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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | TCW Concentrated Large Cap Growth Fund | 4.1% | 12.6% | ADBE, ANET, ETN, GOOG, NOW, SHOP, SPOT | AI, Capex, Platforms, productivity, technology | The fund commentary highlights artificial intelligence as a dominant secular driver of capex, productivity, and earnings growth across large-cap equities. Hyperscaler investment, software platform adoption, and data center buildouts are reshaping competitive dynamics and margin structures. AI is viewed as early in its growth curve despite near-term volatility and valuation risks. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 6861 JP, ADBE | - | View | ||
| 2025 Q2 | Jul 4, 2025 | ClearBridge Investments Large Cap Value | - | - | ADBE, AIR FP, AVGO, ICLR, LIN, MRVL, NOW, TGT, TSM | downside, free cash flow, fundamentals, Mean reversion, Valuation gap | The commentary focuses on valuation dispersion within large-cap equities, with many high-quality franchises trading at discounts due to short-term macro concerns. Management stresses fundamentals, free cash flow generation and capital discipline. Value is positioned as attractive as expectations normalize and multiples mean-revert. | ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM |
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| 2025 Q2 | Jul 28, 2025 | Harry Qelm Baabsman Ltd | - | 9.7% | ADBE, CRM, GOOG, LIGHT NA, NVDA, NXT, PUM GR, SEDG, VWSB GR, ZAL GR, ZM | dislocation, Intrinsic Value, long-term, valuation gaps, volatility | The letter discusses extreme market dislocations caused by speculative behavior in AI-linked mega caps and short-term trading dominance. Management warns that pricing volatility has decoupled from fundamentals, creating opportunities in undervalued sustainable energy, technology, and consumer businesses. The outlook favors patient capital, intrinsic value discipline, and long holding periods. | ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Large Cap Strategy | 2.9% | 4.3% | ADBE, AON, BRK/A, DIS, FERG, KMX, RRX, TXN | cash flow, Intrinsic Value, Large Caps, Quality, volatility | The commentary highlights high-quality large-cap companies trading below intrinsic value following tariff-driven volatility. Management focuses on strong cash generation, durable franchises, and disciplined capital allocation. Valuation gaps created by macro noise are positioned as opportunities. | ADBE FERG RRX |
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| 2023 Q2 | Jul 25, 2023 | Ironvine Capital Partners, LLC | - | 14.4% | ADBE, DLTR, HEI, ODFL, UNH | - | View | ||
| 2025 Q2 | Jul 22, 2025 | Columbia Seligman Global Technology Fund | 19.5% | - | AAPL, ADBE, AVGO, BE, LRCX, MRVL, MSFT, NVDA | AI Infrastructure, cybersecurity, global tech, semiconductors, valuation | The commentary focuses on global technology opportunities driven by AI infrastructure buildouts, semiconductor demand and cybersecurity needs. Management stresses bottom-up stock selection and valuation awareness within high-growth industries. Technology remains attractive despite volatility and tariff-related risks. | SYNA 6723 JP BE AAPL LRCX |
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| 2025 Q2 | Jul 15, 2025 | Polen Capital – Focus Growth | 9.2% | 2.3% | AAPL, ADBE, AMZN, IDXX, NOW, ORCL, SBUX, UNH | Concentration, growth, Margins, Quality, Reinvestment | The commentary centers on owning a concentrated portfolio of high-quality growth businesses with durable competitive advantages and long reinvestment runways. Management believes market volatility creates opportunities to add to exceptional companies whose fundamentals remain intact despite valuation compression. The outlook favors consistent organic growth and margin expansion over cyclical or macro-driven outcomes. | UNH AAPL IDXX ORCL |
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| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ADBE, AMZN, META, MSFT, NFLX, NKE, NVDA, PAYC, PYPL, TSLA, ZTS | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AAPL, ABNB, ADBE, AMZN, GLOB, NESR GR, NVDA, PAYC, SAP GR, SGE LN | - | View | ||
| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, LULU, MSFT, NVDA | - | View | ||
| 2022 Q1 | Apr 30, 2022 | Distillate Capital International | 0.0% | 10.9% | ADBE | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity Strategy | -2.3% | -2.3% | ADBE, ADI, AMZN, ANET, ASHTY, BRK/A, DGE LN, GOOG, ICE, JPM, MSFT, PM | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | ADBE, MLM, MUV2 GR, SONY | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, CTVA, LOW, MLM, PSX, TOT CN, XEL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADBE, AMZN, DIS, EFX, GXO, NKE, TDG | - | View | ||
| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, DIS, FIVN, META, NFLX, NKE, NVDA, SNAP, UBER | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, DIS, GXO, HON, NVZMY, RB, RKT LN, TDG | - | View | ||
