| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
WestEnd Capital's Core Portfolio outperformed the S&P 500 by over 9% in Q1 2026, driven by strong performance from industrial, infrastructure, and energy holdings. Top performers included Century Aluminum (+88%), Kodiak Gas (+61%), and Cameco Corp (+23%), reflecting the portfolio's bias toward energy independence and supply-chain security themes. The manager strategically raised cash to over 10% by trimming expensive growth names including Apple, Boeing, and Eli Lilly, while fully exiting software positions like Snowflake and Palantir ahead of AI-driven sector volatility. Despite geopolitical tensions with Iran causing market disruption, earnings expectations for 2026 continued rising with S&P 500 earnings projected to grow 12%. The artificial intelligence story is increasingly viewed as an energy and industrial opportunity focused on data centers and power infrastructure, though AI may pressure certain software business models. WestEnd continues hands-on research including management meetings and industry conferences to identify businesses best positioned for the evolving economic landscape emphasizing domestic production and infrastructure resilience.
WestEnd Capital maintains a bias toward industrial, infrastructure, and energy-related businesses positioned for an economic landscape focused on energy independence, supply-chain security, domestic production, and defense readiness.
The manager expects risk and recession headlines to persist but believes markets may move past the Iran crisis. They remain focused on bottom-up research and identifying businesses best positioned for an environment focused on energy independence, supply-chain security, and infrastructure resilience.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 20 2026 | 2026 Q1 | AAPL, BA, CAT, GE, GOOGL, LLY, ROK, SNOW | AI, defense, energy, Geopolitical, Industrial, infrastructure, technology | - | WestEnd's industrial and energy-focused portfolio outperformed by 9% in Q1 2026, led by aluminum, uranium, and natural gas holdings. The manager raised cash by trimming expensive growth names and exiting software positions ahead of AI disruption. Despite Iran tensions, earnings growth remains strong and the AI theme increasingly favors energy infrastructure over software. |
| Jan 27 2026 | 2025 Q4 | BA, CAT, CCJ, CENX, FCX, GE, KGS, LLY, PLTR | AI, Aluminum, defense, energy, healthcare, industrials, Natural Gas, technology |
KGS LLY CAT CENX |
WestEnd rotated from mega-cap Technology concentration toward a more balanced portfolio spanning AI infrastructure, industrial modernization, defense spending, and healthcare. While maintaining AI exposure through data center and infrastructure plays, the firm added positions in natural gas compression, GLP-1 therapeutics, and strategic metals. The constructive 2026 outlook reflects healthy fundamentals and supportive policy backdrop. |
| Oct 22 2025 | 2025 Q3 | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology |
AMD SNOW BABA BIDU |
WestEnd maintains technology-heavy positioning focused on AI infrastructure leaders while adding catch-up trades in AMD, Alibaba, and Baidu. The firm sees durable growth drivers in artificial intelligence and infrastructure investment despite short-term market rotation. Portfolio remains diversified across technology, industrials, aerospace, and defense with emphasis on profitable, cash-generative market leaders. |
| Jul 24 2025 | 2025 Q2 | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy |
BA HWM ROK GE BA HWM ROK GE |
WestEnd outperformed the S&P 500 by 2x in Q2 2025 through concentrated bets on Industrials benefiting from onshoring and record defense spending. The fund redeployed cash after US-China tariff de-escalation and holds Boeing as a turnaround play alongside aerospace suppliers Howmet, Rockwell Automation, and GE Aerospace positioned for domestic manufacturing resurgence. |
| Apr 14 2025 | 2025 Q1 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, fundamentals, international, Quality, small caps, technology, Valuations, value |
BA LN SCHW PLTR RHM GR |
Regency Wealth sees opportunity beyond AI concentration, targeting quality companies at significant discounts. Small caps trade 25% below S&P 500, international equities 34% below, while Magnificent 7 valuations appear inconsistent with slowing growth expectations. Rate cuts should benefit smaller companies. Disciplined value approach across market caps and geographies remains core strategy. |
| Jan 31 2025 | 2024 Q4 | BAC, JPM | Consumer Sentiment, Economic Data, inflation, rates, tariffs, Trade Policy |
