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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | YCG Investment | - | - | AMZN, BABA, META, MSFT | Banking, liquidity, Pricing Power, Quality, regulation | The banking crisis revealed structural duration and liquidity risks, prompting deposit flight and tightening credit conditions. Brokerage accounts remain insulated due to asset segregation, insurance layers, and regulatory oversight. Quality businesses with dominant market positions, strong balance sheets, and pricing power remain attractive in uncertain environments. | View | |
| 2025 Q2 | Sep 30, 2025 | Qualivian Investment Partners | 7.0% | - | AJG, AMZN, AZO, BKNG, CPRT, META, MSFT, SPGI | compounders, free cash flow, Pricing Power, Quality, returns on capital | The letter emphasizes long-term ownership of a small number of exceptional businesses with durable competitive advantages and long reinvestment runways. Quality is defined through high returns on capital, strong free cash flow, low leverage, and rational industry structures. The manager argues that premium-quality companies can justify high multiples when compounding is sustained over long horizons. | View | |
| 2025 Q3 | Sep 30, 2025 | Baron Fifth Avenue Growth Fund | 5.8% | 14.3% | AMZN, CRWD, GOOG, ISRG, KKR, MELI, META, MSFT, NVDA, SHOP, TSLA, TSM, TTD | earnings, growth, innovation, Market share, scalability | The manager highlights long-duration growth investing in competitively advantaged businesses with large addressable markets and strong reinvestment opportunities. Short-term volatility and style rotations are viewed as secondary to sustained revenue growth, innovation, and market share gains. Growth remains anchored in owning exceptional companies through cycles as intrinsic value compounds over time. | META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA |
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| 2024 Q2 | Sep 30, 2024 | Qualivian Investment Partners | 2.5% | - | AMZN, GOOG, MA, ORLY, TJX, URI, V | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Contrarius Global Equity Fund | -1.9% | 8.9% | AMZN, AWS, WMT | - | View | ||
| 2025 Q2 | Aug 7, 2025 | Stenham Asset Management | 8.4% | 9.2% | AIR FP, AMZN, CME, GE, MA, MSFT, SAF FP, TSM, V | asset allocation, diversification, geopolitics, risk management, volatility | The letter emphasizes diversified global exposure as geopolitical fragmentation and macro volatility increase dispersion across regions and asset classes. Capital preservation and flexibility are prioritized as traditional correlations break down. Active allocation is positioned as critical to navigating regime change. | CME GE SAF FP AIR FP MA V AMZN MSFT |
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| 2023 Q2 | Aug 4, 2023 | Eagle Capital Management, LLC | - | - | AMZN, AON, COF, COP, GOOG, META, MSFT, NFLX, UNH | - | View | ||
| 2025 Q2 | Aug 27, 2025 | Antero Peak Group | 20.0% | 17.7% | AAPL, AMZN, AVGO, CRM, META, NVDA | Compounding, Discipline, durability, Intrinsic Value, Quality | The letter stresses disciplined ownership of high-quality, durable businesses amid volatile sentiment and shifting trade policy. Management highlights patience, selectivity, and focusing on intrinsic value rather than reacting to short-term macro noise. Quality businesses are positioned as the most reliable way to compound capital over time. | View | |
| 2025 Q2 | Aug 20, 2025 | Pershing Square Holdings | - | 15.5% | AMZN, BN CN, CMG, FNMA, GOOG, HHH, HLT, HTZ, NKE, UBER, UMG NA | activism, Capital Allocation, Concentration, Governance, value creation | The commentary focuses on concentrated ownership in high-quality businesses where engagement can unlock operational and strategic value. Management emphasizes disciplined capital allocation, strong balance sheets, and long-duration growth. Activism is positioned as a catalyst for value realization rather than short-term trading. | View | |
| 2024 Q2 | Aug 2, 2024 | Alger Spectra Fund | 3.2% | 32.4% | AMD, AMZN, DKNG, MLM, MSFT, NVDA | - | View | ||
| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management, LLC | 5.1% | 18.6% | AAPL, AMZN, GOOG, LLY, META, MSFT, NVDA | - | View | ||
| 2025 Q2 | Jul 9, 2025 | Alphyn Capital Management | 12.4% | 8.0% | AMZN, BN, CCOI, FFH CN, FILA IM, KFS, KKR, KMX, OCSL | Discipline, free cash flow, moats, Quality, valuation | The commentary focuses on high-quality businesses with durable competitive advantages and strong free cash flow generation. The manager stresses disciplined valuation, long-term ownership, and avoidance of leverage-driven or speculative models. Market volatility is framed as an opportunity to add quality at attractive prices. | OCSL KMX CCOI AMZN KFS KKR BN FFH |
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| 2024 Q2 | Jul 31, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CME, DB1 GR, DSFI AV, GEHC, LSEG | - | View | ||
| 2022 Q2 | Jul 27, 2022 | Ironvine Capital Partners, LLC | - | -21.4% | AMZN | - | View | ||
| 2025 Q2 | Jul 22, 2025 | Nightview Capital | - | - | AMZN, BABA, LVS, TSLA, WYNN, XPEV | Artificial Intelligence, Automation, Autonomy, productivity, Robotics | The letter outlines three dominant secular themes shaping the coming decade: Chinese technological resurgence, autonomous transportation, and intelligent automation. Management views artificial intelligence as a general-purpose technology comparable to electricity, with exponential rather than linear economic impact. The portfolio is positioned to benefit from robotics, autonomy, and AI infrastructure as these forces reshape productivity, margins, and market leadership globally. | 9868 HK AMZN TSLA BABA US LVS WYNN |
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| 2024 Q2 | Jul 19, 2024 | Harry Qelm Baabsman Ltd | - | -16.5% | AMZN, HFG GR, SEDG, TPIC | - | View | ||
| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Balanced Fund | - | 2.7% | ABT, AMZN, FI, TECH, TTC, USB, WEC, WFC | balanced allocation, capital preservation, dividends, income, Quality | The commentary focuses on balanced allocation as a way to navigate uncertain markets while preserving capital. Emphasis is placed on dividend-paying equities and high-quality bonds to smooth returns. The approach targets steady compounding across market cycles. | View | |
| 2025 Q2 | Jul 18, 2025 | Alpine Capital Research | - | - | AMZN, CRM, LRCX, MU, V | AI, infrastructure, innovation, semiconductors, technology | The letter highlights technology and AI as dominant drivers of market performance, supported by scale advantages and capital investment by industry leaders. Management discusses volatility around tariffs and policy but remains focused on innovation-led growth and productivity gains. Energy infrastructure and semiconductors are noted as key beneficiaries. | V MU LRCX GLXY CN |
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| 2025 Q2 | Jul 17, 2025 | Oakmark Fund- International Small Cap | 4.4% | - | AMZN, C, CRM, GPN, NKE, ZBH | fundamentals, long-term, Quality, value | ZBH CRM NKE AMZN GPN C |
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| 2024 Q2 | Jul 17, 2024 | WestEnd Capital | 10.7% | 30.8% | AMZN, ARM, AVGO, FCX, HUT CN, META, MSFT, MU, NVDA, PWR, SMCI, TSM | AI Infrastructure, Data Center Expansion, Hyperscaler Capex, power demand, Semiconductor Supply Chain | The letter details a structural investment boom in AI-driven data center infrastructure, emphasizing GPU demand, hyperscaler capex growth, and semiconductor supply chain dominance. WestEnd positions the portfolio across the AI ecosystem, including Nvidia, TSMC, Broadcom, and power infrastructure beneficiaries, arguing that earnings growth justifies elevated valuations. The strategy remains focused on infrastructure builders rather than speculative AI applications, prioritizing durable cash flow generation and competitive advantages. | PWR HUT CN |
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| 2025 Q2 | Jul 15, 2025 | Polen Capital – Focus Growth | 9.2% | 2.3% | AAPL, ADBE, AMZN, IDXX, NOW, ORCL, SBUX, UNH | Concentration, growth, Margins, Quality, Reinvestment | The commentary centers on owning a concentrated portfolio of high-quality growth businesses with durable competitive advantages and long reinvestment runways. Management believes market volatility creates opportunities to add to exceptional companies whose fundamentals remain intact despite valuation compression. The outlook favors consistent organic growth and margin expansion over cyclical or macro-driven outcomes. | UNH AAPL IDXX ORCL |
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| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | AMZN, MSFT, NVDA, TSM | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BUR, COGT, ENOV, ESAB, EXO NA, FFH CN, GOOG, IAC, KKR, KMX, PROSY, TVK CN, W | - | View | ||
| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, CRH, DHR, EXP, MA, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ISRG, JNJ, LLY, MSFT, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | AMZN, GOOG, PUM GR, TSM | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Magellan High Conviction Trust (MHHT) / Magellan Global Opportunities Fund Active ETF | 10.0% | - | AMZN | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ADBE, AMZN, META, MSFT, NFLX, NKE, NVDA, PAYC, PYPL, TSLA, ZTS | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AAPL, ABNB, ADBE, AMZN, GLOB, NESR GR, NVDA, PAYC, SAP GR, SGE LN | - | View | ||
| 2024 Q1 | May 8, 2024 | Mott Capital Management Thematic Growth Portfolio | 2.8% | 2.8% | AAPL, AMZN, BA, NVDA | - | View | ||
| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, LULU, MSFT, NVDA | - | View | ||
| 2024 Q1 | May 3, 2024 | Templeton & Phillips Capital Management | 0.0% | 0.0% | AMZN, CACI | - | View | ||
| 2025 Q1 | May 22, 2025 | Brown Advisors Global Leaders Strategy | - | -0.4% | ABNB, AMZN, BKNG, GE, GOOG, LSEG LN, SHW, ZM | - | View | ||
| 2024 Q1 | May 2, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | AMZN, LLY, UNH | - | View | ||
| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -5.8% | -5.8% | AMZN, CRM, GOOG, MSFT, SWKS | - | View | ||
| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -6.0% | -6.0% | AMZN, CRM, GOOG, MSFT, SWKS | - | View | ||
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AMZN, C, NCLH, NVDA, QXO, RPRX, UAL | - | View | ||
| 2024 Q1 | Apr 29, 2024 | Eagle Capital Management, LLC | - | - | AMZN, HUM, SAP, TSM, WWD | - | View | ||
| 2024 Q1 | Apr 29, 2024 | Ironvine Capital Partners, LLC | - | 5.3% | AMZN, GOOG | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, CRM, GE, KKR, MSFT, TDG | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CRM, GE, KKR, MSFT, TDG | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity Strategy | -2.3% | -2.3% | ADBE, ADI, AMZN, ANET, ASHTY, BRK/A, DGE LN, GOOG, ICE, JPM, MSFT, PM | - | View | ||
| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABT, ADYEN NA, AMZN, AON, GLOB, MELI, NVDA, NVO, SAP GR, WTW | - | View | ||
| 2025 Q1 | Apr 15, 2025 | Vision Capital | -6.2% | -6.2% | AMZN, TTD | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, CCOI, CRTA LN, DSGR, ESAB, EXO NA, FFH CN, KFS, KKR, LBRDA, OCSL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADBE, AMZN, DIS, EFX, GXO, NKE, TDG | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, LBRDA, NVDA, RIVN, SBH, VST | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, DIS, GXO, HON, NVZMY, RB, RKT LN, TDG | - | View | ||
| 2025 Q4 | Mar 5, 2026 | RGA Investment Advisors | - | - | AMZN, GOOG, LSCC | AI Infrastructure, Application Software, Artificial Intelligence, FPGAs, semiconductors | The letter focuses on artificial intelligence as a transformative technological shift, emphasizing how large language models and coding tools are accelerating research productivity while reshaping competitive dynamics in software and technology markets. While much of the markets early gains have come from AI infrastructure such as GPUs, memory, and power, the manager believes the next wave of value creation will occur in the application layer where businesses integrate AI into real-world operations and logistics systems. The commentary highlights opportunities in companies positioned between infrastructure and applications, particularly those enabling security, efficiency, and automation across AI systems and enterprise platforms. | View | |
| 2025 Q1 | Mar 31, 2025 | Meridian Hedged Equity Fund | -0.2% | -0.2% | ACVA, AMZN, GEO, ICE, MGM, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Contrarius Global Equity Fund | -7.1% | -7.1% | AMZN, META, TSLA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Loomis Sayles Global Growth Fund | -3.4% | -3.4% | AMZN, GOOG, MELI, NOVN SW, TSLA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Select Growth Fund | -10.1% | -10.1% | AMZN, APP, APPL, ASML, AVGO, DDOG, ENTG, NET, NOW, NVDA, RBLX, SE, SNOW, SPOT, TSM, UBER | - | View | ||
