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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, IT, NOW, NVDA, SHOP.TO, SPOT | AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology | AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings. | View | |
| 2024 Q3 | Sep 30, 2024 | Saturna Sustainable Funds | 4.5% | 14.4% | AAPL, ACN, ADBE, HD, LLY, LOW, LULU, MSFT, NOK, NOW, NVDA, NXPI, SBUX, TEL, TSM | duration, Fed, rates, Sustainable, technology, volatility | The quarter saw significant volatility spikes, particularly on August 4 when the VIX jumped 42 points due to unwinding of popular hedge fund trades including the yen carry trade and AI-exposed technology stocks. These technical rather than fundamental disruptions created forced selling feedback loops as leveraged positions were unwound. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2023 Q3 | Sep 30, 2023 | Torre Financial | 0.6% | 32.9% | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | aerospace, Compounding, concentrated, Consumer Staples, long-term, Quality, software, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | 0GEG LN CDNS |
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| 2023 Q2 | Aug 14, 2023 | Brown Advisors Global Leaders Strategy | - | - | ADBE, ASML, COLOB.CO, GOOGL, INTU, LSEG.L, MA, MRVL, MSFT, TSM, V, WKL | AI, global, portfolio construction, Quality, risk management, technology | The managers analyze AI impact across four categories from end-user applications to technical infrastructure. They believe highest probability opportunities are in technical infrastructure and semiconductor companies with dominant market positions, followed by cloud data-center companies. Competition expected to intensify in AI models and applications. | View | |
| 2023 Q2 | Aug 1, 2023 | Tall Oak Capital Advisors | - | - | ADBE, ASML, ATVI, BRK.A, BSX, CAT, CCO, CDNS, CNQ.TO, EQIX, FERG, IFC.TO, JNJ, LLY, LRCX, MA, MAR, MCD, MSFT, PEP, UNH | AI, diversification, Energy Transition, infrastructure, Quality, rates, value | Artificial Intelligence is garnering significant attention for its potential impact in the near term. The fund holds positions in leading semiconductor equipment companies like LAM Research and ASML Holdings, crucial players in supplying cutting-edge chips needed to drive the AI future. They believe the true core competence lies in the picks and shovels - the companies supplying the essential equipment and software. | CDNS ASML LRCX FERG AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU |
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| 2024 Q2 | Jul 6, 2024 | Torre Financial | 0.1% | 7.8% | ADBE, ADC, CRM, CRWD, GOOGL, PYPL, TEAM, TTD, VEEV, WDAY | AI, cybersecurity, Enterprise Software, growth, Quality, SaaS, technology, Value Investing | AI is transforming enterprise software with companies like Google demonstrating quick execution through Gemini AI integration and Google Search gen-AI answers. Adobe's FireFly is being deeply integrated across their product suite, showing enterprises need tailored AI solutions rather than consumer-facing generative AI. AI usage in the workplace remains limited to chatbots, enterprise search, copilots, and content summarization, with transformational employment shifts yet to materialize. | TEAM PYPL CRM WDAY VEEV ADC ADBE TTD GOOGL CRWD |
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| 2025 Q2 | Jul 4, 2025 | ClearBridge Investments Large Cap Value | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, Cloud, diversification, growth, large cap, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers. | ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business. | ICLR LIN AIR FP NOW MRVL TSM |
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| 2025 Q2 | Jul 28, 2025 | Harry Qelm Baabsman | - | 9.7% | ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM | AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind | Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide. | ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM |
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| 2023 Q2 | Jul 25, 2023 | Ironvine Capital Partners | - | 14.4% | ADBE, AMZN, CTLT, DHR, DLTR, GOOGL, HEI, MA, MCO, ODFL, SPGI, TMO, UNH, V | aerospace, AI, healthcare, Logistics, M&A, Quality, retail, software | New investment in UnitedHealth Group as the largest managed care organization transitioning from health insurer to vertically integrated service provider. Optum drives over half of company-wide profit with decade-plus lead in comprehensive healthcare delivery. | View | |
| 2025 Q2 | Jul 23, 2025 | Madison Sustainable Equity Fund | 6.1% | 2.4% | AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V | AI, Cloud, growth, healthcare, large cap, Quality, sustainability, technology | Oracle's massive RPO growth of 359% driven by multi-billion AI infrastructure contracts, with OCI revenue projected to grow from $18 billion to $144 billion over four years. Alphabet's Google Cloud accelerated to 31.7% growth, benefiting from AI demand. Microsoft and NVIDIA highlighted for strong AI-driven earnings growth expectations. | UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL |
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| 2024 Q2 | Jul 19, 2024 | Titan Wealth | - | - | 000660.KS, 005930.KS, 0700.HK, AAPL, ADBE, ALNY, DIS, EL, FSLR, NFLX, NKE, NVDA, ORCL, TSM | AI, emerging markets, Energy Transition, Global Equity, healthcare, infrastructure, Multi-Manager, technology | Continued enthusiasm for artificial intelligence helped technology maintain its lead as top performer. Companies involved in chips, cloud computing, and data centres saw strong demand with NVIDIA briefly becoming the most valuable company. AI is viewed as a multi-sector opportunity accessible through various portfolio holdings including renewable developers, power generation suppliers, and battery solutions companies. | View | |
| 2024 Q2 | Jul 19, 2024 | Harry Qelm Baabsman | - | -16.5% | ADBE, AMZN, ASC.L, CRM, CSIQ, ENPH, GOOGL, HFG.DE, NVDA, PUM.DE, SEDG, SIGNF, TPIC, ZAL.DE, ZM | clean energy, Cloud, Cyclical, Europe, growth, long-term, value | The fund is heavily invested in clean energy companies, particularly solar energy firms like SolarEdge and Canadian Solar. The manager expects a recovery in the clean energy sector by 2025 after the current oversupply cycle. Solar energy installations continue to grow globally, with 2022 seeing 1185 Gigawatts installed. | TPIC HFG.DE SEDG |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology | AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment. | View | |
| 2025 Q2 | Jul 17, 2025 | Dodge & Cox Stock Fund | 3.8% | 7.5% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2025 Q2 | Jul 16, 2025 | Harding Loevner Global Equity | 10.2% | 7.9% | 0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems. | ADBE BKNG ADBE |
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| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 15, 2025 | Polen Capital – Focus Growth | 9.2% | 2.3% | AAPL, ADBE, AMZN, AVGO, CSGP, IDXX, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP, TMO, UNH | AI, growth, healthcare, large cap, Quality, risk management, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle was the top-owned relative contributor, up 56% in the quarter as the market embraced meaningful acceleration in growth driven by Oracle Cloud Infrastructure positioning as a go-to cloud infrastructure provider for training generative AI models. Performance leadership was dominated by AI-focused sectors, especially semiconductors which were up 64% in Q2. | IDXX ORCL UNH AAPL IDXX ORCL |
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| 2025 Q2 | Jul 14, 2025 | Emeth Value Capital | - | 5.0% | ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW | Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology | Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage. | SWON.SW SWON SE |
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| 2023 Q2 | Jul 11, 2023 | Rathbones | - | - | ACN, ADBE, AMZN, ARM, ASML, CHGG, GOOGL, INTC, META, MSFT, MTCH, NFLX, NVDA, PYPL, TSM, UBER, WEN | AI, Bonds, diversification, Hydrogen, Japan, semiconductors, technology | The launch of ChatGPT has triggered a new artificial intelligence gold rush among investors, driving strong gains across technology companies. Generative AI represents a breakthrough that can create original content rather than just identify patterns. The value currently accrues primarily to Nvidia as the dominant chip provider, though the long-term profit distribution across the AI supply chain remains uncertain. | View | |
| 2024 Q2 | Jul 10, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 9433.T, ADBE, AMGN, CCO, D05.SI, DHR, FCF, LEN, MC.PA, MCHP, MLM, MSFT, OSK, QCOM, TTE, VEEV | catalysts, energy, global, materials, Quality, technology, value | Lennar executed on catalysts including shifting to capital-light model and formal plans for land asset spinoff, but faced affordability pressures from higher prices and mortgage rates. The manager remains sanguine on the US housing market and Lennar's ability to manage through housing cycles. | QCOM CCO OSK LEN |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, ALC, AMGN, AMP, AWK, CCI, CTVA, DHR, ECL, LEN, LOW, MCHP, MLM, MSFT, OSK, PH, QCOM, VEEV, XYL | Homebuilders, infrastructure, large cap, semiconductors, technology, value, water | Microsoft continues to execute on AI catalysts across its businesses, particularly within cloud-based applications like Azure. The company detailed partnerships with NVIDIA and AMD to develop first-party silicon chips including its AI accelerator (Azure Maia) and CPU (Azure Cobalt). Qualcomm benefits as AI applications extend from the cloud to on-device. | AWK |
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| 2025 Q2 | Jun 30, 2025 | ACATIS Investment | - | -5.2% | 1211.HK, 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns including full task delegation. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO ITM LN |