BA SNOW MKSI |
Regency Wealth argues that despite tariff-driven market volatility and negative sentiment surveys, hard economic data shows remarkable resilience. With actual inflation at 2.1% versus 7% survey expectations, strong corporate earnings growth, and improving bank credit metrics, the firm maintains prudent optimism while emphasizing diversification and monitoring Fed policy amid trade uncertainty. |
| Oct 15 2024 | 2024 Q3 | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy |
GE MDT GILD ZTS GTLB TSLA KWEB SMCI CRWD MU |
Portfolio underperformed despite 19% revenue growth as AI concerns weighed on enterprise software holdings. Trump administration's pro-growth policies including trade deals, manufacturing investments, and tax reform create favorable backdrop. Sold Charter due to broadband subscriber weakness, added Micron for AI memory demand. Manager expects AI to prove additive to software results and drive semiconductor infrastructure growth. |
| Jul 17 2024 | 2024 Q2 | - | ABS, CMBS, credit, fixed income, RMBS, Structured Credit, yield curve |
HUT CN PWR |
Easterly's structured credit fund delivered solid Q3 returns while increasing cash reserves amid tight credit spreads and fiscal policy concerns. Non-Agency RMBS remains the strongest sector supported by housing fundamentals, while CMBS faces office sector headwinds and ABS markets experienced fraud-related turbulence. Conservative positioning with 20% cash provides flexibility for future opportunities. |
| Apr 2 2024 | 2024 Q1 | ^GSPC, ^VIX | AI, Fed policy, Hedged Equity, technology, Valuations, volatility |
NVDA TSM AXP BA |
Easterly's hedged equity strategy delivered 4.98% returns with 70% market participation and half the volatility of the S&P 500. Fed rate cuts failed to broaden market leadership beyond AI and mega-cap tech. Stretched valuations at 24x earnings and narrow participation raise durability concerns, making the fund's volatility monetization and downside protection particularly valuable. |
| Jan 25 2024 | 2023 Q4 | - | Behavioral Finance, Due Diligence, Generalist, Investment Philosophy, value |
NFLX SLB |
Nixon Capital's Q1 letter is purely philosophical, explaining their behavioral finance-driven investment approach without disclosing performance or holdings. The firm emphasizes avoiding ultracrepidarian behavior through disciplined generalist methodology, applying Kahneman's System 2 thinking and WYSIATI principles to identify value across housing, energy, and real estate sectors over the past five years. |
| Oct 13 2023 | 2023 Q3 | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology |
PWR ALLY FICO ASML ICLR|LLY|PLTR|SNPS|TGT ISRG BSX |
Edgewood's large cap growth strategy underperformed in Q3 due to stock-specific issues rather than fundamental problems. The firm maintains 28% exposure to AI infrastructure with signs of broadening adoption. Management added to high-conviction positions during volatility and personally invested additional capital, demonstrating strong conviction in the portfolio's long-term compounding potential. |
| Jul 14 2023 | 2023 Q2 | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology |
NVDA AMD AI LLY ET BSX AVGO FICO |
Edgewood delivered strong Q2 performance (15.9% net) through its concentrated portfolio of 22 high-quality growth companies. The firm initiated three new positions in Boston Scientific, Broadcom, and Fair Isaac, capitalizing on market volatility. With AI spending remaining a robust secular trend and the U.S. economy continuing to expand, the portfolio is well-positioned for long-term growth opportunities. |
| Apr 14 2023 | 2023 Q1 | - | AI, inflation, policy, rates, small caps, technology, Trade Policy, Valuations |
AMD NVDA GOOGL |
Markets are experiencing a cornucopia of favorable conditions with strong earnings growth, unprecedented policy support through fiscal stimulus and Fed rate cuts, and continued AI investment driving returns. Despite elevated valuations and risks from labor market softening and inflation above target, the combination of corporate profit growth and constructive policy backdrop supports further equity appreciation, particularly in undervalued small caps and international stocks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Energy IndependenceThe Core Strategy's bias toward industrial, infrastructure, and energy-related businesses was well-suited for an economic landscape increasingly focused on energy independence, supply-chain security, domestic production, defense readiness, and infrastructure resilience. The war has reinforced these themes. |
