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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 1 | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | View | |
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 2 | - | - | AMT, AMZN, ASML, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | View | |
| 2024 Q3 | Sep 30, 2024 | Spree Capital Advisers | - | - | AMT, CCI, SBAC | 5G, AI, infrastructure, Telecom Infrastructure, Towers, value | Tower companies own and operate telecommunication towers with long-term contracts and annual price escalators, benefiting from operating leverage and local politics making new builds difficult. The manager sees three paths to value creation: reversal of wireless carrier capex pullback, industry consolidation from four to three back to four players, and potential AI-driven data usage explosion requiring network upgrades. | SBAC CCI AMT |
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| 2023 Q3 | Sep 30, 2023 | Evolve Private Wealth | - | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NKE, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, Athleisure, global, growth, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Guinness China | - | - | ADS.DE, AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, consumer, global, Quality, semiconductors, Sportswear, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2025 Q2 | Aug 22, 2025 | Baron Real Estate Fund | 3.6% | -3.5% | ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN | Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations | Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery. | View | |
| 2025 Q2 | Jul 22, 2025 | American Century Equity Income Fund | -0.3% | - | AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS | Consumer Staples, Defensive, financials, healthcare, income, Quality, value | The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Infrastructure | - | - | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities | AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy. This trend is expected to continue for the next generation of AI models. | CMCSA CCI |
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| 2025 Q2 | Jun 30, 2025 | Magellan Global Opportunities Fund No. 1 | 6.2% | - | AAPL, AMD, AMT, AMZN, AVGO, BKNG, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVDA, RB.L, TSM, UNH, ZBH | AI, global, growth, Quality, semiconductors, technology, Trade Policy | AI demand driving semiconductor growth with TSMC benefiting from data center buildouts and AI chip manufacturing. Major AI data centre announcements in the US and Middle East creating upward momentum for the AI trade. | TSM NESN SW SAP MSFT GOOG AMZN DG TSM |
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| 2024 Q2 | Jun 30, 2024 | Antero Peak Group | 3.9% | 20.1% | AAPL, AMT, AMZN, AVGO, CP, ETN, GE, GEV, GS, HUBS, ISRG, LLY, MSFT, MSI, NVDA, SAF.PA, SPOT, TDG, TSM, V | aerospace, AI, fundamentals, growth, healthcare, large cap, semiconductors, technology | Generative AI investment universe spans multiple phases from compute and infrastructure to applications. The team sees AI as driving transformation across semiconductors, data centers, and enterprise software. AI proliferation is creating opportunities in robotic surgery with DaVinci 5's 10,000x improvement in computing power. | View | |
| 2024 Q1 | May 28, 2024 | Bridgewater Associates | 0.0% | 0.0% | AMT, CAT, ETN, FUN, GE, GOOGL, HA, HCA, HON, KO, MAT, MCD, META, MONDEE, MSI, NEE, PFGC, PG, TXRH, WLDN | AI, Capex, Corporate Spending, earnings, Energy Transition, Labor Markets, profitability | The AI build-out is a key tailwind for capex spending during this cycle, with companies across tech and industrials investing in compute capacity and infrastructure. Tech companies like Meta and Alphabet are investing significantly in AI infrastructure, while industrials are responding to growing demand for data centers and electricity driven by AI innovation. | View | |
| 2024 Q1 | Apr 28, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BAM, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, SBAC, TOI.TO, V | active management, Concentration, large cap, Passive investing, technology, value | The fund discusses the shift to passive index-replicating ETFs and mutual funds, questioning whether this trend has gone too far and whether the stock market is now broken. They argue that passive investing depends on active investors for price discovery and value judgments. | View | |
| 2025 Q1 | Apr 24, 2025 | NZS Capital – Growth | -3.6% | -3.6% | 1211.HK, AMT, APH, CDNS, GLBE, GOOGL, HEI, LIN, LMND, MCHP, MRVL, NVDA, PCOR, PGR, RDDT, TEAM, TSM, TT | aerospace, AI, growth, optionality, Resilience, technology, volatility | Markets experienced volatility with particular weakness in AI-related stocks. Alphabet was weak due to larger-than-expected capital expenditure outlook and perceived widening range of outcomes for AI, though the manager remains optimistic about Alphabet's positioning in AI. The portfolio was intentionally ringfenced for AI exposure in 2024 due to valuation concerns. | HEI |