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| 2024 Q2 | Jun 30, 2024 | Saturna Sustainable Funds | -1.9% | 9.5% | AAPL, ACN, ADBE, DASTY.PA, FERG.L, GIB.A.TO, GSK, HD, LLY, LOW, LULU, NVDA, NVO, NXPI, SBUX, SCHNEIDER.PA, STM, TJX, TSM, WKL | AI, global, growth, healthcare, large cap, semiconductors, Sustainable, technology | Generative AI is driving stock prices, index returns, and capital expenditures across technology companies. The fund sees significant productivity enhancements from AI tools and believes AI will follow the path of transformative technologies like desktop computers and cellular phones. Big tech companies are committing tens to hundreds of billions in capital investment for AI development. | View | |
| 2024 Q2 | Jun 30, 2024 | Burke Wealth Managament The Focused Growth Strategy | 5.9% | 21.9% | ACN, ADBE, AMD, AMZN, CRM, CRWD, GOOGL, NOW, NVDA, SNOW, WDAY | AI, cybersecurity, Data centers, Enterprise Software, growth, large cap, semiconductors, technology | The AI revolution continues to be at the center of the market universe with Nvidia powering today's AI revolution through its Hopper and Blackwell chip sets. The durability of Nvidia's dominance in the data center is coming into clearer focus with ecosystem lock-in through CUDA programming language and accelerated product release cadence. Enterprise software companies are beginning to monetize AI-infused products after a period of testing and heavily discounted demos. | CRWD NVDA |
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| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2023 Q2 | Jun 30, 2023 | Merchant West | - | - | ADBE, AMD, GOOGL, MSFT, NVDA, TFG.JO | AI, dividends, Energy Transition, inflation, Load Shedding, Quality, South Africa, technology | AI represents a once-in-a-generation investment opportunity following ChatGPT's release in November 2022. The team is invested in AI beneficiaries like Alphabet, Microsoft, and Adobe, with NVidia surging 177.7% year-to-date as the dominant GPU provider for AI applications. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABT, ADBE, AMZN, META, MSFT, NFLX, NKE, NOW, NVDA, PAYC, PYPL, TMO, TSLA, V, ZTS | AI, earnings, growth, large cap, Quality, technology, Valuations | Managers discuss AI's impact across multiple holdings, noting that much customer spending is driven by AI experimentation rather than proven use cases. They see generative AI as having enormous future impact but question the sustainability of current revenue growth rates, particularly for NVIDIA. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY | AI, Cloud, global, growth, Quality, technology | SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period. | View | |
| 2024 Q1 | May 8, 2024 | Mott Capital Management | 2.8% | 2.8% | AAPL, ADBE, AMZN, BA, GOOGL, ISRG, MA, META, MSFT, NVDA, TSLA, V | AI, growth, inflation, large cap, rates, technology, Valuations | The market is being dangerously driven by an Artificial Intelligence momentum trade with Nvidia as the primary beneficiary. Many companies are spending heavily on AI but aren't necessarily seeing revenue benefits, while only a handful like Nvidia are actually profiting. The AI rally appears momentum-based and questionable for continuation. | View | |
| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, CMG, CRWD, DXCM, LULU, MSFT, NVDA, TSCO | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Generative AI references pervaded almost every earnings call as the world debates the future impact of this revolutionary technology. The firm outlined stages of the AI technological revolution and where profits will accrue in each evolution stage. NVIDIA benefited from tremendous excitement surrounding generative AI development and the likelihood this would necessitate purchasing large numbers of Nvidia products far into the future. | AAPL ADBE LULU MSFT AMZN NVDA |
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| 2025 Q1 | May 13, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | ADBE, AVGO, AZO, CBOE, LULU, MCD, META, NOW, NVDA, TJX | growth, large cap, Outperformance, Quality, volatility | The portfolio's focus on quality companies with low price volatility helped limit losses during the quarter's elevated volatility. Quality positioning benefited from investor flight towards quality companies amid market uncertainty. | View | |
| 2026 Q1 | Apr 30, 2026 | Guinness Global Innovators | -4.5% | -4.5% | ADBE, AMAT, INTU, LRCX | AI, energy, geopolitics, growth, innovation, semiconductors, software, technology | View | ||
| 2022 Q1 | Apr 30, 2022 | Distillate Capital International | 0.0% | 10.9% | ADBE | - | View | ||
| 2024 Q1 | Apr 24, 2024 | Titan Wealth | - | - | AAPL, ABNB, ADBE, ALNY, BMW.DE, DBX, DIS, EBAY, ETSY, EW, GOOGL, GSK, META, MSFT, NFLX, NKE, ORCL, STLA, TSLA, V | diversification, emerging markets, healthcare, inflation, Multi-Asset, rates, technology | Technology sector performance driven by AI excitement continues to support markets. The combination of falling rates and excitement around AI's potential to boost long-term productivity growth and margins provides a powerful tailwind for equities. | View | |
| 2026 Q1 | Apr 23, 2026 | Polen Capital – Focus Growth | -17.3% | -17.3% | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility | CSGP ROL META LRCX |
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| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2026 Q1 | Apr 21, 2026 | Boyar Value Group | - | - | ADBE, CRM, MSFT, MSGS, UBER | AI, energy, geopolitics, private credit, Quality, small caps, Valuations, value | UBER MSGS MSFT |
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| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity | -2.3% | -2.3% | ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS | AI, financials, Quality, Resilience, technology, Trade Policy, volatility | New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions. | MSFT ASHTY ADBE |
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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, cyclicals, growth, large cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk. | View | |
| 2024 Q1 | Apr 2, 2024 | The Wolf of Harcourt Street | 11.8% | 11.8% | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology | The fund has shifted portfolios towards an overweight in healthcare which is both offensive and defensive. These companies have new products addressing large market opportunities and are nondiscretionary and less economically sensitive. Pharmaceuticals are positioned to take advantage of novel therapies addressing large market opportunities. | ELUT ZETA XERS MDXH |
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| 2026 Q1 | Apr 17, 2026 | Titan Wealth | - | - | ACN, ADBE, AEM, AMD, BKR, CCJ, GLEN.L, LLY, MELI, META, MOS, MSFT, ORCL, PAAS, PLTR, RELX.L, RWE.DE, UL, XOM | AI, energy, geopolitics, infrastructure, Iran, Multi-Manager, Regional | RWE.DE |
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| 2025 Q1 | Apr 17, 2025 | Titan Wealth | - | - | AAPL, ADBE, AMD, AMZN, AVGO, BIO, BMW.DE, EBAY, EL, EOAN.DE, ETSY, HEIA.AS, JPM, LLY, MT, NKE, NVDA, RWE.DE, STLA, V | AI, ETFs, Europe, infrastructure, tariffs, technology, Utilities | The ongoing rise of Exchange Traded Funds has significantly altered equity market structure, with the top 10 companies now accounting for around 20% of the MSCI World Index. This dominance is driven by passive investment flows, creating both challenges and opportunities for active managers. | View | |
| 2024 Q1 | Apr 15, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC | Broadband, large cap, Rotation, technology, valuation, value | The fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level. | View | |
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY | AI, growth, healthcare, mid cap, risk management, technology | Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications. | WDAY MDB |
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| 2024 Q1 | Apr 15, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 005930.KS, ADBE, CCJ, FCFS, LEN, MCHP, MLM, MSFT, SONY, TTE | Diversified, Global Equity, Long Term, Quality, Value Investing | Munich Re demonstrated strong results as it continues to win market share, leverage global scale and show underwriting discipline. Recent global crises showcase Munich Re's prudent risk-taking and global diversification attributes. The company and peers have benefited from industrywide price increases, contributing to increased return of capital to shareholders. | MURGF MLM SONY ADBE |
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| 2024 Q1 | Apr 15, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, AMP, ANSS, COF, CTVA, ELS, LEN, LOW, MCHP, MLM, MSFT, PH, PSX, SONY, SYY, TTE, XEL | energy, financials, large cap, materials, technology, Utilities, value | TotalEnergies implements a two-pillar strategy balancing traditional energy with renewable investments, planning to invest over 30% of spending in low-carbon businesses. The company aims to rank among the world's top five providers of solar and wind energy by 2030. Xcel Energy is positioned to benefit from increased demand for clean energy with strong wind and solar resources. | TTE LOW |
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| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMZN, DHR, DIS, EFX, GXO, HON, JNJ, MTD, NFLX, NKE, NVDA, SBUX, TDG | AI, E-Commerce, growth, large cap, Streaming, technology | AI-related firms led the market surge with Nvidia's stock soaring over 82%, adding more than $1 trillion in market value. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. | EFX GXO NKE ADBE AMZN TDG DIS |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NVDA, SMAR, SNAP, TWLO, UBER | AI, growth, large cap, Long/Short, Social Media, Streaming, technology | Performance was largely driven by AI hardware companies selling equipment into the AI space, with NVIDIA gaining 82% in the quarter. The artificial intelligence arms race kicked off by ChatGPT has generated tremendous demand for Nvidia's next generation graphic processors. The fund is excited about AI as a long-term trend and looks forward to valuation gains being more broadly spread through the AI ecosystem. | FIVN AAPL SNAP DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER | AI, growth, large cap, Social Media, Streaming, technology | AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI. | NFLX UBER DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | AAPL, ADBE, AMD, AMZN, CRM, GOOGL, INTC, META, MSFT, NFLX, NVDA, ORCL, PYPL, QCOM, SHOP.TO, SPOT, SQ, TSLA, TWLO, UBER | AI, cybersecurity, international, Japan, semiconductors, small caps, value | Generative AI is a powerful wave gaining momentum since ChatGPT's launch, with global spending on enabling chips expected to surge from $50B in 2023 to $100-400B over the next few years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain, manufacturing advanced vacuum pumps critical for semiconductor clean rooms where AI chips are produced. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2024 Q1 | Apr 15, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, DIS, GOOGL, GXO, HON, NESN.SW, NFLX, NVDA, RKT.L, TDG, UL | AI, consumer, global, growth, Quality, Streaming, technology | The AI boom has fueled market gains, with chip designer Nvidia adding more than $1 trillion in market value after rising 82% during the first quarter. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. This puts them ahead of the curve, attracting both creative professionals and marketing teams within corporations. | NVZMY AAPL GXO ADBE AMZN TDG DIS |