| 2025 Q1 | Mar 31, 2025 | RiverPark Large Growth | -7.2% | -7.2% | AAPL, AMZN, GOOG, LLY, MSFT, NVDA, SCHW, UBER, UNH, V | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Platinum International Technology Fund | 15.2% | 15.2% | ADSK, AMZN, GOOG, SAP GR | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Farrer 36 Asset Management Private Limited | - | - | AMZN, ATTOF, BFIT NA, GOOG, META, PAR, SE, VZIO, XYZ | - | View | ||
| 2024 Q4 | Mar 30, 2025 | Qualivian Investment Partners | 3.3% | 26.6% | AMZN, BRO, DHR, GOOG, MSFT, URI, V | - | View | ||
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, DUK, GRMN, JNJ, JPM, MSFT, NFLX, PGR | - | View | ||
| 2025 Q4 | Mar 2, 2026 | Baron Global Opportunity Fund | 6.5% | 27.5% | AMZN, ARGX, BAJAJHFL IN, BLLN, CPNG, CRWD, MELI, NTSK, NVDA, SHOP, TSM, WIX | Artificial Intelligence, Cloud Computing, E-commerce Platforms, emerging markets, semiconductors | The Fund is positioned around the accelerating artificial intelligence investment cycle, emphasizing infrastructure leaders, hyperscalers, and platform companies integrating AI into core operations to drive revenue and margin expansion. Management highlights rapid declines in AI cost per token, rising agentic AI capabilities, and broad enterprise adoption as catalysts for multi-year growth across semiconductors, cloud, e-commerce, and fintech. While de-globalization and tariff volatility created episodic headwinds, stock selection in high-quality global growth franchises underpinned strong absolute and relative returns. | View | |
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 8, 2026 | Fidelity Dividend Growth Fund | 5.1% | 22.5% | 000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, large cap, semiconductors, technology | The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks. | GEV AAPL PAYC 000660 KS GOOGL |
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| 2025 Q4 | Feb 8, 2026 | BlackRock Advantage Global Fund | 3.8% | 23.9% | AAPL, AMZN, CME, GOOGL, JPM, MS, MSFT, NVDA, PFE, TSM | global, large cap, quantitative, Sentiment, technology | Large-cap technology stocks led for much of 2025 but weakened into year-end, with more speculative names under pressure. Macro-thematic measures helped motivate successful overweight positions in U.S. and Taiwanese technology stocks. | View | |
| 2025 Q4 | Feb 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| 2025 Q4 | Feb 5, 2026 | Richie Capital Group | 0.0% | 0.0% | 7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX | AI, earnings, equities, fixed income, Global Markets, inflation, rates | AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target. | View | |
| 2025 Q4 | Feb 3, 2026 | John Hancock Balanced Fund Class I | 3.7% | 16.0% | AAPL, AMZN, AVGO, BRBR, FCX, GOOGL, JPM, LLY, MSFT, ZBRA | asset allocation, Balanced, equities, fixed income, healthcare, materials, security selection, technology | Eli Lilly & Company contributed to relative performance with shares rising amid continued growth in its GLP-1 drug franchise. Freeport-McMoRan benefited from rising copper and gold prices, contributing to fund performance. | View | |
| 2025 Q4 | Feb 25, 2026 | GMO (Grantham, Mayo, Van Otterloo & Co. LLC) | 0.0% | 0.0% | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | HUBS |
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| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality Select | 0.4% | 13.6% | AMT, AMZN, AVGO, CRM, DIS, EFX | - | View | ||
| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AMT, AMZN, AVGO, CRM, DIS, GXO, MCHP | - | View | ||
| 2025 Q4 | Feb 23, 2026 | Bailard Technology Strategy | -2.2% | 19.2% | ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD | AI, growth, infrastructure, positioning, semiconductors, software, technology | The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements. | View | |
| 2025 Q4 | Feb 23, 2026 | Mott Capital Management Thematic Growth Portfolio | 0.0% | 0.0% | AAPL, AMZN, BRK-A, BSX, GOOGL, GRAIL, META, MSFT, ORCL, OXY, ZTS | AI, Debt, energy, Rotation, technology, underperformance, valuation | Manager expresses significant concerns about AI bubble conditions, citing excessive debt accumulation and CAPEX spending by major tech companies. Believes AI fears are being realized as software stocks decline and valuations become problematic. Questions sustainability of current AI investment levels and competitive dynamics. Manager initiated position in Occidental Petroleum, viewing energy sector as underperforming since dot-com bubble. Believes oil prices are currently depressed and energy represents contrarian opportunity given poor relative performance versus S&P 500. | OXY MSFT |
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| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli Dividend Growth Fund | 5.2% | 18.8% | AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC | AI, dividends, financials, gold, healthcare, value | AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty. | NEM MS GOOG |
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| 2025 Q4 | Feb 17, 2026 | Cullen Enhanced Equity Income Fund | 2.0% | 7.5% | AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP | AI, dividends, growth, healthcare, income, rates, technology, value | The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops. | NSC JPM KVUE UNP UNH QCOM |
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| 2025 Q4 | Feb 11, 2026 | Baron Fifth Avenue Growth Fund | 3.3% | 18.2% | ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models. | MELI CPNG META SHOP NVDA MPWR AVGO GOOGL |
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| 2025 Q4 | Feb 11, 2026 | Pershing Square Holdings | -5.4% | 20.9% | AMZN, BN, CMG, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG | Activist Investing, AI Integration, Capital Allocation, Corporate Transformation, Megacap Growth | The presentation highlights strong NAV growth driven by concentrated investments in high-quality megacap companies benefiting from AI-driven earnings acceleration. The firm underscores its activist approach, strategic capital allocation, and the transformative transaction involving Howard Hughes as key long-term value drivers. Management believes structural earnings growth among dominant franchises supports current market multiples while selective volatility creates attractive entry points. | CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN |
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| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Event Driven | -8.2% | 0.0% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WBD, WISE | AI, Event-Driven, Fintech, growth, Leverage, Netflix, Power, software, Streaming | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. Despite the Warner Brothers Discovery acquisition causing a 21.8% Q4 decline, the manager sees Netflix continuing to take share through reinvestment in live entertainment, sports content, video games, and advertising capabilities. Artificial intelligence is viewed as creating competition and reducing switching costs in software, leading to liquidation of software exposure. However, AI should benefit tech platforms with physical economies of scale and network effects by allowing them to better serve customers and potentially reduce costs. The power basket performed well with investments in companies benefiting from the energy transition. Talen Energy doubled and Curtiss-Wright appreciated 64%, reflecting the manager's positive view on longer-term power infrastructure trends despite short-term volatility. The fintech basket includes Interactive Brokers and Wise, with stocks showing volatility due to interest rate sensitivity and consumer spending exposure. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current costs remain higher than traditional payment rails. | View | |
| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Growth | -8.2% | 6.2% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WISE | AI, energy, Fintech, growth, software, Streaming, technology | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. The company is expanding into live entertainment, sports content, video games, and advertising capabilities. Despite the Warner Brothers Discovery acquisition concerns, Netflix trades at attractive 20x forward earnings with 20%+ expected earnings growth. Artificial intelligence is creating significant disruption across software companies, with fears that AI will create competition and reduce switching costs. The manager liquidated software exposure due to concerns that AI will impair terminal values of most public software companies. However, tech platforms with physical economies of scale should benefit from AI by better serving customers and reducing costs. The power basket performed well in 2025 with Talen Energy doubling and the manager maintaining a positive longer-term view on power trends despite volatility in the stocks. The fintech basket includes Interactive Brokers and Wise, facing volatility from interest rate changes and consumer spending sensitivity. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current stablecoin costs remain higher than traditional payment rails. | NFLX |
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| 2024 Q4 | Feb 10, 2025 | Meridian Hedged Equity Fund | 0.1% | 13.1% | AMT, AMZN, COTY, DHR, V, VST | - | View | ||
| 2024 Q4 | Feb 10, 2025 | Eagle Capital Management, LLC | - | - | AMZN, COP, HUM, UNH | - | View | ||
| 2025 Q4 | Dec 31, 2025 | Royal London Global Equity Diversified Fund | 4.8% | 12.5% | 7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V | AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations | The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index. | HAG GR ITW RACE LW MU LLY GOOG |
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| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 6.3% | 26.1% | AMZN, CG, CRM, EG, GOOG, KKR, LYV | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 7.4% | 27.5% | AMZN, CG, CRM, EG, GOOG, KKR, PGHN SW | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Artisan International Fund | - | 10.6% | 4091 JP, ABI BB, AER, AMZN, KO, MRO LN, NVO, SHOP | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Alger Spectra Fund | 5.6% | 39.9% | AMZN, APP, LLY, MELI, MSFT, NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | ADBE, AMZN, CHTR, CRWD, GOOG, NVO, SNOW, UEEC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | ADBE, AMZN, GOOG, LLY, NFLX, NKE, NVDA, SHOP, UBER, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | RiverPark Long/Short Opportunity Fund | 4.3% | 15.9% | AMZN, IGV, LLY, NVDA, SHOP, UBER | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Core Equity Fund | 0.3% | 18.5% | AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTL, KLAC, LIN, LLY, MDLZ, O, ORCL, SYY, VRTX, WDAY | - | 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 | The Gabelli Dividend Growth Fund | 0.5% | 11.3% | AMZN, KR, SPM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Vision Capital | - | - | AMZN, LTM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Amazon | - | - | AMZN | - | 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 | ||
| 2023 Q4 | Dec 31, 2023 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, MSFT, NVDA, SLB, TSLA, TTD | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Aquamarine Fund | - | 18.7% | 1211 HK, AAPL, AMZN, AXP, BABA, BAC, BARK/A, CRISIL IN, GOOG, MA, META, MSFT, RACE IM, SRG | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AMZN, DGE LN, NFLX, USB | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Avenir Corporation | - | - | AMT, AMZN, BRK/A, DBRG, MSFT | - | View | ||
| 2022 Q3 | Dec 31, 2022 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, GOOG, MSFT, NTRA, TSLA | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Oakmark Global Select Fund | 8.8% | 0.0% | AMZN, COF, HCA | - | View | ||
| 2022 Q4 | Dec 31, 2022 | RiverPark Large Growth | 3.7% | 16.4% | AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Diamond Hill Large Cap Strategy | 12.1% | -13.1% | ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Avenir Corporation | - | - | AMT, AMZN, DBRG, LMT, MSFT, ORLY | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Aquamarine Fund | - | 23.8% | 1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM | - | View | ||
| 2020 Q4 | Dec 31, 2020 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2020 Q4 | Dec 31, 2020 | Aquamarine Fund | - | 11.3% | 1211 HK, AMZN, AVB, AXP, BAC, BRK/A, GME, MA, NESN SW, NGLX, RACE IM, SRG, STLA | - | View | ||
| 2019 Q4 | Dec 31, 2019 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2019 Q4 | Dec 31, 2019 | Aquamarine Fund | - | 24.6% | AAPL, AIG, AMZN, BAM, BRK/A, JNJ, KKR, TOO, TSLA, WE | - | View | ||
| 2018 Q4 | Dec 31, 2018 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2018 Q4 | Dec 31, 2018 | Aquamarine Fund | - | -13.3% | AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA | - | View | ||
| 2017 Q4 | Dec 31, 2017 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2016 Q4 | Dec 31, 2016 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2016 Q4 | Dec 31, 2016 | Aquamarine Fund | - | 8.5% | AAPL, AMZN, BHC, COST, MCO, META, NFLX, TSLA | - | View | ||