Energy Independence Infrastructure Defense |
AIThe artificial intelligence story is increasingly an energy and industrial story focused on data centers, power generation, grid investment, and physical inputs. However, AI could pressure parts of the SaaS model rather than simply enhance it, with investors more seriously considering disruption risks. |
AI Data Centers Energy Software | |
UraniumCameco Corp was one of the top five holdings with +23% performance in Q1, representing exposure to nuclear energy and uranium fuel cycle themes. |
Uranium Nuclear Energy | |
AluminumCentury Aluminum was the top performing holding with +88% returns in Q1, representing significant exposure to aluminum production and industrial metals. |
Aluminum Metals Industrial | |
Natural GasKodiak Gas was a top holding with +61% performance in Q1, representing exposure to natural gas production and energy infrastructure themes. |
Natural Gas Energy Production | |
CopperFreeport-McMoran was a top holding with +13.2% performance, representing exposure to copper mining and critical minerals for infrastructure and energy transition. |
Copper Mining Critical Minerals | |
| 2025 Q4 |
TechnologyFund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. Portfolio focuses on sector-leading companies with strong cash flows and attractive valuations. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
AIWestEnd maintains exposure to AI leaders like Palantir and Snowflake while opening new positions in catch-up trades including AMD, Alibaba, and Baidu. The firm views AI as entering broad market adoption phase with rising demand across hardware and software infrastructure. |
Artificial Intelligence Machine Learning Data Centers Cloud Computing Semiconductors |
SemiconductorsAMD is positioned as a strategic inflection point company competing head-to-head with NVIDIA for major infrastructure contracts. The firm sees AMD resembling NVIDIA in early 2024, entering broad market adoption with solid execution and rising demand. |
Chip Design Data Center GPUs CPUs Hardware | |
CloudSnowflake is viewed as a leader in converting AI technology to revenue-generating tools for enterprises. The company's latest products help organizations turn raw data into actionable intelligence with accelerating product innovation. |
Data Analytics Enterprise Software SaaS Multi-cloud Data Processing | |
ChinaAlibaba and Baidu represent strategic exposures to Asia's technology transformation. Alibaba announced $50 billion in AI investments while Baidu's autonomous mobility platform has completed over nine million paid rides with breakthrough economics. |
E-commerce Autonomous Vehicles Digital Transformation Technology Infrastructure Regional Growth | |
| 2025 Q2 |
OnshoringThe US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing across aerospace and defense industries as companies prioritize supply chain visibility and resilience. |
Manufacturing Supply Chain Domestic Production Reshoring Industrial |
Defense SpendingSignificant increase in global defense spending rose to $2.7 trillion in 2024 (+9.4%) and expected to keep rising. The US Department of Defense's 2025 budget request totals nearly $850 billion with meaningful allocations for strengthening industrial capabilities in unmanned systems, hypersonics, and solid rocket motors. |
Military Budget Aerospace Defense Contractors Government | |
AerospaceRebound in global air travel up nearly 10.6% in 2024 and structural supply shortages fueling commercial aerospace activity. Aircraft manufacturers and suppliers racing to meet backlogs while investing heavily in domestic production capacity. |
Aviation Commercial Aircraft Air Travel Manufacturing Supply Chain | |
Trade PolicyChina and US agreed to de-escalate and pull tariffs back to more sensible levels (30% on Chinese exports and 10% on US exports) after weekend negotiations in Geneva. Markets moved past worst-case tariff scenarios, accepting higher but manageable effective tariff rates. |
Tariffs China Negotiations Trade War Policy | |
AutomationGrowing emphasis on automation and AI in manufacturing as companies invest in faster, smarter, and more reliable production systems. Technologies including sensors, software, and control systems help make domestic manufacturing more efficient and cost-effective. |
AI Manufacturing Industrial IoT Efficiency Technology | |
| 2025 Q1 |
AIAI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth attributed to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs. |
