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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ADP, AVGO, AZN, BLK, CVX, ETN, JPM, MCD, MRK, MSFT, NEE, RTX, TEL, UNH | AI, dividends, income, interest rates, large cap, Quality, technology | The fund remains committed to investing in companies that pay and increase their dividends on a consistent basis. Management is pleased with the dividend growth that their companies have produced in 2023 and believes that income and income growth will serve clients well in the future. | View | |
| 2025 Q2 | Jul 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | IDXX SBUX ORCL GLOB IDXX SBUX ORCL |
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| 2025 Q2 | Jul 15, 2025 | Madison Dividend Income Fund | 1.1% | 4.4% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, Quality, technology, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The relative yield strategy targets stocks at the high end of their historic dividend yield ranges, with the fund yielding 2.52% versus 1.15% for the S&P 500. | 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 2, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, XOM | dividends, energy, financials, income, industrials, Quality, value | Fund employs relative yield strategy buying stocks with dividend yield at least 1.1x the S&P 500. Portfolio has dividend yield of 2.84% with relative dividend yield of 2.1x S&P 500, the highest levels in 20 years. Manager believes dividend stocks are historically cheap versus broad market. | XOM |
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| 2026 Q1 | May 13, 2026 | Matrix Dividend Income | - | - | AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN | AI, dividends, financials, Geopolitical, oil, technology, value | PG ADP NKE INTU |
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| 2026 Q1 | May 13, 2026 | Matrix Large Cap Value Strategy | - | - | AAPL, ADP, AMZN, INTU, MSFT, NKE, PEP, PG, QCOM | AI, dividends, financials, geopolitics, oil, technology, value | PG ADP NKE INTU |
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| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Dividend Strategy | - | - | ADP, APO, AVGO, BX, ENB, EQT, HON, LHX, MSFT, NOC, ORCL, OTIS, RTX, TSM, WMB, XOM | AI, defense, dividends, energy, Geopolitical, inflation, semiconductors, software | View | ||
| 2025 Q1 | Apr 30, 2025 | Bell Global Equities Fund | -8.6% | -8.6% | 4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L | Cloud, Global Equities, Quality, tariffs, technology, Trade Policy | President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices. | View | |
| 2026 Q1 | Apr 29, 2026 | Mairs & Power – Balanced Fund | -1.8% | -1.8% | ABT, ADP, CRM, ENTG, FAST, FISV, LFUS, PANW, TTC, TXN, UNH, V, WEC, WM, XEL | AI, Balanced, energy, healthcare, inflation, semiconductors, technology, Utilities | WM PANW |
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| 2024 Q1 | Apr 15, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, BF-B, GOOGL, IDXX, MC.PA, META, MKC, MSFT, NKE, NVO, OR.PA, PM, SYK, V | consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2025 Q4 | Feb 10, 2026 | Fairtree Global Equity Fund | 1.7% | - | 6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM | AI, emerging markets, global, rates, semiconductors, technology | AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions. | View | |
| 2024 Q4 | Dec 31, 2024 | Madison Dividend Income Fund | -1.7% | 7.6% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, ROK, TEL, TXN | dividends, income, industrials, large cap, Quality, Relative Yield, technology, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. The portfolio's relative yield of 2.15x the S&P 500 is at the high end of its historical range and 25% higher than at the end of 2022. Portfolio holdings have increased their dividends by nearly 8% on average over the past year, well above inflation rates. | TEL ROK |
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| 2023 Q4 | Dec 1, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ABT, ADP, ALGN, AMZN, AON, EL, MSFT, NESN.SW, NVO, SAP, WDAY | global, growth, healthcare, Quality, technology | SAP's transition to the cloud continues at pace with robust cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Workday operates in the $100bn+ global HCM market and is expected to generate 20%+ annualized earnings growth over the next three to five years. | ABT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT SAP AMZN WDAY |
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| 2023 Q3 | Oct 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, FTNT, IDXX, MC.PA, META, MKC, MSFT, MTD, NKE, NVO, OR.PA, PG, PM, SYK, V, WAT | global, growth, healthcare, long-term, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The portfolio consists of resilient businesses that can withstand technological innovation. | View | |
| 2022 Q3 | Oct 26, 2022 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADP, ADS, ADSK, AMZN, ICLR, OR | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, AMZN, AON, GLOB, GOOGL, LLY, MSCI, MSFT, NVDA, NVO, ORCL, PAYC, SAP, SHOP.TO | Cloud, global, growth, Quality, technology | Oracle's cloud infrastructure business is accelerating as the company transitions applications and databases to the cloud. Oracle Cloud Infrastructure comprises many smaller datacenters that can act as public or private clouds, particularly benefiting large enterprises like banks and healthcare companies. The shift to cloud for Oracle applications and databases will provide a revenue tailwind for years to come. | 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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| 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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| 2025 Q3 | Oct 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | GLOB IDXX SBUX ORCL |