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| 2024 Q1 | Apr 15, 2024 | Skybound Wealth Management | 10.3% | 10.3% | ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA | AI, Biotechnology, defense, energy, growth, small caps, technology | Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics. | AXSM ZETA GHM AGX |
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| 2025 Q1 | Apr 14, 2025 | Mountain Vista Wealth Management | - | - | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, Diagnostics, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology | The manager has shifted portfolios towards an overweight in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large market opportunities. | ELUT ZETA XERS MDXH |
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| 2026 Q1 | Apr 13, 2026 | Harding Loevner Global Equity | -5.6% | -5.6% | 0700.HK, ADBE, ASML, BKNG, CME, HDFCBANK.NS, HEI, RYA.L, SAF.PA, SAP.DE, SHEL, SLB, SONY, SU.PA, TSM, TW | aerospace, AI, energy, Geopolitical, infrastructure, Quality, Resilience, technology | View | ||
| 2024 Q1 | Apr 13, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AVGO, AZO, BRK.B, GOOGL, LLY, MA, MELI, MSCI, MSFT, NVDA, NVR, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, crypto, liquidity, portfolios, SMA, technology | Manager maintains bitcoin price targets of $125,000 by Christmas 2024 and $475,000 by Q4 2025, viewing current conditions as supportive for the next major leg higher during summer months. Bitcoin proxies have provided significant performance advantages, with allocations ranging from 15-49% across different SMA strategies. | View | |
| 2025 Q1 | Apr 12, 2025 | Alpha Wealth Funds – The Insiders Fund | - | - | ADBE, APPF, COP, CYH, DVN, ET, GRAL, INBX, LLY, LULU, LUV, MPLX, MSCI, MSFT, ROK, SNBR, ZBRA | Automation, concentrated, energy, healthcare, insider buying, tariffs, technology | The fund is significantly impacted by Trump tariff policies, with the manager reducing exposure to manufacturing or sales in China. The tariff regime is described as expansive with few places to hide, forcing portfolio adjustments across multiple positions. | INBX ROK ZBRA APPF ADBE MSCI ET GRAL |
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| 2025 Q1 | Apr 12, 2025 | Torre Financial | -2.0% | -2.0% | ABT, ADBE, ADC, AMZN, CRM, EW, FDS, GOOGL, ICE, INTU, MCO, MELI, META, MSCI, PYPL, SPGI, TMO, UNH, V, WDAY | AI, healthcare, payments, Quality, technology, Trade Policy, volatility | AI is driving significant changes in how people work, automating functions across sales, marketing, customer service, and software development. There is opportunity for new leaders in this space, though concerns exist about potential disruption to companies like Adobe and Alphabet. However, both companies are at the leading edge of AI solutions within enterprise contexts. | View | |
| 2025 Q1 | Apr 10, 2025 | Aristotle Value Equity Fund | 0.7% | 0.7% | 8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY | AI, Cloud, energy, financials, industrials, technology, Trade Policy, value | Adobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs. | GOOGL APD SONY ADBE |
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| 2024 Q1 | Apr 10, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, ANET, CARR, CEG, CMG, DELL, EQT, GE, GRMN, JPM, KEY, MSFT, NEE, NVDA, OKE | AI, energy, growth, large cap, Natural Gas, semiconductors, technology, Utilities | AI is the dominant investment theme with Nvidia rising 82%, Microsoft advancing 15%, and Dell positioned to benefit from computer upgrades needed for AI applications. The manager views AI as requiring significant electricity to power data centers, leading to investments in utilities like Constellation Energy. | View | |
| 2026 Q1 | Mar 31, 2026 | Diamond Hill Large Cap Strategy | -2.4% | -2.4% | ABT, ADBE, CARR, COF, COP, FANG, IP, KMB, MSFT, TXN | AI, energy, Geopolitical, large cap, technology, value | CARR KMB MSFT |
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| 2026 Q1 | Mar 31, 2026 | Oakmark Fund- International Small Cap | -2.5% | -2.5% | ACN, ADBE, COP, CRM, MMC, NFLX, RJF, ROP, SYF, SYY | AI, Buybacks, energy, large cap, software, technology, value | View | ||
| 2025 Q1 | Mar 31, 2025 | The Davenport Core Leaders Fund | -3.5% | -3.5% | AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX | AI, growth, large cap, Quality, risk management, technology | The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector. | View | |
| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle/Saul Global Equity Fund | 1.2% | 1.2% | 3064.T, 6367.T, 6758.T, ADBE, AMGN, CCJ, D05.SI, GOOGL, HON, LEN, MCHP, MLM, MSFT, MUV2.DE, NCLH, TTE | AI, energy, global, Quality, Reinsurance, technology, Trade Policy, value | The artificial intelligence theme continued to influence market narratives during the quarter. Chinese startup DeepSeek gained international attention after launching a low-cost rival to leading generative AI models, challenging assumptions around infrastructure demands and potentially reducing the need for GPUs and energy-intensive data centers. This development raised new questions about the durability and configuration of global AI supply chains. | 6367.T GOOGL ADBE CCO SONY MUV2.DE |
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| 2025 Q1 | Mar 31, 2025 | Weitz Partners III Opportunity Fund | -0.6% | -0.6% | ACN, ADBE, AMZN, AON, BRK-A, DHR, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, PRM, ROP, TECH, TMO, V | AI, Concentration, large cap, Long/Short, technology, Trade Policy, value | The AI Trade faced a significant setback in late January when Chinese firm DeepSeek announced its latest AI model was developed at a fraction of the cost of U.S. competitors. This caused investors to take much harder looks at AI spending plans at U.S. technology firms and shifted market sentiment overnight. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2025 Q1 | Mar 31, 2025 | Rothschild & Co LongRun Equity Fund | - | - | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | Compounding, Consumer Staples, Defensive, long-term, Quality, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | MSCI GE CDS |
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| 2024 Q1 | Mar 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 15.2% | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | The artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Technology Fund | 15.2% | 15.2% | ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V | AI, Cloud, semiconductors, software, technology, value | Fund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%. | View | |
| 2023 Q1 | Mar 31, 2023 | ValueWorks Capital | - | - | ADBE, AMD, AMZN, ANET, ASML, CRM, CSCO, 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. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. | View | |
| 2024 Q1 | Mar 30, 2024 | Torre Financial | 7.6% | 7.6% | ABNB, ADBE, ADC, CRWD, EW, META, TEAM, TTD, UNH, ZS | Advertising, growth, healthcare, Quality, REITs, software, technology | Meta is well positioned as a leader in the AI movement. Adobe has come out very strong in the rise of AI with their professional tools quickly incorporating many new generative-AI technologies. | UNH ADC ZS ADBE TEAM |
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| 2026 Q1 | Mar 28, 2026 | ServeTheHome | - | - | ADBE, DELL, NVDA | AI, Data centers, infrastructure, Publishing, technology | View | ||
| 2024 Q4 | Mar 1, 2025 | Columbia Global Technology Growth Fund | 6.1% | 31.7% | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. | 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 | - | -8.5% | AAPL, ADBE, AMZN, BIRD, CRM, CSIQ, GOOGL, HFG.DE, LIGHT.AS, META, MSFT, NVDA, NXT, PUM.DE, SEDG, SHOP, TPIC, TSLA, ZAL.DE, ZM | clean energy, Europe, long-term, technology, undervalued, value | The fund maintains deep exposure (up to 30% of portfolio) to wind, solar, and battery companies despite extreme sector decline in 2024. Manager views this as cyclical weakness similar to post-Fukushima crisis 2011-2013, with mathematical evidence showing global power generation shifting toward renewables at 3-5x the rate of fossil fuel installations. | View | |
| 2024 Q4 | Feb 12, 2025 | GROW Funds | - | - | ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA | AI, Biotechnology, defense, energy, growth, small caps, technology, Trimming | Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics. | AXSM ZETA GHM AGX AXSM ZETA GHM AGX AXSM ZETA GHM AGX |
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| 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 | |
| 2023 Q4 | Dec 31, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AZO, FNV, GOOGL, LMT, MA, MELI, MSCI, MSFT, MSTR, NVDA, NVR, OCSL, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, fixed income, inflation, liquidity, Stagflation, technology | Bitcoin has entered a bull market with potential spot ETF approval and upcoming halving event. Manager believes bitcoin is historically the best performing asset class during bull markets and has been steadily increasing bitcoin proxy holdings. | MSTR OCSL |
