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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM | AI, growth, large cap, momentum, Quality, technology, underperformance, valuation | AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure. | View | |
| 2024 Q3 | Sep 30, 2024 | YCG Investment | - | - | AON, CME, CNI, CP, GOOGL, MMC, OR.PA, PGR, RMS.PA, RSG, UL, WM | Bear Markets, insurance, long-term, Luxury, Pricing Power, Railroads, Waste management | Manager increased conviction in Hermes over L'Oreal, believing luxury brands with the most desirable status symbols through heritage, storytelling, and controlled supply have the most favorable long-term economics. Hermes handbags routinely sell above retail prices, with exclusive $100,000-$200,000 bags selling at auction for double their retail price. | View | |
| 2023 Q2 | Aug 4, 2023 | Eagle Capital Management | - | - | AMZN, AON, BAYRY, COF, COP, GOOGL, META, MSFT, NFLX, SHEL, UNH | AI, Cloud, Data, disruption, Distribution, energy, technology | Eagle views AI as creating both opportunities and risks across three categories: automation, personalization, and generative AI. The firm believes distribution control and data moats provide defensive advantages, while atoms businesses face less disruption than bits businesses. | View | |
| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management | 5.1% | 18.6% | AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA | Concentration, large cap, Passive, S&P 500, technology, valuation | The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically. | View | |
| 2025 Q2 | Jul 17, 2025 | Dodge & Cox Stock Fund | 3.8% | 7.5% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2025 Q2 | Jul 17, 2025 | Polen Capital – International Growth | 6.9% | 6.9% | 8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME | Compounding, earnings, International Growth, Quality, valuation | The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles. | IBN ICLR GLOB AON SAP GR 8035 JP MELI |
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| 2025 Q2 | Jul 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | IDXX SBUX ORCL GLOB IDXX SBUX ORCL |
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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 Q1 | May 9, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | AON, ASML, HDB, ICLR, MELI, SAP, TEMN.SW, TEP.PA | Banking, Cloud, E-Commerce, growth, India, international, Quality, software | SAP's transition to the cloud continues at a healthy pace with compelling cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. SAP is viewed as one of the more resilient software business models as it is essential to customers' day-to-day operations. | MELI HDB TEMN.SW TP.PA AON SAP ICLR |
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| 2026 Q1 | May 6, 2026 | FPA Source Capital | -0.3% | -0.3% | ADI, AON, BDX, CHTR, CMCSA, FBHS, GLEN.L, GOOGL, KMI, KMX, TEL | Balanced, healthcare, international, private credit, SMID Cap, value | View | ||
| 2024 Q1 | May 10, 2024 | FPA Crescent Fund | 3.7% | 12.8% | 3659.T, 9988.HK, ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FERG, GBLB.BR, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, TEL | global, Opportunistic, Quality, value | JDE Peet's is the second largest coffee business in the world, currently navigating challenges including effects of war on Russian business, pandemic impact on out-of-home demand, and massive inflation in coffee prices. Management has struggled with these challenges leading to CEO replacement. | JDEP.AS |
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| 2025 Q1 | Apr 9, 2025 | Mawer International Equity Fund | 9.9% | 9.9% | AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO | AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy | Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages. | View | |
| 2026 Q1 | Apr 6, 2026 | Douglass Winthrop | - | - | AMZN, AON, MSFT | AI, Cloud, inflation, large cap, Quality, rates, technology | AON AMZN MSFT |
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| 2026 Q1 | Apr 29, 2026 | Jensen Investment | -2.5% | -2.5% | AON, BR, CDNS, FDS, G, HOLX, KEYS, KR, LH, LULU, ON, ROST, SHW, TTC | AI, competitive advantages, energy, mid cap, Quality, ROE, value | View | ||
| 2026 Q1 | Apr 28, 2026 | FPA Crescent Fund | -1.6% | -1.6% | AON, AZE.BR, BDX, GLEN.L, GOOGL, TEL | healthcare, international, Portfolio Management, SMID Cap, technology, value | View | ||
| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2025 Q1 | Apr 19, 2025 | Polen Capital – International Growth | 0.0% | 0.0% | ADYEN.AS, AON, GLOB, ICLR, LONN.SW, MELI, NVO, SAP, TME, TSM, UL | China, growth, healthcare, international, payments, Quality, technology | The fund maintains focus on high-quality, high-growth international businesses with competitive advantages. Portfolio holds companies with solid earnings growth prospects and weighted average earnings expected to grow at mid-teens rate over time. Quality growth approach can be rocky short-term but positions portfolio well for long-term outperformance. | TME LONN.SW ADYEY |
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| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS | AI, global, growth, healthcare, Quality, tariffs, technology, volatility | Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending. | MELI ADYEN WTW NVO AMZN GLOB AON ABT |
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| 2024 Q1 | Apr 15, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC | Broadband, large cap, Rotation, technology, valuation, value | The fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level. | View | |
| 2025 Q1 | Apr 14, 2025 | Polen Capital – Focus Growth | -6.3% | -6.3% | AAPL, ABT, ACN, AMZN, AON, CMG, GOOGL, IT, LLY, META, NFLX, NOW, NVDA, NVO, ORCL, SBUX, TSLA, V, ZTS | AI, growth, healthcare, large cap, Quality, Resilience, technology, Trade Policy | The AI infrastructure narrative dominated headlines and powered much of the Russell 1000 Growth Index's 90% two-year return. However, semiconductors—the most visible AI beneficiary—declined 19% in Q1 2025 as the bloom came off the AI rose. Polen has no exposure to semiconductor companies and views Oracle's AI exposure as minimal. | AON SBUX |
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| 2026 Q1 | Apr 13, 2026 | Mawer International Equity Fund | 0.2% | 0.2% | 0700.HK, AD.PA, AON, APH, BAM, BHP.AX, BNZL.L, BWXT, CACI, DB1.DE, EQNR, HDB, MSFT, NOC, SHOP.TO, SII.TO, SKE.TO | AI, defense, diversification, energy, Geopolitical, inflation, Quality | View | ||
| 2025 Q1 | Mar 31, 2025 | Eagle Capital Management | 0.7% | 0.7% | AA, AER, AMZN, AON, BAYRY, CHTR, CMCSA, COF, COP, DFS, EL, ELV, GE, GEV, GOOGL, HLT, HUM, INTU, LBRDK, LEN | AI, diversification, Geopolitical, long-term, Recession, tariffs, uncertainty, value | The administration is serious about changing trade flows and will implement significant tariffs, though ultimate levies expected to come down from headline rates. Tariffs are a form of consumption tax shared by consumers and foreign exporters, with corporate profits expected to be somewhat lower. Manufacturing capacity additions to the U.S. will be limited to quick-cycle projects with good returns on capital. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Crescent Fund | -0.2% | -0.2% | ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL | energy, global, Natural Gas, Valuations, value | The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly. | View | |
| 2025 Q1 | Mar 31, 2025 | Weitz Large Cap Equity Fund | -3.8% | -3.8% | AON, BRK-A, CHTR, CRM, CSGP, DHR, FIS, GOOGL, GPN, IDXX, IEX, IT, LH, META, MSFT, ORCL, SPGI, TECH, V, VEEV | AI, financials, large cap, Life Sciences, technology, value | Investors questioned returns on gargantuan capital spending needed to drive the AI revolution after early enthusiasm. Microsoft is well positioned as an AI infrastructure player with attractive long-term upside potential. | TECH IDXX MSFT |
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| 2025 Q1 | Mar 31, 2025 | Weitz Partners III Opportunity Fund | -0.6% | -0.6% | ACN, ADBE, AMZN, AON, BRK-A, DHR, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, PRM, ROP, TECH, TMO, V | AI, Concentration, large cap, Long/Short, technology, Trade Policy, value | The AI Trade faced a significant setback in late January when Chinese firm DeepSeek announced its latest AI model was developed at a fraction of the cost of U.S. competitors. This caused investors to take much harder looks at AI spending plans at U.S. technology firms and shifted market sentiment overnight. | View | |
| 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 | SGA – International Growth | 1.0% | 9.6% | 1299.HK, 6098.T, 9983.T, ADYEN.AS, ALC, AON, ARM, BABA, CP, DSY.PA, EXPN.L, FEMSAUBD.MX, GALD, GRAB, HDFCBANK.NS, HEIA.AS, HLN.L, INFY, LIN, MELI, OR.PA, SAP, SE, SGE.L, SHOP, SRT3.DE, STE, TEAM, TSM, UL, UMG.AS, WALMEX.MX, WCN, YUMC | AI, Cyclical, E-Commerce, growth, international, Quality, Southeast Asia, valuation | SGA continues to believe the most attractive long-term AI opportunities reside with businesses building long-term value through proprietary data and integrated workflows. The portfolio is positioned to capture AI value through companies providing essential intellectual property and manufacturing capability for the AI ecosystem, including TSMC, Arm Holdings, SAP, and