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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 14, 2025 | Madison Dividend Income Fund | 3.9% | 8.5% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, financials, Quality, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The strategy emphasizes above-average dividend yields as protection against market volatility and inflation. | 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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| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CME, FAST, HD, HON, JNJ, MDT, MS, NEE, TXN | dividends, income, industrials, large cap, Quality, value | Fund employs a relative yield strategy targeting stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings increased dividends by nearly 8% on average over the past year, well above inflation rates. Fund maintains focus on companies with consistent dividend increase records. | HON |
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| 2024 Q3 | Sep 30, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, COLOB.CO, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, V | consumer, global, healthcare, large cap, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SHLX, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, Global Growth, healthcare, Quality, secular growth, technology, Trade Policy | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. Not having exposure to semiconductors presented a significant headwind to relative performance. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2024 Q2 | Jul 17, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, AMZN, CMCSA, EOG, FAST, HD, HON, MDT, MS, NEE, TSLA, TXN | Concentration, dividends, Quality, technology, value | The fund focuses on high-quality dividend-paying stocks with above-average yields and sustainable competitive advantages. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation rates. The fund's relative dividend yield of 2.20x versus the S&P 500 is at the highest level in 25 years. | 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 Q1 | Apr 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, global, growth, Oracle, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2025 Q1 | Apr 14, 2025 | Fundsmith Equity Fund | -5.7% | -5.7% | ADP, BF-B, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, UL, V, WAT | equities, global, growth, healthcare, long-term, Quality, technology | The fund maintains stringent investment criteria focusing on high quality businesses that can sustain high returns on operating capital employed. These businesses have advantages that are difficult to replicate and do not require significant leverage to generate returns. | View | |
| 2023 Q1 | Apr 14, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | AAPL, ADI, ADP, DHR, GOOGL, HD, LLY, NESN.SW, ORCL, PEP, QCOM, TEL, TGT, UNH, USB | financials, healthcare, large cap, Quality, sustainability, technology | Manager sees semiconductor fundamentals troughing in Q2 2023 with recovery expected in second half. Analog Devices performed well with strong auto and industrial end markets. Qualcomm inventory issues peaked and should moderate going forward. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH DHR ALLY USB ICLR|LLY|PLTR|SNPS|TGT AIRTEL.L QCOM GOOGL ADI |
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| 2025 Q1 | Mar 31, 2025 | Madison Dividend Income Fund | 3.2% | 3.2% | ADP, BLK, CME, EOG, HD, HON, JNJ, MDT, MS, NEE | Defensive, dividends, income, industrials, Quality, Relative Yield, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation. The fund maintains an absolute dividend yield of 2.6% compared to 1.34% for the S&P 500. | HON |
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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 | |
| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN | AI, Concentration, long-term, Quality, technology, volatility | The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Matrix Large Cap Value Strategy | Automatic Data Processing Inc. | Software - Application | Data Processing & Outsourced Services | Bull | NASDAQ | AI disruption, business services, Client Retention, defensive, dividend aristocrat, HR Administration, Payroll Services | View Pitch |
| May 13, 2026 | Fund Letters | Matrix Dividend Income | Automatic Data Processing Inc. | Software - Application | Data Processing & Outsourced Services | Bull | NASDAQ | AI disruption, business services, dividend aristocrat, High retention, Human Resources, Mission-Critical, Payroll Services | View Pitch |
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Automatic Data Processing, Inc. | Industrials | Human Resource & Employment Services | Bull | NASDAQ | balance sheet strength, Dividend Growth, Hr Technology, Payroll, recurring revenue, Retention Rate | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Automatic Data Processing, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ Stock Market | AI disruption, Automatic Data Processing, Compliance, data network effects, Dividend Growth, generative AI, payroll processing, regulatory expertise, switching costs, trust barriers | View Pitch |
| Aug 13, 2025 | Seeking Alpha | May Investing Ideas | Automatic Data Processing | Information Technology | Software - Application | Neutral | 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 |
|---|---|---|---|---|---|---|---|---|
| Terry Smith | Fundsmith | $17.1B | $1.1B | 6.28% | 4,177,969 | -133,634 | -3.10% | 1.2228% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $24.9M | 0.05% | 96,681 | -49,531 | -33.88% | 0.0283% |
| Steven Halverson | Private Capital Management | $1.0B | $450,153 | 0.04% | 1,750 | +1,750 | +100.00% | 0.0005% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $3.7M | 0.00% | 14,500 | -7,700 | -40.53% | 0.0042% |
| Ray Dalio | Bridgewater Associates | $27.4B | $13.4M | 0.05% | 52,121 | +10,813 | +26.18% | 0.0153% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 6,146 | -19,300 | -91.47% | 0.0018% |
| Israel Englander | Millennium Management LLC | $233.2B | $9.2M | 0.00% | 35,900 | -183,000 | -83.60% | 0.0105% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $434.2M | 0.35% | 1,687,793 | +964,405 | +133.32% | 0.4940% |
| Murray Stahl | Horizon Kinetics | $7.4B | $232,535 | 0.00% | 904 | -691 | -43.32% | 0.0003% |
| Cliff Asness | AQR Capital Management | $190.6B | $97.4M | 0.05% | 378,778 | -119,972 | -24.05% | 0.1109% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $4.0M | 0.08% | 15,718 | +522 | +3.44% | 0.0046% |
| Rich Handler | Jefferies | $19.3B | $13.2M | 0.07% | 51,341 | +41,820 | +439.24% | 0.0150% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $7.4M | 0.02% | 28,813 | -11,660 | -28.81% | 0.0084% |