| 2025 Q1 | Apr 12, 2025 | Alpha Wealth Funds – The Insiders Fund | - | - | ADBE, APPF, DVN, ET, GRAL, INBX, LULU, MSCI, ROK, SNBR, ZBRA | - | View | ||
| 2025 Q1 | Apr 10, 2025 | Aristotle Value Equity Fund | 0.7% | 0.7% | 6758 JP, ADBE, APD, GOOG, HON, ML FP, MRP | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Aristotle/Saul Global Equity Fund | 1.2% | 1.2% | 6367 JP, 6758 JP, ADBE, CCO CN, GOOG, HON, LEN, ML FP, MRP, MUV2 GR | - | View | ||
| 2025 Q4 | Feb 23, 2026 | Bailard Technology Strategy | -2.2% | 19.2% | ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD | AI, growth, infrastructure, positioning, semiconductors, software, technology | The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements. | View | |
| 2024 Q4 | Feb 19, 2025 | Harry Qelm Baabsman Ltd | - | -8.5% | ADBE, CRM, HFG GR, LIGHT NA, NXT, PUM GR, SEDG, ZAL GR, ZM | - | View | ||
| 2025 Q4 | Dec 31, 2025 | ACATIS Investment | 0.0% | 0.3% | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM |
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| 2025 Q4 | Dec 31, 2025 | Burke Wealth Managament The Focused Growth Strategy | 2.0% | 7.4% | AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG | AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy | The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act. | View | |
| 2024 Q4 | Dec 31, 2024 | Madison Sustainable Equity Fund | -2.1% | 17.4% | AAPL, ADBE, BKRP, DHR, ECL, GOOG, JPM, LIN, LLY, NEE, SCHW, TEL, UNH, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | ADBE, AMZN, CHTR, CRWD, GOOG, NVO, SNOW, UEEC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | ADBE, AMZN, GOOG, LLY, NFLX, NKE, NVDA, SHOP, UBER, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | ADBE, MA, ORCL, PTC, UBER | - | View | ||
| 2023 Q4 | Dec 31, 2023 | NCG Large Cap Growth Strategy | 14.2% | 39.9% | ADBE, KNSL, WDAY | - | View | ||
| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 3.3% | - | AAPL, ADBE, APH, CRM, INTU, ORCL, SAP | Artificial Intelligence, diversification, Large Cap Growth, Market Concentration, valuation | The commentary reinforces a quality-first philosophy focused on businesses with resilient earnings and strong free cash flow generation. Short-term macro noise is considered less important than long-term business economics. Valuation discipline is applied within a quality framework. | SAP INTU APH ORCL AAPL |
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| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 6.4% | 16.1% | AAPL, ADBE, GOOG, INTU, MCO, NVDA, SAP | Artificial Intelligence, diversification, Growth Stocks, technology, valuation | The fund emphasizes owning a concentrated portfolio of exceptional U.S. businesses with durable competitive advantages. High returns on capital, pricing power, and disciplined management underpin long-term value creation. Quality is viewed as the most reliable driver of compounding through cycles. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | ADBE, AMAT, AMZN, CHTR, DHI, GOOG, ICE, INTC, MU, O, SHW, SNPS, SYK, WM | - | View | ||
| 2022 Q3 | Oct 26, 2022 | Polen Capital – Focus Growth | 3.0% | 11.0% | ADBE, ILMN | - | View | ||
| 2022 Q3 | Oct 26, 2022 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADP, ADS, ADSK, AMZN, ICLR, OR | - | View | ||
| 2022 Q3 | Oct 24, 2022 | L1 Capital International Fund | 4.7% | 0.0% | ADBE, AMD, AMZN, BKNG | - | View | ||
| 2023 Q3 | Oct 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | 0PMJ LN, ADBE, GOOG, ICON, LVMHF, MSCI, NOVOB DC | - | View | ||
| 2022 Q3 | Oct 17, 2022 | Andvari Associates | 0.0% | 20.3% | ADBE | - | View | ||
| 2023 Q3 | Oct 15, 2023 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADBE, DLTR, J, TEL, TXN | - | View | ||
| 2025 Q3 | Oct 13, 2025 | GreensKeeper Value Fund | 4.0% | 0.2% | ADBE, CBOE, FI, GD, GOOG, ICLR, NVO CN | Canada Economy, Capitalism, Free Trade, innovation, Protectionism | GreensKeeper defends capitalism and free-trade principles amid rising nationalism and protectionism. It argues that open markets and creative destruction remain the foundation of prosperity and peace, contrasting with Europes state-directed inefficiencies. In Canada, the fund calls for dismantling oligopolies and embracing competition to unlock economic potential. | ADBE NVO FI GD ICLR GOOG |
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| 2025 Q3 | Oct 11, 2025 | Torre Financial | 1.7% | 6.5% | ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM | AI, growth, large cap, Quality, semiconductors, technology, US | AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500. | View | |