Dassault Systemes. The portfolio focuses on high-conviction quality growth businesses anticipated to achieve consistent mid-teens earnings growth with reduced variability. Despite market headwinds favoring cyclical assets, SGA maintains conviction in quality companies with predictable revenue and cash flow generation that should become more sought after if market volatility increases. New positions were established in Sea Limited and Grab Holdings, both Southeast Asian consumer internet companies with integrated ecosystems. Sea operates Shopee e-commerce platform with integrated payments and logistics, while Grab provides super-app services for ride-hailing, food delivery, and digital payments across Southeast Asia. | TEAM ARM DSY FP SRT GR 9983 JP |
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| 2023 Q4 | Feb 21, 2024 | Eagle Capital Management | 10.2% | 38.1% | AMZN, AON, BAYRY, C, CHTR, CMCSA, COF, COP, ELV, GE, GOOGL, GS, HLT, IAC, LBRDK, MAR, META, MSFT, NFLX, OXY | energy, fiscal policy, inflation, Long Term, technology, value | After prolonged poor industry performance, structural supply/demand dynamics are attractive. Energy stocks trade at historically wide free-cash-flow-yield advantage to overall market. Geopolitical risks may cause energy price spikes, yet sector weighting is near all-time lows as percentage of overall market. | View | |
| 2024 Q4 | Feb 10, 2025 | Eagle Capital Management | - | - | AER, AMZN, AON, CMCSA, COP, GOOGL, HUM, LNSTY, MSFT, SHEL, UNH, WDAY, WWD | earnings, energy, healthcare, long-term, technology, value | Eagle defines value as a philosophy anchored in math, seeking investments that can generate double-digit returns by reaching a 10% yield on capital employed. The firm analyzes long-term earnings power rather than current multiples, as demonstrated by their 10-year forward earnings yield analysis of S&P 500 companies. | HUM UNH COP AMZN |
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| 2024 Q4 | Dec 31, 2024 | Artisan International Fund | - | 10.6% | 2579.T, 4091.T, AER, AI.PA, AMZN, AON, ARGX, AZN, BA.L, BUD, FLTR, LIN, MRO.L, NG.L, NVO, RHM.DE, SHOP, UCB.BR, UCG.MI | Biotechnology, Cloud, defense, Energy Transition, healthcare, Industrial Gases, international, value | Healthcare holdings delivered robust performance with UCB's Bimzelx approval for chronic inflammatory skin conditions adding $1.8 billion in peak sales potential. Argenx advanced VYVGART to phase 3 trials for myositis treatment, potentially adding $2 billion to peak sales. The VYVGART franchise grew 20% with total peak sales projected to exceed $10 billion. | View | |
| 2023 Q4 | Dec 31, 2023 | Auxier Asset Management | 7.4% | 0.0% | ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC | AI, Banking, energy, healthcare, insurance, small caps, technology, value | Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft. | View | |
| 2022 Q4 | Dec 31, 2022 | Polen Capital – International Growth | 9.2% | -30.0% | AON, BNZL LN, CAN, GLOB, SAP, SHOP, TCEHY, TEMN SW, ULVR LN | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value | Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. | SUNP IN AHT.L ANDURIL MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q4 | Dec 1, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 6920.T, AON, ASML, HDFCBANK.NS, ICLR, KER.PA, MDT, SGE.L, SHOP.TO, TEMN.SW, TEP.PA, TSM, UL | AI, E-Commerce, growth, healthcare, international, Quality, semiconductors, technology | The portfolio holds dominant semiconductor companies ASML and Lasertec, which play critical roles in extreme ultraviolet lithography and photomask inspection equipment. Lasertec saw rapid sales growth and management suggests semiconductor sales could be bottoming, though 2024 may deliver less exciting growth for the industry. | TEMN.SW HDFCBANK.NS TEP.PA MDT 6920.T SHOP.TO SGE.L |
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| 2023 Q4 | Dec 1, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ABT, ADP, ALGN, AMZN, AON, EL, MSFT, NESN.SW, NVO, SAP, WDAY | global, growth, healthcare, Quality, technology | SAP's transition to the cloud continues at pace with robust cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Workday operates in the $100bn+ global HCM market and is expected to generate 20%+ annualized earnings growth over the next three to five years. | ABT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT SAP AMZN WDAY |
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| 2024 Q3 | Nov 19, 2024 | Eagle Capital Management | - | - | AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GEV, GOOGL, GS, HLT, HUM, META, MSFT, NFLX, OXY, SAP, TSM, WWD | aerospace, Aftermarket, growth, Quality, value | Eagle views aerospace as one of the most attractive segments of the global economy, driven by strong demand growth and technical moats. The company highlights Woodward's unique position in aerospace aftermarket with tripled content share on new generation narrowbody aircraft. | WWD |
