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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 11, 2025 | Aoris International Fund | 8.2% | - | ACN, ACO GR, APH, CPRT, DPLM LN, HLMA LN, JKHY, MSFT, OR FP | cash flows, global, moats, Quality, valuation | The commentary emphasizes global high-quality companies with strong competitive positions, predictable cash flows, and conservative balance sheets. Management remains cautious on valuations while favoring businesses capable of sustaining returns through economic uncertainty. Long-term quality compounding remains the core investment thesis. | View | |
| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | ACN, ATD CN, AVGO, CIGI, EFN CN, ENGH CN, GE, JWEL CN, MCHP, MCK, MMC, TMO, TVK CN, UNH, WCN CN, ZTS | dividends, free cash flow, income growth, Quality, Resilience | The letter focuses on quality U.S. equities with rising dividends and strong free cash flow generation. Management positions dividend growth as a stabilizing factor amid policy uncertainty and market concentration. AI-led growth is acknowledged but balanced with income discipline. | ACN MCK AVGO |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | ACN, CCJ, DBS SP, MG CN, RHO GR | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Sustainable Equity Fund | - | - | A, ACN, COST, ECL, GOOG, LIN, LLY, ORCL, PGR, UPS, USB, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Aristotle International Equity Fund | 3.8% | 3.8% | 6288 HK, 6758 JP, ACN, CCO CN, MGA, MUV2 GR | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | ACN, ASML, AVGO, NFLX, NVDA, SU FP, UNH | - | View | ||
| 2025 Q3 | Nov 4, 2025 | Aristotle International Equity Fund | 1.1% | 15.9% | 3064 JP, A005930 KS, ACN, BAP | inflation, International Equities, Quality, Trade, valuation | Global equities advanced amid improving GDP forecasts and easing trade tensions, though the fund underperformed due to security selection in industrials and consumer sectors. The team remains focused on long-term fundamentals, emphasizing high-quality companies like Samsung, Credicorp, and Wal-Mart de México with durable advantages and strong balance sheets. Valuations and relative value opportunities continue to guide positioning amid moderate macro uncertainty. | WMMVY 9830 JP BAP 005930 KS WMMVY 9830 JP BAP 005930 KS |
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| 2025 Q3 | Nov 3, 2025 | Aoris International Fund | -2.6% | - | ACN, APH, CPRT, IHG LN, JKNY, REL LN, SAP GR | Accenture, AI, Quality, SAP, valuation | Aoris International Fund reiterates its disciplined quality focus, favoring durable, high-return companies like RELX, Accenture, and Amphenol amid market concentration in mega-cap tech and speculative bubbles. Management views AI as a long-term productivity enabler, not a threat, highlighting beneficiaries such as Accenture and SAP. The fund emphasizes valuation discipline and rapid exits when confidence erodes to preserve capital and sustain long-term compounding. | SAP REL ACN IHG SAP REL ACN |
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| 2025 Q3 | Nov 16, 2025 | Matrix Dividend Income | - | - | ACN, LMT, STZ | dividends, income, Quality, stability, valuation | The letter emphasizes the durability and growth of dividend income as a core investment theme, highlighting consistent dividend increases across the portfolio and strong free-cash-flow support. Management argues that high-quality dividend payers are poised to benefit from declining short-term rates and shifting market sentiment toward stability amid slowing economic growth. With attractive valuations and resilient earnings profiles, dividend-oriented equities remain well-positioned for defensive outperformance. | LMT STZ ACN |
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| 2025 Q3 | Oct 28, 2025 | Columbia Global Technology Growth Fund | 12.1% | - | ACN, ALAB, AVGO, CRM, HOOD, NOW, NVDA, TTD | Artificial Intelligence, Cloud, Data centers, semiconductors, tariffs | The funds returns were powered by surging demand for AI infrastructure, led by NVIDIA and Broadcom, as hyperscalers invested heavily in next-generation data centers. Management emphasized that AI remains in early innings, driving long-term secular growth across semiconductors, cloud, and enterprise software. The fund also noted that easing U.S. tariff risks and improving trade policy provided macro support for technology valuations and investor sentiment. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AVGO US NVDA US ALAB US AVGO US NVDA US ALAB US |