| 2015 Q4 | Dec 31, 2015 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2014 Q4 | Dec 31, 2014 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2013 Q4 | Dec 31, 2013 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2012 Q4 | Dec 31, 2012 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2011 Q4 | Dec 31, 2011 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2010 Q4 | Dec 31, 2010 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2009 Q4 | Dec 31, 2009 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2008 Q4 | Dec 31, 2008 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2007 Q4 | Dec 31, 2007 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2006 Q4 | Dec 31, 2006 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2005 Q4 | Dec 31, 2005 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2004 Q4 | Dec 31, 2004 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2003 Q4 | Dec 31, 2003 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2002 Q4 | Dec 31, 2002 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2001 Q4 | Dec 31, 2001 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2000 Q4 | Dec 31, 2000 | Amazon | 0.0% | 0.0% | AMZN | - | View | ||
| 2025 Q4 | Dec 28, 2025 | Stone Ridge Asset Management | 0.0% | 0.0% | AAPL, AMZN, NVDA | Bayesian, Bitcoin, energy, Human Rights, Natural Gas, operations, Reinsurance | Stone Ridge discovered significant untapped natural gas reserves in Arkansas' Fayetteville Shale through disciplined testing on 60,000 acres of undeveloped land. The discovery increased expected lifetime revenue from $10 billion to $15 billion, demonstrating the value of technological improvements and cost reductions in drilling and completion. Longtail Re executed a landmark $1.4 billion retrospective reinsurance transaction with Everest Group, growing assets to over $6 billion. The firm has delivered 20% annualized ROE since inception, focusing on selective legacy transactions while maintaining core prospective quota share business. Bitcoin serves as a critical tool for human rights activists and populations under authoritarian regimes, providing uncensorable money and financial freedom. The letter highlights bitcoin's role in supporting Venezuelan opposition leader María Corina Machado and its importance for financial sovereignty in countries with currency devaluation. Stone Ridge Energy has purchased almost $11 billion of energy assets through proprietary securitizations, achieving over 20% annual returns with low volatility. The firm operates 5,596 wells powering four million American families and is positioned to become a top three U.S. hydrocarbon producer. | View | |
| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ANET, CEG, GEV, GRMN, GS, JPM, MSFT, NVDA | - | View | ||
| 2023 Q3 | Dec 10, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, NU, ROVR, TECK | - | View | ||
| 2023 Q2 | Dec 7, 2023 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, EPAM, NU, TECK, WPM | - | View | ||
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AMZN, BRK/A, CVNA, ROKU, TRUP, TTD, WISE LN, WMT | - | View | ||
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ABT, ADP, ALGN, AMZN, AON, EL, NESN SW, NVO, SAP, WDAY | - | View | ||
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, AMZN, CRM, ILMN, MSFT, NFLX, NOW, NVDA | - | View | ||
| 2022 Q4 | Dec 1, 2023 | Concentrated Compounding | 0.0% | 0.0% | AMZN, BRK/A, CHTR, CSU CN, EPD, FRC, GOOG, MA, RADI, TDG, V | - | View | ||
| 2023 Q3 | Nov 8, 2023 | Hinde Group | 1.4% | 30.7% | AMZN | Earnings Normalization, Fundamental Investing, Long-Term Rates, Market Volatility, Soft Landing | The letter discusses rising confidence in a soft landing as inflation cooled and economic growth remained robust, even as long-term interest rates moved higher. Portfolio results continued to outperform, led by Alphabet, Uber, Interactive Brokers, and Northeast Bank, while Netflix consolidated after strong prior gains. The manager argues that normalized rates and restored profitability at key holdings create a favorable setup for continued compounding despite higher discount rates. | AMZN |
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| 2025 Q3 | Nov 30, 2025 | Rothschild & Co LongRun Equity Fund | 3.9% | -4.0% | AMZN, CDNS, GOOG, SNPS | Capital Allocation, Compounding, Pricing Power, Quality, returns on capital | The letter centers on long-term ownership of high-quality businesses with durable competitive advantages and strong capital allocation. Compounding earnings, pricing power, and high returns on capital are emphasized over short-term market movements. Valuation discipline is applied within a quality framework to preserve capital and drive long-run returns. | View | |
| 2024 Q3 | Nov 19, 2024 | Artemis Global Select Fund (converted to Artemis SmartGARP Global Smaller Companies Fund on October 6, 2025) | -3.7% | - | 005930 KS, AMZN, CEG, MTX GR, NVO CN | - | View | ||
| 2022 Q4 | Nov 2, 2023 | FPA Crescent Fund | 3.7% | 12.8% | AIG, AMZN | - | View | ||
| 2022 Q4 | Nov 2, 2023 | FPA U.S. Core Equity Fund, Inc. | 10.0% | 21.5% | AMZN, DECK, HOKA | - | View | ||
| 2024 Q3 | Oct 8, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BN, CCOI, CRTA LN, FFH CN, GOOG, KKR, MRO LN, OCSL, PRX NA | - | View | ||
| 2024 Q3 | Oct 7, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | - | 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 Value Equity Fund | 7.3% | 13.7% | AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH | - | View | ||
| 2022 Q3 | Oct 26, 2022 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADP, ADS, ADSK, AMZN, ICLR, OR | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Mairs & Power – Balanced Fund | - | 6.5% | AMZN, ENTG, FI, FUL, JPM, MSI, TECH, TXN, UNH, WFC | asset allocation, Data centers, inflation, tariffs, Utilities | The team keeps a long-term, valuation-disciplined balance across equities and bonds while noting extreme market concentration in AI mega-caps. They highlight a multi-year buildout in power and thermal infrastructure tied to data centers, and added utilities exposure benefiting from that demand. Tariff uncertainty and persistent inflation keep them selective and quality-focused. | View | |
| 2022 Q3 | Oct 24, 2022 | L1 Capital International Fund | 4.7% | 0.0% | ADBE, AMD, AMZN, BKNG | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AMZN, AON, GOOG, MSCI, NVO, ORCL, SAP GR, SHOP | - | View | ||
| 2023 Q3 | Oct 18, 2023 | Nightview Capital | -7.2% | 61.5% | AMZN, GOOG, TSLA | - | View | ||
| 2024 Q3 | Oct 17, 2024 | Montaka Global Investments | - | - | AMZN, BX, FND, MA, NOW | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Madison Sustainable Equity Fund | 6.5% | 8.2% | AMZN, ANET, COST, GOOG, LLY, ORCL, PLAN CN, TEL, TJX, TXN, V | Artificial Intelligence, Cloud Computing, Esg, sustainability, technology | Madison underscores the integration of AI and sustainability within high-quality, large-cap equities. It highlights Oracle, Alphabet, Arista, and TE Connectivity as key beneficiaries of AI infrastructure growth and cloud expansion, while emphasizing ESG leadership at firms like Amazon, Microsoft, and Linde. The funds outlook favors technology and communication services, expecting AI adoption and sustainability initiatives to drive multi-year earnings growth. | TJX TEL ANET GOOGL ORCL |
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| 2025 Q3 | Oct 11, 2025 | Torre Financial | 1.7% | 6.5% | ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM | AI, growth, large cap, Quality, semiconductors, technology, US | AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500. | View | |
| 2022 Q3 | Oct 10, 2022 | Alphyn Capital Management | 8.9% | 13.5% | AHT LN, AMZN, BUR, EXO NA, FFX GR, IAC, KMX, LBRDA, PSH LN, VMEO | - | View | ||
| 2023 Q4 | Oct 1, 2024 | Tsai Capital | 0.0% | 55.1% | AAPL, AMZN, COST, GOOG, TSLA | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | View | |
| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | View | |
| 2025 Q4 | Jan 9, 2026 | Middle Coast Investing | 2.7% | 16.9% | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players. | View | |
| 2025 Q4 | Jan 9, 2026 | Vision Capital | -5.0% | 9.8% | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers. | SE |
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| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2023 Q4 | Jan 8, 2024 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 8.3% | - | AMZN | - | View | ||
| 2025 Q4 | Jan 7, 2026 | INN8 | 0.0% | 0.0% | AMZN, AU, BRK-A, CSCO, GFI, GOOGL, HMY, IMPUY, MRP.JO, PIK.JO, SBSW, SHP.JO, SPP.JO, TFG.JO, TRU.JO, WHL.JO | AI, Defense Spending, diversification, Global Markets, gold, rates, Trade Policy | AI remained the dominant theme driving US equity markets with the S&P 500 up 17.8% and Nasdaq gaining 21%. The AI trade broadened beyond chips to include data center companies, with three of the S&P 500's top 10 performers being data storage companies. Investment in AI infrastructure is reaching unprecedented levels with trillions in spending, though questions remain about whether revenue can justify the massive capital deployment. President Trump's hardline tariff agenda became one of the most consequential stories of 2025, lifting average tariff rates to nearly 17% from less than 3% at the end of 2024. The tariffs generated roughly $30 billion monthly for the US Treasury and brought world leaders to Washington seeking trade deals. Despite multiple rounds of meetings, a final agreement with China remains incomplete, with China using its leverage in rare earth minerals to push back against further tariffs. Safe-haven gold gained 65% in 2025, its best annual gain since 1979, driven by geopolitical uncertainties, expectations of US rate cuts, strong central bank buying, and the de-dollarisation trend. Gold mining companies delivered massive returns with Gold Fields up 200%, AngloGold up 242%, Harmony up 124%, Sibanye up 313%, and Implats up 204%. European defense shares surged 56% driven by pledges of higher defense spending across Europe. Germany is expected to spend up to a trillion euros on defense and infrastructure, reflecting the broader commitment to increased military expenditure across the region. The Fed cut interest rates three times in 2025, lowering the benchmark rate to 3.5%-3.75% range as employment growth slowed and unemployment rose. However, new projections show only one rate cut expected this year with further cuts likely on hold until inflation falls or unemployment rises more than anticipated. | View | |
| 2025 Q4 | Jan 6, 2026 | JB Global Capital Fund | -8.9% | 67.5% | AMZN, BABA, CLX, GOOGL, LULU, NKE, NVDA | AI, China, Concentration, consumer, technology, valuation, value | Manager deliberately avoids U.S. AI infrastructure stocks due to valuation concerns, drawing parallels to historical technology bubbles. Argues that obvious growth prospects are priced so aggressively that even excellent execution cannot generate adequate returns. Maintains AI exposure through Alibaba's cloud division at more reasonable valuations. Significant exposure through Alibaba position, which represents 43% of portfolio. Monitoring competitive pressures in Chinese quick commerce and margin compression from aggressive investments. Cloud revenue growing 34% year-over-year with AI-related products showing triple-digit growth. New position in Clorox at decade-low valuations following ERP implementation disaster. Company dominates essential categories with 61% of North American bleach market and generates 35%+ returns on invested capital. Temporary operational disruption creates opportunity in quality franchise. Core investment philosophy emphasizing valuation discipline over growth narratives. Seeking asymmetric risk/reward opportunities where temporary complexity obscures underlying business quality. Concentrated portfolio approach with deep research on handful of ideas. | CLX BABA |
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| 2025 Q4 | Jan 6, 2026 | Legal & General – Active Fixed Income | 0.0% | 0.0% | AMZN, GOOGL, LXS.DE, META, MSFT, ORCL, PARA, SESG.PA, WBD, WPP.L | AI, Bonds, credit, Fiscal, Hyperscalers, infrastructure, Issuance, technology | Massive AI capital expenditure by hyperscalers is driving extraordinary levels of bond issuance, with companies like Microsoft, Amazon, Meta and Google requiring $500-800 billion of additional debt annually. This AI spending boom is creating significant macroeconomic impact and supporting US growth expectations as companies redeploy capital back into the economy. Hyperscalers are increasingly accessing private credit markets for bespoke AI infrastructure projects, with Meta's $29 billion public/private credit deal representing the largest private credit transaction in history. The private credit market is becoming a key funding source for off-balance-sheet AI projects and data center development. Global shift from monetary to fiscal policy is driving increased government infrastructure spending, with Germany releasing their debt-brake and Japan electing a pro-fiscal policy prime minister. This fiscal expansion is creating a new paradigm of government-led growth initiatives alongside corporate AI infrastructure investment. | View | |
