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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | TCW Concentrated Large Cap Growth Fund | 4.1% | 12.6% | ADBE, ANET, ETN, GOOG, IT, NOW, NVDA, SHOP.TO, SPOT | AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology | AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings. | View | |
| 2023 Q3 | Sep 30, 2023 | Andrew Hill Investment Advisors | - | - | ANET, CARR, DE, EQT, GOOGL, MSFT, NVDA, OKE, PANW | AI, Automation, energy, fixed income, interest rates, Natural Gas, technology | Manager maintains focus on AI leaders including Nvidia as the semiconductor chip leader for highest level AI applications. Microsoft and Google purchase high-end chips from Nvidia to run new AI applications. Palo Alto Networks protects technology infrastructure with new AI products to enhance security. | 2HP.DE PANW ANET GOOGL AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH GRMN EQT COKE CARR |
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| 2023 Q3 | Sep 30, 2023 | City Different Investments – Multi-Cap Core | -2.3% | 8.8% | ANET, JPM, TT | banks, Bonds, HVAC, Quality, tariffs, technology, value | Newly announced U.S. tariffs on the rest of the world are creating market instability and uncertainty. These tariffs will increase costs to corporations and consumers, dampen demand, and push the global economy toward recession if they remain in place. | 1102 TT ANET JPM |
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| 2025 Q2 | Aug 5, 2025 | Baron Opportunity Fund | 23.2% | 8.4% | AAPL, AMZN, ANET, ARGX, AVGO, DKNG, DUOL, EXAS, HUBS, LLY, META, MSFT, NET, NVDA, SPOT, TSLA, TSM, TTD, VRT, ZS | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI adoption and revenue growth accelerating with ChatGPT reaching 800 million weekly active users by April 2025. Multiple AI scaling laws remain intact including pre-training, post-training, and test-time compute. Companies investing massive amounts in AI infrastructure with NVIDIA CEO stating no technology has ever had opportunity to address larger part of world's GDP than AI. | View | |
| 2025 Q2 | Jul 5, 2025 | Torre Financial | 6.9% | 4.9% | ADC, ANET, CRCL, FDS, INTU, MA, MELI, META, PEP, TMO, UNH, V, VEEV | diversification, long-term, Quality, Resilience, technology, value | The AI boom continues to drive market performance, particularly benefiting technology companies. AI represents an ongoing catalyst supporting the tech sector's strong performance in Q2. | MA V UNH |
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| 2025 Q2 | Jul 29, 2025 | Tall Oak Capital Advisors | - | - | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy | Aging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. | EHC ISRG EHC ISRG |
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| 2025 Q2 | Jul 23, 2025 | Madison Sustainable Equity Fund | 6.1% | 2.4% | AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V | AI, Cloud, growth, healthcare, large cap, Quality, sustainability, technology | Oracle's massive RPO growth of 359% driven by multi-billion AI infrastructure contracts, with OCI revenue projected to grow from $18 billion to $144 billion over four years. Alphabet's Google Cloud accelerated to 31.7% growth, benefiting from AI demand. Microsoft and NVIDIA highlighted for strong AI-driven earnings growth expectations. | UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL |
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| 2022 Q2 | Jul 21, 2022 | Kovitz Core Equity | -18.5% | -22.5% | ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR | - | View | ||
| 2025 Q2 | Jul 20, 2025 | BBH Select Series – Mid Cap Fund | 5.4% | -0.9% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO | healthcare, industrials, mid cap, payments, software, tariffs, technology | Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks. | GLOB WSO FOUR GWRE |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology | AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment. | View | |
| 2025 Q2 | Jul 15, 2025 | Madison Mid Cap Fund | 5.3% | 0.9% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI. | View | |
| 2024 Q2 | Jul 15, 2024 | Peak Asset Management | - | - | ANET, JPM, TT | Banking, HVAC, Quality, tariffs, technology, volatility | Newly announced U.S. tariffs on the rest of the world are creating market instability and uncertainty. These tariffs will increase costs to corporations and consumers, dampen demand, and push the global economy toward recession if they remain in place. | TT ANET JPM |