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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, AMZN, AVGO, CMCSA, DEO, DIS, DTE, GOOGL, HLN.L, KO, KVUE, MA, META, MSFT, NESN.SW, NVDA, ORCL, SAP, TMUS, V | AI, Consumer Staples, diversification, dividends, large cap, technology, Utilities, value | The fund maintains a dividend-focused strategy, adding positions in companies with attractive upfront yields and solid free cash flow generation. They initiated a position in Meta after the company announced its inaugural dividend and expect steady dividend compounding across their holdings. | View | |
| 2024 Q1 | Apr 19, 2024 | Andvari Associates | 0.0% | 20.3% | AMT, BUD, CSGP, IWM, MA, MO, SPY, WEA | dividends, Quality, rates, real estate, Tobacco, value | CoStar Group is investing $1 billion into Homes.com to compete against Zillow in residential real estate. The National Association of Realtors settlement could provide a tailwind by changing commission structures that favor Homes.com's seller-focused business model over buyer-focused portals. | MO WEA CSGP KPG.AX |
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| 2024 Q1 | Apr 18, 2024 | The Bristol Gate U.S. Equity Strategy | 6.5% | 6.5% | AMAT, AMT, AVGO, CCL.TO, CP.TO, CTVA, ENGH.TO, FSV.TO, IFC.TO, JWEL.TO, MCK, MMC, OTEX.TO, PBH.TO, SBUX, T.TO, TIH.TO, UNH, WCN, ZTS | AI, dividends, financials, healthcare, Quality, semiconductors, valuation | Bristol Gate focuses on companies with positive dividend growth, using dividend growth as a key valuation driver. The firm's conceptual return framework emphasizes dividend growth alongside returns on invested capital. Both strategies continued to outpace their benchmarks in dividend growth despite underperforming on total returns. | MMC MCK UNH ZTS CTVA AVGO AMAT |
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| 2025 Q1 | Apr 10, 2025 | Akre Focus Fund | 1.5% | 1.5% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Cash, Concentration, Discipline, Patience, Quality, valuation, value | The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital. | View | |
| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Infrastructure | - | - | AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB | Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management | Infrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios. | View | |
| 2025 Q1 | Mar 31, 2025 | Magellan Global Opportunities Fund No. 1 | 2.0% | 2.0% | 1211.HK, AMT, AMZN, DEO, DG, ES, F, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RB.L, SPOT, TSLA, TSM, VWAGY | Defensive, disruption, global, innovation, Quality, technology, Transportation | The transition from internal combustion engine vehicles to electric vehicles is no longer a question of if but when. Governments worldwide are setting targets to phase out new ICE vehicle sales, with automakers investing billions into the technology. The EV market opportunity extends beyond automakers to battery manufacturers, charging infrastructure, and electricity utilities. | View | |
| 2024 Q1 | Mar 31, 2024 | Carillon Eagle Growth & Income Fund | - | - | AMGN, AMT, AVGO, CVX, ETN, GS, HD, JPM, MCD, MDLZ, MRK, MSFT, PNC, UNH, UNP | AI, dividends, growth, income, inflation, large cap, technology | The market continued to show excitement around AI and the potential earnings growth that should come with it. AI appears to be a very real, once-in-a-generation tech trend that is likely only in the early innings. However, there has been overexcitement in some areas that may not be able to deliver on the promises management teams are making. | View | |
| 2025 Q4 | Feb 4, 2026 | Easterly – Global Real Estate Fund | -2.1% | 5.9% | 0012.HK, AMT, IRM, PLD, PW.L, UTG.L | Construction, fundamentals, global, interest rates, Property, real estate, REITs, supply | Global real estate fundamentals are improving with low supply and high construction costs conveying pricing power to landlords. REITs have historically delivered strong returns following Fed rate-hike cycles, and with rates stabilizing around 4-4.5%, REITs have shed a major headwind. Data centers are benefiting from durable secular drivers including digital infrastructure demand. The fund prefers this property type due to supply-demand imbalances that favor landlords and continued momentum in data center leasing with improving organic growth. Student housing is favored due to demographic tailwinds and post-pandemic recovery trends. However, demand from UK students was softer than expected, raising questions about affordability and management's forecasting ability. | View | |
| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality Select | 0.4% | 13.6% | AAPL, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, META, MSFT, MTD, NFLX, NVDA, TSLA | AI, Cloud, Concentration, large cap, Quality, semiconductors, technology | 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 transformative potential of artificial intelligence is one of two key catalysts driving expected mid-teens growth in S&P 500 earnings for 2025. | EFX AMZN CRM AVGO |
