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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | GROW Funds | - | - | 1179.HK, 1211.HK, 9988.HK, AHT, AMAT, AMZN, ASML, BLK, CB, GOOGL, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, valuation | AI is driving massive infrastructure investments in data centers and cloud computing, with companies like OpenAI committing $300 billion over five years. However, the gap between infrastructure spending and revenue-generating applications remains concerning, creating a dangerous bubble environment with little room for error. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Sep 30, 2025 | FCL Capital | - | - | 1211.HK, AAPL, AMZN, ASML, BKNG, CHGG, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, ASML, China, Investment, Lithography, semiconductors, technology | FCL dedicates significant analysis to artificial intelligence, viewing it as transformational technology that could fundamentally alter economic logic with potential for 30-50% annual global growth. The firm discusses AI's evolution from Deep Blue defeating Kasparov to AlphaGo's creative moves, highlighting both extraordinary opportunities and existential risks including potential human extinction scenarios. | View | |
| 2025 Q3 | Sep 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | -0.9% | 5.3% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 clients to bypass them with internal custom applications. Both companies are transitioning to consumption pricing models for AI modules to capture value from productivity gains. | View | |
| 2025 Q3 | Sep 30, 2025 | Edgewood Management | -1.2% | 5.5% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG SNPS ASML LLY FICO |
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| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | View | |
| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Growth Equity Strategy | 18.6% | 8.0% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. | View | |
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 2 | - | - | AMT, AMZN, ASML, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | View | |
| 2024 Q3 | Sep 30, 2024 | Bailard International Equity Strategy | 6.8% | 16.2% | ASML, NVO | China, emerging markets, Europe, international, Japan, rates, Stimulus, technology | Chinese policymakers announced new stimulus measures which prompted a rally in mainland and Hong Kong markets. China's policy shift indicated at quarter's end caused a rapid rally with China up 23.5% for the quarter and 23.9% in September alone. The stimulus unleashed from the Chinese government gives renewed hope for a growth revival in the region. | View | |
| 2024 Q3 | Sep 30, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.6% | 25.1% | ASML, BLK, CRWD, DAL, INTC, MSFT, NVDA, TSM | AI, cybersecurity, Election, Fed policy, growth, large cap, semiconductors, technology | Manager discusses artificial intelligence as providing a major productivity boost to whoever is elected President. References Nvidia's Blackwell product delays affecting semiconductor adoption. Mentions Jensen Huang as the person most responsible for the AI windfall. | ASML CRWD BLK |
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| 2024 Q3 | Sep 30, 2024 | Platinum International Technology Fund | -3.0% | - | 8035.T, AAPL, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, META, MSFT, NFLX, NICE, ORCL, SAP, SNPS, TSM, VEEV | AI, Long/Short, semiconductors, software, technology | Market weakness in AI-related stocks due to emerging doubts about the size of the AI opportunity and concerns about excessive capex investment. Consumer AI apps struggling to find viable business models with OpenAI expected to lose $5bn this year. | View | |
| 2023 Q3 | Sep 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | -0.5% | 35.9% | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | The fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Equity, global, growth, international, Magnificent Seven, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing significant potential benefit upfront, with wide range of outcomes still possible. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian International Equity Value Opportunities | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, Opportunities, technology, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the firm has identified attractive investments in companies that could benefit from AI growth. | View | |
| 2023 Q3 | Sep 30, 2023 | Evolve Private Wealth | - | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NKE, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, Athleisure, global, growth, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Guinness China | - | - | ADS.DE, AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, consumer, global, Quality, semiconductors, Sportswear, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Nixon Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through investments in custom silicon and networking equipment for AI datacenter buildouts. | FICO AVGO BSX |
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| 2023 Q3 | Sep 30, 2023 | PM Capital Global Companies Fund | 2.5% | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2023 Q3 | Sep 30, 2023 | Torre Financial | 0.6% | 32.9% | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | aerospace, Compounding, concentrated, Consumer Staples, long-term, Quality, software, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | 0GEG LN CDNS |
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| 2023 Q2 | Aug 9, 2023 | Brookfield Asset Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | The manager discusses the debate around whether AI will drive increased adoption of enterprise software or allow companies to bypass these platforms with internal solutions. He believes platform companies like ServiceNow and Salesforce will be critical partners for Fortune 2000 enterprises in implementing AI solutions, despite current market skepticism. | View | |
| 2024 Q2 | Aug 7, 2024 | Brookfield Asset Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption across global markets. | BIDU BABA SNOW AMD |
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| 2024 Q2 | Aug 22, 2024 | Miller Wealth Management | - | - | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q2 | Aug 20, 2025 | Lux Capital | - | - | AAPL, AMZN, ASML, BTC-USD, CAT, GOOGL, GPRO, KKD, META, MSFT, NVDA, TSLA | AI, Biotechnology, defense, Friction Frontier, Robotics, semiconductors, Space, Venture Capital | AI infrastructure capex surge consuming 5% of U.S. GDP, comparable to 2000 tech boom. Market split between closed models (OpenAI, Anthropic) with high margins but rapid capital burn versus open-source alternatives achieving near-parity performance. Verification and labeled nuance becoming the rate-limiting step for AI progress rather than compute power. | View | |
| 2023 Q2 | Aug 19, 2023 | African Lions Fund | 3.7% | 6.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. | BIDU BABA SNOW AMD |
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| 2023 Q2 | Aug 14, 2023 | Brown Advisors Global Leaders Strategy | - | - | ADBE, ASML, COLOB.CO, GOOGL, INTU, LSEG.L, MA, MRVL, MSFT, TSM, V, WKL | AI, global, portfolio construction, Quality, risk management, technology | The managers analyze AI impact across four categories from end-user applications to technical infrastructure. They believe highest probability opportunities are in technical infrastructure and semiconductor companies with dominant market positions, followed by cloud data-center companies. Competition expected to intensify in AI models and applications. | View | |
| 2025 Q2 | Aug 1, 2025 | AGT Partners | - | 26.2% | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, ENTG, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, Electric Vehicles, growth, innovation, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO |
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| 2023 Q2 | Aug 1, 2023 | Tall Oak Capital Advisors | - | - | ADBE, ASML, ATVI, BRK.A, BSX, CAT, CCO, CDNS, CNQ.TO, EQIX, FERG, IFC.TO, JNJ, LLY, LRCX, MA, MAR, MCD, MSFT, PEP, UNH | AI, diversification, Energy Transition, infrastructure, Quality, rates, value | Artificial Intelligence is garnering significant attention for its potential impact in the near term. The fund holds positions in leading semiconductor equipment companies like LAM Research and ASML Holdings, crucial players in supplying cutting-edge chips needed to drive the AI future. They believe the true core competence lies in the picks and shovels - the companies supplying the essential equipment and software. | CDNS ASML LRCX FERG AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU |
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| 2023 Q2 | Aug 1, 2023 | NZS Capital – Growth | - | - | AMZN, ASML, BALL, CDNS, CGNX, CSTM, DHR, FI, GOOGL, ISRG, LIN, LRCX, MSFT, OKTA, PGR, PYPL, RGEN, SUI, TXN, WDAY | AI, Cloud, Digital Economy, growth, innovation, semiconductors, technology | The manager views AI as creating vast opportunity for change with a wide range of outcomes, similar to the early days of the internet. AI has widened the range of outcomes for all companies and increased disruption risk. The manager believes some AI-themed stocks and large platform companies have become marginally less attractive due to this uncertainty. | View | |
| 2024 Q2 | Jul 9, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AI.PA, ASML, DOL.TO, EDEN.PA, GOOGL, IPS.PA, MC.PA, MSFT, NKE, NVDA, PET.TO, RELX, TSM, VRSK, WKL, ZZZ.TO | AI, consumer, global, semiconductors, technology, valuation | AI-related companies drove market strength in Q2, with semiconductor holdings like TSMC, ASM International, and ASML benefiting from technological advantages and high barriers to entry. Companies with access to large amounts of proprietary data including Verisk Analytics, RELX, and Wolters Kluwer also performed well. However, Mawer warns of potential over-exuberance in AI valuations and notes the mismatch between timing of investment and returns may create future opportunities. | View | |
| 2023 Q2 | Jul 8, 2023 | Torre Financial | 13.2% | 31.9% | 6367.T, ADYEY, AMD, ANSS, ASML, CDNS, FI, GOOGL, JNJ, LIN, LRCX, LZAGY, MCHP, MEDP, MSFT, NFLX, NOW, NVDA, NVO, ON, PGR, SWAV, TSLA, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble where long-term promise is significant but near-term corrections are expected. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree rather than direct beneficiaries. | View | |
| 2025 Q2 | Jul 30, 2025 | Easterly – Income Opportunities Fund | 2.0% | 4.3% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2023 Q2 | Jul 30, 2023 | Smoak Capital Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager discusses the debate over whether AI will drive increased adoption of enterprise software or allow companies to bypass vendors with internal solutions. Believes platform companies like ServiceNow and Salesforce will be critical AI partners despite market skepticism. AI data center demand has added massive structural component to high bandwidth memory demand. | View | |
| 2025 Q2 | Jul 22, 2025 | American Century International Growth Fund | 12.1% | - | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, defense, E-Commerce, Europe, growth, international, large cap | Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Global Technology Growth Fund | 24.8% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, semiconductors, technology, Trade Policy | AI remained the most significant driver of technology market performance during the quarter. Investors remained hyper-focused on AI infrastructure spending and return on investment across all sectors. Companies like NVIDIA reported extraordinary demand for data-center products driven by generative AI adoption across hyperscalers, enterprise and sovereign customers. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA |
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| 2025 Q2 | Jul 22, 2025 | Opal Capital | 7.6% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through established positions in Palantir and Snowflake, while adding new positions in AMD, Alibaba, and Baidu as catch-up trades. The firm views these companies as benefiting from the broad market adoption phase of AI, with AMD positioned to compete head-to-head with NVIDIA for major infrastructure contracts. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Emerging Markets Growth Fund | 12.9% | 15.7% | 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 2454.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, HDFC.NS, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, TITAN.NS, TSM, WALMEX.MX | AI, E-Commerce, emerging markets, Fintech, gaming, growth, semiconductors, technology | AI infrastructure buildout continues with sustained momentum, particularly in semiconductor demand. Taiwan Semiconductor reaffirmed its long-term goal to grow AI-related revenue at a mid-40 percent compound annual rate through 2029. AI is accelerating a winner-takes-most dynamic, benefiting companies with scale, differentiated offerings, and the ability to productize innovation. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital International Growth Fund | 18.1% | 19.4% | 4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA | Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology | The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins. | EVD GR SE 2330 TT SPOT MELI |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Biondo Investment Advisors | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has identified encouraging signs that AI is beginning to broaden to the proprietary data and application layer beyond just infrastructure. Their AI framework spans infrastructure enablement, proprietary data applications, and productivity enhancements across portfolio companies. | BSX ISRG SNPS ASML FICO LLY |
