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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AMAT, FI | capital returns, earnings, sector rotation, Valuation discipline, value | The commentary highlights large-cap value stocks trading at meaningful discounts despite solid fundamentals and earnings resilience. Management points to valuation discipline, sector rotation, and selective opportunistic buying during market drawdowns. The outlook favors steady returns supported by reasonable multiples and capital returns. | AMAT |
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| 2025 Q2 | Aug 27, 2025 | Cullen Value Fund | 7.0% | 8.5% | AMAT, CI, COP, KVUE, MS, ORCL | capital returns, fundamentals, Sentiment, valuation gaps, Value Investing | The commentary stresses disciplined value investing in an environment dominated by growth narratives. Management highlights discounted valuations, improving fundamentals, and capital return potential as key drivers of future returns. The theme centers on patience as sentiment shifts away from crowded trades. | KVUE AMAT ORCL |
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| 2024 Q2 | Jul 16, 2024 | The Bristol Gate U.S. Equity Strategy | -0.4% | 6.1% | AMAT, AVGO, CNR, DOL CN, IIP-U CN, ODFL, OTEX, SHW | - | View | ||
| 2024 Q2 | Jul 12, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN NA, AMAT, AZN LN, CRM, GOOG, MSCI, NTRA, NVDA, ODFL, PANW, PCOR, TSM, WDAY | - | View | ||
| 2023 Q2 | Jul 12, 2023 | Generation Investment Management Global Equity | - | - | AMAT | - | View | ||
| 2024 Q1 | Apr 27, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEY, AMAT, NTRA, TSM | - | View | ||
| 2024 Q1 | Apr 27, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, AZO, CHTR, DE, FI, INTC, ORCL, RHO GR, SPGI | - | View | ||
| 2024 Q1 | Apr 18, 2024 | The Bristol Gate U.S. Equity Strategy | 6.5% | 6.5% | AMAT, AMT, AVGO, CTVA, MCK, MMC, UNH, ZTS | - | View | ||
| 2025 Q4 | Feb 12, 2026 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 7.0% | 10.0% | AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC | AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities | The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment. | View | |
| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Growth Equity Fund | 4.9% | 26.9% | AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Davis Global Fund | - | 22.7% | 005930 KS, 2318 HK, 3690 HK, AMAT, AMZN, BRK/A, COF, CVS, ENT LN, GOOG, HUM, META, MGM, TCEHY, TCOM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Davis Global Fund | 0.0% | 0.0% | 081660 KS, 3680 HK, 9618 HK, AMAT, AMZN, BEKE, COF, DSN0 GR, META, MGM | - | View | ||
| 2024 Q3 | Oct 28, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | ADBE, AMAT, AMZN, CHTR, DHI, GOOG, ICE, INTC, MU, O, SHW, SNPS, SYK, WM | - | View | ||
| 2024 Q3 | Oct 28, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN, AKAM, AMAT, ARNB, CHTR, CMG, DHR, INTU, MAR, MELI, MSCI, NVDA, PCOR, SHW | - | View | ||
| 2025 Q3 | Oct 20, 2025 | Alpha Wealth Funds – The Insiders Fund | - | 14.8% | AMAT, AMD, APP, AXON, ET, GOOG, INTC, LLY, MRVL, ROK | Artificial Intelligence, Energy Infrastructure, healthcare, insider buying, semiconductors | The fund returned 21% YTD, led by strong gains in Alphabet, Intel, and Applied Materials as AI and semiconductor momentum accelerated. Managers emphasized insider buying across key holdings, particularly in Eli Lilly and Marvell Technology. The letter frames AI as the decades defining opportunity while maintaining diversification through healthcare and energy infrastructure plays. | MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG |
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| 2024 Q3 | Oct 17, 2024 | Kovitz Core Equity Strategy | 6.9% | 28.7% | AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH | - | View | ||
| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | 0L4F LN, AMAT | - | View | ||
| 2024 Q4 | Jan 6, 2025 | Vltava Fund | 0.0% | 0.0% | AMAT, KLAC, LRCX | - | View | ||
| 2025 Q4 | Jan 31, 2026 | Touchstone Balanced Fund | 2.0% | 13.6% | AMAT, GOOGL, RTX | asset allocation, Balanced, Equity, fixed income, Quality, rates | The Federal Reserve delivered two additional 25 basis point rate cuts in the final meetings of the year, moving policy closer to neutral amid a weakening employment picture. Expectations for additional rate cuts in 2026, alongside benign long-term inflation expectations, contributed to a steepening yield curve over the quarter. The Fund emphasizes higher-quality businesses with strong returns on capital, pricing power, and meaningful barriers to entry. Fixed income positioning retains a high-quality bias and focuses on selective bottom-up opportunities. | View | |
| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
