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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, CVNA, HLT, MELI, NET, PLTR, TW | AI Demand, Compounding, earnings growth, Mid Caps, volatility | The letter highlights a rebound in mid-cap growth stocks supported by resilient demand for AI-related services and improving earnings visibility. Management views mid-cap growth as a source of long-term compounders overlooked during recent market volatility. Selectivity and balance sheet strength remain critical. | CVNA VST MELI TW AXON PLTR |
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| 2025 Q2 | Aug 25, 2025 | Davis Global Fund | - | 14.1% | 005930 KS, 3690 HK, 8001 JP, APP, COF, DSN GR, META, NTES, SOLV, TCOM, VTRS | durability, earnings growth, Global Equities, selectivity, Valuation discipline | The letter emphasizes selective global investing amid high aggregate valuations. Management focuses on competitively advantaged companies with strong management and attractive earnings growth trading below market multiples. The outlook favors staying invested while avoiding overvalued segments of the market. | 8001 JP NTES SOLV |
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| 2024 Q1 | Apr 22, 2024 | Rodrigo Benedetti | 0.0% | 0.0% | AM FP, APP | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments All Cap Growth | - | - | ABBV, APP, ARES, CRL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alger Mid Cap Focus Fund | -13.3% | -13.3% | ALAB, APP, HEI, MRVL, PLTR, SPOT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Select Growth Fund | -10.1% | -10.1% | AMZN, APP, APPL, ASML, AVGO, DDOG, ENTG, NET, NOW, NVDA, RBLX, SE, SNOW, SPOT, TSM, UBER | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | APP, ASML, CVNA, DASH, IOT, KVYO, MELI, NOW, NVDA, OKTA, RBLX, SE, TSM, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hayden Capital | -0.6% | -0.6% | APP, COIN, SE | - | View | ||
| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2024 Q4 | Dec 31, 2024 | Alger Mid Cap Focus Fund | 4.9% | 24.5% | APP, AXON, MPWR, PLTR | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ClearBridge Mid Cap Growth Strategy | - | - | APP, AROC, CTRA, IP, MRVL | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Alger Spectra Fund | 5.6% | 39.9% | AMZN, APP, LLY, MELI, MSFT, NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – Large Cap Growth | - | - | APP, BAH, HCA, PINS, WEX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Select Growth Fund | 8.8% | 24.3% | 300750 CH, APP, AXON, DXCM, EW, FND, GRAB, LRCX, NFLX, NOW, NU, OKTA, RBLX, SSFN, YMM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Global Growth Fund | 5.3% | 15.7% | 6861 JP, ALGN, APP, AXON, DXCM, EW, GRAB, LRCX, MELI, NFLX, NOW, OKTA, SPOT, SSFN, TTEK | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Touchstone Sands Capital International Growth Equity Fund | -4.1% | 8.4% | APP, EVD GR, G, GRAB, SHOP, SIKA SW, SSFN, STOP, TSM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | 300750 CH, APP, AXON, CRWD, MNDY, NOW, NU, RBLX, SSFN, TSM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 300750 CH, 603288 CH, APP, BYD, GRAB, HTHT, LAM, NOW, NU, RENT3 BZ, RJHI AB, SSFN, TSM, YMM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, ICGL, MRVL, PLTR, RDDT | - | View | ||
| 2025 Q3 | Nov 5, 2025 | PGIM Jennison Global Opportunities Fund | 5.3% | 9.8% | 1810 HK, APP, GOOG, HOOD, LLY, MELI, NOW, NVDA, ORCL, SHOP, TSM | Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, technology | The fund focuses on global growth leaders benefiting from secular AI adoption and innovation-led earnings expansion. Top contributors included NVIDIA, AppLovin, and TSMC, while weakness came from Netflix and MercadoLibre. Jennison remains overweight technology and communication services, expecting durable growth from cloud, semiconductors, and digital platforms. | View | |
| 2024 Q3 | Nov 27, 2024 | Hayden Capital | 13.9% | 37.6% | APP | - | View | ||
| 2025 Q3 | Nov 25, 2025 | BlackRock Science And Technology Term Trust | 11.6% | - | APP, NVDA, SNDK, TBRG | AI, Capex, Cloud, infrastructure, semiconductors | The trust substantially increased exposure to the AI supply chain, reallocating toward semiconductors, networking infrastructure, and robotics amid accelerating global AI CAPEX. AI-driven earnings strength and hyperscaler investment continue to dominate sector performance, with Databricks, Nvidia, and AppLovin noted as major contributors. AI remains the central structural driver of tech valuations, capital flows, and portfolio positioning. | View | |