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| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Banking, insurance, Quality, technology, value | The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers. | FI KNSL PGR MTB GOOG FISV KNSL |
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| 2025 Q2 | Jun 30, 2025 | Bell Global Equities Fund | 5.3% | 1.1% | 6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM | AI, Cloud, global, growth, Quality, semiconductors, technology | Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications. | NFLX AIR.PA BJ LULU 6146.T ORCL |
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| 2024 Q2 | Jun 30, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, AMZN, ANET, CEG, CMG, COST, DELL, DUK, GRMN, HIW, ISRG, JNJ, LLY, META, MSFT, NVDA, VRTX | AI, Data centers, energy, healthcare, semiconductors, technology | AI theme is the most prevalent across portfolios with holdings from enablers to users. Nvidia dominates data center semiconductors with 92% market share and significant competitive advantages. Microsoft's Copilot AI works alongside Office 365, while Apple recently unveiled Apple Intelligence for iOS18. | View | |
| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO | insurance, Manufacturing, mid cap, Quality, Regional Banks, technology | Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound. | View | |
| 2026 Q1 | May 13, 2026 | Baron Opportunity Fund | -9.0% | -9.0% | AMZN, ANET, ASML, AVGO, COHR, CSGP, DDOG, GOOGL, IOT, LITE, LRCX, META, MSFT, NVDA, RBRK, SHOP, SPOT, TSLA, TSM | AI, Data centers, growth, infrastructure, semiconductors, software, Space, technology | View | ||
| 2025 Q1 | Apr 7, 2025 | Sandhill Investment Management | - | - | ANET, JPM, TT | banks, Bonds, Cash, HVAC, Quality, tariffs, technology, volatility | Newly announced U.S. tariffs on the rest of the world are creating market instability and uncertainty. These tariffs will increase costs to corporations and consumers, dampen demand, and push the global economy toward recession if they remain in place. | TT ANET JPM TT |
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| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | View | |
| 2024 Q1 | Apr 26, 2024 | Fawkes Capital Management | 12.0% | 12.0% | AGX, AMD, ANET, ARM, ARQ.AX, CAMT, FN, HPS.TO, KMI, NVDA, POWL, SMCI, VRT | AI, energy, Immigration, inflation, infrastructure, Natural Gas, Trade Policy, water | AI demand is driving a quadrupling in electricity demand growth, with data centers expected to increase from 4.5% to 10% of US power supply in 3 years. This creates significant opportunities in energy infrastructure companies that support AI data center requirements. | View | |
| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity | -2.3% | -2.3% | ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS | AI, financials, Quality, Resilience, technology, Trade Policy, volatility | New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions. | MSFT ASHTY ADBE |
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| 2023 Q1 | Apr 18, 2023 | Kovitz Core Equity | 9.1% | 9.1% | ANET, AXP, GOOGL, J, KEYS, LVS, META, PM, PPG, PWR, V | AI, Banking, compounders, long-term, Quality, value | Rapid innovation in AI, particularly Microsoft's partnership with ChatGPT creator OpenAI to enhance Bing's search capabilities, is creating intensifying competition in search. This may lead to a period of change in how people interact with search and the Internet, potentially affecting Alphabet's dominant position. | 0PMJ LN KEYS 0JZ0 LN AXP PPG ^VIX |
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| 2024 Q1 | Apr 15, 2024 | Artisan Global Discovery | 7.6% | 13.1% | ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT | AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology | AI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality. | View | |
| 2024 Q1 | Apr 10, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, ANET, CARR, CEG, CMG, DELL, EQT, GE, GRMN, JPM, KEY, MSFT, NEE, NVDA, OKE | AI, energy, growth, large cap, Natural Gas, semiconductors, technology, Utilities | AI is the dominant investment theme with Nvidia rising 82%, Microsoft advancing 15%, and Dell positioned to benefit from computer upgrades needed for AI applications. The manager views AI as requiring significant electricity to power data centers, leading to investments in utilities like Constellation Energy. | View | |