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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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| 2025 Q4 | Feb 12, 2026 | Davis Real Estate Fund | 0.0% | -5.7% | AMT, ARE, AVB, BRX, BXP, CPT, CUZ, DEI, DLR, EQIX, EXR, GPOR.L, HPP, MAA, PLD, REXR, SHO, VTR, WELL | AI, Data centers, Passive flows, Performance, real estate, REITs, valuation | Fund focuses on real estate investment trusts across multiple sectors including senior housing, apartments, office, industrial, and life sciences. Performance was impacted by passive flows favoring larger companies and sector rotation dynamics. The fund maintains overweight positions in apartments and office while being underweight in senior housing. AI demand driving unprecedented data center space requirements with holdings in Digital Realty and Equinix benefiting from recent leasing deals. Risks include power availability constraints, transmission limitations, and potential technology disruption that could reduce data center demand over time. | DLR EQIX PLD ARE WELL |
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| 2024 Q4 | Feb 10, 2025 | Meridian Hedged Equity Fund | 0.1% | 13.1% | ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU | downside protection, Hedged Equity, large cap, Options, Quality, risk management | Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses. | VST AMZN V COTY DHR AMT |
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| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments Infrastructure | - | - | AES, AM, AMT, CCI, EQIX, ETR, HCA, KMI, LNG, NEE, OKE, PAGP, SOBO, TRGP, TRP, WMB | Data centers, dividends, income, infrastructure, Midstream, REITs, Utilities | The portfolio focuses on high and rising income through dividend increases, with 7 of 35 holdings announcing dividend increases averaging 8% this quarter. Over 80% of holdings increased dividends annually over the last 5 years, exceeding the large-cap dividend-paying universe. | View | |
| 2024 Q4 | Dec 31, 2024 | Magellan Global Opportunities Fund No. 1 | 11.6% | 30.7% | 1299.HK, AMT, AMZN, BKNG, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RKT.L, TSM | E-Commerce, financials, global, Quality, Streaming, technology | Netflix demonstrates unique ability to aggregate live viewership across large subscriber base, with operating profit growing from $800m in 2017 to ~$10b in 2024. Scale advantage expanding as Netflix continues improving offering while peers pull back on content spend pursuing profitability. | NFLX |
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| 2023 Q4 | Dec 31, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADI, AMT, AMZN, APD, CRM, DIS, FTNT, GOOGL, MCHP, MKL, MSFT, PEP, SBUX, TDG, VEEV | AI, Cloud, growth, large cap, Quality, semiconductors, technology, value | The market rally was fueled by AI dreams and enthusiasm for artificial intelligence potential, propelled by advances like ChatGPT, Microsoft Copilot, and Large Language Models. Microsoft is capitalizing on digital transformation with AI-powered solutions that enhance productivity. | ADI 0TDG LN AAPL|MSFT|NFLX|NVDA|UNH AMT |
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| 2023 Q4 | Dec 31, 2023 | Avenir Corporation | - | - | AAPL, AMT, AMZN, BRK-A, CPRT, DBRG, MKL, MSFT, SBAC | AI, Cloud, growth, large cap, Quality, technology | AI emerged in early 2023 and is discussed as revolutionary as electricity and the internet. The technology has terrific promise and will affect many aspects of society profoundly. Primary beneficiaries have been large software and hardware providers, though many companies are incorporating AI into business processes. | AMT DBRG AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Dec 31, 2023 | Evolve Private Wealth | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI monetizing its limited current revenue base, creating increasing risks to the market. | ADS.DE |
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| 2022 Q4 | Dec 31, 2022 | Avenir Corporation | - | - | AMT, AMZN, DBRG, LMT, MSFT, ORLY | - | View | ||
| 2025 Q3 | Nov 5, 2025 | ClearBridge Investments Large Cap Value | - | - | AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC | AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value | The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position. | View | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, APO, CMCSA, ENB, GILD, MET, MSFT, PXD, RTX, TMUS, VMC, VZ, WMB | dividends, energy, financials, industrials, interest rates, value | The strategy focuses on high-quality dividend growers with strong balance sheets and pricing power. Portfolio companies have grown dividends at 10% on average over recent years, demonstrating quality and durability. The managers emphasize dividend growth as protection for investors' purchasing power in inflationary environments. | GILD TMUS HRTX APO |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Fixed Income Fund | 4.8% | 4.5% | ADSK, AMT, ARE, AVTR, GPN, INTC, LOW, LUV, MKC, MU, PLD, XYL | Corporate Bonds, duration, Esg, fixed income, Mortgage, rates | The fund increased allocation to mortgage-backed securities from 8% to 18% of the portfolio. These bonds have been disproportionately impacted by higher interest rates as homeowners were locked into existing mortgages. The managers believe mortgage bonds are poised to perform well as homeowners become more active again. | View | |