| 2024 Q3 | Nov 2, 2024 | Alta Fox Capital Management | 4.2% | 12.5% | APP, REVG | - | View | ||
| 2024 Q3 | Nov 18, 2024 | Saltlight Capital | 15.6% | 35.6% | APP, RBLX, SE, TCEHY | - | View | ||
| 2025 Q3 | Nov 16, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | APP, ARGX, ATS CN, CHWY, QXO, TECH | catalysts, fundamentals, Health Care, Selection, staples | The letter highlights stock selection as the primary driver of outperformance, with strength in consumer staples and health care offsetting weakness in discretionary and materials. Management emphasizes nimbleness, redeploying capital into new ideas like QXO and Bio-Techne while exiting names with deteriorating outlooks. With policy uncertainty easing and corporate decision-making normalizing, the team sees a healthier backdrop for fundamentals to reassert themselves. | View | |
| 2024 Q3 | Oct 7, 2024 | Rodrigo Benedetti | - | - | APP, EW, LUMN, MEDP, TAVR | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Voya MidCap Opportunities Strategy | - | - | APP, FIX, KTOS, MLTX, TW, VRSK | Artificial Intelligence, Data centers, defense, infrastructure, Rate Cuts | The fund outperformed its benchmark on strong stock selection within industrials and technology. Contributors included Kratos Defense, Comfort Systems, and AppLovinbenefiting from defense modernization, data center expansion, and AI-driven digital advertising. Management expects continued market leadership expansion beyond megacaps as Fed rate cuts and global capex cycles sustain growth opportunities in AI infrastructure and defense sectors. | View | |
| 2025 Q3 | Oct 28, 2025 | Fidelity Growth Strategies Fund | 3.3% | 16.7% | ALAB, APP, AXON, HOOD | Artificial Intelligence, Data centers, Growth Stocks, industrials, U.S. Economy | The funds outperformance was led by holdings tied to AI infrastructure and industrials such as Sterling Infrastructure and AppLovin, reflecting strong demand for AI-enabled data centers. Management sees capital expenditure on AI as a key driver of U.S. growth, with industrials and picks-and-shovels businesses positioned as primary beneficiaries. The portfolio remains overweight industrials and underweight healthcare amid ongoing market rotation. | View | |
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | APP, CTAS, FI, FIX, GOOG, IT, TPR, TW | AI, diversification, Large Caps, technology, valuation | U.S. large caps hit new highs as tech and AI continue to lead performance. Companies like Alphabet and AppLovin benefit from AI monetization, while investors face valuation concerns as mega-caps dominate indices. The managers emphasize diversification and quality growth selection amid elevated valuations. | View | |
| 2025 Q3 | Oct 21, 2025 | Bailard Technology Strategy | 9.4% | 21.9% | APP, FI, INTU, LRCX, NVDA, SPOT | AI, Data centers, energy, semiconductors, software | Technology fundamentals strengthened as AI-driven investment and energy efficiency dominated sector dynamics. Nvidia, Applovin, and Lam Research led gains, while the strategy reduced exposure to overvalued software and expanded in data infrastructure. Managers highlight tokens per watt as the key metric shaping the next phase of AI economics. | View | |
| 2025 Q3 | Oct 20, 2025 | Alpha Wealth Funds – The Insiders Fund | - | 14.8% | AMAT, AMD, APP, AXON, ET, GOOG, INTC, LLY, MRVL, ROK | Artificial Intelligence, Energy Infrastructure, healthcare, insider buying, semiconductors | The fund returned 21% YTD, led by strong gains in Alphabet, Intel, and Applied Materials as AI and semiconductor momentum accelerated. Managers emphasized insider buying across key holdings, particularly in Eli Lilly and Marvell Technology. The letter frames AI as the decades defining opportunity while maintaining diversification through healthcare and energy infrastructure plays. | MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | APP, CRWD, DUOL, FIG, KVYO, MNDY, NFLX, NOW, NVDA, OKTA, RBLX, TEAM, TSM | Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, software | AI remained the dominant theme as the fund balanced infrastructure enablers like NVIDIA and TSMC with software innovators such as ServiceNow and Atlassian. Managers acknowledge valuation pressure from AI euphoria but see durable earnings growth from leaders integrating AI into workflow and enterprise platforms. Portfolio exposure centers on data infrastructure, cloud applications, and gaming ecosystems. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, GWW, HOOD, ICLR, JBHT, KLA GR, MELI, MORN, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | Artificial Intelligence, industrials, Nearshoring, semiconductors, software | The fund attributes outperformance to AI-related semiconductor and software positions, emphasizing the ongoing megatrend driving system-on-chip, testing, and storage demand. Managers highlight new exposure to industrial distributors like W.W. Grainger, reflecting conviction in nearshoring and manufacturing recovery themes. They maintain selective positioning across AI and cyclical sectors to capture both structural growth and economic normalization. | View | |