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| 2025 Q2 | Jul 2, 2025 | The Wolf of Harcourt Street | 20.4% | 21.6% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q2 | Jul 19, 2025 | Appalaches Capital | 7.4% | 6.9% | ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC | Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value | Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts. | EXP ASML US LRCX US EXP US |
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| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Event Driven | - | 2.5% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum Global Fund (Long Only) | 2.6% | - | 000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Technology Fund | 18.4% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. | KLAC |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston International Equity | 17.4% | 25.5% | 6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | defense, Europe, industrials, international, Japan, semiconductors, technology | NATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats. | 6501.T LDO.MI CBK.DE IFX.DE TSM 7011.T RHM.DE TSM 7269 JP RHM GR IFX GR DTE GR 8750 JP CBK GR |
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| 2025 Q2 | Jul 17, 2025 | Oakmark Fund- International Small Cap | 17.0% | - | 9962.T, ALI.PS, AMP.MI, ASML, AZE.BR, BKFA.OL, GXI.DE, JEN.DE, TMV.DE | Asia, Europe, financials, industrials, international, semiconductors, small cap, value | The fund consistently identifies companies trading at discounts to intrinsic value, with multiple new purchases made when stocks approached attractive entry points. Examples include Amplifon at its lowest valuation in over 10 years and TeamViewer trading at extremely attractive levels despite improving business quality. | 9962.T JEN.DE BAKKA.OL ALI.PS AMP.MI TMV.DE 086790.KS JEN GR AMP IM TMV GR |
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| 2025 Q2 | Jul 16, 2025 | Harding Loevner International Equity | 9.2% | 14.8% | 002352.SZ, 005930.KS, 0669.HK, 0700.HK, 1299.HK, 2057.HK, 2308.TW, 2318.HK, 2330.TW, 300760.SZ, 4507.T, 4519.T, 4684.T, 6146.T, 6301.T, 6383.T, 6690.HK, 6758.T, 6861.T, 6869.T, 8113.T, ADYEN.AS, AI.PA, ALC, ALFA.ST, ALV.DE, ASML, ASSA-B.ST, ATCO-A.ST, ATD.TO, BAP, BBVA, BHP, CNR, COLOB.CO, D05.SI, DSY.PA, EPI-A.ST, FMX, GFNORTEO.MX, GMAB, HDB, HLN.L, LIN, MELI, MFC, NESN.SW, NTES, NVS, NZYM-B.CO, OR.PA, RIO, ROG.SW, RYA.L, SAF.PA, SAP, SEB-A.ST, SHEL, SOON.SW, SU.PA, SY1.DE, TLKM | aerospace, AI, defense, Europe, Health Care, international | Health care equities have underperformed despite strong fundamentals due to political and regulatory uncertainty in the US and beyond. Policy risks include drug pricing reforms, Medicaid funding cuts, and reduced NIH funding. However, the sector's structural advantages remain intact with continued innovation like GLP-1 therapies. | View | |
| 2025 Q2 | Jul 16, 2025 | Harding Loevner Global Equity | 10.2% | 7.9% | 0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems. | ADBE BKNG ADBE |
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| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2023 Q2 | Jul 14, 2023 | WestEnd Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in companies benefiting from AI datacenter buildouts and custom silicon demand. | FICO AVGO BSX ET LLY AI AMD NVDA |
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| 2025 Q2 | Jul 13, 2025 | Sigil Stable Fund | 3.0% | 18.1% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, global, growth, Mobility, semiconductors, technology | Manager holds positions in e-commerce logistics disruptor InPost and e-commerce platform Sea Limited. InPost is expanding its locker network across Europe with partnerships like Debenhams Group. Sea Limited shows revenue acceleration with margin expansion, representing the holy grail of growth investing. | ASML SE INPST.L UBER |
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| 2023 Q2 | Jul 12, 2023 | Generation Investment Management Global Equity | - | - | AMAT, ASML, BAX, BDX, HSIC, LRCX, MSFT, NVDA, PANW, TXN | AI, Quality, semiconductors, sustainability, technology | Generative AI has entered public consciousness with ChatGPT usage growing rapidly. The technology holds great promise but economic impact will take time as companies experiment with tools. GPU usage is only 7% of servers globally. AI will benefit semiconductor equipment makers and cybersecurity companies while transforming software development. | AMAT |
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| 2024 Q2 | Jul 11, 2024 | Headwaters Capital Management, LLC | 8.8% | 21.4% | AMAT, ANSS, ASML, CDNS, INSP, INTC, KLAC, KLIC, NVDA, PDFS, SNPS, TMDX | AI, Medical Devices, mid cap, semiconductors, small caps, technology, value | The manager discusses semiconductor manufacturing complexity and the need for advanced yield optimization software. PDF Solutions is positioned to benefit from increasing complexity at advanced nodes and the emergence of new foundries investing at the leading edge. | View | |
| 2023 Q2 | Jul 11, 2023 | Rathbones | - | - | ACN, ADBE, AMZN, ARM, ASML, CHGG, GOOGL, INTC, META, MSFT, MTCH, NFLX, NVDA, PYPL, TSM, UBER, WEN | AI, Bonds, diversification, Hydrogen, Japan, semiconductors, technology | The launch of ChatGPT has triggered a new artificial intelligence gold rush among investors, driving strong gains across technology companies. Generative AI represents a breakthrough that can create original content rather than just identify patterns. The value currently accrues primarily to Nvidia as the dominant chip provider, though the long-term profit distribution across the AI supply chain remains uncertain. | View | |
| 2024 Q2 | Jul 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | ASML, ATRO, BC, CWH, DSGR, JOE, NE, NVO, TDW, VAL | aerospace, consumer, energy, Europe, Housing, Offshore Drilling, value | Valaris is the largest offshore drilling company globally, positioned to benefit from growing offshore oil demand in Brazil and Western Africa. Day rates have risen from $200k to $500k per day as the market has tightened, with the company expected to generate $1.65B in free cash flow at current rates. | VAL |
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| 2025 Q2 | Jun 30, 2025 | Oakmark International Fund | 12.6% | - | 6273.T, 9434.HK, ABI.BR, ASML, ASRNL.AS, BABA, BAYN.DE, BXB.AX, CON.DE, CPG.L, HEN3.DE, HOLN.SW, MC.PA, SCHP.SW, WLN.PA | Asia, Automation, Banking, Europe, insurance, international, semiconductors, value | ASML represents a dominant position in lithography equipment with an effective monopoly in EUV technology. The company benefits from structural demand growth driven by AI and data centers, despite recent customer capex cuts creating attractive entry valuations. | 6273.T ASR.AS ASML |
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| 2025 Q2 | Jun 30, 2025 | Magellan Global Fund | - | - | AAPL, AMZN, ASML, GOOGL, MC.PA, META, MSFT, OR.PA | Big tech, China, Decoupling, Europe, regulation, technology, US | The decoupling of the West and China represents a powerful trend involving economic, financial, and technological separation. The risk is that decoupling occurs faster than companies can adjust their supply chains, with risks tilted towards faster-than-expected decoupling. | AAPL |
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| 2025 Q2 | Jun 30, 2025 | Magellan High Conviction Fund | - | - | AMZN, ASML, CRM, EL.PA, GOOGL, ICE, MELI, META, MSFT, NFLX, NVDA, TSLA, TSM, UBER, V | AI, Automation, Cloud, growth, innovation, large cap, semiconductors, technology | AI is rapidly advancing from LLMs to reasoning models and agentic AI, with corporate adoption accelerating across all business functions. The technology is progressing faster than mobile or internet eras, with AI likely to reach 50% US household penetration in under three years. Companies are investing over $300B in AI infrastructure in 2025 alone. | View | |
| 2025 Q2 | Jun 30, 2025 | ACATIS Investment | - | -5.2% | 1211.HK, 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns including full task delegation. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO ITM LN |
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| 2025 Q2 | Jun 30, 2025 | Edgewood Management | 15.9% | 6.8% | ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. Broadcom is positioned to benefit from the $250B+ AI chip market through custom silicon and networking equipment for AI datacenter buildouts. NVIDIA continues to drive AI compute with strong performance in the quarter. | FICO AVGO BSX FICO AVGO |
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| 2025 Q2 | Jun 30, 2025 | Fortress – Caribbean Growth Fund | 4.2% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2024 Q2 | Jun 30, 2024 | Brown Capital Management International All Company Fund | -1.9% | 1.2% | AFX.L, ASML, AUTO.OL, CAMT, DSG.TO, MNDY, NVO, REA.AX, XERO.AX | Automation, growth, healthcare, international, small caps, technology | Novo Nordisk leads the GLP-1 market with 55% share through Wegovy and Ozempic, which now represent 57% of company revenue. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028. Studies show significant health benefits including 14.9% weight loss and 20% reduction in cardiovascular events. | CAMT AUTO.OL AFX.DE AJB.L NVO |
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| 2024 Q2 | Jun 30, 2024 | Baron Global Advantage Fund | 3.3% | 6.9% | ADYEN.AS, ALAB, ARGX, ASML, CPNG, CRWD, DAVA, DDOG, FVRR, GLOB, INDI, MELI, NET, NVDA, RIVN, SHOP, SNOW, TMP, TSLA, WIX | AI, global, growth, healthcare, semiconductors, software, technology | The fund views AI as driving a new industrial revolution, with NVIDIA positioned as the AI generator creating tokens for every industry. The manager believes we remain early in AI adoption across industries and the race for Artificial General Intelligence continues with exponential demand growth for accelerated computing. | TXG NET SHOP CPNG CRWD NVDA |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2024 Q2 | Jun 30, 2024 | Fortress – Caribbean Growth Fund | -2.7% | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and enterprise software platforms. The manager believes AI will prove additive to enterprise software results despite current market skepticism about seat-based pricing models. AI data center demand has transformed memory from cyclical to more stable with HBM market growing from $8B in 2023 to expected $30B+ in 2026. | View | |
| 2023 Q2 | Jun 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 36.7% | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | Manager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. | View | |
| 2023 Q2 | Jun 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, semiconductors, technology, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the range of outcomes remains wide. | View | |
| 2023 Q2 | Jun 30, 2023 | Fortress – Caribbean Growth Fund | -0.1% | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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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 8, 2026 | TCW Concentrated Large Cap Growth Fund | -11.8% | -11.8% | ASML, BSX, ETN, MCK, NOW, PLTR, TYL | AI, Concentration, growth, healthcare, large cap, semiconductors, technology | PLTR MCK ETN ASML BSX NOW |
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| 2025 Q1 | May 7, 2025 | Easterly – Income Opportunities Fund | 2.3% | 2.3% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, Quality, semiconductors, technology | ASML maintains its monopoly in lithography equipment despite Chinese competition concerns. TSMC's $100 billion U.S. investment will drive demand for more ASML machines. Reports of Chinese EUV development remain unconfirmed with limited transparency about reliability. | NU SE META ASML |
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| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, CMG, CRWD, DXCM, LULU, MSFT, NVDA, TSCO | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Generative AI references pervaded almost every earnings call as the world debates the future impact of this revolutionary technology. The firm outlined stages of the AI technological revolution and where profits will accrue in each evolution stage. NVIDIA benefited from tremendous excitement surrounding generative AI development and the likelihood this would necessitate purchasing large numbers of Nvidia products far into the future. | AAPL ADBE LULU MSFT AMZN NVDA |
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| 2026 Q1 | May 5, 2026 | Burke Wealth Managament The Focused Growth Strategy | -10.6% | -10.6% | ASML, CRM, CRWD, MU, NOW, NVDA, SNOW | AI, energy, Enterprise Software, geopolitics, growth, semiconductors, technology | View | ||
| 2024 Q1 | May 23, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | Top US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. | View | |
| 2026 Q1 | May 19, 2026 | Baron Global Opportunity Fund | -4.9% | -4.9% | AMZN, ASML, BAJFINANCE.NS, CPNG, CRWD, DDOG, GDS, MELI, NET, NU, NVDA, SHOP, SNOW, TSM | AI, Cloud, cybersecurity, E-Commerce, global, growth, semiconductors, technology | View | ||
| 2026 Q1 | May 14, 2026 | Brown Advisors Global Leaders Strategy | -8.3% | -8.3% | ADSK, ASML, EFX, EXPN.L, HDB, LSEG.L, MA, MELI, MSFT, TSM, V, WDAY | AI, Concentration, Drawdown, Geopolitical, global, long-term, Quality, technology | View | ||
| 2025 Q1 | May 14, 2025 | Sigil Stable Fund | 5.4% | 5.4% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML |
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| 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 | ||
| 2023 Q1 | May 11, 2023 | Hinde Group | 10.9% | 10.9% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD NBN IBKR |
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| 2026 Q1 | Apr 9, 2026 | The Baird Chautauqua International Growth Fund | -13.0% | -13.0% | ADYEN.AS, ASML, CP, SE, TEAM, TSM | AI, China, energy, growth, international, semiconductors, software, Trade Policy | View | ||
| 2026 Q1 | Apr 9, 2026 | The Baird Chautauqua Global Growth Fund | -9.5% | -9.5% | ADYEN.AS, ASML, MU, SE, TEAM, TSM | AI, energy, growth, inflation, international, semiconductors, software, Trade Policy | View | ||