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| 2024 Q4 | Dec 31, 2024 | Madison Sustainable Equity Fund | -2.1% | 17.4% | AAPL, ADBE, AMZN, BLK, COST, DHR, ECL, GOOGL, JPM, KEYS, LIN, LLY, MCD, MSFT, NEE, ORCL, SCHW, TGT, UNH, V | financials, growth, healthcare, large cap, Quality, sustainability, technology | Google's Cloud business reported accelerating revenue growth from 29% to 35% year-over-year, showing the company is gaining traction with enterprise customers. Google has released a new quantum chip that has been well received by investors for its growth potential. Adobe continues to grow with professional creative designers and enterprise customers by integrating new GenAI features into its existing software applications. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital International | - | -0.3% | ABT, ADBE, AMGN, AVGO, BMY, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, NVDA, PG, QRVO, TMUS, UNH, WSM | AI, Concentration, Quality, risk management, small caps, valuation, value | Large U.S. equities are up 43% since October 2023 while underlying free cash flows increased only 9.6%, creating significant valuation risk. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for almost 40% of total market capitalization. Distillate's strategies offer attractive valuations with free cash flow yields well above market levels. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Large Cap Value | - | 13.3% | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | cash flow, fundamentals, large cap, Quality, risk, valuation, value | The letter extensively discusses valuation disparities between expensive mega-cap stocks and the rest of the market. Distillate's strategy focuses on high-quality companies at attractive valuations, with their portfolio offering a 5.8% free cash flow yield versus the S&P 500's 3.5%. The firm emphasizes being disciplined on valuation and avoiding expensive stocks. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Small/Mid Cap Quality & Value | - | 2.9% | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | free cash flow, fundamentals, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities between large expensive mega-cap stocks and smaller companies. Distillate's strategies focus on attractive valuations with their Small/Mid QV offering 9.1% free cash to enterprise value yield compared to expensive broader markets. The firm emphasizes being disciplined on valuation and finding high quality companies at attractive prices. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY | AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy | Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware. | View | |
| 2024 Q4 | Dec 31, 2024 | Prosper Global Macro | 0.6% | 4.0% | ADBE, AM.PA, C, CBK.DE, DHI, DIS, FCX, GOOGL, MUFG, NFLX, V | Europe, inflation, Macro, Multi-Asset, oil, technology, value | The strategy is over-allocating to value equities which have been out of favour in recent months. The strategy owns equities which are trading 20% below the market estimated P/E ratio, but the market has rotated away from this type of stock. | View | |
| 2024 Q4 | Dec 31, 2024 | Bailard Technology Strategy | 3.1% | 30.2% | AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS | AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology | AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users. | View | |
| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | AAPL, ACN, ADBE, AMZN, CHTR, CMCSA, CRM, CRWD, CVS, GOOGL, HUM, LLY, MSFT, NOW, NVDA, NVO, SNOW, UNH | AI, growth, healthcare, large cap, regulation, software, technology, Telecommunications | The manager discusses the dawn of the Agentic Age where AI agents will solve problems and complete business tasks, with marginal cost of labor approaching zero for tasks AI can complete. AI agents will allow knowledge workers to operate at the top of their degree and eliminate mindless tasks. The manager expects this to drive productivity gains and help solve labor shortage issues. | View | |
| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH | AI, Cloud, E-Commerce, growth, large cap, technology | Artificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses. | View | |
| 2024 Q4 | Dec 31, 2024 | Saturna Sustainable Funds | -4.2% | 9.6% | AAPL, ADBE, AVGO, GOOGL, LIN, LLY, LULU, NEE, NOW, NVDA, NVO, SBUX, TJX, TSCO, TSM | AI, infrastructure, Onshoring, semiconductors, Sustainable, tariffs, technology, Utilities | AI infrastructure companies like Nvidia, Taiwan Semiconductor, and Broadcom drove significant portfolio returns. The fund maintains exposure to AI enablers while adding companies whose growth opportunities are not contingent on AI advancements. Many companies contributing to AI building blocks enjoyed extraordinary returns during 2024. | View | |
| 2024 Q4 | Dec 31, 2024 | Stewart Asset Management | -0.5% | 27.6% | ADBE, GOOGL, MA, NVDA | AI, Concentration, earnings, growth, large cap, technology, US | AI is driving significant growth across portfolio holdings, with Nvidia being closely associated with artificial intelligence and providing computer chips, networking equipment, and software for data centers. Practical AI applications are already enhancing business operations through services like Photoshop, NotebookLM, and credit card fraud detection from portfolio companies Adobe, Alphabet, and Mastercard. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | AI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. | View | |
| 2023 Q4 | Dec 31, 2023 | NCG Large Cap Growth Strategy | 14.2% | 39.9% | AAPL, ADBE, CELH, CRM, DE, DXCM, GOOGL, KNSL, LLY, PEN, TOST, WDAY | growth, healthcare, Quality, small caps, software, technology | Healthcare holdings underperformed due to investor perception that weight loss benefits from GLP-1 drug class will improve overall health, reducing prevalence of certain disease states and medical interventions. Long-term impact on business fundamentals remains unclear. | WDAY ADBE KNSL |
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| 2023 Q4 | Dec 31, 2023 | Bailard Technology Strategy | 20.0% | 68.2% | AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI | AI, growth, semiconductors, software, technology | Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum International Technology Fund | 6.8% | 24.9% | 0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V | AI, Quality, semiconductors, Streaming, technology | The fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption. | View | |
| 2023 Q4 | Dec 31, 2023 | Harry Qelm Baabsman | - | 6.8% | ADBE, CRM, CSIQ, ENPH, GOOGL, HFG.DE, LIGHT.AS, LYFT, SEDG, SHOP.TO, TPIC, VWSB.DE, ZAL.DE, ZM | clean energy, Esg, Europe, long-term, technology, value | The fund invested in solar energy leaders SolarEdge, Canadian Solar, and Enphase after the sector crashed in late 2023 due to declining demand. These companies maintain leadership positions and financial health despite industry cyclical challenges. | SEDG AZM IM CRM TPIC LIGHT.AS HFG.DE ZAL.DE |
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| 2023 Q4 | Dec 31, 2023 | Spree Capital Advisers | - | - | ADBE, ADC, CRM, CRWD, GOOGL, PYPL, TEAM, TTD, VEEV, WDAY | AI, Cloud, cybersecurity, Enterprise Software, Quality, SaaS, technology, Value Investing | AI is transforming enterprise software with companies like Google demonstrating quick execution through Gemini AI integration and Google Search gen-AI answers. Adobe's FireFly is being deeply integrated across their product suite, showing enterprises need tailored AI solutions rather than consumer-facing generative AI. AI usage in the workplace remains limited to chatbots, enterprise search, copilots, and content summarization, but has potential to increase global output rather than reduce employment. | TEAM PYPL CRM WDAY VEEV ADC ADBE ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING GOOGL AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, AMSC, AMZN, ANET, CEG, ENPH, GEV, GRMN, GS, IDXX, JNJ, JPM, MSFT, NVDA, OKE, UTHR | AI, energy, financials, inflation, nuclear, tariffs, technology, Utilities | AI drives superior portfolio returns with holdings providing AI products and services or energy to AI providers. NVIDIA leads semiconductor industry providing the brains behind AI, with ChatGPT powered by their chips. Microsoft integrates AI across business lines with Co-Pilot subscription enhancing productivity. | AMZN ANET JPM GEV GS MSFT NVDA CEG GRMN AAPL |
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| 2023 Q3 | Nov 14, 2023 | Tall Oak Capital Advisors | - | - | ADBE, BABA, BRK-A, BSX, CAT, CCO.TO, CNQ.TO, COST, EQIX, GOOGL, LLY, MA, MAR, MCD, MSFT, NVO, PEP, SLB, SU.TO, UNH | Defensive, dividends, energy, fixed income, healthcare, Quality | Growing demand for nuclear energy as a clean power source driven by climate change concerns and energy security. Uranium consumption has surged past pre-Fukushima levels with supply concentrated among state-owned enterprises. Small Modular Reactors expected to bolster long-term demand. | ALLY CCO.TO |
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| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V | AI, China, consumer, growth, healthcare, large cap, technology | Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI. | View | |
| 2023 Q4 | Nov 1, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, ALGN, AMZN, CRM, EW, ISRG, MA, MSFT, NOW, NVDA, SQ, TTD, V, VEEV | Concentration, growth, large cap, Quality, technology | View | ||
| 2025 Q3 | Oct 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AAPL, ACN, ADBE, AMZN, AVGO, BSX, CSGP, GOOGL, IT, META, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP.TO, TMO, TSLA, V | AI, Cloud, growth, healthcare, large cap, Quality, semiconductors, technology | Generative AI was the dominant theme driving Q3 performance, with semiconductors as the primary driver. The hyperscalers are announcing massive increases to AI-related spending, confirming capex spigots are wide open as they struggle to keep up with voracious demand. Oracle's quarterly results showed remaining performance obligations increasing 359% to $455 billion in one quarter, highlighting extraordinary demand for cloud computing and AI infrastructure. | UBER SNPS BSX INTU AVGO NVDA |