| 2025 Q3 | Oct 14, 2025 | Alger Spectra Fund | 16.0% | 31.0% | APP, ISRG, JHX, NBIS, NFLX, NVDA | Advertising, Artificial Intelligence, Cloud, healthcare, Streaming | The Spectra Fund outperformed on strong AI exposure through Nvidia and Nebius, both central to global compute infrastructure. AppLovins AI-driven ad platform reinforced the dominance of machine learning in monetization models. Despite near-term weakness in Netflix and healthcare names, the fund sees AI integration across sectors as a durable growth driver. | NVDA APP |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 5.3% | - | APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST | AI, Automation, Fintech, healthcare, industrials | TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers. | View | |
| 2024 Q3 | Oct 10, 2024 | The Bristlemoon Global Fund | 6.8% | 7.4% | 700 HK, APP, MAX, PDD | - | View | ||
| 2025 Q4 | Jan 9, 2026 | The Bristlemoon Global Fund | -6.2% | 0.0% | ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER | AI, growth, Housing, Restaurants, semiconductors, software, technology, value | The fund has benefited from AI winners like AppLovin, which applies machine learning to improve ad algorithms with 72% revenue growth and 89% EBITDA growth. The manager views AI as creating opportunities through the Jevons paradox, where lower content creation costs increase demand for editing tools like Adobe. PAR Technology is positioned as an AI beneficiary through its unified platform strategy enabling Coach AI functionality. ASML is highlighted as a monopoly in the semiconductor industry during an AI boom. The manager outlined bear case arguments and explained why they were misguided, with the stock appreciating from €600 to over €900 per share in a quarter as other investors agreed with their thesis. The fund holds multiple software positions including PAR Technology, Adobe, and others. PAR is viewed as benefiting from restaurant technology consolidation, with potential McDonald's partnership validation. Adobe is seen as an AI beneficiary rather than victim, trading at 15x earnings despite double-digit revenue growth. PAR Technology represents a play on restaurant technology consolidation, with potential tier-1 client wins including McDonald's. The manager believes even large tech-forward restaurants are realizing POS software is too complex to maintain internally, favoring best-of-breed vendors like PAR with unified platform strategies. Floor & Decor represents a category killer business model in hard surface flooring with 75,000 square foot warehouse stores carrying 2,350+ SKUs versus 630-680 at competitors. The company has grown comparable store sales at 11% annually over 14 years, with strong unit economics and store rollout potential to 500 locations. The manager extensively analyzes mortgage rate dynamics affecting Floor & Decor's housing-dependent business. They expect mortgage spread normalization from current 300+ basis points back toward historical 168 basis point average, potentially reducing rates to 5.5-6.0% range and unlocking housing transaction velocity. | FND 215A JP BCG LN ADBE PAR ASML NA |
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| 2025 Q4 | Jan 30, 2026 | PGIM Jennison Global Opportunities Fund | -4.1% | 5.3% | AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM | AI, consumer, Data centers, global, growth, semiconductors, technology | The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources. | GEV |
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| 2024 Q4 | Jan 3, 2025 | Rodrigo Benedetti | - | - | AMZN, APP, AVDA, CIEN, GOOG, META, MSFT, TMDX, TSLA | - | View | ||
