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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Madison Investors Fund | 3.1% | 2.3% | A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V | consumer, financials, industrials, large cap, Quality, technology, value | The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance. | MSCI CDW ABNB ACGL FI ADI FERG |
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| 2025 Q2 | Jul 18, 2025 | Impax Global Environmental Markets Fund | 12.5% | 10.5% | A, AI.PA, APH, HUBB, IEX, KYGA.L, LIN, MSFT, NVDA, RNR, SU.PA, TMO, VIE.PA, WAT, WM, ZTS | AI, Environmental, growth, healthcare, infrastructure, sustainability, technology | AI-related tailwinds drove strong performance in Information Technology holdings, particularly Cloud Computing and Semiconductor companies. The portfolio benefits from AI infrastructure growth, with companies like Microsoft Azure and Nvidia showing strong results. However, the launch of open-source AI platform DeepSeek has created some investor concerns around market leadership concentration. | IEX ZTS WAT APH NVDA MSFT WAT |
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| 2025 Q2 | Jul 10, 2025 | Generation Investment Management Global Equity | - | - | A, ADYEN.AS, ASSA-B.ST, CBRE, DHR, MELI, MSFT | AI, Esg, global, healthcare, long-term, sustainability | Generation is optimistic about AI's potential to boost efficiency across companies and cut carbon emissions through energy optimization. They recently hosted the first of three in-depth roadmaps on AI, exploring demand, supply and sustainability aspects. The conclusion was optimism about the technology's potential while being aware that overinvestment could occur in the infrastructure layer. | ASSA-B.ST A DHR ASSA AB |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Value Equity Fund | 7.2% | - | A, AVGO, AZN, BAX, DHR, GILD, GPN, LIN, MSFT, MU, ORCL, PFE, PGR, REGN, SPG, TMO, TSM, UNH, WMT, WTW | AI, healthcare, Quality, tariffs, technology, value | The Fund's outperformance was primarily driven by artificial intelligence-related portfolio holdings in the Information Technology sector. AI-related companies like Broadcom, Oracle, Microsoft, Micron Technology, and Taiwan Semiconductor benefited from the ongoing AI megatrend and boom in AI investment. The portfolio maintains exposure to semiconductor makers and cloud providers as key beneficiaries of AI investment and cloud adoption. | DHR WTW REGN LIN TMO WMT |
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| 2024 Q1 | May 2, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, AMZN, BDX, CSCO, GOOGL, LIN, LLY, MFSIX, MFSYX, MSFT, NESN.SW, NKE, NUE, ORCL, PEP, PGR, TGT, UNH, UPS | Esg, growth, healthcare, large cap, sustainability, technology | GLP-1 therapies are in strong demand with limited availability as capacity increases will be skewed towards year-end. Zepbound for Obesity was approved in Q4 2023 and has seen very strong initial demand, but is limited by capacity constraints. | View | |
| 2024 Q1 | May 2, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ACN, ADI, ALC, AMZN, BDX, BRK.B, CHTR, CPRT, DLTR, FI, GOOGL, LBRDK, LOW, PCAR, PGR, PH, TJX, V | financials, growth, industrials, large cap, Quality, technology, value | Two insurers, Arch Capital and Progressive, were large contributors during the quarter. Both are benefiting from attractive market conditions which has boosted underwriting profits. Investment income should continue to rise as they roll over fixed income portfolios at more favorable coupon rates. | PH FISV PGR ACGL PCAR |
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| 2026 Q1 | May 11, 2026 | Impax Global Environmental Markets Fund | -0.8% | -0.8% | A, AMAT, KYCCF, LIN, MSFT, TSM | AI, Energy Transition, Environmental, Industrial Gases, semiconductors, sustainability, Waste management | KYGA.L A MSFT TSM AMAT LIN |
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| 2025 Q1 | Apr 30, 2025 | Generation Investment Management Global Equity | - | - | A, AMZN, GOOGL, LLY, META, NVO | Europe, Life Science Tools, momentum, sustainability, tariffs, Trade Policy, valuation | The new administration's tariffs announced on April 2nd went far beyond expectations in scope and severity, with Asia facing average reciprocal tariffs of 30% and Europe 20%. These changes are much more radical than the first Trump administration, with few escape valves as Vietnam now faces 46% tariffs. The firm has analyzed potential impacts since 2018, focusing on sectors heavily exposed to traded goods and companies' pricing power to pass on cost increases. | A |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADYEN.AS, ANSS, BALL, BMRN, CSGP, EFX, GWRE, KLAC, LRCX, LULU, MELI, NTR, PGR, PTC, SNPS, SQ, TEAM, TT, WDAY | AI, growth, healthcare, mid cap, semiconductors, software, technology | Artificial Intelligence helped lift earnings, particularly among technology stocks. The revolutionary potential of AI may drive a super-cycle in semiconductors, as AI technology will move from the data center to laptops and smartphones. | View | |