| 2025 Q4 | Jan 6, 2026 | Westfield Capital Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Breadth, cyclicals, earnings, Fed, small caps, technology, Valuations | AI remains the largest structural EPS driver into 2026, but investors are increasingly focused on companies translating AI spend into pricing power, margin leverage, and measurable revenue outcomes. The early-year AI melt-up reversed sharply in April, exposing speculative excess as story stocks began to lose momentum. ROI discipline and selectivity now define performance, reinforcing a true stock-picker's market. Small caps are breaking multi-year bases with early signs of leadership rotation beneath the surface. Small cap earnings revisions turned positive for the first time in years, reinforcing the durability of market broadening into 2026. Small caps and cyclicals trade at a meaningful discount to large caps, creating attractive opportunities where fundamentals are improving faster than prices. Earnings leadership is broadening across Financials, Industrials, Health Care, and small caps. Small- and mid-cap earnings expectations are inflecting higher after several years of underperformance, narrowing the growth gap versus the largest stocks. Consensus points to more balanced EPS growth across market segments in 2025-26, supporting a healthier and less concentrated earnings backdrop. | View | |
| 2025 Q4 | Jan 5, 2026 | Douglass Winthrop Advisors, LLC | 0.0% | 0.0% | AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER | AI, inflation, Quality, technology, Trade Policy, value | AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies. | View | |
| 2025 Q4 | Jan 31, 2026 | Montaka Global Investments | 0.0% | 0.0% | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value | AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses. | KKR BX NOW FND ALB |
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| 2025 Q4 | Jan 30, 2026 | PGIM Jennison Global Opportunities Fund | -4.1% | 5.3% | AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM | AI, consumer, Data centers, global, growth, semiconductors, technology | The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources. | GEV |
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| 2025 Q4 | Jan 30, 2026 | Antipodes Global Fund | - | - | AAPL, AMD, AMZN, ASAI, BEKE, BMRI.JK, CRM, Gold, GOOGL, HON, HYMTF, JCI, LLY, META, MRK, SIEGY, STM, TCEHY | AI, cyclicals, financials, global, healthcare, industrials, materials, technology | Portfolio increased exposure to structural investment trends, namely software, while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI to supply 6 gigawatts of high-performance graphics chips and broader investor rotation into AI infrastructure. Barrick Mining rose sharply underpinned by fresh wave of investor enthusiasm for gold, with record bullion prices boosting revenue, margin and earnings estimates. Portfolio reduced exposure to gold via exiting Valterra Platinum following rapid price moves. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, as the company sees strong demand. Portfolio increased exposure to Amazon partly based on infrastructure business winning market share. STMicroelectronics detracted with sentiment dented by softer demand in key end markets, notably automotive and industrial chips. AMD surged on chipmaker's landmark agreement with OpenAI and broader AI infrastructure rotation. | View | |
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Value Fund | 0.0% | 0.0% | 005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE | consumer, financials, global, healthcare, industrials, materials, technology, value | Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled. | BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B |
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| 2025 Q4 | Jan 30, 2026 | ACR Alpine Capital Research, LLC | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT | AI, Bubble, P/E Ratios, risk management, technology, Valuations | AI LLMs are likely to be as revolutionary as the Internet, with massive capital investment by hyperscalers expected to reach $472 billion by 2026. Corporate return-on-capital may be challenged due to large capital investments, though consumers may ultimately benefit the most from AI LLMs. The firm sees AI as useful technology but notes it has not yet helped them become better investors. The S&P 500 cyclically adjusted P/E is at an all-time high of 46.6 with earnings yield at an all-time low of 2.1%. The firm believes today's greatest economic risk is a decline from current elevated P/Es and protects against this by maintaining portfolios with very different valuation characteristics from the market. They define a bubble as when returns implied by valuations are heading in a different direction to returns expected by investors. | View | |
| 2025 Q4 | Jan 30, 2026 | Legacy Ridge Capital | 0.0% | 7.0% | AAPL, AMZN, GOOGL, KRP, META, MNR, MSFT, NVDA, PII, PLTR, TSLA | Capital Allocation, Cash, dividends, energy, Exploration & Production, value | Fund maintains 30% cash position as defensive measure against expensive market valuations. Cash provides optionality for opportunistic deployment when attractive opportunities arise. Management views current cash levels as necessary given stretched valuations across broader markets. Portfolio focused on dividend-paying companies with 6% yield, emphasizing businesses that return excess cash to shareholders. Key holdings KRP and MNR have dividend policies returning 75% and over 50% of cash flow respectively. Dividend income provides steady cash flow for redeployment opportunities. Significant allocation to energy sector through Mach Natural Resources and Kimbell Royalty Partners. Focus on companies with disciplined capital allocation, low leverage, and high distribution yields. Both companies emphasize acquiring cash-flowing assets and returning capital to shareholders. Investment philosophy centered on buying businesses at discounts to intrinsic value based on discounted cash flows. Contrasts current approach with expensive growth stocks trading at extreme valuations. Emphasizes margin of safety and business owner mentality in stock selection. | MNR |
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| 2025 Q4 | Jan 30, 2026 | Optimum Fixed Income Fund | 1.1% | 7.6% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, credit, duration, fixed income, interest rates, Mortgage, TIPS | Artificial intelligence remained a major investment theme during the quarter, driven by heavy spending from large technology companies. However, concerns emerged around profitability and rising costs associated with AI investments. | View | |
| 2025 Q4 | Jan 30, 2026 | Optimum Large Cap Growth Fund | 1.6% | 15.9% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Biotech, Communication Services, growth, healthcare, large cap, semiconductors, technology | Artificial intelligence remained a major investment theme, driven by heavy spending from large technology companies, though concerns emerged around profitability and rising costs. | View | |
| 2025 Q4 | Jan 30, 2026 | Baron Durable Advantage Fund | 2.7% | 16.6% | AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade. | WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG |
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| 2025 Q4 | Jan 30, 2026 | Skybound Wealth Management | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT, ORCL | AI, Capex, Data centers, energy, Hyperscalers, inflation, rates, yield curve | AI remained the dominant theme driving US and global returns, with Communication and IT sectors delivering exceptional performance. The worldwide adoption of GenAI is already at 15-20% with projected growth rates for 2026-2027 almost doubling these rates. Major hyperscalers are expected to increase their capex to around $500bn in 2026, over three times their pre-ChatGPT levels. Global Data Centers currently use 1.5% to 3% of all total global electricity usage, with 5% to 15% consumed by AI workloads. The enormous demand for AI equipment results in ever-growing demand for energy, creating infrastructure challenges for projected growth rates ahead. Energy costs face upward pressure due to AI infrastructure demands, with 80% of all energy production being hydrocarbon generated. The growth rate in non-hydrocarbon energy is not fast enough, and refining capacity cannot keep up with demand. Energy inflation could feed back into services inflation if it picks up sufficiently. Services inflation has become sticky with key items such as food running at alarmingly high levels. The multi-variate nature of current inflation is different this time, with energy costs unable to sink much lower and potential feedback loops between energy and services inflation creating structural concerns. Markets are watching for equilibrium between full employment and stable inflation to determine R* (neutral rate). The front-end of the yield curve remains suppressed by easing expectations, but the long-end remains anchored to pre-covid norms inconsistent with higher debt and higher R*. This creates risk of adjustment delivered with whiplash force. | View | |
| 2024 Q4 | Jan 3, 2025 | Rodrigo Benedetti | - | - | AMZN, APP, AVDA, CIEN, GOOG, META, MSFT, TMDX, TSLA | - | View | ||
| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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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 29, 2026 | Weitz Partners III Opportunity Fund | 0.7% | 3.2% | AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of Fund assets in 2025. Google's latest Gemini AI release surpassed expectations with benchmarks showing performance moved to the front of the pack. The fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns in 2025. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about how companies' prospects change. The portfolio's life sciences investments representing roughly 18% of average assets experienced a lost year in 2025. The industry began with pressure on research budgets and heightened scrutiny of healthcare apparatus, reorienting around a new normal before organic growth pickup spurred a rally. | BRK.B PRM CHTR KMX GOOGL |
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| 2025 Q4 | Jan 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2025 Q4 | Jan 29, 2026 | Merion Road Capital | 8.5% | 9.2% | ACNT, AMZN, BELFA, BUKS, GOOG, JHG, MSFT | aerospace, AI, arbitrage, Chemicals, Long/Short, small cap, value | Manager maintains 22% AI exposure through GOOG, MSFT, and AMZN, though feels this is large but remains underweight relative to the S&P 500 where Magnificent Seven account for 34%. Acknowledges elevated S&P returns were concentrated among largest AI-exposed companies. Built position in Ascent Industries, a specialty chemicals company transforming from over-levered conglomerate to pure-play with pristine balance sheet. New management from Dow Chemical and turnaround experience addressing poor operations, with facilities at 50% utilization offering significant operating leverage potential. Butler National showed strong performance with EBITDA increasing from $6.5m to $8.8m, with aerospace revenue, margins, and backlog all moving up meaningfully. Company, management, and board continue buying stock despite higher share price. | ACNT BELFB JHG |
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| 2025 Q4 | Jan 29, 2026 | FPA Crescent Fund | 3.1% | 17.7% | ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | AI, global, healthcare, Quality, small caps, technology, value | The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined. | MSFT |
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| 2025 Q4 | Jan 28, 2026 | GMO (Grantham, Mayo, Van Otterloo & Co. LLC) | - | - | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | View | |
| 2024 Q4 | Jan 28, 2025 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 10.8% | 29.5% | AAPL, AMZN, AVTR, BLDR, FI, FWONK, GS, VST | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Peapack Private | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT, ORCL | AI, Economic Growth, geopolitics, Labor Market, monetary policy, technology, Valuations | Hyperscalers are dramatically increasing AI capital expenditure from $400 billion in 2025 to over $600 billion by 2027. AI investment is driving 30% of GDP growth but faces risks from over-investment with 95% of organizations getting zero return on AI investments currently. S&P 500 trades at 22 times forward earnings, matching Internet bubble levels and 1.5 standard deviations above 30-year average. Elevated valuations reflect low interest rates and optimistic 12.1% earnings growth expectations for 2026. Unemployment rose to 4.6%, highest in four years, with job creation averaging only 22,000 monthly over past three months. Companies are retaining staff but not hiring, with particular weakness among recent college graduates at 5.8% unemployment. Trump Administration is remaking world order with radically reset trade relations, strained alliances replaced by unilateralism, and commercial interests prioritized over strategic interests. This creates heightened uncertainty where unpredictability is seen as virtue. | View | |