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Large Cap Growth Strategy | - | - | ALNY, ASML, BX, COST, CRM, EQIX, ETN, FICO, GWW, INTU, LIN, MSFT, NFLX, ORCL, PYPL, RHHBY, RTX, SHW, TSM, TXN | AI, Biotechnology, defense, growth, industrials, large cap, semiconductors, technology | PYPL CRM ALNY ROG.SW TXN |
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| 2025 Q1 | Apr 30, 2025 | Bell Global Equities Fund | -8.6% | -8.6% | 4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L | Cloud, Global Equities, Quality, tariffs, technology, Trade Policy | President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices. | View | |
| 2025 Q1 | Apr 3, 2025 | Brummer Multi-Strategy Fund | - | - | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2024 Q1 | Apr 3, 2024 | Mountain Vista Wealth Management | - | - | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using Claude AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO |
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| 2026 Q1 | Apr 29, 2026 | Baron Fifth Avenue Growth Fund | -10.4% | -10.4% | AMZN, APH, ASML, META, NET, NVDA, SHOP, SNOW, TSM | AI, Cloud, Data centers, growth, large cap, semiconductors, technology | View | ||
| 2026 Q1 | Apr 29, 2026 | Weitz Large Cap Equity Fund | -12.1% | -12.1% | ADI, ASML, CRM, CSGP, DHR, HEI, IEX, IR, MSFT, NVDA, ODFL, TMO, TSM | AI, Concentration, Industrial, large cap, Life Sciences, semiconductors, technology, value | View | ||
| 2026 Q1 | Apr 29, 2026 | American Century International Growth Fund | -5.2% | -5.2% | 6201.T, ADYEN.AS, ASML, BNP.PA, CRH, ENI.MI, MC.PA, SAP | AI, Automation, Banking, energy, Geopolitical, growth, international | BNP.PA ENI.MI ADYEN.AS |
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| 2023 Q1 | Apr 27, 2023 | NZS Capital – Growth | - | - | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being left behind by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries. | View | |
| 2024 Q1 | Apr 26, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AMZN, ASMIY, ASML, BA.L, BWXT, CTS.TO, ESL.TO, GOOGL, MSFT, RHM.DE, SCT.L, SFTC.TO, TEP.PA, TSM | AI, defense, Equity, global, semiconductors, technology | Technology companies positioned to benefit from artificial intelligence and semiconductor demand performed strongly. TSMC, ASML, and ASM International benefited from explosive growth in demand expectations for the semiconductor industry. Value-added resellers are positioned to benefit from exploration and deployment of artificial intelligence technologies by their customers. | View | |
| 2024 Q1 | Apr 26, 2024 | Miller Wealth Management | - | - | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML |
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| 2026 Q1 | Apr 25, 2026 | Edgewood Management | -13.3% | -13.3% | ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SNPS, SPOT, VRTX | AI, earnings, growth, large cap, semiconductors, software, technology, Valuations | View | ||
| 2026 Q1 | Apr 25, 2026 | Sands Capital International Growth Fund | -14.8% | -14.8% | 000660 KS, ADYEN.AS, ASML, NU, SE, SHOP.TO, TSM | AI, geopolitics, growth, international, Japan, semiconductors, technology, valuation | View | ||
| 2026 Q1 | Apr 25, 2026 | Sands Capital Technology Innovators Fund | -15.0% | -15.0% | 000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM | AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 25, 2026 | Sands Capital Emerging Markets Growth Fund | -5.1% | -5.1% | 000660 KS, 005930 KS, 0700.HK, 300750.SZ, ASML, BAJFINANCE.NS, HDFCBANK.NS, MELI, NU, SE, TSM | AI, Asia, emerging markets, energy, Geopolitical, growth, semiconductors, technology | View | ||
| 2026 Q1 | Apr 25, 2026 | Sands Capital Global Growth Fund | -14.9% | -14.9% | 000660 KS, APP, ASML, AXON, BE, DASH, FLUT, NET, NFLX, TSM | AI, energy, global, growth, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 25, 2026 | NZS Capital – Growth | -8.9% | -8.9% | ARM, ASML, CSU.TO, DHR, FROG, ISRG, IT, LIN, LRCX, SYK, TEAM, TSM, TYL, WDAY | AI, disruption, growth, healthcare, semiconductors, software, technology | TYL |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – Global SMID Company Growth | -15.7% | -15.7% | 8035.T, ABT, ADYEN.AS, ASML, CSGP, META, NOW, NVDA, SHOP, SIE.DE, TSM | AI, disruption, energy, growth, semiconductors, software, volatility | ASML META 8035.T SIEGY ADYEN TSM |
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| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | 0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE, IDEXY, LVMUY, MNDY, NSRGY, NVO, PUBGY, RACE, SAF.PA, SANDX, SAP, SBGSY, SONY, SU, TSM | Automation, Europe, growth, healthcare, international, Japan, Luxury, technology | Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout in this theme. | View | |
| 2026 Q1 | Apr 22, 2026 | Columbia Global Technology Growth Fund | -6.1% | -6.1% | AMAT, ASML, INTU, LITE, LRCX, MSFT, MU, NOW, NVDA, ORCL, TSM, WDC | AI, global, semiconductors, software, technology | 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 | ||
| 2024 Q2 | Apr 22, 2024 | Rodrigo Benedetti | - | - | AMC, ASML, AX, CIEN, CLS, COHR, CRH, FCNCA, GME, MBIN, MRX, PFBC, PSTG, QQQ, SPY, TBBK, V | Europe, financials, Long/Short, semiconductors, small caps, value | Manager sees value in financials including traditional banks like MBIN, FCNCA, PFBC and TBBK. There is fear about commercial real estate and credit quality, but the manager believes the Treasury curve cannot get more inverted, which should lead to margin stabilization and improvement for banks. Focus on banks that have suffered from equity raises or bear reports. | View | |
| 2026 Q1 | Apr 21, 2026 | BNY Mellon Appreciation Fund | -6.5% | -6.5% | AMZN, ASML, BAESY, CVX, GOOGL, INTU, META, MSFT, TSM, XOM | AI, energy, geopolitics, large cap, Quality, technology, Trade Policy | View | ||
| 2025 Q1 | Apr 21, 2025 | Biondo Investment Advisors | - | - | ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is expected to grow substantially, with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over the medium term. | FICO AVGO BSX |
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| 2026 Q1 | Apr 20, 2026 | Appalaches Capital | -2.2% | -2.2% | ASML, CNI, CP, GOOGL, LRCX, MA, V | AI, payments, Railroads, semiconductors, uncertainty, value | MA V |
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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, cyclicals, growth, large cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk. | View | |
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford -International Concentrated Growth | -10.6% | -10.6% | ADYEN.AS, ASML, EXA.PA, MELI, SPOT, TSM, WISE.L | AI, concentrated, defense, growth, international, payments, semiconductors | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – US Equity Growth | -6.0% | - | 6920.T, ADYEN.AS, AI.PA, ASML, LONN SW, MBLY, OR.PA, SIK.SW, SPOT, TSM | AI, growth, international, long-term, Quality, semiconductors, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – International Alpha | -5.1% | -5.1% | 005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE | AI, banks, Copper, energy, growth, international, semiconductors, volatility | View | ||
| 2026 Q1 | Apr 17, 2026 | Magellan Global Opportunities Fund No. 2 | -11.0% | -11.0% | ASML, MSFT, SAP, TSM, UMG.AS, USB | AI, energy, Geopolitical, global, software, technology | View | ||
| 2026 Q1 | Apr 17, 2026 | Magellan Global Fund | -10.7% | -10.7% | ASML, CME, INTU, MSCI, MSFT, SAP, TSM | AI, energy, geopolitics, Global Equities, Quality, semiconductors, volatility | View | ||
| 2026 Q1 | Apr 17, 2026 | Magellan Global Opportunities Fund No. 1 | -11.0% | -11.0% | ASML, MSFT, SAP, TSM, USB | AI, energy, Geopolitical, semiconductors, software, technology | SAP |
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| 2026 Q1 | Apr 17, 2026 | Parnassus Growth Equity Fund | -9.6% | -9.6% | AMAT, APPF, ARES, ASML, BSX, CRM, EW, GEV, LIN, MDLN, META, ORCL, SHOP, TEAM, TSM, VIK | AI, energy, growth, Iran, semiconductors, software, technology | VIK ORCL MDLN SHOP EW META |
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| 2025 Q1 | Apr 17, 2025 | Regency Wealth Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. The manager believes AI will prove additive to enterprise software companies like ServiceNow and Salesforce despite current market skepticism about AI replacing traditional software licenses. | View | |
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0388.HK, 1299.HK, 8035.T, ASML, EDP.LS, IBE.MC, ITX.MC, MC.PA, MNDY, NESN.SW, NVO, PUB.PA, RACE, SAF.PA, SAND.ST, SAP, SE.PA, SONY, SU, TSM, ZEAL.CO | AI, Europe, growth, international, Japan, Luxury, Rate Cuts, semiconductors | Positions tied to generative AI drove performance for the second straight quarter. Semiconductor equipment makers Tokyo Electron and ASML, which manufacture equipment critical to the development of GPUs that power large language models, were top contributors. Enterprise resource planning software maker SAP was also a standout. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | ACLX, AMD, AMZN, ASML, AVGO, CRWD, CSGP, INDI, LEGN, MBLY, META, MSFT, NVDA, RIVN, SPOT, SWAV, TSLA, TSM, TTD, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI is described as the most significant advancement impacting the digital world since the internet itself. The fund is positioned just past the first upward inflection in a generational S-curve for AI adoption and economic impact. Every digital interaction will eventually be AI powered, making humans more productive across various activities. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 0700.HK, ADYEN.AS, ALV.DE, ASML, BBVA, BHP, BNTX, D05.SI, HDB, IFX.DE, MELI, NESN.SW, OR.PA, ROG.SW, SAP, SHEL, SONY, SU.PA, TSM | AI, diversification, growth, international, Japan, Quality, semiconductors, technology | The fund has significant portfolio-level exposure to AI growth through a diverse set of fundamentally strong companies. AI beneficiaries fall into two categories: companies providing AI-enhanced goods and services, and companies developing underlying AI technology including semiconductor manufacturers and infrastructure providers. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2023 Q1 | Apr 15, 2023 | Torre Financial | 16.7% | 16.7% | 7741.T, ADSK, ADYEN.AS, AMZN, APH, ASML, BALL, CCJ, CDNS, CMG, DHR, DOXI, FAST, FISV, GOOG, HXGN, LIN, MCHP, MELI, MSFT, NEE, OKTA, PGR, RGEN, WDAY | Adaptability, AI, global, growth, innovation, semiconductors, technology | AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2026 Q1 | Apr 13, 2026 | Harding Loevner International Equity | 1.1% | 1.1% | 005930 KS, 035420 KS, 2308.TW, 2371.T, 300750.SZ, 6146.T, 6758.T, ADYEN.AS, ASML, BA.L, HDFCBANK.NS, SE, SHEL, TSM | AI, diversification, energy, Geopolitical, international, Quality, semiconductors, technology | View | ||
| 2026 Q1 | Apr 13, 2026 | Harding Loevner Global Equity | -5.6% | -5.6% | 0700.HK, ADBE, ASML, BKNG, CME, HDFCBANK.NS, HEI, RYA.L, SAF.PA, SAP.DE, SHEL, SLB, SONY, SU.PA, TSM, TW | aerospace, AI, energy, Geopolitical, infrastructure, Quality, Resilience, technology | View | ||
| 2026 Q1 | Apr 13, 2026 | ClearBridge Investments International Growth ADR Strategy | - | - | 4063.T, 4307.T, 5802.T, 6920.T, 7532.T, ASM, ASML, CHKP, EADSY, ENGI.PA, IX, MELI, REL.L, RIO, SAP, SHOP, SPOT, WDS.AX | AI, defense, energy, Geopolitical, growth, international, Japan, semiconductors | View | ||
| 2023 Q1 | Apr 13, 2023 | LVS Advisory – Growth | 8.1% | 8.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2026 Q1 | Apr 12, 2026 | Hardman Johnston Global Equity | -6.5% | -6.5% | AIR.PA, ALB, ASML, AVGO, EL, FTI, PRX, SLB, TSM, VRT | AI, energy, Geopolitical, global, Oil Services, semiconductors, technology | View | ||
| 2026 Q1 | Apr 12, 2026 | Hardman Johnston International Equity | -3.1% | -3.1% | 6501.T, 7011.T, 7269.T, ASML, CBK.DE, CCO, FTI, HDFCBANK.NS, MC.PA, MELI, PRX.AS, SAF.PA, SDZ SW, STAN.L, STM, TSM, UCB.BR | Europe, healthcare, industrials, international, Japan, nuclear, semiconductors, technology | FTI CCO UCB.BR TSM ASML |
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| 2026 Q1 | Apr 11, 2026 | Torre Financial | -8.5% | -8.5% | ABT, ALSN, ASML, BKNG, FIX, GEV, LIN, MELI, SPGI, TMO | AI, energy, industrials, infrastructure, Quality, semiconductors, technology | MELI TMO SPGI ABT BKNG LIN ALSN ASML GEV FIX |
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| 2024 Q1 | Apr 11, 2024 | Regency Wealth Management | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Edgewood maintains a comprehensive AI framework spanning infrastructure, proprietary data applications, and productivity enhancements. The firm sees AI broadening beyond infrastructure to applications and productivity layers, with 28% of the portfolio in AI infrastructure buildout companies. | View | |
| 2024 Q1 | Apr 10, 2024 | NZS Capital – Growth | - | - | 6367.T, ADYEY, AMD, ANSS, ASML, FI, JNJ, LIN, LONN.SW, MCHP, MEDP, NFLX, NOW, NVDA, ON, PGR, SWAV, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble with long-term promise but near-term correction risk. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree. The fund notes AI's potential impact is unknowable but enthusiasm is bordering euphoria. | View | |
| 2025 Q1 | Apr 1, 2025 | MPD Partners | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2025 Q1 | Apr 1, 2025 | The Wolf of Harcourt Street | 1.2% | 1.2% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | ASML maintains its monopoly in lithography equipment despite reports of Chinese competition. The company controls 90% of the global lithography market and remains the sole supplier of High-NA EUV systems. TSMC's $100 billion U.S. investment will drive demand for more ASML machines. | NU SE META ASML |