| 2025 Q1 | Mar 31, 2025 | Deep Sail Capital Partners | 0.0% | 0.0% | ANET, CLPT, NVDA, SNWV | AI, Hedging, Long/Short, Networking, Recession, technology, Trade Policy | Fund discusses AI data center networking extensively, with focus on Ethernet vs InfiniBand architectures for AI training workloads. AI data center market projected to reach $100 billion by 2030 with 30% CAGR. Arista Networks positioned to benefit from AI infrastructure buildout through networking solutions. | ANET |
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| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER | growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation | Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter. | ABBV CPRT |
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| 2025 Q1 | Mar 31, 2025 | BBH Select Series – Mid Cap Fund | -6.0% | -6.0% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA | industrials, insurance, mid cap, software, technology, Testing, value | The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity. | KEYS ULS |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2025 Q1 | Mar 31, 2025 | Carmignac Patrimoine | 1.5% | 1.5% | ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM | AI, Bonds, equities, Europe, gold, inflation, technology, US | The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across infrastructure and cloud computing sectors. The fund maintains targeted diversification within the technology sector covering the entire AI value chain across geographical zones and capitalisation segments. | View | |
| 2023 Q1 | Mar 31, 2023 | ValueWorks Capital | - | - | ADBE, AMD, AMZN, ANET, ASML, CRM, CSCO, 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. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. | View | |
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors | - | - | 1211.HK, AAPL, ACN, AMZN, ANET, CEG, DUK, EQT, GE, GLD, GRMN, JNJ, JPM, MSFT, NFLX, NVDA, PGR, TTEK | AI, Bonds, defense, Electric Vehicles, healthcare, inflation, Natural Gas, tariffs | The Trump Administration is pursuing tariffs, immigration controls, and budget cuts to reshape the US economy from global services-based to domestically focused manufacturing. Tariffs are viewed as generally bad policy that will result in lower margins and less efficient operations. The uncertainty around tariffs is leading to lower business activity and stock prices. | MSFT GRMN DUK AMZN AAPL NFLX JPM PGR JNJ |
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| 2023 Q1 | Mar 24, 2023 | Andrew Hill Investment Advisors | - | - | AAPL, ANET, DE, GRMN, LECO, MRK, MSFT, ULTA, V, VRTX | Banking, Bear Market, Federal Reserve, healthcare, interest rates, technology, value | Recently added to position in gold via GLD exchange traded funds that closely tracks gold prices. Gold seems to perform better when interest rates are falling which may be the case later this year. Industrial uses of gold are only about 10% of users, thus the store of value remains the global interest of gold investors. | View | |
| 2025 Q4 | Feb 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2024 Q4 | Feb 13, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, ANET, AR, CCO.TO, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, PLTR, REGN, TOU.TO, VST | AI, Data centers, energy, growth, infrastructure, Quality, technology | AI's rapid expansion is driving unprecedented demand for high-performance data centres, with AI workloads requiring vast computing power and significantly increased energy consumption. Hyperscalers are rapidly expanding infrastructure, pushing AI data centre power demand projected four times higher by 2030. | ANET GEV |
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| 2024 Q4 | Dec 31, 2024 | Madison Mid Cap Fund | -1.9% | 10.3% | ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB | Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value | The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS | AI, growth, innovation, large cap, secular trends, technology | AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference. | CYBR LPLA ANET NVDA TSLA |