| 2025 Q4 | Jan 26, 2026 | Impax US Sustainable Economy Fund | 4.2% | 16.0% | AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS | AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology | AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed. | View | |
| 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 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2022 Q4 | Jan 26, 2023 | ClearBridge Investments All Cap Growth | 2.7% | -6.5% | AMZN, AVGO, CRWD, DIS, EL, IMGN, MMC, NFLX, NKE, TEAM, TSLA, UNH, V, WOLF | - | View | ||
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments | - | - | AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM | Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value | The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields. | View | |
| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
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| 2025 Q4 | Jan 23, 2026 | Aoris International Fund | 0.0% | 0.0% | ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE | AI, international, long-term, Quality, technology, value | AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time. | View | |
| 2025 Q4 | Jan 22, 2026 | Jensen Investment | 0.0% | 5.6% | AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM | AI, growth, large cap, Market Concentration, Quality, semiconductors, technology | The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022. | AVGO SYK WM CPRT MMC ACN LLY APH KLAC |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Global Growth Fund | 6.2% | 10.2% | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions. | ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2025 Q4 | Jan 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
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| 2025 Q4 | Jan 21, 2026 | Columbia Global Technology Growth Fund | 2.0% | 25.1% | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology | The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies. | NOW MU TSM GOOGL |
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| 2025 Q4 | Jan 21, 2026 | Advisors Capital Management, LLC | - | - | AAPL, AMD, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, SLB, TSLA | AI, energy, Geopolitical, inflation, productivity, technology, Venezuela | AI-driven capital spending remains a powerful force propelling company valuations higher over the past three years. AI adoption is proceeding rapidly with productivity gains helping offset wage pressures and containing inflation. The technology is displacing many jobs while reducing business costs, creating an almost ideal environment for stock prices. The capture of Nicolás Maduro represents a dramatic change in U.S. foreign policies under the Monroe-Trump Doctrine. This signals a more assertive approach to countering hostile regimes in the Western Hemisphere, with implications for Cuba, Iran, and China's strategic positioning in Latin America. Venezuela's leadership change may lower global oil prices and benefit energy companies and oilfield service providers. Oil prices are likely to decline further with positive economic consequences globally, boosting real household income and helping reduce inflation measures. Inflation has moderated meaningfully from its 2022 peak and while it remains above the Fed's target, pressures are expected to ease further into 2026. AI-driven productivity gains may help offset wage pressures, keeping inflation and interest rates relatively contained. | View | |
| 2025 Q4 | Jan 21, 2026 | VT Holland Advisors Equity Fund | 0.0% | 0.0% | AMZN, JD2.L, META, NU, TSM, WISE.L | AI, Compounding, global, long-term, Owner Managers, Quality | The fund focuses on great companies with sustainable competitive advantages, run by brilliant owner managers, bought at attractive prices. These businesses have enduring moats that protect excellent returns on invested capital and create lasting customer loyalty through win-win outcomes. Manager sees AI as potentially solving the productivity growth problem that has plagued western economies for 20 years. Views Amazon, TSMC, and Meta as portfolio beneficiaries, with Amazon particularly well-positioned as a trusted supplier of AI solutions through AWS. Amazon highlighted as a standout investment that looks somewhat forgotten, with its AWS business providing a unique position as a trusted, Scale Economy Shared supplier to large organizations seeking AI-powered solutions. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Fund | 3.0% | 13.0% | AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V | AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology | Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Global Fund (Long Only) | 3.0% | 16.0% | AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V | Diversified, global, large cap, payments, technology | Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2025 Q4 | Jan 21, 2026 | Meridian Hedged Equity Fund | 0.1% | 0.0% | ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU | energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value | The fund holds positions in gaming companies including MGM Resorts International and DraftKings. MGM benefited from record results in Macau properties and BetMGM achieving profitability. DraftKings faced near-term pressures from earnings shortfalls and competitive pressures but maintains long-term earnings potential. The fund maintains exposure to energy companies including Vistra Corp and Cheniere Energy. Vistra is positioned to benefit from surging electricity demand driven by data centers and electrification trends, operating attractive nuclear and natural gas generation assets in tight power markets. The fund has exposure to travel-related companies including MGM Resorts and Clear Secure. Clear Secure provides biometric identity solutions for travelers and benefited from robust travel demand and operational efficiency during the quarter. The fund holds D.R. Horton as a top position, representing exposure to the homebuilding sector. The company is positioned in the residential construction market. | YOU DHR MGM VST DKNG LW |
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| 2025 Q4 | Jan 21, 2026 | Harbor Capital Appreciation Fund | 0.8% | 14.0% | AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector. | MRK APH |
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| 2025 Q4 | Jan 21, 2026 | White Falcon Capital Management | 5.6% | 28.4% | AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W | AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value | AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns. | HUN NFI NU EPAM AMD |
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| 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 | Nightview Capital | 0.0% | 0.0% | AMZN, BABA, NITE, TSLA, TSM | AI, Autonomy, China, growth, long-term, Physical AI, semiconductors, technology | AI represents the biggest industrial technological revolution of the 21st century that will fundamentally shift global economic infrastructure. The manager believes AI will transition from screens to physical world applications, creating proprietary data advantages for companies with real-world operations. Progress has been meaningful but largely iterative, with the real boom expected when AI moves beyond LLMs into physical systems. Tesla exemplifies the transition to autonomy as a software business, with Full Self-Driving showing dramatic improvement over the past year. The manager has increasing conviction that Tesla will achieve full autonomy, viewing Tesla's data advantage as structural through every mile driven feeding a learning loop that competitors cannot replicate without similar scale. Amazon's retail operation is transitioning from investment phase to operating leverage, with AI-driven efficiencies falling to the bottom line. The company is improving inventory velocity, reducing costs, and enhancing customer experience while the market perception of low-margin retail remains outdated as scale and AI converge. The semiconductor cycle differs from historical patterns as high-performance computing now represents 60% of TSMC revenue versus 30% in 2018. Frontier logic tied to AI workloads is no longer cyclical demand but the base, with unprecedented capital expenditure underway requiring either sustained AI integration or material overbuilding. Alibaba investment reflects opportunity where fundamentals remain solid despite deeply negative market perception. The business remains central to China's economy with strong positions across e-commerce, cloud, logistics, and infrastructure, while valuation implies little long-term growth despite durable economics. Normalization of financial activity is occurring as the challenging environment from rapid interest rate rises beginning in 2022 adjusts. Trading volumes are increasing, deal pipelines are rebuilding, and pent-up demand is being released as conditions normalize and the yield curve moves toward normalization. Travel and leisure represent change-resistant parts of the economy rooted in deeply human experiences. As AI becomes more embedded in daily life, the desire for physical experiences will intensify, making real experiences more valuable in a world of increasing digital abstraction and fake content creation. | TSM BABA AMZN TSLA |
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| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Small Companies | 0.4% | 8.5% | AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN | global, healthcare, momentum, Quality, small caps, technology, value | The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns. | 2344 TT DIA IM 298380 KS |
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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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| 2025 Q4 | Jan 20, 2026 | Gymkhana Partners | 0.0% | -11.0% | AMZN, ASTRA.NS, BHARATBIJ.NS, FINPIPE.NS, GOOGL, INTC, JAMNAUTO.NS, MSFT, RELIANCE.NS, SANSERA.NS, TATAELXSI.NS, UNIMECH.NS | defense, growth, India, Manufacturing, Reform, small caps, value | Gymkhana has increased positions in defense/aerospace companies and assembled a sub-database applying standardized valuation frameworks to more than 50 undervalued Indian holding companies. The firm has researched India's defense and aerospace industries extensively, understanding the broader ecosystem from state-controlled behemoths to private-sector suppliers specializing in aerostructures and precision-engineered components. This research forms the basis for selecting ten Indian defense/aerospace companies currently held in the portfolio. India's economy continues to power ahead with 8.2% GDP growth despite U.S. tariffs, driven by booming domestic consumption, prudent macroeconomic governance, and favorable demographics. The Modi government has enacted transformative pro-free market policies including GST streamlining, labor law overhaul, and securities market modernization. Technology titans like Amazon, Google, and Microsoft have unveiled over $67 billion in planned investments, while Intel announced strategic alliance with Tata Electronics for semiconductor fabrication. Gymkhana is now more allocated to smaller-capitalization companies and less to larger-cap stocks compared to a year ago. The firm believes their portfolio of well-managed, earnings-compounding smaller-cap businesses purchased at reasonable multiples is more likely to generate superior long-term results than portfolios concentrated in large-capitalization stocks. Most India-dedicated ETFs and mutual funds are over-concentrated in IT services and petroleum behemoths that are less tied to India's booming domestic market. Gymkhana's businesses sell at very significant discounts to their intrinsic values, with a position size-weighted P/E ratio of just over 15 times forward earnings. This represents a significant discount to every U.S. and Indian equity index mentioned, even though the portfolio companies' earnings are growing at faster rates. The firm focuses on well-managed, earnings-compounding businesses purchased at reasonable multiples of earnings. | View | |
| 2025 Q4 | Jan 2, 2026 | Rigden Capital Strategies | 0.0% | 0.0% | AMZN | AI, blue chip, consumer discretionary, dividends, industrials, large cap, Quality, technology | Online holiday spending rose 6.8% year-over-year, beating forecasts and demonstrating consumer resilience. The strength in e-commerce kept the consumer economy humming despite mixed foot traffic in malls, with retailers like Amazon benefiting from strong online holiday sales. The excitement around Artificial Intelligence continued to support technology stock valuations in Q4, though the explosive growth seen earlier in the year moderated as investors waited for earnings to catch up to stock prices. AI remains a long-term growth theme for the firm's investment approach. Defense spending was a key driver of Industrial sector performance in Q4, fueling growth alongside data center construction. This ongoing spending on defense infrastructure contributed to the strong performance of Industrial stocks during the quarter. Data center construction was identified as a major driver of Industrial sector strength in Q4, working alongside defense spending to fuel growth. This infrastructure investment theme supported the performance of Industrial companies during the quarter. | View | |