Technology Valuations Concentration Growth Earnings |
ValueThe firm maintains focus on identifying quality companies trading at discounts to intrinsic value. Equal-weighted S&P 500 companies trade at 43% discount to Magnificent 7, small caps at 25% discount to S&P 500, and international equities at 34% discount, presenting compelling opportunities. |
Discount Quality Small Caps International Fundamentals | |
| 2024 Q4 |
Trade PolicyTrump announced reciprocal tariffs with a 90-day pause for most countries while raising tariffs on Chinese imports. The tariff announcement sent shockwaves to global capital markets with the S&P 500 dropping over 12% in four trading days. Markets feared a full-blown global trade war and its negative consequences on corporate earnings and economic growth. |
Tariffs Trade War China Reciprocal Global |
InflationConsumer inflation expectations in surveys hover north of 7% with sharp drops in economic growth expectations. However, the PCE Index printed 2.1% year-over-year, one of the lowest readings in years and in line with the Fed's 2% target. Survey responses tend to be significantly higher than actual realized inflation. |
PCE Consumer Expectations Fed Target Survey Data | |
RatesThe Fed is expected to remain on hold longer than expected due to unclear economic outlook. Fed Chair Powell remains data dependent and is assessing potential implications of trade policy. Base case scenario changed from 2-3 cuts to one cut this year with potential for a second cut at year-end. |
Fed Cuts Powell Data Dependent Trade Policy | |
| 2024 Q3 |
AIManager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 companies to bypass them with internal solutions. Both companies are adapting pricing models to consumption-based structures for AI modules to protect against headcount reduction concerns. |
Enterprise Software Productivity Pricing Models Data Centers Innovation |
SemiconductorsASML maintains monopoly in extreme ultraviolet lithography essential for high-end GPU and memory chips required for AI. Micron positioned to gain market share in high bandwidth memory with Vera Rubin launch, benefiting from structural AI data center demand growth from $8B in 2023 to expected $30B+ in 2026. |
Memory Lithography Data Centers Market Share Cyclicality | |
NuclearBWX Technologies benefits from massive growth in nuclear-related backlog, up 70% year-over-year to $6B. Nuclear power viewed as essential solution for AI data center power constraints, with estimated need for 100 gigawatts of additional capacity over next five years driving demand for waste storage, facility maintenance, and small module reactors. |
Power Generation Backlog Small Module Reactors Energy Infrastructure Data Centers | |
Trade PolicyTrump administration rewritten international trade terms favoring US domestic production through tariffs that have been absorbed in supply chains without materially impacting consumer prices. Massive corporate investment commitments in US manufacturing secured alongside competitive tax policy through the One Big Beautiful Bill passage. |
Tariffs Manufacturing Tax Policy Investment Supply Chain | |
BroadbandCable companies face persistent broadband subscriber decline despite solid earnings and cash flow growth, leading to massive multiple compression. Comcast and Charter subscriber counts essentially flat over four years while valuations collapsed, with quarterly subscriber direction proving the controlling factor for stock performance. |
Subscribers Cable Valuation Cash Flow Multiple Compression | |
| 2024 Q2 |
MortgageNon-Agency RMBS remains one of the strongest areas within structured credit, benefiting from healthy housing market, limited new supply, and attractive yields. New issuance reached $161 billion through Q3 2025, matching all of 2024. Credit performance remains stable with delinquencies highest in 2023-vintage non-QM loans but 2025 deals tracking better. |
RMBS Non-QM Prime Jumbo HELOC CRT |
Commercial Real EstateCMBS market remains split between sectors showing recovery and those struggling, particularly office properties. Refinancing success rate rose to 73% in Q3 2025, though office loans remain weak at 40%. Office loan delinquencies stand at 14% in conduit deals with loss severities climbing to 60%. |
CMBS Office Conduit Special Servicing CMBX | |
Credit StressABS market experienced turbulence from Tricolor Holdings bankruptcy after uncovering large-scale double-pledging fraud affecting 40% of its 70,000 auto loans. Subprime auto credit shows broader weakness with net losses rising to 9.33% and delinquencies reaching near record highs at 6.43%. |