| 2025 Q4 | Jan 9, 2026 | The Bristlemoon Global Fund | -6.2% | 0.0% | ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER | AI, growth, Housing, Restaurants, semiconductors, software, technology, value | The fund has benefited from AI winners like AppLovin, which applies machine learning to improve ad algorithms with 72% revenue growth and 89% EBITDA growth. The manager views AI as creating opportunities through the Jevons paradox, where lower content creation costs increase demand for editing tools like Adobe. PAR Technology is positioned as an AI beneficiary through its unified platform strategy enabling Coach AI functionality. ASML is highlighted as a monopoly in the semiconductor industry during an AI boom. The manager outlined bear case arguments and explained why they were misguided, with the stock appreciating from €600 to over €900 per share in a quarter as other investors agreed with their thesis. The fund holds multiple software positions including PAR Technology, Adobe, and others. PAR is viewed as benefiting from restaurant technology consolidation, with potential McDonald's partnership validation. Adobe is seen as an AI beneficiary rather than victim, trading at 15x earnings despite double-digit revenue growth. PAR Technology represents a play on restaurant technology consolidation, with potential tier-1 client wins including McDonald's. The manager believes even large tech-forward restaurants are realizing POS software is too complex to maintain internally, favoring best-of-breed vendors like PAR with unified platform strategies. Floor & Decor represents a category killer business model in hard surface flooring with 75,000 square foot warehouse stores carrying 2,350+ SKUs versus 630-680 at competitors. The company has grown comparable store sales at 11% annually over 14 years, with strong unit economics and store rollout potential to 500 locations. The manager extensively analyzes mortgage rate dynamics affecting Floor & Decor's housing-dependent business. They expect mortgage spread normalization from current 300+ basis points back toward historical 168 basis point average, potentially reducing rates to 5.5-6.0% range and unlocking housing transaction velocity. | FND 215A JP BCG LN ADBE PAR ASML NA |
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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 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, GOOG, MU, TEAM | - | View | ||
| 2022 Q4 | Jan 27, 2023 | Ironvine Capital Partners, LLC | - | -20.4% | ADBE, CSGP, HEI | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2025 Q4 | Jan 23, 2026 | GreensKeeper Value Fund | 0.0% | 0.0% | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value | The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige. | ADBE ICLR NVO LULU FISV CFRUY AXP GOOG |
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| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2025 Q4 | Jan 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
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| 2025 Q4 | Jan 20, 2026 | Pernas Research | 4.8% | 54.3% | ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX | AI, defense, Mean reversion, small caps, technology, value | AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding. | View | |
| 2025 Q4 | Jan 20, 2026 | Minotaur Global Opportunities Fund | 0.0% | 0.0% | ADBE, CRM, GOOGL, HUBS, HUT, MSFT, NVDA, TEAM | AI, Automation, Data centers, infrastructure, software, technology | AI has experienced a step-change in capability through two key shifts: skills that expand what AI can touch, and loops that move from chatting to continuous iteration. The Ralph Wiggum technique of running AI in loops until tasks are complete has gone viral, enabled by better models like Claude Opus 4.5 and GPT-5.2. Software stocks have been hammered as AI threatens traditional software business models through build vs buy dynamics, competitive intensity, and per-seat pricing pressure. The fund reduced software exposure including cutting Atlassian due to shifting unit economics and defensibility concerns. The fund initiated a position in Hut 8 following their 15-year, $7 billion data center lease to Anthropic backed by Google. The project yields approximately 15% unlevered in year one with 3% annual escalators, representing contracted investment-grade infrastructure. | TEAM HUT |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Small Companies | 0.4% | 8.5% | AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN | global, healthcare, momentum, Quality, small caps, technology, value | The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns. | 2344 TT DIA IM 298380 KS |
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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 | Titan Wealth | - | - | ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE | AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology | AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage. | View | |
| 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 | |
| 2022 Q3 | Sep 30, 2022 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | ADBE, CCJ, DBS SP, SONY | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, GLOB, MSFT, NVDA, TMO, WDAY | - | View | ||
| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | ADBE, ENB, GOGO, IBKR, MA, PSX | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, GOOG, MC FP, MSCI, NVDA, PAYC, SHOP, WDAY, ZTS | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, NKE | - | View | ||
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ADBE, NVDA | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Growth Equity Fund | -8.6% | -8.6% | ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, DHR, DIS, HON, MSFT, NKE, TDG | - | View | ||
| 2022 Q1 | Mar 30, 2022 | Ashva Capital Management | 23.0% | 0.0% | ADBE | - | View | ||
| 2022 Q3 | Feb 12, 2022 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, CFR, SONY, XYL | - | View | ||
| 2023 Q4 | Jan 30, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | ADBE, ADYEN NA, CRM, PLNT, SBAC, TMO | - | View | ||
| 2022 Q4 | Jan 30, 2023 | Andvari Associates | 0.0% | 20.3% | ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL | - | View | ||
| 2022 Q4 | Jan 25, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADBE, BRK/B, GXO MM | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | ADBE, AMZN, AVGO, CSGP, LLY, NFLX, NOW, ORCL, SHOP, TMO, TSLA, ZTS | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Global SMID Company Growth | 2.3% | 12.0% | ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 21, 2026 | Substack | Monopolistic Investor | Adobe Inc. | Software | Application Software | Bull | Nasdaq Stock Market | Adobe, Competitive Advantage, creative software, deepening moat, Free Cash Flow, NOPAT growth, profitability, ROIC, stock-based compensation, WACC | View Pitch |
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, Free Cash Flow, Mean Reversion, Pricing, Subscriptions, valuation | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Adobe Inc. | Technology | Application Software | Bull | NASDAQ Stock Market | Adobe Inc., AI integration, Enterprise software, generative AI, OpenAI partnership, profit margins, Semrush acquisition, share repurchase, strong balance sheet, valuation | View Pitch |
| Feb 18, 2026 | Substack | Pacific Northwest Edge | Adobe Inc. | Software | Application Software | Bull | NASDAQ Stock Market | Adobe, AI, Competitive Advantage, Creative Cloud, Free Cash Flow, network economy, PE ratio, Photoshop, Pricing power, Share Buybacks | View Pitch |
| Feb 4, 2026 | Twitter / X | @TMTMoats | Adobe Inc. | Software | Application Software | Bull | NASDAQ | AI, CloudPlatforms, Creative, Software, Subscription | View Pitch |
| Feb 4, 2026 | Twitter / X | @BourbonCap | Adobe Inc. | Software | Application Software | Bull | NASDAQ | ApplicationSoftware, CloudIntegrations, CreativeSoftware, DigitalMedia, GenerativeAI, MarketingAutomation, Subscriptions, VideoEditing | View Pitch |
| Jan 27, 2026 | Fund Letters | Michael McCloskey | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, buybacks, Margins, Software, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | George Hadjia | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Retention, Software, valuation, Workflows | View Pitch |
| Jan 23, 2026 | Twitter / X | @TechFundies | Adobe Inc. | Information Technology | Application Software | Bear | NASDAQ | Acrobat, ADBE, Adobe, Chip Packaging, Creative, Firefly, Gaap, Rev | View Pitch |
| Jan 8, 2026 | Fund Letters | Mr. Damir Babanazarov | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | Creativity, Margins, Moat, Software, stability | View Pitch |
| Jan 8, 2026 | Fund Letters | Peter Baughan | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI Workflows, Content, Margins, Software | View Pitch |
| Dec 5, 2025 | Fund Letters | Chuck Bath | Adobe Inc | Information Technology | Application Software | Bull | NASDAQ | AI, cashflow, Creativity, growth, Moat, Software, Subscription | View Pitch |
| Dec 5, 2025 | Fund Letters | Robert Feitler | Adobe Inc. | Information Technology | Application Software | Bear | NASDAQ | AI, Competition, Penetration, Pricing, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael McCloskey | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Creativity, growth, Moat, SaaS, Software, Subscription | View Pitch |
| Oct 24, 2025 | Value Investors Club | gandalf | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Creative Cloud, Document Cloud, generative AI, Re-rating | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Dhierin Bechai | Adobe Inc. | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Harding Loevner | Adobe Inc. | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Bay Area Ideas | Adobe Inc. | Information Technology | Software - Application | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Harding Loevner | Adobe Inc. | Information Technology | Software - Application | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Substack | Compound and Fire | Adobe Inc. | Information Technology | Software - Application | Bull | NASDAQ | — | 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. | ||||||||