| 2025 Q4 | Jan 18, 2026 | Ithaka US Growth Strategy | -6.1% | 4.5% | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology | The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute. | VEEV NOW GOOG AMD ISRG |
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| 2025 Q4 | Jan 18, 2026 | BNY Mellon Appreciation Fund | 1.3% | 10.2% | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility | Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk. | View | |
| 2025 Q4 | Jan 18, 2026 | Troy Multi-Asset Strategy | 0.0% | 0.0% | AMZN, DEO, EXPN.L, FI, GOOGL, LSEG.L, META, MSFT, NVDA | AI, Cloud, Data, global, Quality, technology, value | AI disruption is more imagined than real at this point, with earnings for companies in the crosshairs remaining sound. The Strategy sees significant opportunity as several portfolio companies are temporarily misjudged in debates about AI's potential impact. Capital expenditure estimates for major tech companies are over 50% above where they were 18 months ago, but scaling laws continue to hold and AI demand currently outstrips supply. Data and information service providers face hypothetical challenges focused on AI's potential to change competitive dynamics, leading to valuation de-rating despite solid operating results. Companies like Experian and LSEG have proprietary datasets that cannot be easily replicated by AI, with deep regulatory moats and embedded customer relationships providing protection. Cloud service revenues are accelerating as capacity comes online, with contracted backlogs growing substantially faster than revenues. Despite enormous scale, revenue growth has accelerated across major cloud providers including Azure, Google Cloud, and AWS, driven by AI demand that currently outstrips supply. | EXPN LN LSEG LN DGE LN FISV |
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| 2025 Q4 | Jan 18, 2026 | Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Balanced Fund | 0.0% | 6.6% | AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC | AI, Balanced, earnings, financials, healthcare, rates, technology | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence. | View | |
| 2025 Q4 | Jan 18, 2026 | Magellan Global Fund | 0.1% | 3.0% | AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM | AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology | AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture. | MSFT GOOG TSM |
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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 | |
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, CBRE, CG, CRM, KKR, MSFT, TDG | - | View | ||
| 2025 Q4 | Jan 16, 2026 | 103 Advisory Group LLC | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | consumer, credit, earnings, Federal Reserve, inflation, K-shaped, Midterms, rates | Headline CPI eased to 2.7% year-over-year in November, driven largely by slowing shelter costs. The shelter component slowed from 3.8% in September to 3.0% in November, the lowest reading since August 2021. The CPI report surprised all economists, with none predicting this low of a reading. Lower-income households are reducing discretionary spending while higher-income households maintain resilient demand. Bank of America data shows lower-income households recorded only 0.6% year-over-year spending growth versus 2.6% for higher-income households. Buy-now-pay-later usage rose 9% year-over-year. Aggregate credit card limits have risen to a record $5.3 trillion, a 35% increase over five years. Outstanding credit card balances total $1.2 trillion, up 6% over 12 months. Credit card delinquencies edged higher in the third quarter, coinciding with elevated interest rates at 21%. The Federal Reserve has pivoted toward a more accommodative stance, lowering interest rates and restarting balance sheet expansion. Treasury bill purchases began in December at roughly $40 billion per month. Market expectations price in two rate cuts in 2026 versus Fed projections of only one. | View | |
| 2025 Q4 | Jan 16, 2026 | Janus Henderson Forty Fund | 0.3% | 18.4% | AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM | AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology | AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy. | MDGL LLY ETN ORCL |
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| 2025 Q4 | Jan 16, 2026 | Peak Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, MSFT, NVDA | AI, large cap, Overvaluation, risk management, technology, value | AI innovations are driving vast spending on building new data centers, which will be at the top of investors' minds for the next few years or until the economy turns south again. This represents a bright spot in an otherwise contracting manufacturing environment. The manager maintains a risk averse approach to asset allocation with strong balance of Treasury Notes, bond ladders and cash substitutes as safe havens against an inevitable correction. They focus on keeping clients secure and relatively immune to large market dislocations. | View | |
| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | AMZN, GOOG, NVO, RIVN, TREX | AI Capex, cyclicals, Equal Weight Index, Market Concentration, Share Buybacks | The letter argues that AI-driven capital spending and hyperscaler concentration have masked underlying economic fragility, with leadership beginning to broaden as equal-weight indices outperform. The manager expects a multi-year rotation away from speculative AI infrastructure toward durable, cash-generative businesses trading below intrinsic value. Positioning emphasizes mega-cap conglomerates with diversified revenue streams and under-owned cyclicals with strong balance sheets and active buybacks. | RIVN TREX AMZN GOOG |
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| 2025 Q4 | Jan 15, 2026 | Chevy Chase Trust | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL, TSLA | AI, Automation, Genomics, global, healthcare, inflation, technology, thematic | AI is extremely capital-intensive and competitive, unlikely to produce extraordinary profitability of prior tech companies. Capital spending and R&D consume greater share of sales for largest AI providers than drug stocks. Manager reduced exposure to AI-related companies over the last year due to concerns about future return on AI investment. After four decades of declining interest rates and ten years of very low inflation, both rates and inflation have returned to long-term norms. This marks a notable shift in the global investment landscape that has not yet been reflected in most investors' portfolio positioning. As the global labor force ages and need for supply-chain redundancies becomes more acute, companies increasingly seek ways to do more with fewer people. Automation technologies have matured and reached an inflection point, now offering attractive returns on investment across many industries. Breakthroughs in genomics have changed the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics have converged to generate diagnostics and treatments specific to individual patients and diseases. Companies leading the genomic medical revolution are well positioned for long-term outperformance. | View | |
| 2025 Q4 | Jan 15, 2026 | GROW Funds LLC | 0.0% | 0.0% | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation | The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection. | MDXH AXSM MAMA |
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| 2025 Q4 | Jan 15, 2026 | ROCKLINC Partners Fund | 0.7% | 20.3% | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure. | SII |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2025 Q4 | Jan 15, 2026 | MacNicol & Associates Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Canada, Currency, Federal Reserve, Precious Metals, real assets, Trade Policy, volatility | Artificial intelligence continued to drive market returns with the Magnificent Seven contributing over 60% of S&P 500 gains. The narrative is evolving from infrastructure spending to productivity results, with markets likely to reward companies that translate AI adoption into real efficiency gains in 2026. Gold rose more than 64% in 2025, marking its strongest annual gain in over four decades. Demand was driven primarily by non-Western central banks and international investors seeking diversification away from US financial assets amid concerns around fiscal discipline and geopolitical risk. Silver surged 142% in 2025, its largest increase since the late 1970s, due to its dual role as a safe haven asset and critical industrial component for AI data centers and solar infrastructure. Markets experienced a brief 'tariff tantrum' in April 2025 following announcement of sweeping trade tariffs, with equity markets dropping 10-15% and volatility spiking into the 50s before quickly recovering by year end. | View | |
| 2025 Q4 | Jan 15, 2026 | Lyrical Asset Management | 2.0% | 17.9% | AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI | EPS Growth, growth, international, Performance, valuation, value | Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025. | View | |
| 2023 Q4 | Jan 15, 2025 | Longriver Investment Partners | 9.3% | 10.0% | 600519 CH, AMZN, VTY LN | - | View | ||
| 2025 Q4 | Jan 14, 2026 | L1 Capital International Fund | 2.2% | 9.8% | AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V | AI, consumer, Global Equities, Macro, Quality, technology, valuation | AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers. | ICE LSEG LN INTU CRM TSM AER UBER J |
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| 2025 Q4 | Jan 14, 2026 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L | Asia, Concentration, gaming, global, long-term, payments, semiconductors, value | Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years. | WISE LN |
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| 2025 Q4 | Jan 14, 2026 | Lakehouse Global Growth Fund | 0.0% | -8.5% | 4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK | global, growth, Networks, software, technology | The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs. | View | |
| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Global Equity | 2.9% | 0.0% | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology | The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy. | VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston International Equity | 4.3% | 0.0% | 0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L | AI, Asia, defense, Europe, financials, healthcare, international, Mining | The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory. | DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Large Cap Equity | 4.3% | 0.0% | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology | AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. | OLED AEIS ILMN ALB |
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| 2025 Q4 | Jan 14, 2026 | Wedgewood Partners | -1.8% | 4.3% | AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | AI, growth, large cap, Portfolio Management, Quality, technology, valuation | AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index. | PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN |
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| 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 14, 2026 | Emerald Wealth Partners – Growth Equity Strategy | 3.0% | 16.0% | 0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM | AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology | AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility. | View | |
| 2025 Q4 | Jan 14, 2026 | Horos Asset Management | 0.0% | 0.0% | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value | The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels. | TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER |
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| 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 13, 2026 | Mar Vista US Quality Select | 0.2% | 12.8% | AAPL, AMZN, APH, AVGO, CRM, DHR, EFX, GOOG, JNJ, LIN, META, MSFT, NFLX, NVDA, ORCL, ROP, SAP, TSM, V | 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. Companies deploying AI infrastructure are seeing tangible improvements in ROIC through more efficient ad targeting and premium AI cloud services. Cloud computing continues to be a key beneficiary of AI infrastructure deployment. Google Cloud emerged as a standout performer with 34% revenue growth and $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth and increasing adoption of Copilot offerings. 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. Netflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel. | View | |