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| 2023 Q3 | Nov 16, 2023 | Auxier Asset Management | 7.4% | 0.0% | AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO | energy, healthcare, insurance, rates, technology, value | Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2024 Q3 | Oct 8, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | 3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO | AI, China, consumer, international, Japan, rates, real estate | Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX | Diversified, global, Long/Short, Opportunistic, risk management, value | JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company. | View | |
| 2024 Q3 | Oct 23, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, AMZN, AON, GLOB, GOOGL, LLY, MSCI, MSFT, NVDA, NVO, ORCL, PAYC, SAP, SHOP.TO | Cloud, global, growth, Quality, technology | Oracle's cloud infrastructure business is accelerating as the company transitions applications and databases to the cloud. Oracle Cloud Infrastructure comprises many smaller datacenters that can act as public or private clouds, particularly benefiting large enterprises like banks and healthcare companies. The shift to cloud for Oracle applications and databases will provide a revenue tailwind for years to come. | ORCL |
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| 2024 Q3 | Oct 17, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 8035.T, AON, ASML, EXPN.L, ICLR, MELI, NVO, ONON, SAP, SGE.L, TE.PA, TEMN.SW, UL | earnings, growth, international, Long Term, Quality, volatility | MercadoLibre continues to execute well in Latin America's largest ecommerce market, taking market share while expanding fintech offerings to over 150 million users. Recent earnings show acceleration despite challenging macro environment. Management continues to invest in product development and fulfillment capabilities to support longer-term growth. | ONON 8035.T ASML ICLR SAP MELI AON |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | GLOB IDXX SBUX ORCL |
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| 2025 Q3 | Oct 14, 2025 | Dodge & Cox Stock Fund | 3.1% | 10.9% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2025 Q4 | Jan 29, 2026 | Ironvine Capital Partners | 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 27, 2026 | Diamond Hill Large Cap Strategy | 1.4% | 5.7% | AIG, AON, BRK-B, CAT, CB, CL, COF, COO, DOV, EQT, GM, GOOGL, HCA, HIG, LH, MU, NDAQ, SOLV, SYY, WIX, ZTS | AI, Defensive, financials, healthcare, large cap, Quality, technology, value | The fund remains cautious of AI-driven market exuberance where investor sentiment often appears to outpace business fundamentals. AI optimism drove strong performance in information technology and communication services sectors, with hundreds of billions in AI-related capital spending supporting stocks like Micron and Sandisk. The fund continues to find attractive opportunities among high-quality, cash-generative businesses with defensive characteristics including Colgate, Aon and Berkshire Hathaway. These fundamentally stable businesses underperformed in 2025 but continue to perform in-line with expectations. The portfolio focuses on fundamentally stable, higher quality businesses trading at discounts to intrinsic value estimates. New positions like Dover Corp were initiated when stocks traded at significant discounts to estimated intrinsic value. | EQT SOLV WIX DOV COO SYY LH ZTS COF AIG GM |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ACN, AON, BLDR, CAT, COP, CVX, FANG, GOOGL, HCA, HON, HUM, NVR, PH, SBAC | energy, healthcare, industrials, large cap, rates, technology, value | The Federal Reserve cut US rates 50 basis points in September and signaled several more rate cuts are on the table. Several other major global central banks cut rates too, including the European Central Bank, Swiss National Bank and People's Bank of China. The apparent end of the higher interest-rate cycle helped spur markets higher in September. | BLDR ACN AON |
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| 2024 Q3 | Sep 30, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO | Broadband, Long/Short, Quality, Rate Cuts, technology, value | The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices. | View | |