| 2025 Q4 | Jan 27, 2026 | Gate City Capital | 2.7% | 15.4% | 1211.SR, ALCO, APP, BTU, DSP, EVC, HTLD, IPI, JAKK, MOS, TTD, XOM | Agriculture, energy, Media, Precious Metals, real estate, small caps, value | Gold and silver prices have continued their meteoric rise as large investors including central banks seek alternatives to U.S. Treasuries to preserve wealth. Silver prices rose nearly 150% in 2025, with both gold and silver reaching record highs. The inability of mining companies to increase production to meet elevated demand has led to soaring prices. The fund holds significant positions in fertilizer companies including Mosaic and Intrepid Potash. Mosaic is a market leading producer of potash and phosphate fertilizers in North America and the largest producer in Brazil. Intrepid produces potash from three U.S. solution mines and also mines Trio fertilizer, with potential for market share gains after competitor exits. Peabody Energy was the fund's top contributor in 2025, benefiting from strengthened domestic thermal coal prices as data center build-out strains the U.S. power grid. Metallurgical coal prices have increased substantially after a soft contracting season. Peabody's low-cost Centurion mine in Australia is ramping up production. Entravision was the fund's top performer in Q4, owning 49 television stations and 44 radio stations targeting Hispanic audiences. The company also operates a rapidly growing Advertising Technology & Services segment through Smadex subsidiary. Deregulation in broadcast television and radio should encourage industry consolidation. Alico continues as the fund's largest position, owning nearly 50,000 acres in Florida previously devoted to citrus farming. The company is undergoing strategic transformation, converting 75% of citrus acres to other agricultural purposes and 25% to higher and better use opportunities including residential and commercial developments. Heartland Express contributed positively as the extended three-year slowdown in U.S. trucking market shows signs of abating. Supply of available trucks has decreased as orders for new equipment have fallen sharply, while stricter enforcement of Commercial Drivers Licenses has decreased available drivers. Demand rose in holiday season with spot rates reaching multi-year highs. | ALCO JAKK IPI MOS HTLD BTU EVC |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Mid Cap Growth Fund | -0.8% | 9.2% | ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY | AI, growth, industrials, mid cap, portfolio, semiconductors, technology | The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. | MTD ROK KLA TER SNDK |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2024 Q4 | Jan 10, 2025 | The Bristlemoon Global Fund | 10.4% | 3.1% | AER, APP, MTCH, PAR, PINS | - | View | ||
| 2024 Q3 | Sep 30, 2024 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | AME, APP, CPRT, DOCS, LINE, WST | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Alger Spectra Fund | 3.2% | 32.4% | APP, GOOG, MELI, META, MSFT, PINS | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | APP, CDNS, CEG, HEI, MU, PINS | - | View | ||
| 2022 Q3 | Sep 11, 2022 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | APP, CIGI, CWK, LFUS, PBH CN, PK | - | View | ||
| 2022 Q3 | Sep 11, 2022 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | APP, ARES, ELV, NVDA | - | View | ||
| 2024 Q2 | Aug 27, 2024 | Hayden Capital | 13.9% | 37.6% | AMZN, APP, PDD | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Growth Equity Fund | -8.6% | -8.6% | ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | APP, ASH, MCHP, MRVL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | APP, CELH, COR, DDOG, DECK, ITCI* MM, MRVL, RBRI, TTD, WCN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, MRVL, TW, VRT | - | View | ||
| 2023 Q4 | Feb 23, 2024 | Saltlight Capital | 15.6% | 35.6% | APP, META, TCP AJ | - | View | ||
| 2024 Q4 | Jan 29, 2025 | Baron Asset Fund | -0.1% | 10.5% | ACGL, APP, DAY, IDXX, IT, MTD, MTN, TTAN | - | View | ||
| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | APP, AXON, BAH, ENTG, FND, LPLA, MPWR, MRVL, RCL, WING | - | View | ||
| 2023 Q2 | Jan 8, 2023 | Saltlight Capital | 15.6% | 35.6% | APP, ASML, BLU AJ, LRCX, NVDA, PPE SJ, TCP AJ | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | AppLovin Corporation | Technology | Software | Bull | NASDAQ Stock Market | AI threats, AppLovin Corporation, Competitive Advantage, EBITDA margin, investment opportunity, MAX platform, mobile app ecosystem, network effects, Revenue Growth, Undervalued Stock | View Pitch |
| Feb 3, 2026 | Seeking Alpha | Seeking Alpha | AppLovin Corporation | Technology | Mobile Gaming | Bull | NASDAQ Stock Market | AI tools, AppLovin Corporation, Free Cash Flow, investment opportunity, Mobile Gaming, profit margins, Project Genie, Revenue Growth, S&P 500 inclusion, Share Buyback | View Pitch |