| 2025 Q4 | Jan 13, 2026 | Blackstone Private Equity Strategies Fund | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT, ORCL | AI, Capital Deployment, credit, growth, infrastructure, private markets, real estate, technology | AI is the most consequential force shaping the global economy, driving unprecedented investment in data centers, chips, power grids, and connectivity. Hyperscalers are set to increase CapEx by 45% YoY in 2026, funded largely by cash flows rather than debt. AI adoption is accelerating productivity gains and transforming business operations across portfolio companies. Private credit continues to offer 200-250bps of excess return over leveraged loans with structural advantages including direct origination, matched funding, and conservative structures. The opportunity set is expanding beyond sponsor-backed lending into financing the real economy with an addressable market exceeding $30 trillion. Infrastructure is in a supercycle driven by AI investment and US reindustrialization, creating compelling investment opportunities. An estimated $106 trillion of global infrastructure investment is needed through 2040, with 75% concentrated in digital infrastructure, power generation, transportation, and renewables. Real estate appears to be in early stages of cyclical recovery after values troughed in 2023. Borrowing costs are now roughly 40% lower than peak levels, materially improving equity yields. Secular demand remains robust across data centers, logistics, and rental housing driven by AI, e-commerce, and demographic trends. US electricity generation is on track to grow over 40% cumulatively in the next 10 years driven by AI adoption, electrification, and expanding electric vehicle fleets. Renewable energy remains attractive given lower costs and shorter development timelines, while natural gas plants are emerging as compelling options for reliable data center power. | View | |
| 2025 Q4 | Jan 13, 2026 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY | AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation | Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate. | View | |
| 2025 Q4 | Jan 13, 2026 | Carrington Wealth Management | - | - | AMZN, META, MSFT, NVDA, ORCL | AI, China, Geopolitical, global, gold, oil, technology, value | AI bubble concerns dominated Q4 headlines despite tech rally. US tech companies plan $500bn+ annual AI infrastructure spending by early 2030s without consistent profits. Market cap expands $3 for every $1 of AI investment announced. Value investing made a comeback in 2025. The firm's tilt toward active value managers provided good balance. UK and Chinese equity markets offered particularly attractive value opportunities with strong performance. Precious metals were the best performing asset class in 2025. Gold mining ETF finished up 138%, physical gold ETC gained 65%. Performance fueled by falling interest rates, geopolitical tensions, and inflation expectations. China asserted itself as AI leader, bringing competition to US tech. Hang Seng closed up 33%. New 5-year plan focuses on innovation and technological self-reliance. Value remains despite strong 2-year performance. Geopolitical tensions continue to dominate global economic landscape. US capture of Venezuelan President set precedent for military action for economic gains. Oil deal estimated to add 1.2 million barrels daily supply. | View | |
| 2025 Q4 | Jan 12, 2026 | Pabrai Wagons Fund | 0.0% | 3.7% | AAPL, AMR, AMZN, AN, GOOGL, HMT.L, META, MSFT, NVDA, PHM, RIG, TOL, TSLA | Airports, Auto Dealers, Buybacks, Coal, global, Homebuilders, Oil Services, value | The fund focuses on businesses with enlightened managements that buy back their stock at compelling valuations. Three businesses in the portfolio that fit this mold have committed to return capital to shareholders through buybacks or dividends. The fund believes these businesses could deliver higher returns going forward than the Magnificent 7 through buybacks. The fund is invested in a handful of metallurgical coal businesses, with two near the bottom quartile of the cost curve and all led by exceptional managers. All three businesses have some of the best met coal reserves on the planet. The fund believes there will be no meaningful alternative to using met coal to produce steel for several decades. The fund trades at a trailing P/E of 11 compared to the S&P 500's trailing P/E of 30. The fund seeks to buy capital-light businesses with high returns on equity at no more than a bit more than tangible book value. The fund believes a metallurgical coal miner or offshore oil driller that earns even single digit returns can be a fantastic investment if purchased at a fraction of replacement cost. TAV operates 15 airports in 8 countries with guidance of 10-14% annual passenger growth across its airports, which may continue for decades. TAV has high operating leverage where if passengers grow 12%, cash flow may grow at more than 2x that. The fund believes it is led by an exceptional management team and is very cheap compared to other global airport operators. The fund is invested in a couple of U.S. homebuilders who have morphed into asset-light, efficient factories with shrewd capital return policies. The U.S. is structurally underbuilt with a deficit of 4-7 million homes. The high-quality, scale homebuilders have unique advantages that could allow them to capture a growing portion of this growing pie. Traditional car dealerships are hated by the market due to concerns with the rise of electric vehicles and the perception that EVs do not carry the same parts and repair content as traditional ICE vehicles. The fund believes the market's concerns are overblown and not valid. These are great businesses with high-margin recurring revenues that will continue for decades. The fund has a position in U.S. offshore oil services. Offshore accounts for 1/3 of global oil and gas production and breaks even at levels far below fracking. Drillships are complex and expensive with no new supply in the pipeline. The fund believes supply-demand tightness can yield very high day rates for these ships. | TAVHL TI |
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| 2025 Q4 | Jan 12, 2026 | Munro Global Growth Fund | -0.7% | 12.2% | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout. | CIEN GOOGL |
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| 2025 Q4 | Jan 12, 2026 | Polen Capital – Focus Growth | -1.5% | 3.9% | AAPL, ABT, AMZN, GOOGL, ISRG, LLY, META, MSFT, NFLX, NOW, ORCL, SHOP, WDAY, ZTS | AI, Concentration, growth, healthcare, large cap, Quality, software | Despite market concerns about an AI bubble and infrastructure investment circularity, the managers believe the datacenter capex cycle should continue driven by rapid revenue and earnings growth, increasing demand, and supportive policy. They maintain exposure while diversifying beyond AI themes for portfolio resilience. The portfolio faces headwinds as quality factors continue to underperform while high-beta factors outperform in the current market environment. The managers remain focused on competitive advantages and long-term business fundamentals despite near-term performance challenges. Initiated position in Intuitive Surgical, which maintains a de facto monopoly in soft tissue robotic surgery globally. The company has become standard of care in many surgical modalities with large barriers to entry and continues to innovate with its next generation platform driving accelerating procedure growth. Eli Lilly rallied over 40% in Q4 driven by strong financial results and reaching agreement with the White House that lowering GLP-1 drug prices will greatly increase the addressable market in the US and provide a long runway for future growth. | NFLX WDAY ISRG ORCL LLY |
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| 2025 Q4 | Jan 12, 2026 | TEAM Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Central Banks, China, commodities, gold, rates, Silver, technology | Hyperscalers plan close to $500 billion in AI capex spending for 2026, raising questions about converting this investment into meaningful profits. The AI chip rental market remains competitive with sticky pricing, suggesting the AI bubble has not yet burst. Survey data shows substantial increase in AI use among large American companies with 40% expecting additional AI use in 2026. Physical gold recorded new all-time highs during the quarter driven by geopolitical instability, currency debasement, and physical supply shortages. Central banks have been the marginal buyer, purchasing record amounts including 634 tonnes in the first three quarters of 2025. Gold ended 2025 with gains of 65%, its best calendar year in decades. Silver returned 54% in Q4 driven by a deepening structural deficit from exhaustion of above-ground inventories and absence of new production. Silver's transition to a strategic industrial asset for AI data centers, solar panels, and EVs created supply/demand mismatch. The US officially added silver to its Critical Minerals List, acknowledging its vital role in national security and energy transition. The Federal Reserve cut rates by 25 basis points but exposed deep fractures within the FOMC over prioritizing weakening jobs versus high inflation. The ECB left rates unchanged at 2% with President Lagarde suggesting the rate cutting cycle is complete. The Bank of Japan raised rates to a 30-year high, forcing a global bond re-pricing. Chinese equities broke out to decade-plus highs despite the country remaining firmly in deflation with no sign of consumption recovery. China's growing competitiveness across high-tech sectors including EVs, battery storage, robots and automation is underappreciated. China's formidable edge regarding cheap and limitless access to energy power is likely to become a major talking point. | View | |
| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View | |
| 2024 Q4 | Jan 11, 2025 | Alphyn Capital Management | 2.6% | 16.9% | AHT LN, AMZN, DSGR, EXO NA, FFH CN, GDX, GOOG, KKR, MRO LN, PRX NA | - | View | ||
| 2022 Q4 | Jan 1, 2023 | Kovitz Core Equity Strategy | 5.3% | -22.6% | AMZN, CHTR, KMX, LOW, LVS, MSI | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AMZN, GOOG, MA, ORLY, TJX, URI, V | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, MGM, PGNY, SBH, VST, YOU | - | 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 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, CRH, EXP, MSFT, NRP, NVDA | - | View | ||
| 2023 Q4 | Sep 3, 2024 | Concentrated Compounding | 0.0% | 0.0% | AMZN, BRK/A, CHTR, CSU CN, FRCB, GOOG, TDG | - | 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 – Focus Plus | 5.6% | 18.6% | AMZN, GE, MA, TDG, V | - | 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 | Aug 27, 2024 | Hayden Capital | 13.9% | 37.6% | AMZN, APP, PDD | - | View | ||
| 2023 Q2 | Aug 19, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AMZN, META | - | View | ||
| 2023 Q2 | Aug 8, 2023 | VGI Partners | 0.0% | 0.0% | AMZN, CME, DB1 GR, GEHC, LSEG LN, ZX6 GR | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMZN, CWK, ELV, G, MSFT, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, GOOG, MSFT, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, GOOG, MSFT, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, CSGP, FI, MSFT, SSNC, TDG | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, DAVA, ILMN, INDU, MBLY, MSFT, NVDA, RIVN, ZI | - | View | ||
| 2024 Q2 | Jul 29, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | AMZN, CSGP, DOCS, MC FP, MELI, SPOT | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AMZN, GOOG, IP, KMX, RRX, SBUX, TGT, TXN | - | View | ||
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AIG, AMZN, DIS, FERG, HCA, KMX, MSFT | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, AMZN, CRM, DXCM, NVDA, VEEV | - | View | ||
| 2024 Q1 | Jul 22, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AMZN, JNJ, META, NOC, ORLY, SPGI, WSO | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BSX IND, CMS, MSFT, PEP | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AMZN, MELI, MSFT, NVDA, PODD, PYPL | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, MSFT | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Weitz Value Fund | 12.3% | 19.0% | AMZN, CHTR, META, VMC | - | View | ||
| 2023 Q2 | Jul 18, 2023 | Mayar Capital | 7.7% | 9.6% | AMZN, UPS | - | View | ||
| 2024 Q2 | Jul 17, 2024 | VT Holland Advisors Equity Fund | 0.0% | 9.8% | AMZN, FRAS LN, TSM | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, NITE, QCOM, SCHW, TSLA, TSM, WYNN | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, GOOG, MC FP, MSCI, NVDA, PAYC, SHOP, WDAY, ZTS | - | View | ||
| 2022 Q2 | Jul 14, 2022 | Tourlite Capital Management | 4.5% | 13.8% | AMZN, GOOG, IS, PRM, U | - | View | ||
| 2022 Q2 | Jul 14, 2022 | White Falcon Capital Management | 6.0% | 8.5% | 5Z5 GR, AMZN, CPLF CN, CTS CN, EPAM, NU | - | View | ||
