Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 30, 2025 | Qualivian Investment Partners | 7.0% | - | AJG, AMZN, AZO, BKNG, CPRT, META, MSFT, SPGI | compounders, free cash flow, Pricing Power, Quality, returns on capital | The letter emphasizes long-term ownership of a small number of exceptional businesses with durable competitive advantages and long reinvestment runways. Quality is defined through high returns on capital, strong free cash flow, low leverage, and rational industry structures. The manager argues that premium-quality companies can justify high multiples when compounding is sustained over long horizons. | View | |
| 2025 Q2 | Jul 22, 2025 | Janes Henderson Global Sustainable Equity Fund | 13.8% | 15.5% | AJG, PGR, PRY IM, TSM | AI, Electrification, Renewables, semiconductors, sustainability | View | ||
| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AVGO, CVNA, NFLX, NVDA, RARE, RBLX, SHOP, TEAM, UBER, V | AI, growth, innovation, Platforms | View | ||
| 2025 Q1 | Jun 16, 2025 | Qualivian Investment Partners | 1.2% | 1.2% | AJC, AJG, AZO, BRK/B, BRO, CPRT, GOOG, MUSA, ORLY, URI | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | AJG, HEI, ROST, STE, TT | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Fenimore Dividend Focus Strategy | 4.6% | 4.6% | AJG, MCHP, SYK, TROW | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Ariel Focus Fund | 20.8% | - | AJG, B, FI, MOS, PBH, REZI, SLB, ZIMV | Artificial Intelligence, Fintech, gold, small caps, Value rotation | Ariel Focus outperformed driven by small-cap and value holdings like Resideo and Barrick Gold, while adding exposure to fintech and insurance. The manager emphasizes AI-driven productivity and margin expansion potential across its holdings. With small caps still trading at steep discounts, the fund sees attractive upside as valuation gaps normalize. | FISV AJG SLB PBH |
View |
| 2024 Q3 | Oct 13, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, ROL | - | View | ||
| 2025 Q3 | Oct 10, 2025 | Sandhill Investment Management | - | - | AJG, CR, TTAN, TYL | Artificial Intelligence, Corporate Bonds, Market Concentration, quality growth, Valuation discipline | The October 2025 newsletter highlights record equity indices driven largely by AI-related capital expenditure, with roughly 75% of market returns and 80% of earnings growth tied to AI stocks since ChatGPT's release, creating elevated concentration risk and S&P 500 valuations near 23x forward earnings. Sandhill stresses diversification and valuation discipline, selectively adding industrial and software names such as Crane, Arthur J. Gallagher, Tyler Technologies and ServiceTitan while remaining patient in corporate bonds amid tight spreads and a flat yield curve. The firm remains cautious given sticky inflation near 3%, softening labor data and potential overcapacity in AI infrastructure, but continues to focus on high-quality businesses with durable competitive advantages. | AJG CR |
View |
| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
View |
| 2025 Q4 | Jan 16, 2026 | Janus Henderson Global Sustainable Equity Fund | -1.5% | 9.2% | 1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK | AI, Climate, Energy Transition, global, semiconductors, sustainability, technology | AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term. | View | |
| 2025 Q4 | Jan 13, 2026 | Mawer International Equity Fund | -1.8% | 18.4% | 000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT | AI, defense, equities, global, gold, Quality, semiconductors, Valuations | AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors. | View | |
| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
View |
| 2025 Q4 | Jan 13, 2026 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
View |
| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MESA, MTD, ORLY, PM, POOL, UNH, ZTS | - | View | ||
| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AJG, BAH, DHR, KPG AU, MA, MO, ORLY, PM, POOL, ROL, SPGI, TDG | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Rick Ryskalczyk | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | Bull | New York Stock Exchange | Acquisitions, consolidation, earnings growth, insurance brokerage, Mid-market, recurring revenue | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | Neutral | New York Stock Exchange | acquisition, Brokerage, compounding, diversification, inflation, Insurance, Pricing_Cycle | View Pitch |
| Nov 29, 2025 | Fund Letters | Charles K. Bobrinskoy | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | Bull | NYSE | acquisition, Brokerage, financials, growth, Insurance, Margins | 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. | ||||||||