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| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 2023 Q4 | Dec 31, 2023 | PM Capital Australian Companies Fund | 6.4% | 6.5% | ANET, JPM, TT | banks, Bonds, HVAC, Quality, tariffs, technology, value | Newly announced U.S. tariffs on the rest of the world are creating market instability and uncertainty. These tariffs will increase costs to corporations and consumers, dampen demand, and push the global economy toward recession if they remain in place. | 1102 TT ANET JPM |
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| 2024 Q3 | Dec 23, 2024 | Spear Advisors | -3.5% | 0.0% | ALAB, AMD, ANET, CEG, CRDO, DDOG, GEV, HUBS, MRVL, NET, NVDA, SHOP, SNOW, SPRX, TSLA, VST, ZS | AI, Data centers, energy, growth, semiconductors, technology | The fund sees AI as driving the next technology cycle, with applications emerging that were previously impossible due to compute limitations. They are expanding from AI hardware to applications including autonomous driving and quantum computing, noting step-change improvements in performance with accelerated computing. | TSLA |
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| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, AMSC, AMZN, ANET, CEG, ENPH, GEV, GRMN, GS, IDXX, JNJ, JPM, MSFT, NVDA, OKE, UTHR | AI, energy, financials, inflation, nuclear, tariffs, technology, Utilities | AI drives superior portfolio returns with holdings providing AI products and services or energy to AI providers. NVIDIA leads semiconductor industry providing the brains behind AI, with ChatGPT powered by their chips. Microsoft integrates AI across business lines with Co-Pilot subscription enhancing productivity. | AMZN ANET JPM GEV GS MSFT NVDA CEG GRMN AAPL |
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| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, ARGX, AVGO, EXAS, GDS, GTLB, HRTX, IT, LLY, NVDA, PAR, SHOP, SMAR, SNPS, SPOT, TEAM, TSLA, TSM, TTD, VIA | AI, growth, infrastructure, innovation, large cap, semiconductors, technology | The market has absorbed a surge of AI infrastructure buildouts with OpenAI announcing partnerships for tens of gigawatts of compute capacity. NVIDIA CEO Jensen Huang proclaimed global AI infrastructure spending could total $3 trillion to $5 trillion by 2030. The fund conducts intensive research to separate signal from noise in AI developments, examining parallels to past technology paradigm shifts while quantifying AI addressable markets across sectors. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 2025 Q3 | Nov 21, 2025 | Shelton Equity Income Strategy | - | - | AAPL, AMZN, ANET, BSX, CMCSA, CTSH, DVA, FTNT, GM, GOOGL, META, MSFT, NEM, NVDA, PHM, TSLA | AI, equity income, Options, rates, technology, Trade Policy, volatility | The rally was sustained by enthusiasm for the AI trade, with the Magnificent Seven stocks reclaiming leadership after lagging earlier in the year. AI continues to drive market momentum and sector rotation. | View | |
| 2025 Q3 | Nov 17, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology | AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. | TW META MSFT GS JPM NVDA ASML NA BABA US |
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| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG | AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation | Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements. | NVDA US MEDP US |
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| 2025 Q3 | Oct 28, 2025 | BBH Select Series – Mid Cap Fund | -0.9% | -1.8% | ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST | AI, healthcare, mid cap, Quality, tariffs, technology, value | The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments. | BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN |
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| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity | - | 8.2% | ADBE, ADI, ALC, AMD, AMZN, ANET, BDX, COO, FI, GOOGL, KMX, META, MSFT, ORCL, PM, PPG, RYAN, TMO, TSLA, WAT | AI, healthcare, infrastructure, momentum, private credit, Quality, technology | The letter extensively discusses AI infrastructure investment with $2.9 trillion projected spending on data centers over three years. Companies like OpenAI have made over $1 trillion in multi-year commitments despite limited current revenue. The AI theme dominates market performance with Information Technology comprising 35% of large cap market weight. | WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL |