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| 2025 Q4 | Mar 4, 2026 | Saltlight Capital | - | 30.8% | AMD, AMZN, ASML, BLU.JO, CCL.JO, GOOGL, INTC, MELI, MSFT, NVDA, SE, TSM | AI, global, growth, semiconductors, software, technology | AI represents a general-purpose technological revolution with multi-decade second-order effects across industries, labor markets, and national competitiveness. The manager views AI as creating opportunities through enabling constraints and compounding downstream optionality, while complexity causes market participants to misprice assets. The AI epoch remains transformational and has dominated US equity markets in both size and mindshare. Upstream supply-chain participants are increasingly signaling that 2028 and beyond capex could be materially higher, not lower, contradicting the widely held digestion narrative. TSMC lifted capex expectations, ASML's bookings re-accelerated, and Intel found itself unexpectedly capacity-constrained in data-centre CPUs. The semiconductor supply chain is signaling acceleration rather than the expected digestion phase. The market is being asked to underwrite multiple Stargate-scale campuses every year for several years, with analyst forecasts implying roughly 10 GW in FY27E, 12 GW in FY28E, 13 GW in FY29E, and 16 GW in FY30E-FY31E. A 1 GW data centre costs roughly $50-60 billion, with NVIDIA capturing around $35 billion of that via its share of the stack. Software multiples have compressed as if AI disruption is inevitable, while hyperscalers and enterprises still struggle to demonstrate clear AI ROI. The traditional SaaS playbook faces challenges from AI eating into margins, attacking the pricing unit, and creating cannibalization problems. The software total addressable market is likely to grow 2-3x as AI replaces some work and the gap between software spend and headcount narrows. | View | |
| 2026 Q1 | Mar 31, 2026 | PGIM Jennison Global Opportunities Fund | -11.7% | -11.7% | ASML, AVGO, COST, GEV, GOOGL, HOOD, LRCX, MSFT, PLTR, SHOP.TO, TSM | aerospace, AI, energy, global, growth, semiconductors, technology | View | ||
| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments All Cap Growth | - | - | ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM | AI, defense, growth, healthcare, materials, semiconductors, technology | ANET ROG.SW FCX TSM ASML APPL |
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| 2026 Q1 | Mar 31, 2026 | Baron Global Advantage Fund | 11.9% | 26.4% | ARGX, ASML, BAJFINANCE.NS, BILL, CDRE, CPNG, CRWD, DDOG, ENDV, GDS, INDI, INPST.L, MELI, NET, NVDA, RIVN, SHOP, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS | AI, E-Commerce, global, growth, Robotics, semiconductors, Space, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | American Century International Growth Fund | 1.9% | 1.9% | 6861.T, 8316.T, 8766.T, AI.PA, ASML, AZN, GLBE, GLE.PA, LSEG.L, NVO, ONON, RACE, RELX.L, SAP, SIE.DE, SONY, TM, TTI | AI, Europe, financials, growth, healthcare, international, Japan, technology | Europe-focused companies are positioned for near-term improvement after a period of slow economic activity with expectations set very low. Signs of moderately improving economic activity and announcement of supportive government spending present companies with near-term opportunities to accelerate from a low baseline. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Small Companies | -3.1% | -3.1% | AAPL, ALGN, ASML, CBSH, CHD, EPAM, FIVE, FTI, GLOB, HP, LAZ, LIVN, LPLA, MKC, NBIX, NDAQ, OLLI, PEN, RGA, STNE | Germany, global, infrastructure, Quality, small caps, Trade Policy | The portfolio significantly increased exposure to Germany over the past couple years, with an 8.3% average weight versus 1.1% in the benchmark. Despite economic challenges, the manager found high-quality growing businesses trading at reasonable prices. Germany's constitutional amendment to allow fiscal stimulus and infrastructure spending of over $500 billion boosted market performance in Q1. | 7747.T 6952.T FPE3.DE NEM.DE G24.DE |
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| 2025 Q1 | Mar 31, 2025 | Sands Capital Emerging Markets Growth Fund | 2.5% | 2.5% | 0700.HK, 1211.HK, 1299.HK, 2020.HK, 2330.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, GLOB, GRAB, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, WEGE3.SA | AI, China, E-Commerce, emerging markets, growth, India, semiconductors, technology | Since the beginning of 2024, we have narrowed our underweight to China relative to the MSCI EM. While we remain cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, we also see a select group of exceptional growth businesses in the country. Our views are shaped by on-the-ground research with three research trips to China and Hong Kong in the first quarter of 2025. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital International Growth Fund | 1.1% | 1.1% | 2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA | Asia, emerging markets, Europe, growth, international, tariffs, trade war | Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins. | View | |
| 2025 Q1 | Mar 31, 2025 | Artemis Global Select Fund | -7.5% | -7.5% | 6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM | AI, defense, global, Quality, semiconductors, tariffs, technology, value | AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand. | SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB |
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| 2025 Q1 | Mar 31, 2025 | Airlie Australian Share Fund | -3.6% | -3.6% | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, ORCL, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using Claude AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO |
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| 2025 Q1 | Mar 31, 2025 | Airlie Small Companies Fund | -1.1% | -1.1% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span the hardware and software sides of AI growth with focus on data center processors, enterprise AI tools, and autonomous mobility platforms. | BIDU BABA SNOW AMD |
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| 2025 Q1 | Mar 31, 2025 | PM Capital Global Companies Fund | 7.8% | 7.8% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q1 | Mar 31, 2025 | Rothschild & Co LongRun Equity Fund | - | - | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | Compounding, Consumer Staples, Defensive, long-term, Quality, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | MSCI GE CDS |
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| 2024 Q1 | Mar 31, 2024 | Brown Capital Management International All Company Fund | 3.2% | 3.2% | ASML, GRF.MC, MBLY, NVO, TEMN.SW | growth, healthcare, international, semiconductors, Team Management, technology | Novo Nordisk leads the global GLP-1 market with 55% share through blockbuster drug Wegovy. The obesity market was $24 billion in 2023, seven times larger than three years ago, and forecasted to double to $50 billion by 2028. GLP-1 drugs show promise beyond weight loss, with studies demonstrating cardiovascular and kidney disease benefits. | GRF TEMN.SW ASML NVO |
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| 2024 Q1 | Mar 31, 2024 | Baron Global Advantage Fund | 3.5% | 3.5% | ADYEN.AS, ALAB, ARGX, ASML, BJFN.NS, CPNG, CRWD, ENDV, INDI, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VKTX, ZOMATO.NS, ZS | AI, cybersecurity, Electric Vehicles, global, growth, innovation, semiconductors, technology | Fund views AI as a multi-decade paradigm shift with NVIDIA at the epicenter. GenAI is showing rapid real-world adoption with revenues exceeding $3 billion. The manager believes AI will drive productivity gains and technological breakthroughs across industries from drug discovery to autonomous machines. | ALAB VKTX NVDA |
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| 2024 Q1 | Mar 31, 2024 | Platinum International Fund | 6.5% | 6.5% | 005930.KS, AMZN, ASML, AVGO, BEZ.L, DINO.WA, EADSY, GOOGL, IGLOY, META, MU, NFLX, RYAAY, TCOM, TM, TSM, UBSG, UPM.HE, ZEAL.CO, ZTO | AI, global, semiconductors, technology, Travel, value | The fund holds companies that benefit from AI spending including TSMC, Micron, and Broadcom. Their strategy focuses on reasonably-valued businesses that perform well if AI continues to grow but have strong non-AI businesses as downside protection. Overall AI exposure is roughly 14% of the portfolio. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Technology Fund | 15.2% | 15.2% | ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V | AI, Cloud, semiconductors, software, technology, value | Fund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%. | View | |
| 2024 Q1 | Mar 31, 2024 | Airlie Small Companies Fund | 9.1% | 9.1% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive productivity gains and creating new business models for enterprise software companies. The debate centers on whether AI will increase adoption at higher prices or allow companies to bypass traditional software vendors. ServiceNow and Salesforce are adapting pricing models to capture AI value through consumption-based structures. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Fund | 5.4% | 5.4% | 000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L | Banking Crisis, China, contrarian, global, interest rates, value | Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter. | View | |
| 2023 Q1 | Mar 31, 2023 | Airlie Small Companies Fund | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2023 Q1 | Mar 31, 2023 | Fortress – Caribbean Growth Fund | 3.1% | 3.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is estimated at $250B+ with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over medium term with four new unnamed customers expanding AI revenue opportunity. | FICO AVGO BSX |
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| 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 Q4 | Mar 2, 2026 | Baron Global Opportunity Fund | 6.5% | 27.5% | ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS | AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology | AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms. | View | |
| 2025 Q1 | Mar 13, 2025 | Fairtree Wild Fig Multi Strategy Hedge Fund | -2.5% | -2.5% | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, Electric Vehicles, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO |
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| 2024 Q4 | Mar 1, 2025 | Columbia Global Technology Growth Fund | 6.1% | 31.7% | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. | View | |
| 2025 Q4 | Feb 6, 2026 | Bailard International Equity Strategy | 5.5% | 34.9% | ASML, AZN.L, ROG.SW | AI, defense, EAFE, Geopolitical, gold, international, Korea, Utilities | AI advancements and record investments by U.S. tech giants dominated headlines. International markets benefited from AI infrastructure demand, with Korea's remarkable run fueled by AI/semiconductor exposures. Non-U.S. stocks are involved in secular themes including AI-required infrastructure. Utilities sector led EAFE sectors with +10.1% gains, boosted by surging power demand for data centers. The data center demand tailwind supported utility performance and drove infrastructure needs. Rhetoric of self-sufficiency and national security was a prevalent theme, as countries refocused attention on security capabilities and strategic alliances. Security spending represents one of the secular themes supporting non-U.S. equity growth. Precious metals led the surge with gold climbing 65% for the year, reaching record highs of $4,300/oz. Gold's continued rise may be reflecting concern about policy risks and geopolitical tensions. Silver was up 38% in December alone and soared over 150% for the year, demonstrating remarkable precious metals performance alongside gold as investors sought safe havens from escalating geopolitical risks. | View | |
| 2023 Q4 | Feb 29, 2024 | Easterly – Global Real Estate Fund | 12.6% | 7.2% | AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, Fintech, growth, Logistics, Platforms, software, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. Manager emphasizes platform businesses with structural advantages as cornerstone of investment philosophy. | ^VIX RBRK ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM INPST |
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| 2024 Q4 | Feb 28, 2025 | Brummer Multi-Strategy Fund | - | - | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML NU SE META ASML NU SE NU SE META ASML |
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| 2025 Q4 | Feb 13, 2026 | Eagle Capital Management | 0.0% | 17.5% | ASML, BAYRY, LSEGY, SAP, SHEL, TSM, TSMC | Agriculture, energy, international, semiconductors, software, technology, value | ASML operates as an effective monopoly in EUV lithography tools, supplying every major foundry producing leading-edge semiconductors. TSMC dominates pure play semiconductor foundry manufacturing with over 90% of advanced logic chips and is at the epicenter of AI infrastructure buildout. Both companies benefit from growing demand for complex silicon wafers driven by AI adoption. Bayer operates the world's largest crop science business with leading market share in the U.S. and South America. The company is working through legal issues related to glyphosate while agriculture is in a downcycle. Crop science R&D is likely to benefit from advances in AI, with Bayer having the broadest and deepest seed and trait data sets. London Stock Exchange Group operates critical financial market infrastructure and data businesses. The company has a near-monopoly in interest rate derivatives through London Clearing House and leads electronic fixed-income trading through Tradeweb. While AI disruption concerns exist for the data business, the company's data assets should benefit from broader distribution. SAP is the world's largest enterprise software application company with ERP systems serving as the backbone for much of the Fortune 500. The company is converting its massive installed base from on-premise to higher-value cloud subscriptions. Extraordinary switching costs result in retention rates well above 90%. Shell is one of the world's largest integrated energy companies with the largest LNG business globally. New leadership has prioritized shareholder returns and hydrocarbon cash flows. The company has bought back nearly 25% of its shares over the past four years while maintaining a 4% dividend yield. | TSM SHEL LN SAP GR LSEG LN BAYN GR ASML NA |
