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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Actively rotating capital out of over-concentrated mega-cap technology and into high-conviction cyclicals, healthcare, and industrials levered to the physical buildout of the AI ecosystem."
WestEnd Capital Management reviews Q4 2025, noting solidly positive returns for its Core Strategy (+15.11% Net of Fees YTD). The firm highlights its active shift away from pure mega-cap technology exposure—exemplified by selling Meta Platforms due to valuation and rising capital intensity concerns—toward industrials, materials, and international opportunities. Key Q4 2025 additions include Kodiak Gas Services, Eli Lilly, Caterpillar, and Century Aluminum, all of which align with long-term structural trends in AI infrastructure, healthcare commercialization, industrial software adoption, and domestic resource security. The firm is constructive on the 2026 outlook, citing healthy corporate balance sheets, solid earnings, and supportive fiscal and monetary policies.
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