Subprime Auto ABS Tricolor Fraud Delinquencies | |
| 2024 Q1 |
AIArtificial intelligence continues to drive productivity gains and support corporate earnings, with AI-driven names powering the market rally alongside mega-cap technology stocks. The fund recognizes AI as a key structural driver in the economy. |
Productivity Technology Mega Cap Earnings |
VolatilityThe fund's systematic approach allows monetization of volatility opportunities while maintaining protection. The CBOE Volatility Index curve remained steep despite the rally, reflecting investor caution and providing opportunities for the hedged structure. |
VIX Hedging Protection Monetization | |
| 2023 Q3 |
AIEdgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. |
Infrastructure Applications Productivity Computing Data |
SemiconductorsPortfolio includes major semiconductor positions in NVIDIA, ASML, Broadcom, and Synopsys. NVIDIA continues accelerating product releases driving exponential performance improvements. ASML's lithography machines enable AI chip manufacturing advancements. Broadcom leads hyperscale custom chip design while Synopsys benefits from AI-generated silicon design. |
Chips Manufacturing Design Equipment Computing | |
CloudServiceNow targets $1B in AI Now Assist annual contract value by 2026 with consumption-based monetization. The firm sees cloud platforms integrating AI capabilities to drive robust revenue growth over the medium term through enhanced productivity and automation features. |
SaaS Automation Productivity Enterprise Software | |
BiotechnologyEli Lilly represents a major position with leadership in diabetes and obesity markets serving large underserved patient populations. The company launched TuneLab platform for AI-enabled drug discovery and management maintains long-term focus on R&D and serial innovation in therapeutic categories with large unmet needs. |
Pharmaceuticals Drug Discovery Diabetes Obesity Innovation | |
| 2023 Q2 |
AIAI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in companies benefiting from AI datacenter buildouts and custom silicon demand. |
Semiconductors Data Centers Custom Silicon Hyperscalers TPUs |
Medical DevicesMedical technology represents an attractive healthcare segment with procedure-based sales driving durable revenue streams. Advances in technology enable safer, more effective treatments with high barriers to entry through regulatory approval processes and scaled distribution. |
Minimally Invasive Electrophysiology Cardiovascular Innovation Procedures | |
| 2023 Q1 |
AIArtificial intelligence enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape the nature of work. Hyperscalers' capital expenditure growth has been booming, soaring 75% in 2025, with leading US technology companies spending tens of billions on GPUs and AI model development. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. |
Productivity Hyperscalers GPUs Capital Expenditure Technology |
Trade PolicyTrade policy has dominated business news for much of the last six months, following a somewhat erratic path with uncertainty around tariffs diminishing notably. The announcement of trade deals suggests the overall tariff rate will come in at approximately 14%, a substantial rise from prior levels but well below initial indications. Tariff receipts have been rising significantly, with monthly collections reaching $31 billion in August and September versus less than $7 billion average in 2023-2024. |
Tariffs Trade Deals Import Costs Business Planning Inflation | |
RatesThe Federal Open Market Committee cut its Fed funds rate by one quarter percentage point in September and signaled two additional rate cuts by year end. Lower rates stimulate the economy directly by lowering interest expenses and indirectly by creating a lower threshold for returns on investment projects. The Fed is also poised to end quantitative tightening, which has the effect of draining liquidity from the economy. |
Fed Funds Monetary Policy Quantitative Tightening Interest Expenses Liquidity | |
Small CapsRelative valuations for US small cap stocks are striking, with the valuation gap versus US large cap stocks the widest it has been since the 1990s by some measures. Small cap stocks are more sensitive to interest rates, more cyclical in nature, bigger beneficiaries of lower interest rates, and more domestically focused, thus beneficiaries of the policy set-up. After a long stretch of under-performance, small cap stocks may be poised to lead the charge. |