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| 2025 Q4 | Jan 30, 2026 | Alpha Wealth Funds – The Insiders Fund | -0.4% | 30.8% | AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK | AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology | Geopolitical events and government incentives like the U.S. CHIPS Act are driving monumental investment to localize advanced semiconductor manufacturing in the U.S. and allied nations. This builds resilience and meets future demand from AI, 5G/6G, and advanced auto. The fund seeks direct beneficiaries of this capital expenditure cycle. Focus expands beyond Generative AI and LLMs to Physical AI—the integration of AI/ML into autonomous physical systems and advanced robotics. The next wave of productivity will come from intelligent machines executing complex real-world tasks. This includes foundational AI infrastructure, Edge AI hardware, and advanced Industrial/Service Robotics. The fund is positioned around the thesis that the U.S. Government will spend whatever amount necessary to assist the government-private industry partnership to reshore the semiconductor industry. Companies like Applied Materials dominate wafer fabrication equipment as AI, advanced packaging, and memory capex ramp globally. Broader echo of the semiconductor trend covering other critical industries like rare earth metals, batteries, and pharmaceuticals where focus is shifting from lowest-cost sourcing to supply chain resilience. The fund targets companies establishing highly automated, next-generation domestic production capabilities. | NSC INTC MRVL NUE ROK AMAT APPF ET GOOG |
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| 2025 Q4 | Jan 29, 2026 | Ironvine Capital Partners, LLC | 0.0% | 0.0% | ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V | aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology | Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy. | BRK.B AON MSFT V MCO HEI AMZN |
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| 2025 Q4 | Jan 27, 2026 | Fawkes Capital Management | 5.4% | 35.5% | 000660.KS, 0300.HK, AMAT, AMD, INTC, LRCX, TSM | AI, Asia, Bubble, Equipment, infrastructure, semiconductors, technology | AI infrastructure investment could reach $400 billion in 2026, equivalent to 1.5% of US GDP, potentially doubling economic growth. Unlike the dotcom bubble, AI infrastructure must scale dynamically with usage as demand is real and immediate. However, AI remains largely uneconomic with only 5% of ChatGPT users paying for services. Global chip shortage driven by accelerating AI demand has caused memory chip prices to triple in 2025. Intel and AMD are flagging logic chip supply constraints while leading foundries like TSMC and SK Hynix announced double-digit capex increases, pointing to significant equipment demand. | 8637 HK |
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| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 21, 2026 | Columbia Seligman Global Technology Fund | 5.0% | 35.4% | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology | AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption. | AMAT TER WDC BE LRCX NVDA |
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| 2025 Q4 | Jan 21, 2026 | Renaissance Investment Management – Large Cap Growth | 0.0% | 0.0% | AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM | AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation | AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies. | NFLX AMAT GOOG |
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| 2024 Q4 | Jan 21, 2025 | The Bristol Gate U.S. Equity Strategy | -5.2% | 9.1% | AMAT, AVGO, BN CN, MCHP, MCK, SJ CN, TFII CN, UNH, ZTS | - | View | ||
| 2024 Q4 | Jan 21, 2025 | Kovitz Core Equity Strategy | 2.4% | 19.9% | AMAT, AMD, AMTM, AMZN, CRM, GOOG, LVS, TMO | - | View | ||
| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
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| 2025 Q4 | Jan 20, 2026 | Sawgrass Asset Management – Large Cap Quality Growth | 3.2% | 0.0% | AMAT, AMD, AVGO, AZO, CMCSA, DHR, INCY, LLY, NOW, UTHR, WDAY, ZTS | AI, Biotechnology, growth, healthcare, Quality, Rotation, semiconductors, technology | Doubts about the circularity of AI revenue deals began to surface, with some chip stocks avoiding negative sentiment while software stocks were depressed by AI threats to subscription revenues. Investors posit that coming AI efficiencies could reduce future subscription volumes for software companies. Chip-related stocks helped portfolio performance as some avoided negative sentiment plaguing other AI/chip stocks. Advanced Micro Devices, Broadcom, and Applied Materials performed well despite broader concerns about AI revenue circularity. Biotech stocks contributed positively to strong Q4 performance as part of broad rotation into healthcare sector. Incyte and United Therapeutics were specifically mentioned as contributors to portfolio gains. | View | |
| 2025 Q4 | Jan 18, 2026 | Parnassus Core Equity Fund | 1.6% | 11.6% | AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY | AI, growth, healthcare, large cap, Quality, semiconductors, technology, value | The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development. | View | |
| 2024 Q4 | Jan 16, 2025 | Ironvine Capital Partners, LLC | - | 10.5% | AMAT, DG, ENTG, TSM | - | View | ||
| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | View | |