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| 2025 Q3 | Oct 24, 2025 | The Bristol Gate U.S. Equity Strategy | -0.6% | 4.6% | ACN, APH, AVGO, CARR, INTU, MMC, TMO | AI, cash flow, dividends, earnings, Quality | Bristol Gate lagged the S&P 500 as defensive dividend growers trailed AI-linked momentum stocks. Managers highlight Broadcom, GE Aerospace, and Thermo Fisher as key contributors, while Accenture and Intuit detracted. The team remains confident that dividend growth and cash flow quality will outperform over the long term as fundamentals reassert themselves. | UNH MMC APH INTU ACN CARR GE TMO AVGO CARR GE TMO AVGO |
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| 2024 Q3 | Oct 23, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, ACN, AVGO, CARR, GLW, KOF, LRCX, MDLZ, ORCL | AI, Cloud, Data centers, interest rates, semiconductors | AI infrastructure spending drove performance across technology and semiconductor holdings. Broadcom, Oracle, and Lam Research benefited from growing data center demand and AI-driven contracts. The fund reduced exposure after strong gains, mindful of potential macro risks from rate policy and tariffs. | View | |
| 2025 Q3 | Oct 14, 2025 | Harding Loevner Global Equity | 2.5% | 10.6% | ACN, GOOG, ORCL, TSM | Artificial Intelligence, diversification, healthcare, technology, valuation | AI-driven capital spending dominated market momentum, but the fund stresses valuation discipline and sector diversification. It highlights risks of overinvestment in speculative AI ventures and emphasizes healthcare as a secular growth engine supported by demographics and innovation. Exposure to Accenture and Thermo Fisher reflects conviction in durable, high-quality earnings. | TCEHY US GOOGL US TMO US ELV US VRTX US ACN US |
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| 2025 Q3 | Oct 1, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | ACN, AVGO, CMG, DDOG, UNH, UNP, WDAY | AI, Broadcom, Datadog, Oracle, technology | The letter discusses dispersion between AI winners and losers, emphasizing disciplined exposure rather than momentum chasing. Infrastructure software and select cyclicals are positioned to benefit from AI-driven investment. Valuation awareness and diversification remain central. | VRTX US DDOG US ORCL US |
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| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Large Cap Growth Strategy | 1.2% | 0.0% | ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY | AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance | AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher. | View | |
| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2025 Q4 | Jan 30, 2026 | Matrix Dividend Income | 0.0% | 0.0% | ACN, LMT, META, TXN | AI, consumer, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. The Dividend Income portfolio's companies increased dividends by an average of 5.8% in 2025, with holdings having raised dividends for an average of 17.5 years. Lower short-term money market rates following Fed cuts should renew market interest in dividend paying stocks, providing an additional tailwind for the portfolio. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect rotation from Large Cap Growth stocks with highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. The Federal Reserve cut interest rates three times in 2025 and is expected to cut at least twice more in 2026. Matrix remains cautious on intermediate and long-term bonds due to questions about Fed independence and potential for renewed inflationary pressure, focusing on shorter-term maturities. | FISV TXN |
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| 2025 Q4 | Jan 30, 2026 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ACN, FI, GNRC, LMT, META, TXN | AI, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect a rotation from Large Cap Growth stocks with the highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. Matrix expects high quality Value and Dividend stocks to perform well in an environment where investors are seeking to replace income lost due to declining short-term interest rates. Lower short term money market rates following additional Fed Fund cuts should renew the market's interest in dividend paying stocks. | View | |
| 2025 Q4 | Jan 29, 2026 | Pzena International Value ADR Strategy | 6.3% | 35.3% | 0027.HK, 2587.T, 6301.T, 6326.T, 6367.T, 6981.T, ABEV, ACN, BABA, BAYRY, CABK.MC, ML.PA, MT, NOK, PUB.PA, VALE | AI, cyclicals, financials, international, materials, value | International value equities benefited from easing trade tensions, improved investor risk appetite, and strong performance across European cyclical sectors. Financials, materials, and selected industrials drove returns as valuation gaps narrowed and earnings expectations improved. The manager continues to exploit market volatility and exaggerated disruption fears, particularly around artificial intelligence, to accumulate high quality international franchises at attractive prices. | VALE ACN 6326 JP |