| 2024 Q3 | Sep 30, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, C, CHTR, CMCSA, ENT.L, GOOGL, HOLN.SW, IFF, JEF, KMX, META, MSFT, NVDA, TEL | Concentration, growth, large cap, Quality, risk management, value | The fund emphasizes value investing philosophy, noting that value managers have struggled significantly over the past decade with Value underperforming Growth by substantial margins. Many investors have capitulated and fired their Value managers, with some converting to Growth strategies. | KMX CHTR C HOLN.SW |
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| 2024 Q2 | Jul 28, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. | ODFL |
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| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 2024 Q2 | Jul 28, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value | AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. | ODFL CSU.TO IEX |
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| 2023 Q2 | Jul 20, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, MA, META, MSFT, PMS, ROP, SIRI, TECH, TMO, V | AI, contrarian, large cap, Long/Short, technology, underperformance, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, which averaged roughly 16% of fund assets in 2025. Alphabet was the fund's top performer in both the quarter and year, with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SHLX, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, Global Growth, healthcare, Quality, secular growth, technology, Trade Policy | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. Not having exposure to semiconductors presented a significant headwind to relative performance. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2024 Q2 | Jul 16, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 6920.T, 8035.T, ADS.DE, AON, HDB, ICLR, SAP, SGE.L, TEP.PA | Banking, growth, healthcare, international, semiconductors, software | SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. SAP is viewed as one of the more resilient software business models as it is essential to customers' day-to-day operations. | 8035.T AON ICLR SGE.L TEP.PA SAP HDB |
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| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, AON, GOOGL, MC.PA, MSCI, MSFT, NOW, NVDA, PAYC, SHOP, WDAY, ZTS | AI, Cloud, global, growth, Quality, semiconductors, software, technology | AI remained the dominant narrative in markets with narrow leadership from companies perceived to be AI beneficiaries. The Semiconductor industry rose 19% in the quarter and accounted for more than 50% of the MSCI ACWI Index return. However, most businesses are only experimenting with GenAI rather than actual, proven use cases. | SHOP ZTS PAYC WDAY NVDA AMZN ADBE GOOGL |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, global, growth, Oracle, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q1 | Apr 18, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 7741.T, AON, APG, BKNG, CRH, CRM, DHR, ERF.PA, FERG.L, FTR, LSEG.L, RTO.L, SNPS, SONY | global, semiconductors, Stalwarts, technology, Travel, value | Cooper Investors focuses on Risk Adjusted Value Latency opportunities, particularly in businesses trading at reasonable valuations relative to their fundamentals. The fund has identified Value Latency-rich opportunities created by market volatility and pricing inefficiency as markets adjust to higher interest rates. | LSEG.L RTO.L BKNG |
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| 2023 Q1 | Mar 31, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, healthcare, Long/Short, technology, Telecommunications, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of fund assets in 2025. Alphabet was the top performer with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2023 Q4 | Jan 27, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | AAPL, ACIW, AMZN, AON, DHR, GOOG, GWRE, IT, LBRDA, META, MLM, MSFT, NVDA, SCHW, TSLA, VLTO, VMC | Building Materials, Multi Cap, Quality, small caps, technology, value | The fund employs a Quality at a Discount framework applicable to businesses of all sizes. They seek high-quality businesses trading at attractive discounts to business value, with the portfolio collectively trading at an estimated price-to-value ratio in the mid 80s. | View | |
| 2023 Q4 | Jan 27, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, CHTR, CRM, DHR, EFX, FIS, GOOG, GPN, IT, LBRDK, LLYVK, META, ORCL, ROP, SCHW, TMO, VLTO | Concentration, growth, large cap, Rotation, technology, value | The letter emphasizes value investing principles, citing Benjamin Graham and David Dodd's Security Analysis and Horace's quote about fallen stocks being restored. The manager discusses how previously fallen growth companies became top performers in 2023, demonstrating the value investing principle that controversy often leads to outsized returns. | CGPN.L VLTO |