Valuation Gap Interest Sensitivity Domestic Focus Policy Benefits Outperformance |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | George Bolton | KGS | Kodiak Gas Services, Inc. | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | cashflow, Compression, infrastructure, LNG, natural gas | Login |
| Jan 27, 2026 | Fund Letters | George Bolton | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | GLP-1, Obesity, pharmaceuticals, pipeline, Pricing | Login |
| Jan 27, 2026 | Fund Letters | George Bolton | CAT | Caterpillar Inc. | Industrials | Construction Machinery | Bull | New York Stock Exchange | aftermarket, AI, Digitization, Industrials, services | Login |
| Jan 27, 2026 | Fund Letters | George Bolton | CENX | Century Aluminum Company | Materials | Aluminum | Bull | NASDAQ | AI, Aluminum, Commodities, data centers, Defense | Login |
| Oct 22, 2025 | Fund Letters | George Bolton | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, CapEx, CPUs, datacenter, GPUs, Inflection, marketshare, Partnerships, semiconductors | Login |
| Oct 22, 2025 | Fund Letters | George Bolton | SNOW | Snowflake Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI, analytics, cloud, Consumption, Data, Ecosystem, enterprise, innovation, Multi Cloud | Login |
| Oct 22, 2025 | Fund Letters | George Bolton | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Broadline Retail | Bull | New York Stock Exchange | AI, CapEx, China, cloud, data centers, Digitalization, ecommerce, infrastructure, investment | Login |
| Oct 22, 2025 | Fund Letters | George Bolton | BIDU | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Autonomous, China, cloud, Commercialization, innovation, mobility, robotics, scale | Login |
| Jul 24, 2025 | Fund Letters | George Bolton | BA | Boeing Company | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, air travel, backlog, Defense, Reshoring, turnaround | Login |
| Jul 24, 2025 | Fund Letters | George Bolton | HWM | Howmet Aerospace Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | aerospace suppliers, Components, Defense, manufacturing, materials, supply chain | Login |
| Jul 24, 2025 | Fund Letters | George Bolton | ROK | Rockwell Automation Inc. | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | Automation, Defense spending, Digitalization, industrial AI, manufacturing, Reshoring | Login |
| Jul 24, 2025 | Fund Letters | George Bolton | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Aviation, Defense, Jet Engines, MRO, Reshoring | Login |
| Apr 14, 2025 | Fund Letters | George Bolton | BA LN | BAE Systems plc | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, backlog, Defense, Geopolitics, Military, NATO, Procurement, Shipbuilding | Login |
| Apr 14, 2025 | Fund Letters | George Bolton | SCHW | The Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | Asset flows, Brokerage, diversification, Eps, NIM, Rates, Trading, Volatility | Login |
| Apr 14, 2025 | Fund Letters | George Bolton | PLTR | Palantir Technologies Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI, analytics, Data, Government, growth, Margins, Ontology, Software, valuation | Login |
| Apr 14, 2025 | Fund Letters | George Bolton | RHM GR | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | Xetra | Ammunition, Defense, Eps, Europe, Geopolitics, NATO, Rearmament, Vehicles | Login |
| Jan 31, 2025 | Fund Letters | George Bolton | BA | Boeing Company | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, backlog, leadership, Production, recovery, turnaround | Login |
| Jan 31, 2025 | Fund Letters | George Bolton | SNOW | Snowflake Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | analytics, Artificial Intelligence, cloud, data platform, earnings growth, Software | Login |
| Jan 31, 2025 | Fund Letters | George Bolton | MKSI | MKS Instruments, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CapEx, Equipment, growth, margin expansion, Quantum, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | WestEnd Capital | ALLY | Eli Lilly & Co. | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals | Bull | NYSE | biotechnology, Clinical trials, Diabetes, GLP-1, growth, healthcare, Obesity, pharmaceuticals, R&D | Login |
| Sep 30, 2025 | Fund Letters | WestEnd Capital | FICO | Fair Isaac Corp. | Software & Services | Application Software | Bull | NYSE | analytics software, Auto finance, credit scoring, financial services, growth, Moat, Mortgage, Pricing power, Regulatory risk | Login |
| Sep 30, 2025 | Fund Letters | WestEnd Capital | ASML | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Euv, Lithography, Monopoly, Netherlands, semiconductor equipment, technology hardware | Login |