| 2025 Q4 | Jan 13, 2026 | Thornburg Strategic Income Fund | 1.2% | 7.6% | AMAT, AMZN, META, TAP, TGT | credit, Data centers, duration, Fed policy, fixed income, investment grade, yield curve | The portfolio identified attractive opportunities within project finance through lending secured by data centers under construction with leases to investment-grade tenants. These transactions offer high barriers to entry, favorable valuations, robust structures, and desirable tenant profiles despite maintaining a generally cautious view of the data center and AI sectors. Recent bankruptcies and instances of fraud may be indicative of light covenants typically seen late-cycle. Credit spreads remain tight, particularly within private market areas that have experienced sharp growth, raising concerns about credit quality deterioration. The Federal Reserve continued its easing cycle with 50 basis points of rate cuts including a 25bp cut in December lowering the Fed Funds rate to 3.50-3.75%. Treasury yields fluctuated with short-end yields declining 20-30 basis points as rate-cut expectations increased while the curve continued to steepen. | View | |
| 2025 Q4 | Jan 11, 2026 | Impax Global Environmental Markets Fund | -1.5% | 14.0% | A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA | AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management | AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AMAT, EL, HAL, ICE, TT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | AAPL, ADYEN, AIA, AMAT, AMZN, ASML, DHR, HLN LN, KER FP, OR FP, PINS, RGEN, SU FP, TMO | - | View | ||
| 2024 Q3 | Sep 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | ALLE, AMAT, NVDA, NVO | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AMAT, EL, HAL, ICE, TT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Impax Global Environmental Markets Fund | 7.9% | 14.0% | A, AMAT, ASML, CARR, CGNX, PNR | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Impax US Sustainable Economy Fund | 6.6% | 21.4% | AMAT, CBRE, GILD, HUBS, PGR, PINS | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | ABM, AMAT, AMZN, GE, META, NICE, SPLK, TDG | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | ABT, AMAT, AMZN, BALL, GE, META, NICE, SPLK, TDG | - | View | ||
| 2024 Q2 | Jul 25, 2024 | Davis Global Fund | 0.0% | 0.0% | 3690 HK, AMAT, HUM, META, TSN | - | View | ||
| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, BALL, COST, CRM, DE, GOOGL, INTC, ORCL, VRSK | - | View | ||
| 2023 Q2 | Jun 30, 2023 | The Sound Shore Fund | 6.7% | 21.1% | AMAT, CAG, CAH | - | View | ||
| 2024 Q1 | Apr 29, 2024 | Stenham Asset Management | 13.9% | 13.9% | AMAT, ASML NA, CLNX SM, GE, SAF FP | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Monopolistic Investor | Applied Materials, Inc. | Semiconductors | Semiconductor Equipment & Materials | Bear | Nasdaq Stock Market | China Sales Decline, dividend hike, inventory levels, operating margins, R&D spending, Segment Data Recasting, semiconductors, Taiwan Expansion, Trade Restrictions, valuation gap | View Pitch |
| Feb 20, 2026 | Substack | Rijnberk Invest Insights | Applied Materials, Inc. | Semiconductors | Semiconductor Equipment & Materials | Bull | NASDAQ Stock Market | Advanced Packaging, AI demand, Applied Materials, diversified exposure, financial performance, market dominance, memory tools, R&D investment, semiconductor equipment, services segment | View Pitch |
| Feb 4, 2026 | Fund Letters | Harvey Warren Sax | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI capex, buybacks, Foundries, manufacturing, semiconductor equipment | View Pitch |
| Jan 28, 2026 | Fund Letters | Thomas Küpfer | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Margins, semiconductor equipment, Wafers | View Pitch |
| Jan 24, 2026 | Fund Letters | Michael E. Schroer | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Chipsact, Equipment, semiconductors | View Pitch |
| Jan 24, 2026 | Fund Letters | Sonu Chawla | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Foundry, Margins, Memory, Semicap | View Pitch |
| Jan 24, 2026 | Fund Letters | Vimal Patel | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | DRAM, Foundry, HBM, Margins, Semicap, Wafers | View Pitch |
| Jan 23, 2026 | Fund Letters | Achilleas Taxildaris | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Equipment, HBM, semiconductors | View Pitch |
| Jan 21, 2026 | Fund Letters | Andrew Choi | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Manufacturing Equipment, Semiconductor Capex, Technology Cycles | View Pitch |
| Jan 8, 2026 | Fund Letters | David A.Katz | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Equipment, Fabrication, semiconductors | View Pitch |
| Dec 5, 2025 | Fund Letters | James Cullen | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | China, DRAM, Foundry, Margins, Nand, Packaging, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Harvey Warren Sax | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Capital equipment, Fabrication, FCF, growth, Margins, semiconductors | View Pitch |
| Nov 28, 2025 | Fund Letters | Harvey Warren Sax | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Capital equipment, Fabrication, FCF, growth, Margins, semiconductors | View Pitch |
| Oct 23, 2025 | Value Investors Club | jgalt | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Advanced Packaging, AI infrastructure, Applied Global Services, Onshoring, Process Power, semiconductor equipment, Wafer Fab Expansion | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Vltava Fund SICAV, Plc | Applied Materials, Inc. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Agar Capital | Applied Materials | Information Technology | Semiconductor Equipment & Materials | 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 |
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