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| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW | E-Commerce, financials, growth, healthcare, industrials, international, software, technology | Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth. | WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO |
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| 2023 Q4 | Jan 16, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AJG, AMZN, AON, BMO, BN, CIGI, CNQ, DLG.MI, EQNR, JPM, MMC, MSFT, RY, SHBA.ST, SU, TSM | banks, energy, Equity, global, rates, real estate, technology | Technology companies including Amazon.com, Microsoft, and semiconductor company TSMC moved higher on the prospect of falling discount rates and continued fundamental execution. These growth-oriented technology focused stocks were among the greatest beneficiaries of lower discount rates during the quarter. | View | |
| 2023 Q4 | Jan 15, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, ADYEN.AS, AIT.L, AON, CDW, CRM, DHR, EUFI.PA, FER.MC, FTV, GEHC, GOOGL, HLN.L, LSEG.L, MSFT, RTO.L, URI, WDAY, YUMC | cyclicals, global, healthcare, technology, Turnarounds, value | The fund invested in Tokyo Electron during the semiconductor cycle trough in November 2022, benefiting from the industry recovery and emerging AI theme. The stock rallied 60% over the holding period as sentiment improved and earnings estimates recovered from cyclical lows. | ADYEN.AS LSEG.L GEHC |
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| 2024 Q4 | Jan 14, 2025 | Mawer International Equity Fund | -1.2% | 14.6% | AAPL, AHT.L, AON, APH, ASM.AS, ASML, AVGO, BAM, CME, CPG.L, CTS.TO, IAG.TO, META, NFLX, NVDA, TSLA, TSM, TVK.TO, V, WKL.AS | AI, financials, global, long-term, Quality, semiconductors, value | Mawer believes they are in the earlier stages of AI deployment and therefore long-term winners and losers are too difficult to predict. They maintain diversified exposure toward companies that benefit from AI use cases as well as those focused on building AI infrastructure. Taiwan Semiconductor Manufacturing Co. performed well on strong AI-driven demand and advanced chip technologies, while Amphenol continued its positive trajectory with AI-related products driving significant growth. | View | |
| 2024 Q4 | Jan 14, 2025 | Cooper Investors Global Equities Fund (Unhedged) | 11.1% | 20.6% | AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V | global, growth, insurance, Sports, Travel, value | BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business. | RYAN AHT ERF FWONK BKNG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Douglass Winthrop | Aon plc | Insurance Brokers | Insurance Brokers | Bull | New York Stock Exchange | Cyber security, enterprise clients, financial services, insurance brokerage, professional services, recurring revenue, regulatory compliance, risk management | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Focus Growth | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Client Retention, defensive, Global, inflation hedge, insurance brokerage, professional services, recurring revenue, scale | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global Growth | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Brokerage, defensive, Equity, financials, Insurance, Non-Discretionary, professional services, recurring revenue | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | Aon plc | Financials | Insurance Brokers | Bull | NYSE | defensive, Equity, insurance brokerage, M&A, Mid-market, professional services, risk management | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Consulting, global scale, Insurance Broker, Middle Market, organic growth, professional services, risk management | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Free Cash Flow, Insurance Broker, M&A Integration, professional services, Quality, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | AON | Financials | Insurance Brokers | Bull | NYSE | acquisition, Insurance Brokers, Mid-Market Expansion, professional services, Reinsurance, risk management, technology infrastructure | View Pitch |
| Jan 30, 2026 | Fund Letters | Matt Barnes | Aon PLC | Financials | Insurance Brokers | Bull | New York Stock Exchange | buybacks, financial services, insurance brokerage, recurring revenue, risk management | View Pitch |
| Jan 8, 2026 | Fund Letters | Todd Morris | Aon plc | Financials | Insurance Brokers | Bear | New York Stock Exchange | Insurance_Broking, Professional_Services, Reinsurance, Risk_Management | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Lighting Rock Research | Aon plc | Financials | Insurance Brokers | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||