| 2026 Q1 | Apr 18, 2026 | Madison Large Cap Fund | -2.7% | -2.7% | A, ADI, CRM, DE, DHR, IT, KEYS, META, PCAR, SBUX, TXN, WDAY | AI, large cap, Quality, semiconductors, technology, value | META CRM |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | Madison Sustainable Equity Fund | - | - | A, AAPL, ACN, AMZN, COST, ECL, GOOGL, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, UPS, USB, V | financials, healthcare, Quality, sustainability, tariffs, technology | New tariffs announced by President Trump on April 2, 2025 are expected to erode business and consumer confidence, increase business costs, and keep inflation elevated. The impact is causing earnings estimate revisions and contributing to a more pronounced economic slowdown. | View | |
| 2025 Q1 | Mar 31, 2025 | Impax Global Environmental Markets Fund | -1.8% | -1.8% | A, AI.PA, KRZ.L, LIN, MSFT, NVDA, SIE.DE, SU.PA, UNP, VIE.PA, WM | Defensive, Environmental, healthcare, industrials, materials, tariffs, technology, Utilities | The development of an open-source large language model from Chinese AI startup DeepSeek raised concerns of disruption in AI leadership and triggered a sharp sell-off in the Information Technology sector. DeepSeek's efficiency suggests lower computational requirements, raising investor concerns about reduced demand for high-end graphics processing units. Despite these concerns, Nvidia's advanced chips and proprietary coding language Cuda remain industry standards, indicating it still holds a strong position in the AI market. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Global Fund | -5.8% | 2.5% | A, BAYRY, BDX, CAP.PA, CNC, COF, DSV.CO, DTG.DE, ELV, GM, GOOGL, IPG, MTN | consumer discretionary, Europe, financials, global, healthcare, Restructuring, value | The industry faces headwinds due to mismatches between reimbursement rates and medical costs, but this is expected to prove transitory. Changes to pricing and plan designs will help realign profit trends over time, though a return to normal profitability will take a few years. | MTN ELV DSV.CO BDX BAYRY COF |
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| 2024 Q4 | Dec 31, 2024 | Madison Investors Fund | -0.4% | 16.4% | A, ACGL, ADI, ALC, AMZN, BRK.B, CPRT, DLTR, ELV, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V | consumer, healthcare, industrials, payments, Quality, technology, value | Two payment companies, Fiserv and Visa, were contributors in the quarter. Both are benefiting from resilient consumer spending and the digitization of cash transactions, despite participating in different areas of the payments value chain. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Fixed Income Fund | -0.3% | 1.9% | A, ADSK, ARE, LUV, MKC, MRK, MU, PLD, TFC, XYL | Corporate Bonds, credit, duration, fixed income, Mortgage, rates | The fund maintained significant exposure to mortgage-backed securities, particularly current coupon 30-year mortgages which are less rate-sensitive and offer higher yields. Interest rate volatility should recede as monetary policy uncertainty abates, supporting mortgage pricing. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Mid Cap Growth Fund | -2.5% | 10.6% | A, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, JBHT, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT | Automation, Freight, growth, industrials, mid cap, Quality, semiconductors, technology | The fund maintains a key thematic overweight in semiconductors, identifying innovative, competitively advantaged, market-share gainers that can deliver strong performance over the coming years. Holdings include KLA Corporation, a semiconductor process control solutions provider affected by the industry's cyclical downturn and geopolitical risks including U.S.-China export restrictions. | View | |
| 2024 Q4 | Dec 31, 2024 | Impax Global Environmental Markets Fund | -8.0% | 4.9% | 2454.TW, A, ADSK, AI.PA, LIN, MSFT, MTD, NVDA, SIE.DE, SU.PA, TXN, WAT, WM | Environmental, global, healthcare, industrials, materials, sustainability, technology | AI demand continues to drive growth for portfolio holdings like Nvidia, with strong momentum from continued demand for high energy efficiency GPUs driven by AI and data centre investments. Key client announcements of further data centre spending bolstered growth prospects. | View | |
| 2023 Q4 | Dec 31, 2023 | Fenimore Dividend Focus Strategy | 10.8% | 19.7% | A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK | AI, dividends, mid cap, Quality, value | The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%). | View | |
| 2023 Q4 | Dec 31, 2023 | Fenimore Value Strategy | 11.3% | 16.1% | A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT | dividends, financials, materials, mid cap, Quality, value | Fenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers. | View | |