| 2025 Q3 | Oct 21, 2025 | Baron Real Estate Fund | 10.2% | 6.4% | AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN | Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value | Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth. | FND AAON WYNN FND AAON WYNN |
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| 2025 Q3 | Oct 20, 2025 | NZS Capital – Growth | 3.9% | 19.6% | ADSK, AMT, APH, ASML, CMG, CSU.TO, DHR, FI, GOOGL, IT, LRCX, MCHP, MPWR, NOW, ROP, SNPS, TEAM, TSM, URI, WDAY | AI, cybersecurity, growth, Identity, semiconductors, software, technology | NZS discusses AI as the largest platform shift yet, threatening business models while promising productivity advances. They emphasize the widening range of outcomes and the need to avoid narrow predictions in AI investing. The firm highlights AI's expansion of the total addressable market for identity governance and security software. | SAIL SAIL |
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| 2024 Q3 | Oct 2, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM | Alpha Generation, Long/Short, quantitative, risk management, Systematic | View | ||
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Infrastructure | 3.0% | - | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities | AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy for AI development. | PPL SRE ETR ENB CN CCI |
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| 2025 Q3 | Oct 19, 2025 | American Century Equity Income Fund | 5.3% | - | AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS | Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value | The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. | View | |
| 2023 Q3 | Oct 19, 2023 | Akre Focus Fund | 11.8% | 18.6% | ADBE, AMT, BN, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Concentration, financials, interest rates, Quality, real estate, technology, value | The second quarter narrative abruptly changed to bullishness on artificial intelligence, giving rise to the Magnificent 7 market darlings. These seven companies were largely responsible for the S&P 500's 13.07% year-to-date return through September, while the S&P 493 excluding them only returned 3.18%. | View | |
| 2023 Q3 | Oct 17, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM | Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value | Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments. | TSU.TO |
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| 2025 Q3 | Oct 16, 2025 | Magellan Global Opportunities Fund No. 1 | 3.0% | - | ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation. | View | |
| 2025 Q3 | Oct 16, 2025 | Magellan High Conviction Fund | -1.2% | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD for chips and data centre capacity. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation, resulting in increasing risks to the market. The underlying rationale for the recent rally appears increasingly driven by speculative elements including circular deals heavily dependent on OpenAI growing and monetising its user base. | ADS GR |
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| 2024 Q3 | Oct 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V | Compounding, Focus, long-term, Patience, Quality, returns | The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors. | View | |
| 2024 Q3 | Oct 12, 2024 | Torre Financial | 8.0% | 16.5% | ABNB, ABT, ADBE, ADC, AMT, AMZN, CRWD, DHR, EW, FDS, GOOGL, ICE, MCO, MELI, PYPL, SPGI, TMO, TTD, UNH, ZS | diversification, healthcare, Quality, REITs, Resilience, technology, value | Manager has systematically diversified portfolio beyond technology into healthcare, real estate, and risk management companies over the past two years. This diversification has helped decrease volatility and provided better downside protection when markets declined. | View | |
| 2024 Q3 | Oct 10, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI | AI, Automation, Digital, growth, insurance, semiconductors, technology | The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift. | PGR |
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| 2023 Q4 | Oct 1, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, V | financials, long-term, Quality, technology, value | The fund emphasizes investing in great businesses with quality standards and valuation discipline. They focus on business quality and value as primary drivers of investment decisions, maintaining these standards even when faced with compelling new themes that capture investor imagination. | View | |
