | Weitz Partners III Opportunity Fund | 4IMPRINT | Perimeter Solutions SA | Materials | Specialty Chemicals | Bull | NYSE | California Markets, cyclical business, Fire Retardants, Firefighting Foam, market leader, specialty chemicals, Wildfire Management | Login |
| Dec 31, 2023 | Fund Letters | Weitz Partners III Opportunity Fund | LBRDA | Liberty Broadband Corp. | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, cable, Charter Communications, Footprint Expansion, holding company, Subscriber Competition, Wireless Business | Login |
| Dec 31, 2023 | Fund Letters | Weitz Partners III Opportunity Fund | CGPN.L | Global Payments, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Competitive Durability, financial technology, global scale, Merchant Services, New Position, payment processing, valuation opportunity | Login |
| Jan 12, 2026 | Fund Letters | Weitz Partners III Opportunity Fund | BRK/A|CSGP|KMX | CarMax Inc | Consumer Discretionary | Specialty Retail | Bear | NYSE | Automotive Retail, CEO Turnover, Competitive pressure, Omni Channel, supply constraints, Used Car Retailer, Value trap | Login |
| Jan 12, 2026 | Fund Letters | Weitz Partners III Opportunity Fund | LBRDA | Liberty Broadband Corp | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, Cable Communications, Converged Services, Free Cash Flow, Mobile Services, Network Upgrade, Non-Discretionary, share repurchases | Login |
| Jan 12, 2026 | Fund Letters | Weitz Partners III Opportunity Fund | BRK/A|CSGP|KMX | CarMax, Inc. | Consumer Discretionary | Specialty Retail | Bear | NYSE | automotive, CEO Turnover, Digital Competition, Market Share Loss, Omni Channel, used car retail, Value trap | Login |
| Jan 12, 2026 | Fund Letters | Weitz Partners III Opportunity Fund | LBRDA | Liberty Broadband Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, cable, Converged Services, Free Cash Flow, Mobile Services, Network Upgrade, Non-Discretionary, share repurchases | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft is closely aligned through its equity investment and business tie-ups with OpenAI, the creators of ChatGPT. The latest so-called software apocalypse kicked off in earnest when OpenAI competitor, Anthropic, released it's latest Claude Code and Cowork AI agents. Beyond shifting perceptions of Anthropic out-executing Microsoft's primary partner, Anthropic's disclosure that its AI tools were used to build subsequent iterations of itself led investors to further speculate AI-generated code may someday viably replace software from existing vendors. |
| ROP | Roper Technologies were caught up in the software sell-off. Anthropic's disclosure that its AI tools were used to build subsequent iterations of itself led investors to further speculate AI-generated code may someday viably replace software from existing vendors (like Roper). During the quarter, we elected to harvest unrealized losses by exiting our Roper shares. |
| DHR | Life sciences companies Danaher and Thermo Fisher Scientific's earnings were largely as expected, but both companies offered muted outlooks for the coming year. It has been a difficult stretch for the life sciences industry, and we believe both companies are taking more conservative approaches to their guidance, preferring to leave room for potential positive surprises while hopefully avoiding further disappointments. |
| TMO | Life sciences companies Danaher and Thermo Fisher Scientific's earnings were largely as expected, but both companies offered muted outlooks for the coming year. It has been a difficult stretch for the life sciences industry, and we believe both companies are taking more conservative approaches to their guidance, preferring to leave room for potential positive surprises while hopefully avoiding further disappointments. |
| V | A White House proposal to cap interest rates charged on credit card loans was one factor that weighed on shares of Visa (and Mastercard, too). |
| SIRI | SiriusXM, the Fund's top contributor, surprised investors by reporting positive subscriber gains during the fourth quarter of 2025 and continued to make progress on both their cost-saving and debt reduction initiatives. |
| TXN | Texas Instruments' increased transparency around the AI center elements of its business helped shares post a double-digit gain. |
| CRM | During the quarter, we elected to harvest unrealized losses by exiting our Roper shares while establishing new positions in Salesforce and Accenture. Salesforce is a global leader in customer relationship management software. |
| ACN | During the quarter, we elected to harvest unrealized losses by exiting our Roper shares while establishing new positions in Salesforce and Accenture. Accenture is a premier provider of IT and management consulting services. |
| VMC | Away from the AI sphere of influence, we reinitiated a position in Vulcan Materials, a provider of aggregate materials necessary for construction and infrastructure projects. |
| POOL | We also purchased a new position in Pool Corp, a distributor of equipment, chemicals and other supplies for both the pool and landscaping trades. The base of existing pools and their required upkeep and maintenance provides the company with a steady stream of business. However, depressed new residential construction and higher interest rates have been a wet blanket over the company's sales tied to new pool construction. At current levels, we believe shares are attractive based on this new, lower run-rate, and that an upturn in residential (and pool) construction could lead to additional upside. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