| 2025 Q3 | Nov 5, 2025 | Generation Investment Management Global Equity | - | - | A, ACN, AMZN, CRM, DHR, GOOGL, IDXX, KRX.L, MSFT, NVDA, SHL.DE, SIK.SW, SU.PA, VEEV, WDAY | AI, Concentration, healthcare, long-term, momentum, Quality, underperformance | The market is currently excited about AI, driving hypergrowth companies and creating momentum strategies. Generation believes AI will reallocate enterprise IT spending toward reliable vendors and create new deployment units requiring governance. They see AI as potentially strengthening rather than weakening enterprise software companies. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC | growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation | Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing. | View | |
| 2025 Q3 | Oct 21, 2025 | Impax Global Environmental Markets Fund | 4.5% | 15.5% | 2308.TW, A, AI.PA, APTV, CARR, DSM.AS, KRZ.L, LIN, MSFT, SU.PA, TEL, TSM, UNP, VIE.PA, WM | Energy Efficiency, Environmental, Esg, global, industrials, materials, sustainability, technology | AI fervour catalysed returns for Efficient IT and Cloud Computing holdings during the quarter. Delta Electronics outperformed after reporting positive quarterly earnings driven by robust AI-related cooling and power component demand, resulting in significant margin expansion. AI-related opportunities remain attractive secular growth opportunities for portfolio holdings. | View | |
| 2023 Q3 | Oct 15, 2023 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADBE, ADI, ALC, DLTR, FI, GOOGL, J, LBRDK, LOW, TEL, TJX, TXN | growth, healthcare, insurance, retail, semiconductors, technology, value | Alphabet is rapidly incorporating artificial intelligence technology into its suite of products and services, which will drive additional opportunities for growth rather than threaten its existing market position. Early signs are positive, with Alphabet maintaining its global search engine market share and announcing new products. | 0A53LN TXN |
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| 2025 Q3 | Oct 14, 2025 | Madison Investors Fund | -2.2% | -0.1% | A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V | financials, industrials, large cap, Quality, technology, value | The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2023 Q4 | Jan 14, 2024 | Generation Investment Management Global Equity | - | - | A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT | AI, Climate, Global Equity, healthcare, real estate, sustainability, technology | The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2025 Q4 | Jan 11, 2026 | Impax Global Environmental Markets Fund | -1.5% | 14.0% | A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA | AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management | AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, ACN, AMZN, COST, DHR, GOOGL, HD, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, TJX, TXN, UNH, USB, V | healthcare, large cap, Quality, sustainability, technology, value | Microsoft continues to point to supply constraints in Azure but remains bullish about AI opportunities with their expansive enterprise position. Oracle reported strong Cloud infrastructure demand acceleration and highlighted multi-year AI growth opportunities. Qualcomm is positioned for AI moving into mobile phones and entering the AI PC business, though ramping will take time. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACN, ADI, ALC, AMZN, BN, BRK.B, CPRT, DLTR, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V | consumer, financials, industrials, large cap, Quality, technology, value | Parker-Hannifin continues executing well despite slowing industrial economy, improving margins and integrating Meggitt acquisition. PACCAR facing weakening sales from declining freight rates and softening economic backdrop, though high-margin aftermarket parts division provides support through cyclical downturn. | KEYS |
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| 2024 Q3 | Sep 30, 2024 | Impax Global Environmental Markets Fund | 7.9% | 14.0% | A, AI.PA, AMAT, ASML, CARR, CGNX, LIN, MSFT, MTD, PNR, SU.PA, TXN, WAT, WM | Energy Efficiency, Environmental, global, industrials, semiconductors, sustainability, technology | Portfolio holdings providing energy efficiency solutions, such as heat pumps and HVAC technology, continue to benefit from resilient end-market demand and reshoring themes. Data continued to point towards a new recovery cycle in US residential HVAC, along with continuing secular trends in commercial HVAC. Energy efficiency remains a tailwind for portfolio holdings. | View | |