| 2023 Q4 | Jan 9, 2024 | Guinness China | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, global, large cap, Quality, semiconductors, technology, Trade Policy | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. Considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | ADS.DE |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Infrastructure | -2.9% | 8.8% | AMT, CEG, LNG, MPC, NEE, NGG, PEG, SRE, T, TMUS, TRGP, UPS, VZ, XEL | Data centers, dividends, energy, infrastructure, nuclear, Utilities | The US nuclear industry is undergoing its most significant shift in decades with rising electricity demand, policy support, and emerging technologies creating foundation for long-term capacity expansion. The manager views companies with existing nuclear assets and restart plans as ideal investments with attractive risk/reward profiles. Rising electricity demand driven by data centers is a key growth driver, with hyperscalers signing multiple power purchase agreements for nuclear offtake. Data centers have power demands ranging from 50 MW to 2 GW and are willing to sign agreements at premium prices for nuclear generation. The portfolio offers high dividend yield over 2.5x the S&P 500 Index with strong prospects for dividend growth and ample coverage. Eight holdings announced dividend increases this quarter with an average increase of 9.5%. Policy support through the Infrastructure Investment and Jobs Act and Inflation Reduction Act has provided financial support and tax credits for nuclear development, putting it on level ground with wind and solar while creating a floor for existing nuclear fleet. | View | |
| 2025 Q4 | Jan 23, 2026 | Baron Real Estate Fund | -1.4% | 4.9% | AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL | Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel | Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty. | IRM VTR WELL FBIN SKY CSGP H PLD JLL |
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| 2023 Q4 | Jan 19, 2024 | The Bristol Gate U.S. Equity Strategy | - | 23.9% | AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH | dividends, financials, HVAC, industrials, Quality, technology, value | Bristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth. | CARR |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 1 | 1.3% | 13.0% | AMT, AMZN, DEO, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, SAP, TSM, UNH, ZBH | AI, Cloud, Consumer Staples, global, large cap, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership via OpenAI relationship. Meta investing heavily in superintelligence initiatives though scaling back Metaverse investments. Amazon AWS showing acceleration in Q3 growth as increased capex delivers returns. Microsoft Azure growth moderating but all incumbent cloud providers viewed as long-term winners. Cloud computing remains structural growth driver. Amazon well-positioned to benefit from structural growth in e-commerce with better-than-feared US consumption trends in December quarter. E-commerce remains key growth driver alongside cloud computing. Nestlé's coffee portfolio through Nescafé and Nespresso brands well-positioned to capture spending shifts across price points. Coffee viewed as attractive category due to experiential nature and brand loyalty, with Nestlé delivering positive volume growth despite high single-digit price increases. Nestlé's Purina line offers products from premium to budget in attractive pet care category. Pet foods benefit from brand preferences and nutrition focus rather than just price, with scale advantages in R&D and feed trials driving innovation. | View | |
| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 2 | 1.4% | 0.0% | AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM | AI, Cloud, consumer, Defensive, global, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures. | View | |
| 2024 Q4 | Jan 15, 2025 | Brighton Jones | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUMA.DE, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 1.8% | 18.2% | AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse. | ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG |
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| 2024 Q4 | Jan 11, 2025 | Akre Focus Fund | -0.5% | 18.0% | AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V | Compounding, Concentration, large cap, Long Term, Quality, value | The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods. | View | |
| 2023 Q4 | Jan 1, 2024 | Oak Ridge investment | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetizing its user base given limited current revenue. While positive on GenAI long-term potential, considerable uncertainty remains on pace and degree of monetization. | ADS.DE |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, AVB, AVGO, EIX, ENB, GOOGL, INTC, META, MRK, MSFT, ORCL, RTX, TMUS, TRV, WM | AI, dividends, Outperformance, rates, REITs, technology, Utilities, valuation | AI stocks took a breather in Q3 after adding trillions in market cap over 18 months. While the fund holds AI-beneficiaries like Alphabet, Apple, Broadcom, Meta, Microsoft and Oracle, their disciplined valuation approach results in lower exposure than the S&P 500. With significant AI value already embedded in stock prices, potential for material rerating appears reduced. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | AI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AEE, AMT, AWK, CEG, CNP, CSX, ETR, HCA, LNG, MPC, NEE, NEP, NI, PAGP, TMUS | Data centers, dividends, infrastructure, Midstream, Natural Gas, Power, REITs, Utilities | Datacenter proliferation is driving accelerating power demand, benefiting utilities and midstream sectors. Natural gas will be used to meet incremental demand as intermittent renewable power requires dispatchable generation supplementation. | View | |