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| 2025 Q4 | Feb 11, 2026 | Baron Fifth Avenue Growth Fund | 3.3% | 18.2% | ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models. | MELI CPNG META SHOP NVDA MPWR AVGO GOOGL |
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| 2025 Q4 | Dec 31, 2025 | Burke Wealth Managament The Focused Growth Strategy | 2.0% | 7.4% | AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG | AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy | The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act. | View | |
| 2025 Q4 | Dec 31, 2025 | Edgewood Management | 1.5% | 7.0% | ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, Quality, semiconductors, software, technology | AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends. | APH AXON |
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| 2025 Q4 | Dec 31, 2025 | Green Ash Partners | - | - | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments International Growth ADR Strategy | - | - | ACN, ARGX, ASML, AZN, CHKP, EDP.LS, ICON, ITX.MC, LSEG.L, MUFG, NVO, RMS.PA, SAP.DE, SE, SHOP.TO, SONY, SPOT, TSM | Europe, growth, international, Japan, Luxury, tariffs, Valuations | Added French accessories maker Hermes which limits supply of ultra-premium handcrafted leather goods despite huge consumer demand. This creates waitlists but underpins brand desirability and exclusivity. Opportunities exist through increased volume, pricing power and product categories like ready to wear, jewelry, watches and beauty still in early growth stages. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner International Equity | - | 1.8% | 005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM | AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy | AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing. | 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 | BNY Mellon Appreciation Fund | -1.5% | 12.4% | AAPL, AMZN, ASML, GOOGL, LVMUY, MSFT, NOW, NVDA, NVO, SPGI, TXN, UNH, V | AI, Federal Reserve, growth, large cap, Quality, rates, technology, Trade Policy | Corporate results indicated AI infrastructure investments were yielding tangible returns, particularly in cloud computing offerings, efficiencies gained, and improvements across advertising and content. Management for many large technology companies signaled plans for further investments in this area, which should benefit semiconductor designers and manufacturers. | View | |
| 2024 Q4 | Dec 31, 2024 | Capicraft Investment Partners | - | - | AAPL, AMZN, ASML, COST, DIS, DOCU, GOOGL, JNJ, KO, LB, NFLX, NVDA, TPG, TSM, ZM | AI, energy, inflation, Quality, technology, US, value | Manager discusses AI productivity boom potential but notes most benefits will come later. Currently AI infrastructure is being built by hyperscalers who are pricing in high expectations while becoming more capital-intensive and commoditized. The next opportunity lies in AI developers who will build software on hyperscaler infrastructure. | LBRT |
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| 2024 Q4 | Dec 31, 2024 | Baron Global Advantage Fund | 11.8% | 26.1% | ARGX, ASML, BAJFINANCE.NS, BILL, CPNG, CRWD, DDOG, ENDV.L, INDI, MELI, NET, NVDA, RIVN, SHOP.TO, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS | AI, Cloud, E-Commerce, global, growth, Robotics, semiconductors, technology | The fund views AI as one of the biggest disruptive changes in human history, comparing it to the early internet era. AI model intelligence is improving rapidly through multiple vectors including scaling laws, multiple modalities, synthetic data, post-training techniques, and inference-time scaling. The fund owns businesses positioned to benefit from this paradigm shift including NVIDIA at the epicenter and platforms like Shopify that can utilize AI to help merchants. | View | |
| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors | The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. | RTO.L AZO ZTS ILMN |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston International Equity | -3.3% | 13.4% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR | emerging markets, Europe, financials, healthcare, international, stock selection, technology | TSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Global Growth Fund | 5.3% | 15.7% | 6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V | AI, global, growth, innovation, long-term, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital International Growth Fund | -4.1% | 8.4% | 2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE | AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP | AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | AI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. | View | |
| 2024 Q4 | Dec 31, 2024 | Nixon Capital | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, growth, Memory, nuclear, semiconductors, software, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. Enterprise software companies like ServiceNow and Salesforce are developing AI-infused products with consumption pricing models to capture value from productivity gains. The manager believes AI will ultimately prove additive to software company results despite current market skepticism. | View | |
| 2023 Q4 | Dec 31, 2023 | Baron Global Advantage Fund | 14.7% | 25.3% | 3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS | AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology | GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum International Technology Fund | 6.8% | 24.9% | 0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V | AI, Quality, semiconductors, Streaming, technology | The fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption. | View | |
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AAPL, AMZN, ASML, BN, CCI, CMG, DEO, GOOGL, HCA, ICE, INTU, LOW, MSFT, NFLX, SAP, TT, UNH, USB, V, YUM | AI, global, growth, inflation, Quality, Recession, technology | Generative AI represents a period of extraordinary progress with lasting impacts. The managers are focused on understanding how AI will create new addressable markets and earning streams while being thoughtful about disruption risks. They see clear commercial applications for some portfolio holdings as enablers of the new AI era. | AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Dec 31, 2023 | Nixon Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering Infrastructure & Enablement, Proprietary Data/Applications, and Productivity categories. They see encouraging signs that AI is beginning to broaden beyond infrastructure to proprietary data and application layers. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2022 Q4 | Dec 31, 2022 | Magellan Global Fund | - | -11.8% | ASML, MA, V | - | View | ||
| 2024 Q4 | Dec 30, 2024 | Munro Global Growth Fund | 10.4% | 37.2% | AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER | AI, growth, large cap, semiconductors, technology, US | Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips. | AXON AVGO |
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| 2023 Q4 | Dec 28, 2023 | Alpinum Investment Management | 0.0% | 0.0% | AI.PA, ASML, MC.PA, OR.PA, SAN.PA, SAP.DE, SIE.DE, SU.PA | China, credit, Europe, fixed income, inflation, rates, Recession, Valuations | Market sentiment pivoted favorably as perception of inflation underwent positive shift. Transient inflationary pressures are alleviating, contributing to market stability and normalizing inflation rates to historically typical levels. | View | |
| 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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| 2025 Q3 | Nov 8, 2025 | Brown Advisors Global Leaders Strategy | 0.5% | 13.0% | ALLE, ASML, BBCA.JK, DB1.DE, EVD.DE, GE, GOOG, INTU, LSEG.L, MA, MSFT, SCHW, TSM, UL, V, WDAY, XP | AI, financials, global, growth, Quality, technology, value | The manager discusses AI's impact on their portfolio, noting underperformance from not owning AI winners like NVIDIA, Oracle, and Broadcom. They analyze AI risks to London Stock Exchange Group's data assets and explore opportunities in AI-enabled SaaS companies like Workday that can harness AI to improve customer outcomes. | WDAY BBCA IJ TSLA |
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| 2025 Q3 | Nov 30, 2025 | Rothschild & Co LongRun Equity Fund | 3.9% | -4.0% | AAPL, ACN, AMZN, ASML, AVGO, CDNS, DHR, GOOGL, IDXX, INTC, META, MSFT, NVDA, SNPS, TMO, TSLA | AI, Cloud, Compounding, long-term, Quality, semiconductors, technology | AI has sparked a global race to develop specialized, high-performance chips. Cloud providers like Google, Amazon, Meta and Microsoft, along with many startups, are now designing their own AI chips. Each new design requires advanced tools for modeling and verification, driving demand for chip design software. AI is a long-term trend spanning data centers to edge devices. | View | |
| 2023 Q3 | Nov 1, 2023 | NZS Capital – Growth | - | - | ADYEN.AS, APH, ASML, BALL, CCJ, CMG, DHR, DOX, FI, GOOGL, HXGBY, MCHP, NEE, OKTA, PGR, RGEN | AI, Automation, Energy Transition, growth, innovation, semiconductors, technology | AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2025 Q3 | Oct 9, 2025 | Mawer International Equity Fund | 3.7% | 21.8% | 0700.HK, AJG, APH, ASML, ATR, BDX, BMO.TO, BNS.TO, BWXT, DB1.DE, FNV.TO, GOOGL, LSEG.L, MLM, MMC, MSFT, RELX.L, RY.TO, SHOP.TO, TD.TO, TME, TSM, VRSK, WAT, WKL.AS | AI, Banking, Canada, gold, rates, semiconductors, technology | AI-related stocks have dominated market returns since ChatGPT's launch in November 2022, accounting for a lion's share of S&P 500 returns, earnings growth, and capital spending. Corporate spending on data center infrastructure and semiconductors is projected to be several trillion dollars over the next three years. AI companies are making enormous investment deals with each other, staying largely within the established AI ecosystem. | 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 | |
| 2025 Q3 | Oct 5, 2025 | St. James Investment Company | - | - | AAPL, AMZN, ASML, GOOGL, META, MSFT, NFLX, NVDA, TSLA, TSM | AI, Bubble, ETFs, market structure, Passive investing, semiconductors, technology, value | The letter extensively discusses the AI boom driving extraordinary market gains, comparing it to the internet bubble. AI euphoria is powering the S&P 500 to new highs, with six companies accounting for over a third of the index value. However, concerns exist about AI's ability to generate sufficient revenue to justify current capital investment levels. | ASML MSFT NVDA |
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| 2025 Q3 | Oct 31, 2025 | Richie Capital Group | - | - | 1211.HK, ADVT, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSE.L, MC.PA, MDT, META, MSFT, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming. | View | |
| 2025 Q3 | Oct 28, 2025 | Columbia Global Technology Growth Fund | 12.1% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, innovation, semiconductors, technology | AI remained the most significant driver of technology market performance during the quarter. The fund benefited from AI infrastructure investments, with companies like NVIDIA reporting extraordinary demand for data-center products and Broadcom seeing AI semiconductor chips become a majority of revenue. The transformative potential of AI continues to drive investor enthusiasm across all sectors of the economy. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AVGO US NVDA US ALAB US AVGO US NVDA US ALAB US |
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| 2023 Q3 | Oct 25, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA | AI, growth, international, Japan, Pharmaceuticals, semiconductors, value | The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate. | SMCAY ARGX AZN ASML |
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| 2025 Q3 | Oct 22, 2025 | Easterly – Global Real Estate Fund | -2.9% | 8.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026. | View | |
| 2025 Q3 | Oct 22, 2025 | WestEnd Capital | 3.9% | 13.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains exposure to AI leaders like Palantir and Snowflake while opening new positions in catch-up trades including AMD, Alibaba, and Baidu. The firm views AI as entering broad market adoption phase with rising demand across hardware and software infrastructure. | BIDU BABA SNOW AMD |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston International Equity | 8.5% | 36.2% | 6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR | AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy | The portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals. | SUZUKI PROS SDZ UCB |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2025 Q3 | Oct 21, 2025 | BNY Mellon Appreciation Fund | 3.3% | 8.7% | AAPL, AMZN, ASML, BLK, GOOGL, INTU, ISRG, META, MSFT, NOW, NVDA, NVO, TSM, TXN, V | AI, earnings, large cap, Quality, rates, technology, Trade Policy | Large technology companies reported benefits from deploying AI internally and for clients, which boosted revenue growth. These companies also expanded investment plans for additional AI resources to meet growing demand, as consumers and enterprises rapidly adopt AI. Companies that have exposure to the AI datacenter buildout benefited. | INTU TSM ASML NA NVDA MSFT |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International Concentrated Growth | 2.7% | 25.0% | ADYEY, ASML, MELI, SHOP, SPOT, TSM | AI, E-Commerce, global, growth, payments, semiconductors, technology | The fund maintains significant exposure to leading e-commerce platforms like MercadoLibre and Shopify. MercadoLibre continues to grow revenues strongly through deepening free-shipping incentives in Brazil that boost GMV despite margin pressure. Shopify demonstrates broad-based growth with particularly strong momentum in Europe where GMV rose over 40% last quarter. | ASML TSM SHOP ADYEN SPOT MELI ASML TSM SHOP ADYEN SPOT MELI |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – US Equity Growth | 3.4% | 20.2% | 300750.SZ, 6857.T, 9926.HK, ADYEN.AS, ASML, MELI, SHOP, SPOT | Biotech, E-Commerce, Energy Transition, global, growth, semiconductors, technology | The fund has meaningful exposure to the semiconductor value chain providing equipment critical to the digital age. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt extreme ultraviolet lithography technology. Testing intensity grows as chip complexity and AI workloads scale. | ASML NA MELI SPOT ADYEY |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Emerging Markets Growth Fund | 5.0% | 21.5% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 300750.SZ, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BHARTIARTL.NS, COSMAX.KS, CPNG, HDFCBANK.NS, MELI, NU, SE, TSM | AI, China, E-Commerce, emerging markets, Fintech, growth, India, semiconductors | Artificial intelligence is expanding growth runways and reinforcing competitive advantages across business lines. AI is improving user experience in gaming through more responsive in-game bots and accelerating design workflows. In advertising, AI enables more targeted placements, higher click-through rates, and more closed-loop transactions. The portfolio includes businesses positioned to benefit from AI infrastructure buildout and implementation. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V | AI, E-Commerce, global, growth, semiconductors, Streaming, technology | Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats. | TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital International Growth Fund | -3.1% | 15.7% | 2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM | AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology | AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance. | View | |
