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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Value Strategy | 9.2% | - | AME, APH, BN, BRK-A, BRO, CDW, IEX, KMX, MCHP, MKL, PGR, ROS, SYK, VMC | AI, Buybacks, earnings, mid cap, Quality, rates, value | The Federal Reserve cut the benchmark federal funds rate by half a percentage point in September, its first cut in more than four years. Lower rates are expected to help fuel purchases of expensive items like homes and automobiles, lead to more commercial construction, and improve consumer confidence. | 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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| 2024 Q2 | Jul 10, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | ABT, ACN, AME, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | AI continues to drive market gains with the Magnificent 7 responsible for the majority of S&P 500 returns. Nvidia sees accelerating demand for GPU semiconductors from hyperscalers and enterprises for AI computing. Amphenol benefits from increased spending on AI-enabled data center architectures requiring higher interconnect content. | MCHP BSX APH NSC DAR GOOGL NVDA |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets. | MCHP BSX APH |
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| 2025 Q2 | Jun 30, 2025 | Fenimore Dividend Focus Strategy | 5.7% | - | ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA | AI, Quality, rates, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels. | GEHC ENTG |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | 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 | |
| 2026 Q1 | Apr 13, 2026 | Giverny Capital Asset Management | -6.9% | -6.9% | AME, AXP, CSU.TO, HWKN, IBP, KNSL, TSM, TWFG | Concentration, Quality, software, technology, value | AXP CSU.TO |
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| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AAPL, AME, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, GXO, INTU, MCHP, META, MSFT, MTD, NVDA, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, technology, Valuations | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager sees AI as one of two key catalysts driving expected mid-teens S&P 500 earnings growth for 2025. | MCHP GXO DIS DHR MTD AMT AMZN CRM AVGO |
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| 2024 Q4 | Dec 31, 2024 | REQ Global Compounders | - | 17.6% | ADD.ST, ADDT-B.ST, AME, ATCO-A.ST, BERG-B.ST, BRO, BUFAB.ST, CSU.TO, DCC.L, IDUN.ST, IMCD.AS, INDU-A.ST, ITW, LAGR-B.ST, LIFCO-B.ST, MC.PA, MOME.ST | Acquisitions, Capital Allocation, compounders, Decentralization, Industrial, Nordics | Portfolio companies completed 185 acquisitions in Global Compounders and 146 in Nordic Compounders during 2024. The companies focus on small, frequent acquisitions typically ranging from EUR 1-20 million in sales, with 95% under EUR 50 million. This programmatic M&A strategy allows for trial-and-error approaches without material risk while building acquisition expertise over decades. | IDUN.ST VITEC.ST DCC.L AME |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, gold, growth, M&A, Markets, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | MSGS US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JP |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Global Content & Connectivity Fund | 12.3% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn. | View | |
| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2023 Q3 | Oct 19, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, CI, GOOGL, JPM, MSFT, NVDA | financials, growth, healthcare, large cap, Quality, technology | View | ||
| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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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 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -4.7% | 9.4% | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology | Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook. | AMAT AXON PINS TTWO |
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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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| 2024 Q3 | Sep 30, 2024 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST | AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology | AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform. | AME LINE CPRT DOCS APP |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AME, AMT, AMZN, BA, FTV, GOOGL, GSK, JNJ, MCHP, META, MSFT, NKE, NVDA, SYK, TDG, TSLA, UL, ZBH | AI, growth, healthcare, industrials, large cap, Rate Cuts, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Apple's generative AI roadmap and iPhone 16 product cycle were viewed positively, with AI solutions integrated into iOS 18. Microsoft continues investing heavily in generative AI despite investor concerns about rising capital intensity. | 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 | |
| 2023 Q4 | Feb 26, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, BMY, COST, GOOGL, HAL, JPM, LLY, META, MSFT, NVDA, PEP, SPR, VRTX | AI, growth, healthcare, large cap, Pharmaceuticals, technology, value | The fund benefited from AI-driven performance, particularly through Broadcom's strength in AI business segments. The broader market's 2023 gains were primarily driven by the seven largest companies, with AI being a key factor in their outperformance. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC ALLY |
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| 2022 Q4 | Jan 31, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | AME, AR, AVGO, CTLT, GTLS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | ClearBridge Mid Cap Growth Strategy | AMETEK Inc | Industrials | Electrical Equipment | Bull | NYSE | Acquisitions, Aerospace, Electronic Instruments, Healthcare Equipment, Industrials, Marine Instrumentation, Niche markets | View Pitch |
| Apr 13, 2026 | Fund Letters | REQ Global Compounders | Ametek Inc | Industrials | Electrical Components & Equipment | Bull | NYSE | Acquisition-driven compounder, Advanced technology, Aerospace, Cultural continuity, Decentralized operations, energy, healthcare, instruments, Internal promotion, margin expansion, Niche markets, Precision components, specialty materials | 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. | ||||||||