| 2024 Q3 | Sep 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AMT, AMZN, GOOGL, GXO, LIN, MCHP, META, MSFT, NKE, NVDA, ORCL, TSLA, V | AI, Buybacks, Cloud, growth, large cap, rates, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Microsoft faces investor concerns about rising capital intensity from generative AI investments, though the company is well-positioned to capture market share with AI-driven productivity tools like ChatGPT and Copilot applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADI, AMT, AMZN, GOOGL, MCHP, META, MSFT, NVDA, ORCL, SAP, TSLA, UL | AI, Cloud, global, Quality, semiconductors, technology, value | The tech sector showed mixed performance with growing investor skepticism about heavy AI spending by big tech companies. The market entered what analysts describe as a zone of disillusionment reminiscent of the internet boom in 2000. Oracle is benefiting from cloud-based solutions and gaining traction with its OCI Gen 2 platform-as-a-service offering, which is winning mindshare from leading cloud customers including OpenAI. | MCHP MSFT GOOGL ORCL AMT UL |
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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 | |
| 2023 Q3 | Sep 30, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMT, BRK-B, DHR, DIS, GOOGL, HEI, INTU, MCO, MKL, MSFT, MTD, NKE, ORCL, TDG | AI, Cloud, growth, large cap, rates, technology, value | Alphabet benefits from one of the most disruptive trends in technology as a leader in generative AI. Oracle's OCI Gen 2 solution is particularly well-suited for generative AI workloads. Microsoft is effectively executing its strategy by offering businesses cutting-edge AI-driven solutions like ChatGPT. | DHR GOOGL INTU AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL AMT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2023 Q1 | Sep 4, 2023 | Richie Capital Group | 12.2% | 0.0% | AMT, ATEN, COIN, FIX, MSCI, PERI | Advertising, Banking, Credit Crisis, Onshoring, small cap, technology | The collapse of Silicon Valley Bank, Signature Bank, Silvergate Bank, and Credit Suisse created a minor earthquake in the financial sector. The banking crisis will likely slow deal flow among VCs and stifle the innovation economy, with long-term implications for public markets as venture capital serves as the farm team for public equities. | AMT ATEN ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK BUFIX PERI |
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| 2023 Q2 | Jul 19, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM.TO, ALS.TO, AMT, AMZN, BEP, BIP, CSGP, DHR, FNV, LIN, MEG.TO, OR.TO, RGLD, ROP, SAND, SU.TO, TSU.TO, WPM | Currency, energy, Esg, infrastructure, Precious Metals, rates, real estate, value | The Biden administration implemented new mortgage pricing policies that penalize borrowers with high credit scores and large down payments while subsidizing those with poor credit. This woke policy reverses creditworthiness incentives and will likely lead to greater homeownership gaps and increased poverty, similar to previous failed housing initiatives. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2024 Q2 | Jul 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | AAPL, AMT, BN, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, MSFT, NVDA, ORLY, ROP, V | Concentration, financials, large cap, Mega Cap, technology, value | The manager extensively discusses the unprecedented concentration in mega-cap stocks, particularly Apple, Microsoft, and Nvidia with $3+ trillion market caps each. He questions whether these companies can continue compounding at historic rates given the law of large numbers, noting their combined value approaches 36% of US GDP under 15% annual growth assumptions. | View | |
| 2023 Q3 | Jul 11, 2023 | Andvari Associates | 0.0% | 20.3% | AMT, ROL | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Recurve Capital | - | - | AMT, AWI, CCOI, CVNA, SIRI | Concentration, Cruises, E-Commerce, growth, technology, value | Carvana is positioned as the market-leading pure-play e-commerce used auto retailer with only 1% market share in a large stable market. The company has significant future growth ahead with under-utilized fixed infrastructure that can leverage and grow into with additional labor. Carvana has embedded advantages across multiple dimensions because of its large-scale vertical production and logistics infrastructure. | CCOI AWI CVNA |