| 2025 Q3 | Oct 20, 2025 | NZS Capital – Growth | 3.9% | 19.6% | ADSK, AMT, APH, ASML, CMG, CSU.TO, DHR, FI, GOOGL, IT, LRCX, MCHP, MPWR, NOW, ROP, SNPS, TEAM, TSM, URI, WDAY | AI, cybersecurity, growth, Identity, semiconductors, software, technology | NZS discusses AI as the largest platform shift yet, threatening business models while promising productivity advances. They emphasize the widening range of outcomes and the need to avoid narrow predictions in AI investing. The firm highlights AI's expansion of the total addressable market for identity governance and security software. | SAIL SAIL |
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| 2025 Q3 | Oct 20, 2025 | Ironvine Capital Partners | - | 10.0% | AMD, AMZN, ASML, GOOGL, INTC, META, MSFT, NSC, NVDA, ORCL, TSM, UNP | AI, Capital Deployment, infrastructure, Monopolies, Railroads, semiconductors | ASML represents a monopoly-like position in lithography systems essential for semiconductor manufacturing, with over 90% market share and massive barriers to entry through decades of R&D investment. The company's extreme ultraviolet systems are critical infrastructure for advanced chip production, positioning it as a toll that must be paid for semiconductor fabs driving global technological progress. | View | |
| 2025 Q3 | Oct 19, 2025 | American Century International Growth Fund | - | - | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology | Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models. | View | |
| 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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| 2023 Q3 | Oct 17, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ | energy, global, healthcare, inflation, rates, semiconductors | Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher. | View | |
| 2025 Q3 | Oct 16, 2025 | Magellan Global Fund | 0.0% | - | AMZN, ASML, CME, CMG, ES, GOOGL, INTU, MA, META, MSFT, NESN.SW, NFLX, NVO, SAP, TSM, UNH, V | AI, Defensive, global, growth, Quality, semiconductors, technology | AI is viewed as a genuinely revolutionary technology for markets, economies and society. The manager notes AI-related stocks have driven majority of earnings growth and returns since ChatGPT launch in November 2022. However, sentiment towards AI can be volatile and subject to rapid reversals, as witnessed during the 'DeepSeek moment' earlier this year. | CME |
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| 2025 Q3 | Oct 16, 2025 | Magellan High Conviction Fund | -1.2% | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD for chips and data centre capacity. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation, resulting in increasing risks to the market. The underlying rationale for the recent rally appears increasingly driven by speculative elements including circular deals heavily dependent on OpenAI growing and monetising its user base. | ADS GR |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – International Growth | -4.5% | 2.1% | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | growth, healthcare, international, Quality, semiconductors, software, technology | AI is driving demand for advanced semiconductors and equipment. ASML benefits from AI-driven semiconductor advances requiring their equipment for advanced logic and memory chips. ASM International's ALD technology is increasingly needed for building logic gates on leading edge chips as AI fuels ongoing advances in semiconductors. | ASM NA 6902 JP SAP GR MNDY US SAGE LN ICON IE ASML NA SHOP CN |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL | AI, China, healthcare, Outperformance, semiconductors, stock selection, technology | Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | Investment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. | IQV UN |
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| 2024 Q3 | Oct 16, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW | AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology | Management teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies. | ASML ELF DXCM BX MA NOW |
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| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 companies to bypass them with internal solutions. Both companies are adapting pricing models to consumption-based structures for AI modules to protect against headcount reduction concerns. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
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| 2023 Q3 | Oct 15, 2023 | Highwood Value Partners | - | - | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MC.PA, MDT, META, MSFT, NOW, ORCL, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming as valuations reach breathtaking levels. | AAPL|MSFT|NFLX|NVDA|UNH 1211.HK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO |
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| 2025 Q3 | Oct 14, 2025 | Parnassus Growth Equity Fund | 5.8% | - | AAPL, AMZN, APPF, ASML, AVGO, BRO, CMG, CRM, DE, GOOGL, INSM, INTU, LLY, MELI, MSFT, NVDA, PODD, SARO, TSLA, TSM, V | aerospace, AI, growth, healthcare, large cap, Quality, semiconductors, technology | The fund continues to selectively participate in AI secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested the money and scaled the technology to drive this massive infrastructure transformation. However, there is risk that AI investments could become overheated before monetization gains momentum. | PODD US SARO US |
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| 2025 Q3 | Oct 14, 2025 | Bell Global Equities Fund | 3.4% | - | AAPL, AMZN, ASML, CNM, COLOB.CO, GOOGL, META, MMC, MSFT, NVDA, NVO, ORCL, PCTY, SAP.DE, SGE.L, SNPS, TER, TSM, V, WM | global, growth, Quality, semiconductors, technology, valuation | The fund follows a Quality at a Reasonable Price investment approach, focusing on financially robust, well-managed companies with sustainable earnings growth. The current environment has been challenging for quality-focused investors, with the MSCI World Quality Index underperforming by around 9% over the past 12 months. | WM SGE ASML |
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| 2025 Q3 | Oct 14, 2025 | Harding Loevner International Equity | 6.6% | 22.4% | 005930.KS, 2308.TW, 2413.T, 4519.T, 4684.T, 6301.T, 7741.T, 9984.T, AIA, ALC.SW, ALV.DE, ASML, BBVA, BHP.AX, CATL, D05.SI, NESN.SW, NICE, SE, TSM | AI, China, financials, growth, international, Quality, semiconductors, valuation | The fund maintains a persistent tilt toward higher-quality companies as a hedge against economic downturns. However, high-quality stocks have dramatically underperformed, with the top third returning 17% versus 37% for the bottom third year-to-date. This quality bias explains essentially all relative performance shortfall this year. | View | |
| 2025 Q3 | Oct 14, 2025 | Harding Loevner Global Equity | 2.5% | 10.6% | 0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, diversification, global, healthcare, momentum, technology, valuation | AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative. | TCEHY US GOOGL US TMO US ELV US VRTX US ACN US |
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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 | |
| 2023 Q3 | Oct 13, 2023 | WestEnd Capital | -1.1% | 30.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY PWR |
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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 Q3 | Oct 10, 2025 | The Bristlemoon Global Fund | 5.0% | - | AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V | AI, global, Long/Short, Quality, semiconductors, software, technology | The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools. | PAR UN SNPS US GOOGL US ASML NA |
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| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2023 Q3 | Oct 10, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | View | ||
| 2024 Q3 | Oct 10, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI | AI, Automation, Digital, growth, insurance, semiconductors, technology | The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift. | PGR |
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| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY | AI, growth, portfolio, semiconductors, software, technology, Valuations | AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction. | TSM |
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| 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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| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2023 Q4 | Jan 9, 2024 | The Wolf of Harcourt Street | - | 34.3% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations | The dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ABNB, ACN, AMZN, ASML, AVGO, GOOGL, ISRG, LLY, META, NEE, NFLX, NVDA, NVO, TMO, TSLA, UBER, UNH, V, ZTS | growth, healthcare, large cap, Magnificent Seven, technology, Valuations | AI is clearly a megatrend that the managers are monitoring closely to gauge the next phase of use cases and impact both to technology-oriented businesses and to those in more traditional industries. Portfolio holding Intuitive Surgical is making significant strides in providing feedback to surgeons using its robotic instruments. | ABNB NVO ICLR |
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| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 2024 Q4 | Jan 6, 2025 | Vltava Fund | 0.0% | 0.0% | 000660.KS, 005930.KS, 8035.T, AMAT, ASML, BRK-A, KLAC, LRCX, MU, TSM, WSM | Concentration, Equipment, semiconductors, technology, value | The fund added Applied Materials and Lam Research to join existing holding KLA Corporation, creating exposure to three companies that operate as oligopolies in semiconductor equipment manufacturing. These companies have dominant global positions with net margins around 27% and ROCE of 30%, manufacturing equipment essential for advanced chip production. The manager views this as one collective investment into a critical segment of the global economy with high barriers to entry and sustainable competitive advantages. | LRCX AMAT |
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| 2023 Q4 | Jan 4, 2024 | Regency Wealth Management | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Quality, technology | AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in semiconductor and technology companies benefiting from AI datacenter buildouts and custom silicon demand. | FICO AVGO BSX |
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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 | |
| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, AMD, ASML, BRZE, CRWD, CSU.TO, GOOGL, HOOD, KPG.AX, KSI.TO, MELI, MU, NVDA, SPGI, TEAM, V, WDAY | AI, Cloud, compounders, Concentration, growth, semiconductors, technology, value | Manager discusses AI as a key investment theme, highlighting Alphabet's decades of AI research leadership and Sergey's return to work on AI. Notes that AI-enabled search over Jira and Confluence represents perfect GenAI use cases for B2B settings. Views Adobe's video generation capabilities and AI tooling as underappreciated by the market. | 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 27, 2026 | Polen Capital – International Growth | -2.5% | -0.5% | 0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA | AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance | AI adoption is transforming the global economy and creating investment opportunities. Advanced chips sit at the epicenter of everything AI related, with ASML's equipment essential to printing advanced logic and volatile memory chips. Markets are attempting to price in these technological shifts, though the transition remains volatile. Semiconductor capital equipment companies continue to benefit from investor optimism around AI. Tokyo Electron benefits from rising demand for more chip volume and more complex chips, driving investment into chip fabrication plants. The company is expected to grow revenues at high single-digit rate while increasing operating margins from 25% to 35% in the medium term. E-commerce platforms face mixed dynamics with growth opportunities offset by competitive pressures. MercadoLibre continues to benefit from low e-commerce penetration in Latin America and maintains 35%+ topline growth in its 26th year. However, Alibaba's profitability in core e-commerce has been pressured by heavy investments to compete in food and grocery delivery. Nintendo's Switch 2 launch marks the beginning of a significant upgrade cycle with potential for elevated growth in both hardware and software over the coming five years. The overall Switch installed base could reach 250 million customers, nearly doubling the customer base capable of downloading gaming titles. The company is expected to grow earnings at 30% annualized for the next few years. The investment approach focuses on businesses with durable competitive advantages, strong returns on capital, and resilient earnings. Quality companies are expected to ultimately outperform the broader market despite current market preference for cyclically sensitive businesses. This quality-focused strategy is especially important when investors embrace risk and cyclicality. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