| Sep 30, 2025 | Fund Letters | WestEnd Capital | ICLR|LLY|PLTR|SNPS|TGT | Synopsys Inc. | Software & Services | Application Software | Bull | NASDAQ | AI chips, China Export, chip design, Design Automation, Eda, Ip, Semiconductor Software, Software Tools | Login |
| Sep 30, 2025 | Fund Letters | WestEnd Capital | ISRG | Intuitive Surgical Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | da Vinci, Healthcare Equipment, Medical devices, Medtech, Procedures, recurring revenue, Robotic Surgery, Surgical Robotics | Login |
| Sep 30, 2025 | Fund Letters | WestEnd Capital | BSX | Boston Scientific Corp. | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | Endoscopy, Healthcare Equipment, Interventional Cardiology, Medical devices, Neuromodulation, organic growth, pipeline, Watchman | Login |
| Jun 30, 2025 | Fund Letters | WestEnd Capital | AVGO | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI infrastructure, capital return, custom silicon, high margins, hyperscalers, M&A, Private Cloud, semiconductors, Software, Vmware | Login |
| Jun 30, 2025 | Fund Letters | WestEnd Capital | FICO | Fair Isaac Corp. | Software | Application Software | Bull | NYSE | Auto lending, credit scoring, financial software, Mortgage, recurring revenue, Regulatory Moat, risk management, royalty model, turnaround, Value | Login |
| Jun 30, 2025 | Fund Letters | WestEnd Capital | BSX | Boston Scientific Corp. | Health Care Equipment & Supplies | Health Care Equipment | Bull | NYSE | Atrial Fibrillation, cardiovascular, Electrophysiology, growth, Healthcare Technology, M&A, Medical devices, Minimally Invasive, Procedure-Based Revenue | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | KWEB | KraneShares CSI China Internet ETF | Communication Services | Exchange Traded Funds | Bull | New York Stock Exchange | China, diversification, ecommerce, Internet, Liquidity, Policy, Stimulus, valuation | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | SMCI | Super Micro Computer, Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | Accounting, Governance, Margins, Risk, Sanctions | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | CRWD | CrowdStrike Holdings, Inc. | Information Technology | Application Software | Bear | NASDAQ | cybersecurity, Liability, litigation, Outages, reputation, Validation | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | MU | Micron Technology, Inc. | Information Technology | Semiconductors | Bear | NASDAQ | Commoditization, Competition, Cyclicality, Memory, Pricing, Supply | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Aviation, backlog, Margins, MRO, Recurring, services | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | MDT | Medtronic plc | Health Care | Health Care Equipment | Bull | New York Stock Exchange | Chronic, Demographics, Devices, innovation, Medtech, Monitoring, pipeline, Recurring | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | GILD | Gilead Sciences, Inc. | Health Care | Biotechnology | Bull | NASDAQ | antiviral, Biotech, diversification, HIV, innovation, Margins, Oncology, pipeline | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | ZTS | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Animal Health, Companion Animals, diagnostics, innovation, Livestock, R&D, Secular, vaccines | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | GTLB | GitLab Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Automation, Devops, enterprise, productivity, Security, Software, Workflow | Login |
| Oct 15, 2024 | Fund Letters | George Bolton | TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | AI, data centers, energy storage, EV, growth, innovation, semiconductors, vertical integration | Login |
| Jul 24, 2024 | Fund Letters | WestEnd Capital | ROK | Rockwell Automation Inc | Industrials | Industrial Machinery | Bull | NYSE | Artificial Intelligence, Control Systems, Defense, Digital Twins, Industrial automation, manufacturing, Predictive Maintenance, Reshoring, Sensors | Login |
| Jul 24, 2024 | Fund Letters | WestEnd Capital | HWM | Howmet Aerospace Inc | Industrials | Aerospace & Defense | Bull | NYSE | advanced materials, Aerospace, Commercial Aviation, Defense, manufacturing, Military Aircraft, Precision Engineering, supply chain | Login |
| Jul 24, 2024 | Fund Letters | WestEnd Capital | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Defense, Engine Manufacturing, Joint venture, market dominance, MRO services, Predictive Maintenance, Reshoring | Login |