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| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 3.3% | - | AAPL, ADBE, AMZN, APH, AVGO, CRM, EFX, GOOGL, INTU, META, MSFT, NVDA, ORCL, SAP, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The ongoing AI boom powered U.S. equities in Q3 2025, with the Magnificent Seven now accounting for nearly 37% of S&P 500 market cap driven by AI enthusiasm. Oracle experienced its NVIDIA moment with multi-billion-dollar AI infrastructure contracts, while concerns emerged about autonomous AI agents potentially disrupting traditional SaaS providers like Intuit and Salesforce. | 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, AMZN, GOOGL, INTU, MCO, META, MSFT, NVDA, SAP, TSLA | AI, Concentration, Fed policy, growth, large cap, technology, Valuations | The AI boom continues to drive market performance with the Magnificent Seven reaching record concentration levels. NVIDIA benefits from AI infrastructure build-out as companies race toward artificial general intelligence, with demand for Blackwell platform remaining strong. However, concerns emerge about AI disruption to traditional software providers like Intuit and SAP. | View | |
| 2025 Q3 | Oct 7, 2025 | GROW Funds | - | - | ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, value | The fund has shifted portfolios towards an overweight in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large market opportunities. | XERS MDXH |
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| 2024 Q3 | Oct 31, 2024 | Prosper Global Macro | 1.9% | 0.0% | ADBE, BABA, C, CBK.DE, DIS, EOG, GOOGL, HIG, LLOY.L, NFLX, ROG.SW | equities, Fed policy, fixed income, Global Macro, inflation, Multi-Asset, Trump | View | ||
| 2024 Q3 | Oct 28, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | ADBE, AMAT, AMZN, BALL, CHTR, CRM, DE, DHI, GOOGL, ICE, INTC, MA, MSFT, MU, NVDA, O, SHW, SNPS, SYK, WM | AI, financials, large cap, materials, Quality, semiconductors, technology | The fund maintains exposure to companies benefiting from the shift away from legacy computing infrastructure to AI infrastructure, including accelerated and cloud computing, semiconductors, software and other companies benefiting from these capabilities. They have a portfolio theme around companies with hyperscale exposure and are monitoring for overinvestment and excessive valuations. | 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 | ||
| 2024 Q3 | Oct 23, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, ACN, ADBE, AMZN, CRM, GOOGL, MSCI, MSFT, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TMO, TSLA, UNH, WDAY | AI, Cloud, growth, large cap, software, technology | AI is driving infrastructure spending from cloud providers and enterprises, with GenAI offerings becoming incremental growth drivers for software companies. Apple's iOS upgrade will bring GenAI advancements to the masses, potentially triggering a multi-year iPhone upgrade cycle. The fund believes AI is more likely to be a tailwind than headwind for competitively advantaged software businesses. | ABNB SHOP.TO ORCL AAPL |
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| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity | - | 8.2% | ADBE, ADI, ALC, AMD, AMZN, ANET, BDX, COO, FI, GOOGL, KMX, META, MSFT, ORCL, PM, PPG, RYAN, TMO, TSLA, WAT | AI, healthcare, infrastructure, momentum, private credit, Quality, technology | The letter extensively discusses AI infrastructure investment with $2.9 trillion projected spending on data centers over three years. Companies like OpenAI have made over $1 trillion in multi-year commitments despite limited current revenue. The AI theme dominates market performance with Information Technology comprising 35% of large cap market weight. | WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2024 Q3 | Oct 20, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, ORCL, PYPL, SPGI, TKO, TROW, V | Asset Management, Concentration, dividends, financials, technology, value | T. Rowe Price represents the only asset manager holding in the portfolio, facing industry headwinds from the shift to passive investing and fee pressures. Despite these challenges, the manager believes T. Rowe's scale, brand strength, and US equity expertise position it well for long-term resilience and potential double-digit shareholder returns. | TROW |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner International Small Companies Equity | -1.1% | 17.3% | AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN | AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap | The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery. | MEDI NO AFX GR 6869 JP |
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| 2023 Q3 | Oct 19, 2023 | Akre Focus Fund | 11.8% | 18.6% | ADBE, AMT, BN, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Concentration, financials, interest rates, Quality, real estate, technology, value | The second quarter narrative abruptly changed to bullishness on artificial intelligence, giving rise to the Magnificent 7 market darlings. These seven companies were largely responsible for the S&P 500's 13.07% year-to-date return through September, while the S&P 493 excluding them only returned 3.18%. | View | |
| 2023 Q3 | Oct 19, 2023 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, AMP, ANSS, CTVA, DHR, LEN, MCHP, MLM, MSFT, PH | financials, industrials, materials, Quality, technology, value | View | ||
| 2023 Q3 | Oct 19, 2023 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | ADBE, AMGN, CCJ, FCFS, LEN, MCHP, MLM, MSFT, TTE | catalysts, fundamentals, global, Quality, value | View | ||
| 2023 Q3 | Oct 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADP, ALGN, AMZN, GOOGL, ICON, MC.PA, MSCI, MSFT, NOW, NVO, SHL.DE, WDAY | global, growth, healthcare, large cap, Quality, technology | Alphabet is leaning heavily into being an AI business for some time, while Adobe's GenAI approach through Firefly guarantees safe content by training on Adobe Stock. Both companies are making heavy investments in GenAI that will weigh on margins near-term. | AMZN WDAY AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SHL.DE MC.PA ADBE GOOGL |
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| 2022 Q3 | Oct 17, 2022 | Andvari Associates | 0.0% | 20.3% | ADBE | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL | AI, China, healthcare, Outperformance, semiconductors, stock selection, technology | Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | Investment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. | IQV UN |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Fundamental Stability & Value | - | 6.5% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | Benchmarks, Concentration, large cap, Quality, technology, valuation, value | Manager emphasizes systematic value investing approach focused on free cash flow valuation rather than book value. Strategy trades at 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. Systematic quarterly rebalancing allows proceeds from expensive stocks to flow into cheaper names with higher underlying cash flows. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital International | - | 33.3% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, Quality, valuation, value | The manager emphasizes that while the Russell 1000 Value benchmark is intended to offer a counter to valuation risk, it suffers from being demarcated on book value which inadequately measures valuation in today's economy. Their U.S. FSV strategy offers substantially better valuation at 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. | CMCL LN |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | 3.4% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Large Cap Value | - | 9.0% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership. | IT US ACN US ADBE US CRM US |
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| 2025 Q3 | Oct 15, 2025 | Madison Sustainable Equity Fund | 6.5% | 8.2% | AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V | growth, healthcare, large cap, Quality, Sustainable, technology | Oracle's massive RPO growth driven by AI infrastructure demand, with OCI revenue projected to increase from $18 billion to $144 billion over four years. Data center capital expenditure growth benefiting companies like Arista Networks. AI infrastructure companies generating strong performance in the quarter. | TJX TEL ANET GOOGL ORCL |
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| 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 | Aristotle Value Equity Fund | 3.8% | 8.7% | ADBE, AIG, ALC, AMP, ANSYS, CTVA, GD, MLM, MUFG, SNPS, SONY, WFC, XEL | Energy Transition, financials, materials, technology, Trade Policy, Utilities, value | The Trump Administration implemented various tariff measures including 25% on Indian imports due to Russian oil purchases and 40% on Brazil over data censorship concerns. However, trade tensions eased with EU and Japan agreements establishing 15% baseline tariffs and significant U.S. investment commitments. China relations stabilized with extended tariff suspension. | WFC US SNPS US |
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| 2025 Q3 | Oct 14, 2025 | Harding Loevner Global Equity | 2.5% | 10.6% | 0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, diversification, global, healthcare, momentum, technology, valuation | AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative. | TCEHY US GOOGL US TMO US ELV US VRTX US ACN US |
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| 2025 Q3 | Oct 14, 2025 | Dodge & Cox Stock Fund | 3.1% | 10.9% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2025 Q3 | Oct 13, 2025 | GreensKeeper Value Fund | 4.0% | 0.2% | ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V | AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value | Alphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite. | ADBE NVO FI GD ICLR GOOG |
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| 2024 Q3 | Oct 12, 2024 | Torre Financial | 8.0% | 16.5% | ABNB, ABT, ADBE, ADC, AMT, AMZN, CRWD, DHR, EW, FDS, GOOGL, ICE, MCO, MELI, PYPL, SPGI, TMO, TTD, UNH, ZS | diversification, healthcare, Quality, REITs, Resilience, technology, value | Manager has systematically diversified portfolio beyond technology into healthcare, real estate, and risk management companies over the past two years. This diversification has helped decrease volatility and provided better downside protection when markets declined. | View | |