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| 2025 Q4 | Jan 23, 2026 | American Century International Growth Fund | 0.3% | 15.6% | 6758.T, 6954.T, 7532.T, AI.PA, AIR.PA, ASML, AZN, BABA, BVI.PA, GALDA.SW, GLE.PA, IBE.MC, RACE, REL.L, ROG.SW, SAP, SU.PA | AI, Automation, Europe, international, Japan, large cap, Pharmaceuticals | Artificial intelligence-related market uncertainty drove broad rotation into value and away from growth. While investment in data centers has created optimism, concerns persist about financing, supply chain and power constraints. Investors also continue to consider the impact of AI on traditional business models. Demand for AI-integrated processes and robotics has increased as businesses move to factory automation. Companies are poised to benefit from new applications in industries like agriculture. The fund initiated a position in FANUC, expecting revenue and earnings to accelerate as global automation demand grows. Companies in the pharmaceuticals industry have focused on new products in therapeutic areas with unmet needs, including cancer and skin conditions. These select companies with innovative product pipelines are positioned to benefit from an inflection in growth. The acceleration of digitalization is benefiting technology holdings exposed to cloud computing, automation, digital payments and IT services growth. Japan-based companies, in particular, are investing heavily to increase efficiency and profits as they seek to catch up with their international competitors. | View | |
| 2024 Q4 | Jan 23, 2025 | Titan Wealth | - | - | 1211.HK, AMZN, ASML, DIS, EL, EW, FDX, HON, LLY, MSFT, NFLX, NVDA, NVO, TSLA, UNH, V | AI, Energy Transition, healthcare, infrastructure, interest rates, portfolios, technology, Trump | AI-driven assets emerged as top performers with significant holdings in Nvidia and Amazon. Portfolio includes companies positioned to benefit from AI infrastructure expansion while avoiding lofty valuations of the Magnificent 7. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Emerging Markets Growth Fund | 0.1% | 21.6% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY | AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology | AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Global Growth Fund | 6.2% | 10.2% | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions. | ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital International Growth Fund | -4.2% | 10.9% | 6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA | AI, defense, energy, growth, international, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue. | EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW |
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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 21, 2026 | Columbia Global Technology Growth Fund | 2.0% | 25.1% | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology | The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies. | NOW MU TSM GOOGL |
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| 2025 Q4 | Jan 21, 2026 | 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 | Appalaches Capital | 1.7% | 16.5% | ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC | alpha, Concentration, large cap, long-term, Patience, Quality, value | The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear. | ASML GOOG |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Equity | 4.2% | 27.6% | 005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA | AI, defense, emerging markets, international, semiconductors, technology, Valuations | AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization. | BA LN 035420 KS |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 18, 2026 | BNY Mellon Appreciation Fund | 1.3% | 10.2% | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility | Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk. | View | |
| 2025 Q4 | Jan 18, 2026 | Magellan Global Fund | 0.1% | 3.0% | AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM | AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology | AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture. | MSFT GOOG TSM |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International All Cap | - | 19.0% | 005930.KS, 3317.T, 4519.T, 6869.T, 8035.T, ASML, AUTO.L, DSV.CO, EXO.MI, GAW.L, MC.PA, MELI, NMET.DE, RMV.L, ROG.SW, TSM | AI, growth, healthcare, international, Luxury, Quality, semiconductors, technology | AI continues to drive robust demand for advanced chips, particularly benefiting TSMC and related semiconductor equipment companies. However, AI tools and functionality create uncertainty for online platforms like Rightmove and Autotrader, as markets take a cautious stance on potential position erosion or increased investment needs. The impact appears mixed across sectors with clear benefits for chip manufacturers but concerns for consumer-facing platforms. Semiconductor companies were among the most significant contributors to performance, driven by robust demand for advanced chips used in artificial intelligence. TSMC benefited from AI chip demand, Samsung was supported by improving memory market conditions particularly high bandwidth memory, and related equipment companies like ASML, Tokyo Electron and Chroma also performed well during the quarter. The portfolio maintains a structural bias towards high-quality growth businesses, though this created headwinds during the quarter as quality stocks underperformed the broader international market by a margin rarely seen in recent years. The manager emphasizes focus on exceptional businesses with durable competitive advantages, strong balance sheets, and compelling long-term growth opportunities. LVMH contributed positively to performance in the quarter, supported by improving trends in Asia and the resilience of its leading brands after a period of weaker demand for luxury goods. The recovery suggests stabilization in the luxury sector following previous weakness. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | -2.4% | 17.2% | 1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX | AI, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements. | GALD SW DSV DC RACE SE SPOT |
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| 2025 Q4 | Jan 14, 2026 | Brown Capital Management International All Company Fund | -6.5% | 0.0% | ASML, FLTR.L, HUB.AX, REA.AX, SHOP.TO, XRO.AX | AI, EGCs, growth, international, long-term, Quality, technology, underperformance | About one-quarter of underperformance came from market distinctions between AI winners and losers. Companies viewed as AI enablers like ASML and Camtek benefited, while businesses perceived to have AI disruption risk like online classifieds and software companies experienced valuation pressure. The firm assessed AI impact using four factors: data defensibility, workflow stickiness, substitution risk, and adaptation ability. Shopify was highlighted as a leading global commerce platform serving as the operating system for modern commerce. The company showed accelerating growth with 32% revenue growth and strong international expansion. Online pharmacy Apotea was added as a new position, benefiting from the structural shift toward online channels in Sweden's pharmacy market. REA Group operates Australia's leading online property marketplace with substantial scale advantages and network effects. The company was impacted by AI-related sentiment despite solid fundamentals and operational execution. The firm remains confident in marketplace platforms that sit at the center of high-value transactions with trusted, market-leading positions. The firm focuses on Exceptional Growth Companies (EGCs) with mission-critical products, durable competitive advantages, and ability to compound value over decades. 2025 was difficult for quality growth attributes as capital flowed toward more cyclical, capital-intensive businesses. The portfolio comprises growing, profitable companies providing mission-critical products that are difficult to replace. Temenos provides core banking software with cloud-native platforms managing banks' critical systems. The company showed strong operating performance despite leadership transition, with accelerating subscription revenue and expanding margins. Xero offers cloud-based accounting software with high-recurring subscription model and broad ecosystem integrations. | TECN SW AUTO NO TEMN SW HUB AU XRO AU SHOP FLTR LN REA AU |
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| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | View | |
| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Growth Equity Strategy | 3.0% | 16.0% | 0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM | AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology | AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility. | View | |
| 2025 Q4 | Jan 13, 2026 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY | AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation | Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate. | View | |
| 2024 Q4 | Jan 13, 2025 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, BDX, MSFT, NVDA, TSLA, TSM, V, WDAY | AI, Climate, Concentration, long-term, Quality, sustainability, technology | The manager discusses AI as a key driver of market excitement and corporate investment. Microsoft is highlighted as making bold investments in AI with potential to double or triple market share in the AI era. The rise of AI is noted as contributing to increased market speed and volatility. | View | |
| 2024 Q4 | Jan 13, 2025 | Miller Wealth Management | - | - | AAPL, AMD, AMZN, ASML, GOOGL, INPST, MELI, NFLX, NIO, NU, RBRK, SE, TXN, UBER, V | Cloud, E-Commerce, growth, Latin America, payments, technology | Portfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnership and Post Office trials for parcel lockers. | V RBRK MELI INPST |
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| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone Global Large Cap | 6.3% | 34.7% | 005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW | AI, diversification, global, Luxury, semiconductors, technology, value | AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. | View | |
| 2024 Q4 | Jan 1, 2025 | QuadCap Wealth Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0992.HK, 1299.HK, 4091.T, 4543.T, 7936.T, 8035.T, 8766.T, ARGX, ASML, BN.PA, CPG.L, EL.PA, HLN.L, ICLR, ITX.MC, LSEG.L, NESN.SW, NVO, RTO.L, SAP, SPOT | China, cyclicals, growth, international, Japan, Stimulus, Value rotation | The manager is convinced that Japan's move to upgrade profitability, capital allocation and shareholder returns is authentic, adding four new Japanese positions. The Bank of Japan's latest Tankan survey confirmed continued recovery in domestic demand, rising GDP growth and low risk of deflation returning. | BN.PA 0992.HK 4091.T 8766.T 7936.T 4543.T |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1299.HK, 2454.TW, ASML, BABA, EPAM, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, MELI, TCOM, TCS.NS, TS, TSM, TTI.HK, WALMEX.MX | China, E-Commerce, emerging markets, growth, semiconductors, Stimulus, value, Vietnam | Chinese stocks rallied 25% in the final nine trading days of the quarter following extensive monetary and fiscal stimulus measures. The People's Bank of China reduced interest rates and bank-reserve requirements while implementing measures targeting the real-estate sector and establishing new facilities for institutional stock purchases. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, AMAT, AMZN, ASML, AVGO, CRWD, GOOGL, INTC, LRCX, MA, META, MSFT, NVDA, ORCL, SNPS, TSM | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with investors taking a more nuanced approach, focusing on return on investment from elevated generative AI spending. Groundbreaking advances in AI have reignited interest across technology and strengthened secular growth trends. The fund continues to monitor new opportunities from continued advances in AI. | ORCL AVGO AAPL |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility | AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. | META TEAM ASML PRX.AS MELI SAF.PA HWM |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston International Equity | 5.7% | 17.2% | 1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility | Defense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries. | NEXN.PA NVO ASML NOD.OL PRX.AS MELI PRY.MI 7011.T |
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| 2024 Q3 | Sep 30, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA | AI, consumer, global, growth, healthcare, technology | Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments. | View | |