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| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ANET, APP, CTAS, FI, FIX, GOOGL, INTU, IT, NFLX, TPR, TW | AI, Data centers, earnings, Fed policy, growth, large cap, Luxury, technology | Data-driven improvements are powering exponential increases in data accumulation integral to AI model development and refinement at companies like AppLovin. Despite increasing AI investments, Alphabet has demonstrated the ability to monetize AI applications. There are increasing concerns about Generative AI potentially disintermediating the value of proprietary technology research. | View | |
| 2025 Q3 | Oct 21, 2025 | Carmignac Patrimoine | 3.7% | - | ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM | AI, Bonds, equities, Europe, Gold Miners, inflation, technology, US | The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and surge in deals across infrastructure and cloud computing sectors. The fund maintains targeted diversification within technology covering the entire AI value chain across geographical zones and capitalisation segments. | View | |
| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA | earnings, growth, Quality, US, value | Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins. | MEDP |
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| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors | Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. | SPOT WING LSCC INSM ARGX |
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| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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| 2025 Q3 | Oct 15, 2025 | Madison Sustainable Equity Fund | 6.5% | 8.2% | AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V | growth, healthcare, large cap, Quality, Sustainable, technology | Oracle's massive RPO growth driven by AI infrastructure demand, with OCI revenue projected to increase from $18 billion to $144 billion over four years. Data center capital expenditure growth benefiting companies like Arista Networks. AI infrastructure companies generating strong performance in the quarter. | TJX TEL ANET GOOGL ORCL |
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| 2023 Q3 | Oct 15, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, CDW, DLTR, FND, FWONA, KMX, LBRDK, MKSI, PGR | insurance, mid cap, Quality, retail, technology, value | Arch Capital Group benefited from attractive market conditions in P&C and reinsurance markets where pricing has firmed up considerably over the last couple of years. The attractive market conditions are expected to continue for a couple more years. | TREE |
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| 2025 Q3 | Oct 14, 2025 | Madison Mid Cap Fund | 1.9% | 2.8% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Information Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum. | ANET APH MEDP |
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| 2025 Q3 | Oct 14, 2025 | Ithaka US Growth Strategy | 1.0% | - | ANET, APH, ASML, CMG, CRM, GOOGL, HOOD, ISRG, NFLX, NOW, NVDA, ORCL, PLTR, SHOP.TO, TTD | AI, Cloud, growth, infrastructure, large cap, semiconductors, technology | Massive AI infrastructure buildout with $400B-$600B in capex for 2025, led by hyperscalers investing $300B-$350B. Companies see once-in-a-generation opportunity to own infrastructure layer of transformative technology. Early productivity gains of 20-50% in software development and customer service, with ChatGPT reaching 800M weekly active users. | View | |
| 2025 Q3 | Oct 13, 2025 | Greenalpha Investment | - | - | ACHR, ANET, AVGO, CRWD, LRCX, MU, NET, RBRK, STX, XPEV | AI, China, cybersecurity, Electric Vehicles, Energy Transition, infrastructure, semiconductors, technology | AI infrastructure buildout is creating massive power demands that are forcing the energy transition. Microsoft and Google have committed over $100 billion in combined data center capex through 2026. The fund is positioning ahead of the infrastructure bottleneck in grid-scale storage, power management semiconductors, and modular nuclear solutions. | XPEV RBRK AVGO NET XPEV RBRK AVGO NET |
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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, healthcare, Quality, semiconductors, technology, Valuations | 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. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Large Cap Growth Strategy | 1.2% | 0.0% | ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY | AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance | AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher. | View | |
| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| 2025 Q4 | Jan 3, 2026 | Torre Financial | 1.9% | 8.5% | ADBE, AMZN, ANET, ASML, CRM, FDS, GOOGL, LLY, META, MSFT, NVDA, PYPL, TSM, UBER, UNH | AI, competition, growth, healthcare, Quality, technology, value | The race for AI has drawn in technology companies and nation states, with massive capital spending from Google, Microsoft, Amazon, Meta, and OpenAI driving Nvidia to become the first 5 trillion market cap company. The US has launched the Genesis Mission to ensure America wins the AI race, while China has shown innovation with DeepSeek. The portfolio focuses on strong, proven businesses with attractive business models, exhibiting strong returns on capital, competitive advantages, and durable growth. High quality, cash-flowing companies were not particularly sought after in 2025, with many high quality compounders selling off significantly. Eli Lilly's performance was propelled by their GLP-1 offerings and promising pipeline, contributing to the portfolio's top performers in 2025. | View | |
| 2025 Q4 | Jan 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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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 | 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 20, 2026 | Madison Mid Cap Fund | -1.2% | 1.8% | ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB | AI, financials, industrials, mid cap, Quality, technology, value | The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending. | MCHP MSA AOS TTAN BIO ROST |
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| 2024 Q3 | Sep 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CBRE, EFX, EXAS, HUBB, HUBS, ILMN, IOT, IRTC, MPWR, NVR, ONTO, PWR, SAIA, SNPS, SPOT, TEAM, WST, XYL | AI, Biotechnology, growth, healthcare, mid cap, real estate, technology | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages. | View | |
| 2024 Q2 | Jul 26, 2024 | Deep Sail Capital Partners | 13.8% | 23.5% | ACHR, AFRM, ANET, ARM, BA, BA.L, CAVA, CREX, ESTC, KOG.OL, NVDA, OII, PNG.TO, SAAB-B.ST | defense, Long/Short, Robotics, small caps, technology, value | Kraken Robotics positioned to benefit from autonomous underwater vehicle demand from global navies. Anduril partnership for Dive-LD and Ghost Shark programs represents significant revenue opportunity. XL-AUVs being developed globally by defense contractors to replace submarines. | PNG.TO |
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| 2024 Q2 | Jul 20, 2024 | Artisan Global Discovery | 7.6% | 13.1% | AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING | AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology | AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand. | View | |
| 2024 Q2 | Jul 17, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT | insurance, mid cap, Quality, technology, value | Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices. | TDY |
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| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST | AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG | Construction, insurance, Quality, technology, Trade Policy, value | Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment. | BLDR AAON TWFG |
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| 2023 Q1 | Apr 14, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well. | View | |
| 2025 Q1 | Mar 31, 2025 | Madison Mid Cap Fund | -4.2% | -4.2% | ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB | industrials, insurance, mid cap, semiconductors, technology, value | Three insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development. | TREX KNSL |
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| 2025 Q1 | Mar 31, 2025 | Artisan Mid Cap Fund | -7.4% | -7.4% | ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST | AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology | The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations. | View | |
| 2024 Q4 | Jan 24, 2025 | Giverny Capital Asset Management | 0.8% | 21.1% | AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Concentration, growth, mid cap, technology, value | Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment. | MEDP ALGN KNSL FERG FI IBP AHT MTB |