| 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, healthcare, Quality, semiconductors, technology, Valuations | 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. | View | |
| 2024 Q3 | Oct 11, 2024 | GROW Funds | - | - | AAPL, ADBE, AGX, AMZN, BRZE, CRM, DUK, GOOGL, KVYO, META, MSFT, NVDA, ORCL, TSLA, VST, ZETA | Advertising, AI, growth, Natural Gas, small caps, technology, value | AI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power which the current grid capacity cannot support. | AGX ZETA AGX ZETA |
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| 2023 Q3 | Oct 10, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | View | ||
| 2025 Q3 | Oct 1, 2025 | Infuse Partners | 33.2% | - | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, international, Quality, small caps, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | TMDX US |
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| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Heartwood | 2.4% | 0.0% | ADBE, ASO, CHGG, CRWD, DIS, GOOGL, GRND, HIMS, KKD, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST | AI, cybersecurity, growth, nuclear, Rideshare, small caps, turnaround, value | Initiated Crowdstrike after it fell ~40% following the July 19, 2024 tech outage. The manager viewed the outage as demonstrating Crowdstrike's power and moat, as the entire tech sector practically shut down. Despite fears of lawsuits and market share loss, analysts did not significantly revise earnings estimates, suggesting the impact was primarily multiple contraction. | View | |
| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Jonagold | 32.7% | 0.0% | ADBE, ASO, CHGG, CRWD, DIS, DNUT, GOOGL, GRND, HIMS, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST | Fintech, growth, Rate Cuts, small caps, technology, turnaround | Jonagold strategically focuses on small-cap investments with substantial growth prospects that are temporarily out of favor due to cyclical trends or significantly misunderstood. The fund expects small caps to continue performing well as the Federal Reserve further reduces rates, with rate-sensitive securities front-loading near the end of Q3. | 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 | |
| 2025 Q4 | Jan 3, 2026 | Torre Financial | 1.9% | 8.5% | ADBE, AMZN, ANET, ASML, CRM, FDS, GOOGL, LLY, META, MSFT, NVDA, PYPL, TSM, UBER, UNH | AI, competition, growth, healthcare, Quality, technology, value | The race for AI has drawn in technology companies and nation states, with massive capital spending from Google, Microsoft, Amazon, Meta, and OpenAI driving Nvidia to become the first 5 trillion market cap company. The US has launched the Genesis Mission to ensure America wins the AI race, while China has shown innovation with DeepSeek. The portfolio focuses on strong, proven businesses with attractive business models, exhibiting strong returns on capital, competitive advantages, and durable growth. High quality, cash-flowing companies were not particularly sought after in 2025, with many high quality compounders selling off significantly. Eli Lilly's performance was propelled by their GLP-1 offerings and promising pipeline, contributing to the portfolio's top performers in 2025. | View | |
| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, AMD, ASML, BRZE, CRWD, CSU.TO, GOOGL, HOOD, KPG.AX, KSI.TO, MELI, MU, NVDA, SPGI, TEAM, V, WDAY | AI, Cloud, compounders, Concentration, growth, semiconductors, technology, value | Manager discusses AI as a key investment theme, highlighting Alphabet's decades of AI research leadership and Sergey's return to work on AI. Notes that AI-enabled search over Jira and Confluence represents perfect GenAI use cases for B2B settings. Views Adobe's video generation capabilities and AI tooling as underappreciated by the market. | View | |
| 2022 Q4 | Jan 27, 2023 | Ironvine Capital Partners | - | -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 | The 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 | |
| 2024 Q4 | Jan 17, 2025 | Skybound Wealth Management | 3.9% | - | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, rates, small caps | The manager discusses the massive investments by tech giants like Microsoft, Meta, Amazon, and Google in AI infrastructure and training models, comparing it to the dot-com era. They note that while AI will increase productivity, the capabilities may be less than expected and no killer app has emerged yet to demonstrate high returns on investment. | ELUT ZETA XERS MDXH |
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| 2024 Q4 | Jan 16, 2025 | Ironvine Capital Partners | - | 10.5% | ADBE, ADI, AMAT, AMZN, CSGP, DG, DLTR, ENTG, GOOGL, MSFT, TSM, UNH | AI, growth, inflation, Quality, semiconductors, technology, value | The semiconductor industry has been an area of increasing interest over the past several years. Industry consolidation has created competitively advantaged businesses that will benefit from secular tailwinds despite significant cyclicality. The fund established new investments in three semiconductor businesses during the fourth quarter. | ENTG AMAT TSM |
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| 2024 Q3 | Sep 30, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL | Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value | The fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states. | AIG VZ |
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| 2024 Q3 | Sep 30, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 1357.HK, ADBE, AMGN, CCJ, D05.SI, LEN, MCHP, MLM, MSFT, QCOM, RTO.L, SMSN.L | Diversified, fundamentals, global, long-term, Quality, value | MonotaRO, the Japanese B2B e-commerce platform, was a main contributor during the quarter. The company serves as a one-stop solution allowing customers to shop for millions of products via a centralized location, with increasing order value and sales per shipment. Large enterprise customers now represent more than 30% of total sales, up from 25% at the end of last year, providing higher lifetime value and willingness to pay for value-added services. | 8439.T RTO.L MCHP BN.TO 8058.T |
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| 2024 Q3 | Sep 30, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. | View | |
| 2023 Q3 | Sep 30, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMT, BRK-B, DHR, DIS, GOOGL, HEI, INTU, MCO, MKL, MSFT, MTD, NKE, ORCL, TDG | AI, Cloud, growth, large cap, rates, technology, value | Alphabet benefits from one of the most disruptive trends in technology as a leader in generative AI. Oracle's OCI Gen 2 solution is particularly well-suited for generative AI workloads. Microsoft is effectively executing its strategy by offering businesses cutting-edge AI-driven solutions like ChatGPT. | DHR GOOGL INTU AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL AMT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2023 Q3 | Sep 30, 2023 | Stewart Asset Management | 0.0% | 0.0% | ADBE, COST, MA, NVDA, UNH | earnings, growth, interest rates, large cap, technology, valuation | The manager attributes portfolio strength to resilient earnings power, with Adobe, Costco, and UnitedHealth showing strong earnings growth. Nvidia reported powerful earnings growth in Q3, with management expecting continued growth despite economic concerns. The manager forecasts 16% annual earnings growth for the portfolio over the next five years. | View | |
| 2022 Q3 | Sep 30, 2022 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | ADBE, CCJ, DBS SP, SONY | - | View | ||
| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA | AI, global, large cap, Pharmaceuticals, Quality, technology, value | Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance. | View | |
| 2023 Q3 | Aug 11, 2023 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC | Concentration, large cap, Quality, Resilience, technology, value | The manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts. | EFX MCHP |
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| 2024 Q2 | Jul 28, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value | AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. | ODFL CSU.TO IEX |
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| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | ADBE, DCP, GOGO, IBKR, MA, NFLX, SSNC | Concentration, Event Driven, Merger Arbitrage, risk management, value | The manager discusses merger arbitrage strategies and event-driven investments as alternatives to traditional bond markets. Focus on non-binding acquisition offers and their success rates, with detailed analysis of deal structures and negotiation dynamics. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA GOGO ADBE ADMA DCP |
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| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, AON, GOOGL, MC.PA, MSCI, MSFT, NOW, NVDA, PAYC, SHOP, WDAY, ZTS | AI, Cloud, global, growth, Quality, semiconductors, software, technology | AI remained the dominant narrative in markets with narrow leadership from companies perceived to be AI beneficiaries. The Semiconductor industry rose 19% in the quarter and accounted for more than 50% of the MSCI ACWI Index return. However, most businesses are only experimenting with GenAI rather than actual, proven use cases. | SHOP ZTS PAYC WDAY NVDA AMZN ADBE GOOGL |
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| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2023 Q2 | Jul 7, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, ADP, AMS.MC, AMZN, COLOB.CO, EL, GOOGL, IDXX, MC.PA, META, MKC, MSFT, MTD, NVO, OR.PA, PEP, PG, PM, SYK, WAT | consumer, fundamentals, global, healthcare, Quality, technology | L'Oréal continues to impress with execution particularly in China and online channels, contrasting sharply with Estée Lauder's struggles. Estée Lauder fell due to poor figures from inventory build-up and write-offs in anticipation of Chinese reopening, revealing severe supply chain weaknesses with no manufacturing capability in Asia. | View | |