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| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS | Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities | The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS | Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities | The fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MMP, MPLX, ORI, POR, STAG, TTE, UPS | Banking, dividends, energy, inflation, infrastructure, interest rates, Midstream, Recession | The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitment as a signal of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. | View | |
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, AVGO, AZN, BDX, CHK, CSCO, ENB, GILD, INTC, JPM, MSFT, PFE, PSA, SRE, WMB, XOM | AI, dividends, healthcare, inflation, Pipelines, rates, technology, Utilities | The strategy focuses on high-quality dividend growers as a core investment approach. Growing dividends are positioned as one of investors' few tools for combating inflation and rising interest rates, preserving and expanding purchasing power when dividends grow faster than inflation. | AZN GILD AAPL AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Feb 24, 2025 | Mar Vista Global Equity Fund | -3.3% | 12.7% | AAPL, AMT, AMZN, ASML, AVGO, BN, CRM, DHR, DIS, GOOGL, INTU, META, MSFT, NESN.SW, NOVO-B.CO, NVDA, ROP, TSLA | AI, Cloud, global, growth, large cap, Quality, semiconductors, technology | 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 focuses on companies positioned to capitalize on opportunities presented by artificial intelligence and technological advancements. | ASML AMZN CRM AVGO |
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| 2024 Q4 | Jan 23, 2025 | NZS Capital – Growth | -1.3% | 20.5% | 6367.T, AMT, ANSYS, ASML, AXON, DHR, FI, GOOGL, GTLS, LIN, MCHP, MRNA, NVDA, PGR, SHOP, SNOW, TEAM, TSM, TT, WDAY | AI, global, growth, innovation, Resilience, semiconductors, technology | NZS is positive about the long-term potential of AI while remaining cognizant of diverse range of outcomes at various layers. They continue to invest more heavily in the infrastructure layer, which benefits from ongoing spending tied to the AI buildout, regardless of who the end-game winners might be. The foundational model and application layers have the most open-ended trajectories. | View | |
| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| 2023 Q4 | Jan 14, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO | financials, healthcare, inflation, large cap, rates, Sustainable, technology | Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Mar Vista Strategic Growth Fund | American Tower Corporation | Real Estate | Specialized REITs | Bull | NYSE | 5G, Cell Towers, data centers, Edge computing, infrastructure, Interest Rate Sensitive, recurring revenue, REITs, telecommunications | View Pitch |
| Apr 28, 2026 | Fund Letters | Mar Vista Strategic Growth Fund | American Tower Corporation | Real Estate | Specialized REITs | Bull | NYSE | 5G, Cell Towers, infrastructure, interest rate sensitivity, international exposure, margin of safety, REIT, secular growth | View Pitch |
| Apr 28, 2026 | Fund Letters | Avenir Corporation | American Tower Corporation | Real Estate | Specialized REITs | Bull | NYSE | 5G Networks, Cell Towers, contrarian, infrastructure, Mobile Communications, REIT, secular growth | View Pitch |
| Apr 27, 2026 | Fund Letters | Richie Capital Group | American Tower Corporation | Real Estate | Specialized REITs | Bull | NYSE | AFFO growth, Cell Towers, Data demand, long-term contracts, Price escalators, REIT, telecommunications infrastructure, Wireless Infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Andvari Associates | American Tower Corporation | Real Estate | Specialized REITs | Bull | NYSE | Cell Tower, dividend, infrastructure, Interest Rate Sensitive, Mission-Critical, Mobile Data, Pricing power, REIT, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Hedged Equity Fund | American Tower Corp. | Real Estate | Specialized REITs | Bull | NYSE | 5G, Cell Towers, Data Consumption, Emerging markets, REITs, telecommunications, Wireless Infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality | American Tower Corporation | Real Estate | Specialized REITs | Bull | NYSE | 5G Deployment, Cell Towers, Edge computing, global expansion, REIT, telecommunications infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | American Tower | Real Estate | Specialized REITs | Bull | NYSE | 5G, Cell Towers, datacenters, Edge computing, infrastructure, Interest Rate Sensitive, REIT | View Pitch |
| Apr 13, 2026 | Fund Letters | Spree Capital Advisers | American Tower Corp | Real Estate | Specialized REITs | Bull | NYSE | 5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | American Tower Corporation | Real Estate | REIT - Specialty | Bull | New York Stock Exchange | AFFO, AI workloads, data centers, EBITDA, infrastructure, Lease Renewals, long-term leases, Mobile Data Usage, real estate investment trust, Revenue Growth | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Brad Thomas | American Tower Corporation | Real Estate | REIT - Specialty | Bull | NYSE | — | 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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