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| 2024 Q4 | Jan 23, 2025 | Deep Sail Capital Partners | 11.8% | 38.1% | ANET, ELF, IONQ, KRKNF, LCID, META, NVDA, QBTS, QMCO, QUBT, RIVN, RKLB, TSSI, VRT | AI, Bubble, growth, Robotics, Short Selling, small cap, technology | Manager discusses the emergence of a speculative AI and quantum computing bubble in late 2024, particularly following Google's Willow quantum chip announcement. The bubble has focused on lower-quality companies rather than established AI leaders like Nvidia, Meta, and Arista Networks, creating attractive short-selling opportunities. | SHEL.F VRT ELF TSSI RKLB PNG.TO |
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| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 14, 2025 | Ithaka US Growth Strategy | 8.2% | 30.2% | ADBE, AMD, AMZN, ANET, ASML, CRM, LULU, MEDP, MELI, NOW, NVDA, PLTR, UBER | AI, concentrated, growth, large cap, technology | Portfolio holdings with significant exposure to the global AI theme outperformed in Technology sector. Palantir's meteoric rise was driven by investor excitement regarding the company's ability to further monetize its AI product across its growing customer base. ServiceNow's stock rose driven by growing investor recognition of the company's dominant position in monetizing AI workloads. | ASML UBER AMD PLTR AMZN NOW |
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| 2023 Q4 | Jan 14, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT | Banking, insurance, mid cap, retail, technology, value | The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | Arista Networks, Inc. | Computer Hardware | Communications Equipment | Bull | New York Stock Exchange | cloud infrastructure, data centers, enterprise, hyperscale, networking equipment, Switches | View Pitch |
| May 6, 2026 | Seeking Alpha | Seeking Alpha | Arista Networks, Inc. | Technology | Networking Equipment | Bear | New York Stock Exchange | AI data centers, AI networking sector, Arista Networks, Ethernet switches, Extensible Operating System, growth deceleration, high margins, hyperscalers, Market Saturation, networking equipment | View Pitch |
| Apr 28, 2026 | Fund Letters | Andrew Hill Investment Advisors | Arista Networks Inc | Technology | Communications Equipment | Bull | NYSE | AI infrastructure, cloud infrastructure, Communications Equipment, data centers, Data Transmission, Networking | View Pitch |
| Apr 28, 2026 | Fund Letters | PM Capital Australian Companies Fund | Arista Networks | Information Technology | Communications Equipment | Bull | NYSE | AI, Cloud computing, data center, growth, infrastructure, Networking, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | City Different Investments - Multi-Cap Core | Arista Networks | Information Technology | Communications Equipment | Bull | NYSE | AI, Cloud computing, data center, growth, market share, Networking, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Deep Sail Capital Partners | Arista Networks | Information Technology | Communications Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, Ethernet, founder-led, growth, high-performance computing, networking equipment, Share Buybacks, Software-Defined Networking | View Pitch |
| Apr 13, 2026 | Fund Letters | Sandhill Investment Management | Arista Networks | Information Technology | Communications Equipment | Bull | NYSE | AI infrastructure, Cloud computing, data center, market share gains, networking equipment, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Peak Asset Management | Arista Networks | Information Technology | Communications Equipment | Bull | NYSE | AI, Cloud computing, data center, growth, infrastructure, market share, Networking, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Opportunity Fund | Arista Networks, Inc. | Information Technology | Communications Equipment | Bull | NYSE | AI infrastructure, Cloud computing, data center, enterprise, Ethernet, growth, Networking, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Andrew Hill Investment Advisors | Arista Networks, Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI infrastructure, Cloud networking, Communications Equipment, Data center infrastructure, energy efficiency, Ethernet Cables, network switches | View Pitch |
| Apr 13, 2026 | Fund Letters | Tall Oak Capital Advisors | Arista Networks Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI infrastructure, Capital-light, Cloud computing, Communications Equipment, data centers, Free Cash Flow Growth, High-Speed Networking, hyperscalers, networking equipment, Software Services | View Pitch |