| 2023 Q2 | Jul 7, 2023 | Saga Partners | 22.6% | 39.4% | AAPL, ADBE, AMZN, CMG, CPRT, CRM, GOOGL, HD, HEI, MA, META, MSFT, NFLX, NOW, ORLY, ROKU, TDG, TJX, TSCO, V | Concentration, innovation, long-term, Streaming, technology, volatility | Connected TV has moved into the transitional phase where the market has chosen winners who are scaling products with rising barriers to entry. The real value will move to TV operating system aggregators rather than content suppliers, with Roku positioned to benefit from its growing market share approaching half of US households. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, growth, large cap, Mega Cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance. | View | |
| 2024 Q2 | Jun 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, MCHP, META, MSFT, NKE, NVDA, VMW | AI, Concentration, growth, large cap, semiconductors, software, technology | AI enthusiasm has driven approximately 60% of market gains year-to-date, with six megacap firms benefiting significantly. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE MSFT GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, LIN, META, MSFT, NVDA, NVS, ORCL, SRT3.DE | AI, Cloud, global, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 49% of global market gains year-to-date, with six megacap firms leading the rally. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META LIN AVGO ORCL GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | AAPL, ADBE, CRM, CSGP, GOOGL, ISRG, LLY, LULU, META, MSCI, NFLX, NOW, NVDA, ONON, PANW, TT, TTD, UBER, V, VEEV | AI, Data centers, Fed policy, growth, inflation, large cap, software, technology | The portfolio benefits from AI-related investments, particularly NVIDIA Corporation which reported strong quarterly results and guidance. The fund views the AI trade as still in its early innings with considerable secular growth ahead for several sectors. Data center buildout and AI technology expansion drive investment opportunities. | VRT TT CELH |
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| 2024 Q2 | Jun 30, 2024 | Bell Global Equities Fund | -3.5% | 5.8% | 3064.T, AAPL, ADBE, AMZN, CRDA.L, DEO, FI, GOOGL, MA, MSFT, NESN.SW, NESTE.HE, NKE, ORCL, POOL, QCOM, ROG.SW, ULTA, UNH, V | AI, global, Quality, software, technology, value | Strong demand for AI large language model training and inferencing drove Oracle's cloud infrastructure growth, with management guiding 50%+ OCI growth in FY25. Oracle signed IaaS contracts totaling US$12.5 billion with 43% YoY growth, including partnerships with Google, Microsoft, and OpenAI. The AI theme continues to propel technology-related names higher across semiconductors, software, and hardware segments. | 4768.T NKE ADBE ORCL |
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| 2024 Q2 | Jun 30, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, NKE, ORCL, PYPL, SPGI, TKO, V, VRSK | AI, Athleisure, Concentration, consumer discretionary, large cap, North America, technology, valuation | Adobe's AI capabilities are expanding their addressable market by bringing in more users while upselling existing ones. The company has been able to monetize its AI investments, which is only possible for businesses with differentiated products and genuine moats. Adobe credits AI with assisting and amplifying human ingenuity and enhancing productivity. | NKE ADBE |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, ALC, AMZN, EL, ETN, INTU, ISRG, LLY, META, MSFT, NFLX, NKE, NVDA, PYPL, SE, SYK, TMO, UBER | AI, growth, large cap, Medical Devices, semiconductors, stock selection, technology | Generative AI enthusiasm drove mega cap performance with Nvidia as a key beneficiary. The manager views AI as transforming from a perceived risk into an opportunity, with companies like Adobe moving quickly into generative AI and license protection. | INTU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q2 | Jun 30, 2023 | Stewart Asset Management | 0.0% | 0.0% | ADBE, AMZN, FND, GOOGL, ISRG, MTCH, NVDA | Concentration, growth, large cap, long-term, technology | Nvidia exemplifies the AI theme as a leader in advanced semiconductors, specialized networking equipment and proprietary software across growing global markets. The company has entrenched itself as a leader in AI-related markets and its earnings increased nearly four-fold in five years. The manager believes Nvidia is a business whose earnings power will continue to grow rapidly despite considerable valuation increases. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q1 | Apr 27, 2023 | Stenham Asset Management | 10.0% | 10.0% | ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V | disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology | The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up. | ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA |
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| 2025 Q1 | Apr 22, 2025 | Ithaka US Growth Strategy | -10.5% | -10.5% | ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V | AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility | The Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision. | TTD NVDA NOW UBER V PLTR |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Growth Equity Fund | -8.6% | -8.6% | ADBE, ADYEY, APPF, ASML, AVGO, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX | AI, Defensive, financials, growth, healthcare, semiconductors, technology, volatility | The fund maintains optimism about long-term opportunities in AI beneficiaries, including infrastructure providers, hyperscalers and software companies building the computing foundation of the future. However, AI-related stocks faced pressure during the quarter as investors grew pessimistic about the current cycle for chip makers and companies with revenue closely tied to AI infrastructure spending. | ASML APPF SN BRO SNPS GEV |
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| 2023 Q1 | Apr 14, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, Concentration, Leverage, Quality, rates, technology, value | The fund focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieved a 7.0% free cash flow yield compared to 4.8% for the S&P 500, with significant valuation advantages across all strategies versus their benchmarks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2025 Q1 | Mar 31, 2025 | Prosper Global Macro | 1.0% | 1.0% | 6501.T, 8306.T, ADBE, AM.PA, ANF, BN.PA, C, CBZ.DE, DHI, FNV, GOOGL, IAG.L, KGC, KOG.OL, LLY, NFLX, ROG.SW, RR.L | defense, gold, inflation, Multi-Asset, tariffs, TIPS, Trade Policy | Trump's tariffs of 25% on imports from Mexico and Canada, plus hikes on Chinese goods, triggered fears of trade war, recession, and stagflation. The manager views these tariffs as a strategy to create leverage for better trade balances, expecting volatility but anticipating rollback on many tariffs during April following concessions. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Equity | -2.1% | -2.1% | 002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY | AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy | The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Small Companies Equity | -10.5% | -10.5% | AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN | emerging markets, Europe, growth, international, Japan, Quality, small cap | The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets. | View | |
| 2024 Q1 | Mar 31, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, DHR, DIS, HON, MSFT, NFLX, NKE, NVDA, TDG | aerospace, AI, Biotechnology, growth, large cap, Quality, Streaming, technology | Artificial intelligence drove significant market gains with AI-related firms leading the surge. Nvidia exemplified this trend with stock price soaring over 82%, adding more than $1 trillion in market value. Microsoft is well-positioned to capture market share as businesses embrace generative AI-driven solutions like ChatGPT. | DHR AAPL NKE ADBE MSFT TDG DIS |
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| 2023 Q1 | Mar 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADBE, ADP, BF-B, EL, IDXX, MC.PA, META, MKC, MSFT, NVO, OR.PA, PM, SYK, V, WAT | Concentration, consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses with stringent investment criteria including high return on operating capital, difficult-to-replicate advantages, and resilience to technological change. The portfolio consists of 27 holdings concentrated in businesses that can sustain high returns without significant leverage. | View | |
| 2022 Q1 | Mar 30, 2022 | Ashva Capital Management | 23.0% | 0.0% | ADBE | - | View | ||
| 2023 Q4 | Feb 21, 2024 | Lux Capital | 0.0% | 0.0% | AAPL, ADBE, GOOGL, INTC, LLY, META, MSFT, NVO, SPOT | AI, Biotechnology, defense, Maintenance, Open Source, Resilience, technology, Venture Capital | Lux has devoted exceptional attention to funding robust and open software platforms in artificial intelligence, with portfolio companies like Hugging Face, MosaicML, Runway, Osmo, Together AI and Evolutionary Scale using open approaches to build world-class technology businesses. The firm sees AI as increasingly augmenting burnt-out workers across diverse industries and helping maintain systems through predictive capabilities. | View | |
| 2022 Q3 | Feb 12, 2022 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, CFR, SONY, XYL | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | ADBE, ADYEN.AS, AMZN, ASML, AVGO, CRM, GOOGL, ISRG, META, MSFT, NFLX, NOW, NVDA, PINS, SAP, SNPS, SU.PA, VRTX | AI, global, growth, innovation, Quality, semiconductors, software, technology | AI infrastructure boom of 2023 will serve as foundation for long-term productivity improvements across global enterprises. Companies will connect data sets to language models with AI agents to automate tasks and serve customers. First-mover advantages in language models will dissipate as open-source models proliferate, making proprietary data sets the source of lasting competitive advantage. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2024 Q4 | Jan 30, 2025 | Aristotle Value Equity Fund | -4.4% | 7.2% | ADBE, AMGN, AMP, ANSYS, ATO, BX, CFR, COF, CTVA, LEN, MCHP, MLM, MSFT, MUFG, PH, SONY | Asset Management, financials, Homebuilders, semiconductors, technology, value | The fund follows a quality-oriented approach to intrinsic value investing focused on fundamentals and unfolding catalysts measured in years, not quarters. The manager believes value investors often seek to invest in companies that are not in vogue with investors, and their approach is best measured over a full market cycle of three to five years. | MCHP LEN AMP COF |