| 2023 Q2 | Jul 13, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR | - | View | ||
| 2022 Q1 | Jul 11, 2022 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, GOOG, MSFT, NTRA, TSLA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, DIS, LSXMA, RIVN, USB, VST | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMZN, AVGO, CSGP, EXAS, GWRE, IOT, MSFT, NVDA, TSM, VKTX, WDAY | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Growth Fund | 0.0% | 19.0% | AMZN, MSFT, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | ADSK, AMZN, COST, DIS, ILMN, META, NKE, NVDA, PYPL, SHOP, UBER, ZTS | - | View | ||
| 2023 Q2 | Jun 30, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AMZN, COST, DIS, ILMN, ISRG, META, NKE, PYPL, SHOP, UBER, XHB, ZTS | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA | - | View | ||
| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 1YL GR, ALVO, AMZN, BN, CCOI, EXO GR, FFX GR, IAC, SPX IND, W, WAND LN | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Core Equity Fund | -2.4% | -2.4% | AMD, AMZN, AVGO, AZO, BRO, CI, CRM, DE, DHI, ICE, MAR, SNPS, VZ, WM | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Value Equity Fund | -2.0% | -2.0% | A, ALGN, AMD, AMZN, AVGO, BIO, CI, DE, GILD, GOOG, JPM, PGR, ROST, VZ | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alger Spectra Fund | -17.2% | -17.2% | AMZN, GFL CN, HEI, MSFT, NVDA, SPOT | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARWR, CSGP, DAVA, DXCM, EW, INDU, IT, META, MRVL, MSFT, NVDA, RIVN, TSLA, ZI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ALL, AMZN, BKNG, FRC, RRX, SIVBQ, TFC | - | View | ||
| 2022 Q2 | Mar 31, 2022 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | ADYE AV, AMZN, BX, GOOG, KKR, META, NKE, TWLO, UBER | - | View | ||
| 2022 Q4 | Mar 22, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AMZN, MS, SLB, TSN | - | View | ||
| 2022 Q4 | Mar 2, 2023 | Alger Spectra Fund | 3.2% | 32.4% | ABBV, AMZN, DDOG, NFLX, TDG, TSLA | - | View | ||
| 2022 Q4 | Mar 2, 2023 | Worm Capital | 0.0% | -64.6% | AMZN, TSLA | - | View | ||
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AMZN, DXCM, EL, ICE, MFT, NVDA, SPLK, U | - | View | ||
| 2024 Q4 | Feb 24, 2025 | Mar Vista Global Equity Fund | -3.3% | 12.7% | AMT, AMZN, ASML, AVGO, CRM, DIS, NESN SW, NZM GR | - | View | ||
| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, BHE, BRK/A, GOOG, META, MSFT, NVDA, TSLA | - | View | ||
| 2024 Q4 | Feb 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BHE, BRK/A, COST, DG, GOOG, KKR, MCY, META, MSFT, NVDA, ORLY, TSLA | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | AMZN, ISRG, NOW, SAP, SND GR, VERX | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | 4CB, AMZN, COTY, DIS, SBH, STRYQ | - | View | ||
| 2022 Q4 | Jan 31, 2023 | VGI Partners | 0.0% | 0.0% | AMZN, CFR SJ, CME, DB1 GR, DIS, IAC, OLYMY, RHMB GR, SAP, XM | - | View | ||
| 2024 Q4 | Jan 27, 2025 | RGA Investment Advisors | - | - | AMZN, DBX, DEO, UBER | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARGX, GPCR, ILMN, LRCX, MSFT, NVDA, TTD | - | View | ||
| 2024 Q4 | Jan 24, 2025 | Tsai Capital | - | 23.0% | AAPL, AMZN, GOOG, QXO, TSLA | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, BVI FP, CG, CRM, JLL, KKR, MSFT, TDG | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CBRE, CG, CRM, KKR, MSFT, TDG | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Nightview Capital | - | - | ABNB, AMZN, BLK, DE, DKNG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSMC, WYNN | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | ADBE, AMZN, AVGO, CSGP, LLY, NFLX, NOW, ORCL, SHOP, TMO, TSLA, ZTS | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Global SMID Company Growth | 2.3% | 12.0% | ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Recurve Capital | - | - | AMZN, BC IM, CCOI, CVNA, RH, W | - | View | ||
| 2024 Q4 | Jan 14, 2025 | Ithaka US Growth Strategy | 8.2% | 30.2% | AMD, AMZN, ASML, NOW, PLTR, UBER | - | View | ||
| 2023 Q4 | Jan 2, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CME, META, RHM SW, SPOT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 26, 2026 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | Nasdaq Stock Market | AI, Amazon.com, AWS, Cloud computing, Consumer Discretionary, e-commerce, Logistics, portfolio stake, regulatory scrutiny | View Pitch |
| Feb 27, 2026 | Fund Letters | Glenn D. Surowiec | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, capital expenditure, Cloud computing, diversification, Logistics Automation, operating leverage | View Pitch |
| Feb 21, 2026 | Fund Letters | Marc Werres | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Cloud computing, Cost Restructuring, e-commerce, margin expansion, operating leverage | View Pitch |
| Feb 21, 2026 | Fund Letters | Bill Ackman | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, AI, cloud, ecommerce, hyperscale | View Pitch |
| Feb 20, 2026 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ Stock Market | AI, Amazon, AWS, capital expenditures, Cloud computing, Free Cash Flow, growth potential, intrinsic value, Trainium, valuation | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ Stock Market | advertising, AI, Amazon, capital expenditure, Cloud computing, e-commerce, growth drivers, Moonshots, robotics, valuation | View Pitch |
| Feb 4, 2026 | Twitter / X | @BourbonInsider | Amazon.com, Inc. | Broadline Retail | Broadline Retail | Bull | NASDAQ | advertising, AI, AWS, cloud, datacenters, ecommerce, Groceries, Logistics, Prime | View Pitch |
| Feb 4, 2026 | Twitter / X | @qualityequities | Amazon.com, Inc. | Broadline Retail | Broadline Retail | Bull | NASDAQ | AI, Automation, DeepFleet, ecommerce, Fulfillment, Logistics, Pickpack, robotics, Warehousing | View Pitch |
| Feb 4, 2026 | Twitter / X | @BourbonCap | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, cloud, ecommerce, Freecashflow, GenerativeAI, GroceryExpansion, InternetRetail, PrimeMembership | View Pitch |
| Feb 4, 2026 | Twitter / X | @RihardJarc | Amazon.com, Inc. | Broadline Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, AIInfrastructure, cloud, ecommerce, hyperscalers, Logistics, semiconductors, Trainium | View Pitch |
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Amazon.com Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | advertising, cloud, ecommerce, scale, valuation | View Pitch |
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, cloud, ecommerce, scale, valuation | View Pitch |
| Feb 4, 2026 | Twitter / X | @thexcapitalist | Amazon.com, Inc. | Broadline Retail | Broadline Retail | Bull | NASDAQ | advertising, AWS, Barrons, cashflow, cloud, Depreciation, ecommerce, Margins | View Pitch |
| Jan 30, 2026 | Fund Letters | Matt Barnes | Amazon.com Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, AWS, cloud, ecommerce, infrastructure | View Pitch |
| Jan 28, 2026 | Fund Letters | KEN STUZI | Amazon.com Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | advertising, AI, cloud, ecommerce, scale | View Pitch |
| Jan 28, 2026 | Fund Letters | Christopher Tsai | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | cloud, compounding, ecommerce, Reinvestment, scale | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Amazon.com Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, CapEx, cloud, efficiency, Logistics, Margins, scale | View Pitch |
| Jan 23, 2026 | Fund Letters | Arne Alsin | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | AI, ecommerce, Logistics, Operatingleverage, scale | View Pitch |
| Jan 22, 2026 | Twitter / X | @AlphaSenseInc | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Neutral | NASDAQ | Amazon, AMZN, China, Expert, Logistics, Sellers, semiconductors, Third Party Sellers | View Pitch |
| Jan 22, 2026 | Twitter / X | @AlphaSenseInc | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Neutral | NASDAQ | Absorb, Amazon, Categories, China, Chinese, Consumers, tariff, tariffs | View Pitch |
| Jan 21, 2026 | Fund Letters | Alan Pullen | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | CapEx, cloud, ecommerce, Margins, scale | View Pitch |
| Jan 16, 2026 | Fund Letters | David A. Rolfe | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, cloud, ecommerce, Margins, valuation | View Pitch |
| Jan 10, 2026 | Substack | Winter Gems | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ Stock Market | Amazon, China, Competition, e-commerce, innovation, market leadership, operating margin, Supreme Court, tariff, US market | View Pitch |
| Jan 8, 2026 | Fund Letters | William C. Nygren | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | AI, cloud, ecommerce, Logistics, network effects, scale | View Pitch |
| Jan 8, 2026 | Fund Letters | Arne Alsin | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, Automation, AWS, ecommerce, Margins, robotics | View Pitch |
| Jan 8, 2026 | Fund Letters | Kevin Arenson | Amazon.com, Inc. | Information Technology | IT Services | Bull | NASDAQ | AI, CapEx, cloud, infrastructure, scale | View Pitch |
| Jan 8, 2026 | Substack | Winter Gems | Amazon | E-commerce | Online Retail | Bear | NASDAQ Stock Market | AI CAPEX boom, Amazon, AWS, Cloud computing, e-commerce, growth sustainability, margin compression, risk mitigation, valuation | View Pitch |
| Jan 8, 2026 | Substack | Winter Gems | Amazon | E-commerce | Online Retail | Bear | NASDAQ Stock Market | Amazon, AWS, capital reallocation, Cloud computing, e-commerce, growth prospects, high valuation, portfolio strategy, risk mitigation | View Pitch |
| Dec 5, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | AI, Amazon, Automation, AWS, Cloud computing, e-commerce, Logistics, margin expansion, market share, valuation | View Pitch | ||
| Dec 5, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | Amazon, AWS, Cloud computing, e-commerce, earnings growth, innovation, long-term growth, market share, robotics, Technology investment | View Pitch | ||
| Dec 3, 2025 | Fund Letters | Harvey Warren Sax | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, cloud, e-commerce, Margins, scale | View Pitch |
| Dec 3, 2025 | Fund Letters | Samer Hakoura | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, Automation, cloud, ecommerce, Freecashflow | View Pitch |
| Nov 29, 2025 | Fund Letters | Julie Biel | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | — | View Pitch |
| Nov 28, 2025 | Fund Letters | Julie Biel | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | — | View Pitch |
| Nov 27, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | AI advancements, Amazon, AWS, Cloud computing, Competitive Advantage, e-commerce, government contracts, market rotation, Trainium, valuation | View Pitch | ||
| Nov 3, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Neutral | Amazon, Cloud computing, e-commerce, innovation, regulatory scrutiny | View Pitch | ||
| Nov 1, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | AI, Amazon, Automation, Cloud computing, e-commerce, growth stock, macroeconomic factors, Margins, Operational Leverage, regulatory challenges | View Pitch | ||
| Oct 31, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | AI infrastructure, Amazon, AWS, Cloud computing, e-commerce, growth acceleration, investment thesis, Project Rainier, Q3 2025 earnings, stock valuation | View Pitch | ||
| Oct 31, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Neutral | AI investments, Amazon, AWS, capital expenditures, earnings multiple, Free Cash Flow, profitability, Q3 results, tech sector, valuation | View Pitch | ||
| Oct 15, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | AI investment, Cloud computing, Diversified Business, e-commerce, growth opportunity | View Pitch | ||
| Sep 25, 2025 | Seeking Alpha | Seeking Alpha | Amazon.com, Inc. | Internet Retail | Bull | Amazon, AWS, Cloud computing, e-commerce, holiday season, Interest rates, investment opportunity, Project Rainier, U.S.-China trade, valuation | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | The Alpha Analyst | Amazon.com | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | JR Research | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Wall Street Breakfast | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Cash Flow Venue | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Wilson Research | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | ClearBridge Investments | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Steven Cress, Quant Team | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Grassroots Trading | Amazon.com, Inc. | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Brad Thomas | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Investing Experts Podcast | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Juxtaposed Ideas | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Blue Chip Portfolios | Amazon.com | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Harris Oakmark | Amazon.com | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | David Johnson | Amazon.com Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | WisdomTree | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||