| Feb 1, 2026 | Seeking Alpha | Seeking Alpha | AppLovin Corp. | Technology | Advertising Technology | Bull | NASDAQ Stock Market | Ad Tech, AppLovin, e-commerce initiatives, EBITDA margins, Google Project Genie, partnership with Google, S&P 500 inclusion, Share Buyback, stock volatility, valuation correction | View Pitch |
| Jan 24, 2026 | Fund Letters | Brian A. Christiansen | AppLovin Corporation | Information Technology | Software | Bull | NASDAQ | advertising, AI, ecommerce, Mobile, Software | View Pitch |
| Jan 16, 2026 | Seeking Alpha | Seeking Alpha | AppLovin Corporation | Technology | Digital Advertising | Bull | Nasdaq Stock Market | AppLovin, Axon recommendation engine, digital advertising, e-commerce expansion, generative AI, growth potential, high margins, investment risks, NASDAQ, technology sector | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | AppLovin Corp. | Communication Services | Digital Advertising | Bull | NASDAQ | adtech, AI, ecommerce, Margins, Scalability, Self-serve | View Pitch |
| Nov 29, 2025 | Fund Letters | Tom Press | AppLovin Corporation | Communication Services | Interactive Media & Services | Bull | NASDAQ | adtech, advertising, AI, Data, growth, Margins, Mobile, monetization, Software, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Ankur Crawford | AppLovin Corp. | Communication Services | Advertising Technology | Bull | NASDAQ | advertising, AI, Data, growth, Mobile, monetization, network, platform, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | AppLovin Corp. | Communication Services | Digital Advertising | Bull | NASDAQ | adtech, AI, ecommerce, Margins, Scalability, Self-serve | View Pitch |
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | AppLovin Corp. | Advertising Agencies | Bull | advertising platform, AI-powered software, AppLovin, data advantage, growth, market share, Mobile Gaming, network effect, S&P 500 Index, technology | View Pitch | ||
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | AppLovin Corp. | Advertising Agencies | Bull | advertising technology, AI-powered software, AppLovin, Data Analytics, Demand Side Platform, Market expansion, Mobile Gaming, network effect, S&P 500 Index, technology advantage | View Pitch | ||
| Oct 5, 2025 | Seeking Alpha | Seeking Alpha | AppLovin Corporation | Advertising Agencies | Bull | adtech, AI-driven advertising, AppLovin, AXON, e-commerce expansion, global markets, growth potential, machine learning, profitability, self-service rollout | View Pitch | ||
| Sep 16, 2025 | Short Thesis | Lauren Balik | AppLovin Corp | Communication Services | Interactive Media & Services | Bear | NASDAQ | adtech, Competition, Gaming, Privacy, valuation | View Pitch |
| Sep 16, 2025 | Short Thesis | The Bear Cave | AppLovin Corp | Communication Services | Interactive Media & Services | Bear | NASDAQ | adtech, buybacks, Concentration, Ecosystem, Gaming | View Pitch |
| Sep 16, 2025 | Short Thesis | Fuzzy Panda | AppLovin Corp | Communication Services | Interactive Media & Services | Bear | NASDAQ | adtech, AT&T, Gaming, leverage, user acquisition | View Pitch |
| Sep 16, 2025 | Short Thesis | Muddy Waters | AppLovin Corp | Communication Services | Interactive Media & Services | Bear | NASDAQ | adtech, AT&T, Gaming, leverage, user acquisition | View Pitch |
| Sep 16, 2025 | Short Thesis | Culper Research | AppLovin Corp | Communication Services | Interactive Media & Services (AdTech/Marketing Software) | Bear | NASDAQ | Interactive Media & Services (AdTech/Marketing Software) | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Dair Sansyzbayev | AppLovin Corporation | Communication Services | Advertising Agencies | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Oliver Rodzianko | AppLovin Corporation | Communication Services | Advertising Agencies | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Undercovered Deep Insights | AppLovin Corporation | Communication Services | Advertising Agencies | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Luke Zwynenburg | AppLovin Corporation | Communication Services | Advertising Agencies | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Alpha Line | AppLovin Corporation | Communication Services | Advertising Agencies | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Kennedy Njagi | AppLovin Corporation | Communication Services | Advertising Agencies | Bull | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||