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| 2025 Q4 | Jan 29, 2026 | Weitz Multi Cap Equity Fund | -1.5% | 3.2% | ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH | healthcare, multi-cap, technology, Telecom, underperformance, value | Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure. | CHTR KMX PRM |
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| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
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| 2025 Q4 | Jan 23, 2026 | Aoris International Fund | 0.0% | 0.0% | ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE | AI, international, long-term, Quality, technology, value | AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time. | View | |
| 2025 Q4 | Jan 22, 2026 | Jensen Investment | 0.0% | 5.6% | AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM | AI, growth, large cap, Market Concentration, Quality, semiconductors, technology | The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022. | AVGO SYK WM CPRT MMC ACN LLY APH KLAC |
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| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 18, 2026 | Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI All Cap Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, Capex, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The top five hyperscalers are expected to spend over $500 billion on capex this year alone, with capex-to-revenue reaching 29% in aggregate by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential bubble conditions similar to the 2000 tech crash. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed low-quality sharply in 2025, particularly in small caps where money-losing companies have dominated. Despite recent headwinds, Quality Value's long-term relative outperformance is unmistakable and offers superior downside protection during market downturns. The firm maintains a value orientation, tracking Quality Value versus other gradients including cheap stocks and junky value. They believe buying advantaged businesses at discount valuations is a winning formula, though value has faced headwinds in the current junk rally environment where low-quality stocks have outperformed significantly. | View | |
| Q4 2025 | Jan 11, 2026 | FMI International Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has had a staggering impact on global stock markets, with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. However, FMI questions whether the enormous capital spending will generate attractive returns, citing OpenAI's unsustainable economics and hyperscalers' 29% capex-to-revenue ratios. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed in the current junk rally, but historically provides superior downside protection and long-term outperformance through economic cycles. Quality Value (cheap stocks that rank high on quality metrics) has demonstrated long-term relative outperformance despite recent headwinds. FMI believes buying advantaged businesses at discount valuations creates margin of safety and superior risk-adjusted returns over time. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Large Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI-related companies continued to dominate markets in 2025, with 42 AI stocks representing 45% of S&P 500 market cap and accounting for 78% of returns. The top five hyperscalers are expected to spend over $500 billion on capex this year, with capital intensity reaching 29% of revenue by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential downside risks similar to the 2000 tech bubble. High-quality businesses have underperformed low-quality sharply in 2025, despite outperforming over the long run. FMI maintains their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. They believe quality value investing offers superior downside protection during market downturns and creates a powerful compounding effect over time. Small cap active managers have struggled to keep pace during the junk rally, with companies that lose money, have low ROE, or are high beta dominating since April 2025. The Russell 2000 gained 12.81% in 2025, but quality has been a meaningful laggard as investors extended out along the risk curve and were rewarded for taking on more speculative positions. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Small Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The capital intensity of hyperscalers is reaching 29% capex-to-revenue by 2026, raising questions about return generation. FMI sees long-term potential but questions whether enormous capital spending will generate attractive returns. Quality businesses have underperformed significantly in 2025 as investors favored low-quality junk rally stocks. FMI maintains focus on businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality Value has demonstrated superior long-term performance despite recent headwinds. Small cap markets have been dominated by companies that lose money, have low ROE, or lack sales since April 2025. Active small cap managers have struggled to keep pace during this junk rally environment. FMI continues finding attractive opportunities despite challenging backdrop. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ACN, APTV, CMG, EL, NVDA, SBUX, TEAM | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ACN, AON, BLDR, COP, HCA, HUM, NVR, PH, WTI | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | ACGL, ACN, ELV, FI, GOOG, PGR, USB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, CTAS, FAST, GGG, LOR GR, LVMH SW, NKE | - | View | ||
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | ACN, LLY, NVDA, TXG | - | View | ||
| 2022 Q4 | Feb 24, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, CTAS, HLMA LN, NKE | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, CSL AU, EVO SS, ICLR, KER FP, MELI, MNDY, NU, SAP GR, SGE LN, SHOP, SPOT, SU FP, TEMN SW, WTW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Arman Gokgol-Kline | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, Consulting, Digital transformation, resilience, scale | View Pitch |
| Jan 31, 2026 | Fund Letters | Rakesh Bordia | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, Consulting, Digital, growth, Margins | View Pitch |
| Jan 28, 2026 | Fund Letters | Jonathan T. Bloom | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, Consulting, Digitaltransformation, Partnerships, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | Stephen Arnold | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, enterprise, IT services, Outsourcing, transformation | View Pitch |
| Jan 24, 2026 | Fund Letters | Allen T. Bond | Accenture plc | Information Technology | IT Consulting & Other Services | Bear | New York Stock Exchange | Automation, cloud, Consulting, Cyber security, disruption, Outsourcing | View Pitch |
| Jan 8, 2026 | Fund Letters | Achilleas Taxildaris | Accenture plc | Information Technology | IT Consulting & Services | Bull | New York Stock Exchange | — | View Pitch |
| Dec 3, 2025 | Fund Letters | Rahul Narang | Accenture plc | Information Technology | IT Services | Bear | NYSE | AI, Bookings, Consulting, Digital transformation, services | View Pitch |
| Nov 29, 2025 | Fund Letters | Achilleas Taxildaris | Accenture plc | Information Technology | IT Services | Bull | NYSE | AI, Consulting, Digital, dividends, enterprise, FCF, growth, technology, transformation | View Pitch |
| Nov 29, 2025 | Fund Letters | David A.Katz | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | buybacks, Consulting, dividend, Free Cash Flow, technology | View Pitch |
| Nov 29, 2025 | Fund Letters | Stephen Arnold | Accenture plc | Information Technology | IT Consulting & Outsourcing | Bull | NYSE | AI, buybacks, Consulting, Digital transformation, EPS growth, Outsourcing, productivity, recurring revenue | View Pitch |
| Nov 29, 2025 | Fund Letters | Wally Weitz | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | AI services, Bookings, capital returns, Digital transformation, Free Cash Flow, Managed services, Utilization | View Pitch |
| Nov 28, 2025 | Fund Letters | Stephen Arnold | Accenture plc | Information Technology | IT Consulting & Outsourcing | Bull | NYSE | AI, buybacks, Consulting, Digital transformation, EPS growth, Outsourcing, productivity, recurring revenue | View Pitch |
| Nov 28, 2025 | Fund Letters | Wally Weitz | Accenture plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | AI services, Bookings, capital returns, Digital transformation, Free Cash Flow, Managed services, Utilization | View Pitch |
| Sep 18, 2025 | Seeking Alpha | Seeking Alpha | Accenture plc | Information Technology Services | Bull | Accenture, acquisition strategy, earnings report, Free Cash Flow, GenAI, IT services, new bookings, Revenue Growth, U.S. government spending, valuation | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Eliseo Bottini Antunez | Accenture | Information Technology | Information Technology Services | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Redfox Capital Ideas | Accenture plc | Information Technology | Information Technology Services | Neutral | NYSE | — | 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. | ||||||||