| 2023 Q4 | Aug 1, 2024 | Oakmark Global Fund | 7.5% | 0.0% | A, AMZN, BAYRY, CHTR, COF, GOOGL, KKR, KR, ORCL, RHHBY, RYAAY | consumer, financials, global, healthcare, Pharmaceuticals, technology, value | The fund focuses on purchasing shares of high-quality businesses at discounts to intrinsic value, as demonstrated with Agilent trading at a discount to life science peers and Kroger trading at just 10x estimated next year's EPS despite strong competitive positioning. | RHHBY 005930 KR 0A53LN BAYRY COF |
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| 2023 Q2 | Jul 22, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 7741.T, 8035.T, A, AJG, APG, CCI, CDW, FER.MC, FYBR, HDFCBANK.NS, IBKR, LSEG.L, TSM, ULTA | AI, global, Japan, mid cap, semiconductors, technology, value | AI has become the dominant new paradigm for equity markets this quarter, with generative AI driving significant investment interest. The manager views semiconductors and semiconductor production equipment as the picks and shovels of this trend, investing in companies like TSMC and Tokyo Electron that provide critical infrastructure for AI development. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CDW ULTA 8035.T AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2024 Q2 | Jul 17, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, AMZN, COST, DHR, EFX, GOOGL, HD, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, QCOM, TGT, UNH, USB, V | Esg, healthcare, large cap, sustainability, technology, Utilities | AI is emerging as a key theme with Qualcomm benefiting from AI moving to smartphones through higher silicon content and potential share gains. Apple introduced Apple Intelligence at their developer conference as their answer for artificial intelligence. | EFX |
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| 2024 Q2 | Jul 17, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADI, ALC, AMZN, BDX, BRK.B, CPRT, DE, DLTR, FI, GOOGL, LOW, PCAR, PGR, PH, SBUX, TJX, TXN, V | consumer, industrials, insurance, large cap, Quality, semiconductors, technology, value | Semiconductor manufacturers Analog Devices and Texas Instruments continue to see declining sales and profits due to weak demand and inventory reduction by customers and distributors. However, the cycle appears to be bottoming, setting conditions for a profit rebound over the coming years as investors better appreciate the industry's secular demand characteristics. | DE SBUX |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2025 Q1 | Apr 14, 2025 | Parnassus Value Equity Fund | -2.0% | -2.0% | A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ | financials, healthcare, large cap, moats, Quality, technology, uncertainty, value | The fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share. | JPM AMD |
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| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | A, ACGL, ACN, ADI, ALC, AMZN, BN, BRK-B, DHR, ELV, FERG, FI, GOOGL, LOW, NKE, PACR, PGR, TXN, USB, V | concentrated, insurance, large cap, payments, Quality, tariffs, value | Three insurance companies topped the contributor list during the quarter's negative market returns. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Progressive continues benefiting from robust premium growth and strong underwriting margins. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO | financials, healthcare, inflation, large cap, rates, Sustainable, technology | Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ALC, BDX, BN, CHTR, DHR, DLTR, GOOGL, LBRDK, SCHW, TXN, USB, VEEV | financials, healthcare, large cap, Quality, technology, value | The fund added to Texas Instruments following share price weakness amid investor wariness of the analog semiconductor downcycle and negative margin impact from capital investment programs. Management expects end markets to grow above GDP rates long-term and capital investments to generate attractive returns. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | Impax Global Environmental Markets Fund | Agilent Technologies Inc | Diagnostics & Research | Life Sciences Tools & Services | Neutral | New York Stock Exchange | Analytical instruments, Environmental Testing, Life Sciences Tools, M&A Speculation, Molecular Diagnostics, QIAGEN | View Pitch |
| Apr 13, 2026 | Fund Letters | Generation Investment Management Global Equity | Agilent Technologies Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | Analytical Tools, biologics, Biomanufacturing, Healthcare Tools, life sciences, Pharmaceutical, Production Tools, Regulatory Moats | View Pitch |
| Apr 13, 2026 | Fund Letters | Generation Investment Management Global Equity | Agilent Technologies | Health Care Equipment & Services | Life Sciences Tools & Services | Bull | NYSE | Analytical instruments, Battery Testing, biotechnology, Chromatography, Consumables, Equity, GLP-1 Testing, Healthcare Technology, Life Sciences Tools, Mass Spectrometry, pharmaceuticals, recurring revenue, RNA therapies, Scientific Equipment | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||