| Jul 24, 2024 | Fund Letters | WestEnd Capital | BA | Boeing Company | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, China, Commercial Aviation, Defense, manufacturing, Order Backlog, Quality Improvement, Reshoring, turnaround | Login |
| Jul 17, 2024 | Fund Letters | George Bolton | HUT CN | Hut 8 Corp | Information Technology | IT Services | Bull | New York Stock Exchange | AI, crypto mining, data centers, energy, enterprise contracts, Infrastructure Services | Login |
| Jul 17, 2024 | Fund Letters | George Bolton | PWR | Quanta Services Inc | Industrials | Construction & Engineering | Bull | New York Stock Exchange | backlog, Electrification, Grid modernization, infrastructure, Power-Demand, utilities | Login |
| Apr 2, 2024 | Fund Letters | George Bolton | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, earnings growth, Margins, semiconductors | Login |
| Apr 2, 2024 | Fund Letters | George Bolton | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | advanced nodes, AI, Foundry, Geopolitics, semiconductors | Login |
| Apr 2, 2024 | Fund Letters | George Bolton | AXP | American Express Company | Financials | Consumer Finance | Bull | New York Stock Exchange | consumer, Credit, Employment, gdp, Payments | Login |
| Apr 2, 2024 | Fund Letters | George Bolton | BA | The Boeing Company | Industrials | Aerospace & Defense | Neutral | New York Stock Exchange | 5G, backlog, CapEx, diversification, engineering, Grid, infrastructure, Modernization, renewables | Login |
| Jan 25, 2024 | Fund Letters | George Bolton | NFLX | Netflix Inc | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Free Cash Flow, Margins, operating leverage, Share Buybacks, Streaming, Subscriber Growth | Login |
| Jan 25, 2024 | Fund Letters | George Bolton | SLB | Schlumberger Limited | Energy | Oil & Gas Equipment & Services | Neutral | New York Stock Exchange | CapEx, Cyclicality, Oilfield, OPEC, Production, services, Supply, Upstream | Login |
| Oct 13, 2023 | Fund Letters | George Bolton | PWR | Quanta Services, Inc. | Industrials | Construction & Engineering | Bull | New York Stock Exchange | 5G, backlog, CapEx, diversification, engineering, Grid, infrastructure, Modernization, renewables | Login |
| Jul 14, 2023 | Fund Letters | George Bolton | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, earnings growth, GPUs, semiconductors | Login |
| Jul 14, 2023 | Fund Letters | George Bolton | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, CPUs, data centers, inference, semiconductors | Login |
| Jul 14, 2023 | Fund Letters | George Bolton | AI | C3.ai, Inc. | Information Technology | Application Software | Bear | New York Stock Exchange | Accounting, AI, Governance, profitability, Risk | Login |
| Jul 14, 2023 | Fund Letters | George Bolton | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, earnings growth, Glp1, Obesity, pharmaceuticals | Login |
| Jul 14, 2023 | Fund Letters | George Bolton | ET | Energy Transfer LP | Energy | Oil & Gas Storage & Transportation | Bull | New York Stock Exchange | dividends, energy, midstream, Permian, Pipelines | Login |
| Apr 14, 2023 | Fund Letters | George Bolton | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, CapEx, Compute, datacenter, GPUs, growth, marketshare, Product cycle, semiconductors | Login |
| Apr 14, 2023 | Fund Letters | George Bolton | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, AI, CUDA, datacenter, Ecosystem, GPUs, platform, Software, Training | Login |
| Apr 14, 2023 | Fund Letters | George Bolton | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Competition, generative AI, innovation, platform, Search | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | We strategically trimmed exposure in some of our more expensive growth and higher-PE names, including Apple |
| BA | We strategically trimmed exposure in some of our more expensive growth and higher-PE names, including Boeing |
| LLY | We strategically trimmed exposure in some of our more expensive growth and higher-PE names, including Eli Lilly |
| SNOW | Snowflake: we sold in mid-December at roughly $214; recently trading around $134 |
| CAT | Ali's in-person research and conversations with industry insiders provided useful perspective on several portfolio holdings, including Caterpillar |
| GOOGL | Ali's in-person research and conversations with industry insiders provided useful perspective on several portfolio holdings, including Google |
| ROK | Ali's in-person research and conversations with industry insiders provided useful perspective on several portfolio holdings, including Rockwell |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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