| Mar 28, 2026 | Substack | Monopolistic Investor | Arista Networks | Technology | Networking Equipment | Bear | New York Stock Exchange | AI clusters, Arista Networks, competitive landscape, financial health, growth expectations, insider activity, network switches, Pricing power, revenue concentration, Service revenue | View Pitch |
| Jan 29, 2026 | Fund Letters | David M. Poppe | Arista Networks Inc. | Information Technology | Networking Equipment | Bull | New York Stock Exchange | AI, data centers, hyperscalers, Networking, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Maya Bittar | Arista Networks Inc. | Information Technology | Communications Equipment | Bull | NYSE | AI, data centers, growth, guidance, infrastructure, Margins, Networking | View Pitch |
| Nov 29, 2025 | Fund Letters | Rich Eisinger | Arista Networks Inc. | Information Technology | Communications Equipment | Bull | NYSE | AI, data centers, enterprise, growth, Margins, Networking | View Pitch |
| Nov 29, 2025 | Fund Letters | Ronald Baron, Michael Baron | Arista Networks, Inc. | Information Technology | Cloud data center networking | Bull | NYSE | AI infrastructure, buybacks, Cloud networking, Ethernet switches, Free Cash Flow, hyperscalers, Margins, secular growth | View Pitch |
| Oct 23, 2025 | Value Investors Club | Deepsailcap | Arista Networks, Inc. | Information Technology | Communications Equipment | Bull | NYSE | AI infrastructure, AI networking, data centers, InfiniBand, secular growth, Ultra Ethernet | View Pitch |
| Sep 9, 2025 | Seeking Alpha | Seeking Alpha | Arista Networks Inc. | Computer Hardware | Bull | AI infrastructure, Broadcom partnership, CapEx surge, competitive moat, EOS for AI, growth prospects, hyperscalers, market dynamics, networking switches, valuation risks | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | JR Research | Arista Networks Inc. | Information Technology | Computer Hardware | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Uttam Dey | Arista Networks | Information Technology | Computer Hardware | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The Alpha Analyst | Arista Networks | Information Technology | Computer Hardware | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Daniel Sundheim | D1 Capital Partners | $10.7B | $126.1M | 1.18% | 962,429 | +962,429 | +100.00% | 0.0718% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $21.8M | 0.22% | 197,588 | +197,588 | +100.00% | 0.0198% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $30.0M | 0.06% | 229,011 | -543,031 | -70.34% | 0.0171% |
| Ho Ching | Temasek Holdings | $31.6B | $7.6M | 0.02% | 58,189 | +58,189 | +100.00% | 0.0043% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $990.6M | 1.14% | 7,560,117 | -2,193,000 | -69.29% | 0.5637% |
| Chris Rokos | Rokos Capital Management | $9.9B | $21.8M | 0.22% | 197,588 | -61,505 | -23.74% | 0.0198% |
| Ray Dalio | Bridgewater Associates | $27.4B | $174.2M | 0.64% | 1,329,442 | +649,076 | +95.40% | 0.0991% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 12,500 | -3,500 | -21.88% | 0.0009% |
| Israel Englander | Millennium Management LLC | $233.2B | $27.9M | 0.01% | 213,100 | -57,400 | -21.22% | 0.0159% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $198.3M | 0.16% | 1,513,280 | +1,513,280 | +100.00% | 0.1128% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $213.7M | 0.32% | 1,630,792 | +299,267 | +22.48% | 0.1216% |
| Cliff Asness | AQR Capital Management | $190.6B | $962.6M | 0.51% | 7,346,710 | +1,085,647 | +17.34% | 0.5478% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $163.1M | 0.63% | 1,244,655 | -72,555 | -5.51% | 0.0928% |
| Bruce Kovner | Caxton Associates | $3.2B | $19.0M | 0.60% | 171,463 | +128,785 | +301.76% | 0.0108% |
| Mario Gabelli | GAMCO Investors | $10.4B | $394,793 | 0.00% | 3,013 | +20 | +0.67% | 0.0002% |
| Louis Bacon | Moore Capital Management | $6.8B | $14.7M | 0.22% | 112,365 | +57,428 | +104.53% | 0.0084% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $298,486 | 0.01% | 2,278 | +26 | +1.15% | 0.0002% |
| $25.6B | $37.5M | 0.15% | 286,505 | -52,287 | -15.43% | 0.0214% | ||
| Francois Rochon | Giverny Capital | $3.0B | $54.9M | 1.83% | 419,158 | -818,039 | -66.12% | 0.0313% |
| Rich Handler | Jefferies | $19.3B | $2.3M | 0.01% | 17,621 | +6,591 | +59.76% | 0.0013% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $927,946 | 0.00% | 7,081 | +3,632 | +105.31% | 0.0005% |