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| 2023 Q4 | Jan 30, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADBE, ADYEY, AMZN, CRM, DE, EFX, GOOGL, HSY, INTU, LIN, LLY, MSFT, NVDA, PLNT, SBAC, SHW, TMO, ULTA, V | AI, growth, inflation, large cap, rates, software, technology | The market rally was driven by exceptional earnings growth and positive investor sentiment surrounding artificial intelligence prospects, particularly among the Magnificent Seven technology stocks. Adobe's AI opportunity through Firefly gained market appreciation after initial disruption concerns were resolved. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CRM ADYEY ADBE |
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| 2022 Q4 | Jan 30, 2023 | Andvari Associates | 0.0% | 20.3% | ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL | - | View | ||
| 2024 Q4 | Jan 29, 2025 | Weitz Large Cap Equity Fund | -0.6% | 12.7% | ADBE, AMZN, CHTR, CRM, CSGP, DHR, EFX, GOOGL, GPN, IEX, MA, MCHP, META, ODFL, ORCL, ROP, SPGI, TMO, V | Concentration, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach to investing, emphasizing concentrated, valuation-sensitive investing. The portfolio trades at a price-to-value in the high 80s, which they believe offers adequate return potential over a multi-year period. | View | |
| 2023 Q4 | Jan 27, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, CHTR, CRM, DHR, EFX, FIS, GOOG, GPN, IT, LBRDK, LLYVK, META, ORCL, ROP, SCHW, TMO, VLTO | Concentration, growth, large cap, Rotation, technology, value | The letter emphasizes value investing principles, citing Benjamin Graham and David Dodd's Security Analysis and Horace's quote about fallen stocks being restored. The manager discusses how previously fallen growth companies became top performers in 2023, demonstrating the value investing principle that controversy often leads to outsized returns. | CGPN.L VLTO |
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| 2022 Q4 | Jan 25, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADBE, BRK/B, GXO MM | - | View | ||
| 2023 Q4 | Jan 24, 2023 | Stenham Asset Management | 11.1% | 21.8% | ADBE, ADYEN.AS, AMAT, ASML, CSU.TO, MSFT, NVDA, PYPL, TMO | AI, Biotech, Cloud, large cap, payments, semiconductors, technology | Artificial Intelligence became the year's favourite buzzword, with the mere use of the term helping boost stock prices. Microsoft's cloud computing (Azure) and enterprise software stack firmly positions the company in this category as a picks and shovels company. Microsoft Azure's OpenAI services grew from ~250 entering the year to ~18,000 by Q3 2023. | ADYEN ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | AAPL, ADBE, AMZN, AVGO, CSGP, GOOGL, IT, LLY, META, MSFT, NFLX, NOW, NVDA, ORCL, SHOP, TMO, TSLA, UNH, ZTS | AI, Cloud, Concentration, E-Commerce, growth, large cap, technology, Valuations | Amazon's AI business is described as a multi-billion-dollar business growing triple digits, 3x faster than AWS at the same stage. ServiceNow is integrating GenAI capabilities to drive increasing workflow efficiencies for customers. Broadcom's AI chip business is experiencing a demand surge with AI revenue opportunity projected to grow to $60-90B in 2027 from $12B in 2024. | View | |
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Global SMID Company Growth | 2.3% | 12.0% | ABNB, ADBE, AMZN, CSGP, CSL.AX, GOOGL, ICLR, MC.PA, NVO, OR.PA, ORCL, PAYC, SHOP.TO | AI, Cloud, E-Commerce, global, growth, Quality, software | AI applications are emerging across several software and cloud businesses in the portfolio, though still representing a modest percentage of revenues. The focus is shifting from infrastructure build-out to monetizing AI in the application layer, positioning the portfolio to benefit from this transition. | CSGP PAYC AMZN SHOP.TO |
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| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 14, 2025 | Ithaka US Growth Strategy | 8.2% | 30.2% | ADBE, AMD, AMZN, ANET, ASML, CRM, LULU, MEDP, MELI, NOW, NVDA, PLTR, UBER | AI, concentrated, growth, large cap, technology | Portfolio holdings with significant exposure to the global AI theme outperformed in Technology sector. Palantir's meteoric rise was driven by investor excitement regarding the company's ability to further monetize its AI product across its growing customer base. ServiceNow's stock rose driven by growing investor recognition of the company's dominant position in monetizing AI workloads. | ASML UBER AMD PLTR AMZN NOW |
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| 2023 Q3 | Jan 7, 2024 | Hayden Capital | 13.9% | 37.6% | AAPL, ADBE, ATVI, EDU, KO, NESTLEIND.NS, PDD, PG, SMRT | cash flow, China, Predictability, real estate, technology, value | Chinese investments drove positive Q3 performance with companies like Pinduoduo and New Oriental trading near multi-year highs. Manager sees divergence between resilient business models and broader economic weakness, with valuations approaching two-thirds of fair value estimates. | SMRT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 8, 2026 | Substack | Monopolistic Investor | Adobe Inc. | Technology | Application Software | Bear | Nasdaq Stock Market | Adobe, ARR growth, Competitive Advantage, executive compensation, forensic analysis, governance issues, investment thesis, reporting practices, Transparency, Value trap | View Pitch |
| Apr 28, 2026 | Fund Letters | Parnassus Growth Equity Fund | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI technology, Creative Tools, Design Software, digital media, Firefly, growth, SaaS | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global Growth | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | creative software, enterprise, GenAI, margin expansion, SaaS, Share Buybacks, Software | View Pitch |
| Apr 28, 2026 | Fund Letters | NCG Large Cap Growth Strategy | Adobe Inc | Information Technology | Application Software | Bull | NASDAQ | AI integration, Cloud software, Creative Cloud, digital media, Document Cloud, Experience Cloud, SaaS, subscription model | View Pitch |
| Apr 28, 2026 | Fund Letters | Spree Capital Advisers | Adobe Inc | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, Brand management, creative software, digital marketing, Enterprise software, Firefly, SaaS | View Pitch |
| Apr 28, 2026 | Fund Letters | LVS Advisory - Defensive | Adobe | Information Technology | Application Software | Bear | NASDAQ | Artificial Intelligence, capital allocation, M&A, Management Quality, shareholder dilution, Software, strategic acquisition, valuation multiple | View Pitch |
| Apr 13, 2026 | Fund Letters | Harding Loevner Global Equity | Adobe | Information Technology | Software | Bull | NASDAQ | Artificial Intelligence, Content Creation, Creative Tools, digital media, generative AI, SaaS, Software, Workflow Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Value Equity Fund | Adobe Inc. | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, Creative Cloud, creative software, digital media, Enterprise software, generative AI, SaaS, subscription model | View Pitch |
| Apr 13, 2026 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | Adobe Inc | Information Technology | Software | Bull | NASDAQ | AI integration, Creative Cloud, creative software, digital media, generative AI, Professional Tools, SaaS, subscription revenue | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | Adobe Inc. | Information Technology | Application Software | Bear | NASDAQ | Content Creation, creative software, digital media, SaaS, Software, Subscription, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global Growth | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, creative software, digital media, generative AI, innovation, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle/Saul Global Equity Fund | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI integration, competitive moat, creative software, digital media, Firefly, Professional Workflows, subscription model | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle/Saul Global Equity Fund | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | Content Creation, Creative Cloud, digital media, generative AI, SaaS, Share Buyback, Software, subscription model | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Strategic Growth Fund | Adobe Inc. | Information Technology | Software | Bull | NASDAQ | Bull, Creative Professional, digital commerce, generative AI, SaaS, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Bell Global Equities Fund | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI Resilience, Application Software, creative software, digital media, growth, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Lindsell Train | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, creative software, digital media, generative AI, recurring revenue, SaaS, Software Moats | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Focus Fund | Adobe | Information Technology | Application Software | Bull | NASDAQ | Creative Professionals, creative software, digital commerce, digital media, generative AI, Marketing Technology, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | Adobe | Information Technology | Software | Bull | NASDAQ | Artificial Intelligence, Creative Professional, Creative Tools, digital commerce, generative AI, SaaS, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Kovitz Core Equity | Adobe Inc. | Software | Application Software | Bull | NASDAQ | AI, creative software, Design Tools, digital marketing, SaaS, Share Buybacks, subscription model | View Pitch |
| Apr 13, 2026 | Fund Letters | Torre Financial | Adobe Inc | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, Brand management, creative software, digital marketing, Enterprise software, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Torre Financial | Adobe Inc. | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, creative software, Design Software, digital media, generative AI, market leader, Professional Tools, SaaS | View Pitch |
| 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. | ||||||||