| 2024 Q3 | Sep 30, 2024 | American Century International Growth Fund | 6.6% | 0.0% | 0669.HK, 6501.T, 6861.T, 6981.T, 7011.T, 9983.T, AI.PA, ASML, AZN, BVI.PA, CLNX.MC, ICLR, LSEG.L, NESN.SW, NVO, ONON, RACE, REL.L, SAP, SU.PA | Energy Transition, growth, healthcare, infrastructure, international, Pharmaceuticals, semiconductors, technology | Governments have committed to major infrastructure investment with fiscal stimulus programs enabling large-scale infrastructure projects to begin. There are now a large number of megaprojects underway around the world offering long-term growth opportunities to companies involved in building and adjacent products and services. | View | |
| 2024 Q3 | Sep 30, 2024 | Impax Global Environmental Markets Fund | 7.9% | 14.0% | A, AI.PA, AMAT, ASML, CARR, CGNX, LIN, MSFT, MTD, PNR, SU.PA, TXN, WAT, WM | Energy Efficiency, Environmental, global, industrials, semiconductors, sustainability, technology | Portfolio holdings providing energy efficiency solutions, such as heat pumps and HVAC technology, continue to benefit from resilient end-market demand and reshoring themes. Data continued to point towards a new recovery cycle in US residential HVAC, along with continuing secular trends in commercial HVAC. Energy efficiency remains a tailwind for portfolio holdings. | View | |
| 2024 Q3 | Sep 30, 2024 | Lansdowne Partners European Fund | 1.1% | 9.1% | ASML, CAP.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO, REL.L, RTO.L, SCHN.PA, SHEL.L, SIKA.SW, TELE2.ST | Europe, industrials, infrastructure, Logistics, materials, value | UK logistics demand-supply dynamic is improving structurally with speculative construction starts down 30-40% over the last 12 months and stabilising demand environment. Segro positioned to deliver sustained 3-4% ERV growth with tier-1 assets and attractive development opportunities. | NOVO-B.CO ML.PA SGRO.L FER.MC SIKA.SW |
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| 2024 Q3 | Sep 30, 2024 | Stenham Asset Management | 3.7% | 14.0% | ADYEN.AS, AMAT, ASML, CDI.PA, CLNX.PA, GOOGL, MC.PA, RMS.PA, TMO, UMG.AS | global, large cap, Luxury, payments, Quality, semiconductors | The luxury sector is undergoing normalization from post-pandemic euphoria, with polarization between high and lower desirability brands intensifying. China's stimulus measures provide relief as investors view them as commitment to addressing economic challenges. The fund initiated a position in Hermès, viewing it as uniquely positioned to balance desirability and exclusivity through structural undersupply of iconic products. | RMS.PA ADYEN.AS |
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| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2023 Q3 | Sep 30, 2023 | Vanguard International Value Fund | -5.4% | 6.3% | 005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS | Developed Markets, Diversified, emerging markets, international, value | The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices. | View | |
| 2023 Q3 | Sep 30, 2023 | Stenham Asset Management | -4.8% | 9.5% | ADYEN.AS, ASML, DHR, GE, GOOGL, MC.PA, SAF.PA, UMG.AS | aerospace, AI, global, Luxury, Music, payments, technology | The fund discusses AI disruption threats to portfolio companies like Universal Music Group and Alphabet. Music generative-AI was seen as a potential threat to UMG but legal and adoption hurdles were deemed high enough to prevent structural disruption. Alphabet faced ChatGPT competition but responded with AI products including Bard, driving share price recovery. | 0GEG LN MC.PA ADYEN GOOGL UMG.AS |
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| 2023 Q2 | Jul 19, 2023 | Polen Capital – International Growth | 3.3% | 3.9% | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | AI, growth, healthcare, international, Quality, semiconductors, software, technology | AI is driving advances in semiconductors and benefiting companies like ASML whose equipment is essential for printing advanced logic and memory chips. AI should benefit Tencent's various business units including public cloud, large language model, gaming, and business productivity software. | 000700.HK ASM 6146.T AIR FP|ICLR|LIN|MRVL|NOW|TSM ASML SHOP.TO |
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| 2024 Q2 | Jul 18, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 700.HK, ALV.DE, ASML, BAP, BBVA, BHP.AX, D05.SI, GFNORTEO.MX, HDFC.NS, ICICIBANK.NS, IFX.DE, LIN, NESN.SW, NVDA, NVO, OR.PA, RIO, SAP.DE, SHEL, TSM | AI, Banking, emerging markets, international, M&A, Political Risk, semiconductors, technology | AI beneficiaries like semiconductors and semiconductor equipment surged by double digits, with TSMC continuing to soar on sustained demand for AI-related chips for NVIDIA and others. Returns within IT were bifurcated as direct AI beneficiaries outperformed while software & services fell. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, growth, large cap, Mega Cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance. | View | |
| 2024 Q2 | Jun 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, ACN, AMD, AMZN, ASML, AVGO, CRM, GOOGL, INTC, LRCX, MA, MSFT, NVDA, SNPS, TSM | AI, global, growth, large cap, semiconductors, technology | AI remains the key market driver since OpenAI introduced ChatGPT in late 2022. Ground-breaking advances in AI reignited interest across technology and strengthened secular growth trends. The AI theme broadened out as investors pondered ramifications of the steadily evolving AI economy, with companies looking to become more productive from this transformative technology. | INTC CRM AMD AAPL AVGO NVDA |
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| 2024 Q2 | Jun 30, 2024 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L | AI, Data centers, energy, global, growth, semiconductors, technology | AI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending. | SN TSM |
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| 2024 Q2 | Jun 30, 2024 | American Century International Growth Fund | 6.6% | 0.0% | 1299.HK, 4063.T, 6861.T, ADYEN.AS, AI.PA, AIR.PA, AKE.PA, ASML, AZN, CRH, EDEN.PA, IFX.DE, JHX, LSEG.L, MC.PA, NESN.SW, NVO, RELX.L, SAP, SRT3.DE, SU.PA, TM, TSM, UBS, UL | Asia, Energy Transition, Europe, healthcare, infrastructure, international, semiconductors, technology | The world's move away from fossil fuels creates opportunities across sectors. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. AI investment is leading to significant increases in electricity demand to power data centers. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Appreciation Fund | 3.7% | 10.7% | AAPL, AMZN, ASML, CP, CVX, GOOGL, MC.PA, MSFT, NKE, NVDA, NVO, SHW, TXN, UNH, V | consumer, growth, healthcare, large cap, Quality, technology | Large technology companies continue to focus capital expenditure on expanding artificial intelligence capabilities to meet burgeoning demand. Management teams from many companies across various industries discussed potential monetization opportunities and efficiency gains from deploying AI. | View | |
| 2024 Q2 | Jun 30, 2024 | Lansdowne Partners European Fund | 0.8% | 7.9% | ASML, BOL.ST, CBK.DE, CPG.L, DG.PA, EL.PA, HLMA.L, INF.L, ISP.MI, KBC.BR, LIN, ML.PA, NVO, REL.L, RTO.L, RYA.L, SHEL.L, SIKA.SW, SU.PA, TEL2B.ST | Europe, industrials, technology, Telecom, value | ASML maintains monopolistic position in EUV lithography equipment with ROIC >30%. Despite weak Q1 orders of EUR 3.6bn versus Q4's EUR 9.2bn, the weakness is attributed to lumpy order patterns and TSMC's negotiating position. Supply chain feedback on 2nm remains positive, supporting EUV ramp expectations. | TEL2B.ST EL.PA ASML.AS |
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| 2024 Q2 | Jun 30, 2024 | Stenham Asset Management | -3.3% | 12.3% | AAPL, ADYEN.AS, AIR.PA, AMAT, AMZN, ASML, GE, GOOGL, MC.PA, META, MSFT, NVDA, TSLA, TSM | Concentration, earnings, fundamentals, long-term, technology, valuation | The momentum factor is having the best start to the year in the last 30 years, with technical factors driving markets rather than fundamental factors. This dynamic has become more pronounced over time due to shrinking timelines for market participants. | AIR.PA ADYEN.AS |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0005.HK, 0388.HK, 0700.HK, 4568.T, 7733.T, 8035.T, ACN, ALC, AMS.MC, ASML, CP.TO, DTE.DE, ITX.MC, KER.PA, LSEG.L, NICE, REL.L, TEP.PA, TRI.TO, XRO.AX | AI, growth, healthcare, international, Japan, semiconductors, technology, value | The team is excited about generative AI potential both from current portfolio positioning and innovative companies being researched. They believe AI will be adopted widely across sectors with productivity improvements. Portfolio holding Accenture positioned to guide companies with AI implementation. | View | |
| 2022 Q2 | Jun 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA | - | View | ||
| 2023 Q1 | May 18, 2023 | Saltlight Capital | 15.6% | 35.6% | AAPL, AMZN, ASML, GOOGL, META, MSFT, NVDA | AI, disruption, innovation, Investment Philosophy, semiconductors, technology | Manager views AI as a new technology epoch comparable to the industrial revolution, with LLMs solving the complexity bottleneck through natural language interfaces. Believes we are in early 'irruption' phase with significant long-term potential but current limitations in speed, data age, and cost. | View | |
| 2024 Q1 | Apr 29, 2024 | Stenham Asset Management | 13.9% | 13.9% | 005930.KS, AAPL, AIR.PA, ALK, AMAT, ASML, BA, CLNX.MC, GE, NVDA, SAF.PA, TSM, UAL | aerospace, AI, semiconductors, technology, Travel | Semiconductor equipment providers ASML and Applied Materials benefited from long-term secular growth in chip manufacturing costs, rising from $1bn facilities a decade ago to $20bn today. The industry is supported by geopolitical tensions driving semiconductor sovereignty initiatives, with Samsung and TSMC committing $69bn in new US investments. AI demand is driving exponentially more advanced chips, with Nvidia's latest GPU processing 600x more operations than an iPhone chip. | CLNX.MC AIR.PA SAF.PA GE AMAT ASML |
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| 2023 Q1 | Apr 28, 2023 | NZS Capital – Select | 15.6% | 15.6% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users faster than any app in history. Enterprise SaaS companies must adopt AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2023 Q1 | Apr 28, 2023 | NZS Capital – Technology | 19.9% | 19.9% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2023 Q1 | Apr 27, 2023 | Stenham Asset Management | 10.0% | 10.0% | ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V | disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology | The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up. | ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA |
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| 2025 Q1 | Apr 21, 2025 | Appalaches Capital | 0.5% | 0.5% | ACGL, ASML, AZO, CME, CNI, CSX, GOOG, LAD, LRCX, SGOV | Cyclical, insurance, Quality, Railroads, semiconductors, tariffs, Trade Policy, value | New tariff policies announced in February and March have created market volatility, with reciprocal tariffs causing the S&P 500 to drop 20% below recent highs. The manager draws parallels to historical trade restrictions but believes current policies will not end American hegemony due to strong institutional foundations. | LRCX ASML ACGL |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – International Growth | 3.3% | 3.9% | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | AI, China, growth, healthcare, international, semiconductors, software, technology | AI is driving advances in semiconductors and benefiting companies like ASML whose equipment is essential for printing advanced logic and memory chips. AI should benefit Tencent's various business units including public cloud, large language models, gaming, and productivity software. | 000700.HK ASM 6146.T SAP MNDY SGE.L AIR FP|ICLR|LIN|MRVL|NOW|TSM ASML SHOP.TO |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford – US Equity Growth | 1.9% | 1.9% | 1211.HK, 6146.T, 6273.T, ASML, GALDF, GMAB, OR.PA, PDD, SPOT, WTC.AX, WXB | China, Geopolitical, growth, international, long-term, technology, volatility | The strategy focuses on long-term ownership of exceptional growth companies, seeking at least 50 holdings across two types: companies that can grow rapidly and disrupt industries, and those that can compound growth at exceptional rates over long periods. The team remains excited about the international growth opportunity set despite market volatility. | View | |
| 2025 Q1 | Apr 18, 2025 | Baillie Gifford -International All Cap | 0.5% | 0.5% | 2330.TW, 6273.T, 8035.T, ASML, BHP.AX, ROG.SW, SPX.L, SRT3.DE, UBS | banks, China, Cyclical, defense, Europe, growth, international, semiconductors | European defense companies have rallied strongly driven by government announcements of increased spending. However, determining which companies will benefit most remains challenging due to local politics, uncertainty about future warfare requirements, and significant re-rating that may have eliminated upside potential. | View | |
| 2025 Q1 | Apr 14, 2025 | Parnassus Growth Equity Fund | -8.6% | -8.6% | ADBE, ADYEY, APPF, ASML, AVGO, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX | AI, Defensive, financials, growth, healthcare, semiconductors, technology, volatility | The fund maintains optimism about long-term opportunities in AI beneficiaries, including infrastructure providers, hyperscalers and software companies building the computing foundation of the future. However, AI-related stocks faced pressure during the quarter as investors grew pessimistic about the current cycle for chip makers and companies with revenue closely tied to AI infrastructure spending. | ASML APPF SN BRO SNPS GEV |
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| 2025 Q1 | Mar 31, 2025 | Hardman Johnston International Equity | 6.9% | 6.9% | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Europe, industrials, international, semiconductors, tariffs, technology | Germany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Equity | -2.1% | -2.1% | 002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY | AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy | The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Equity | 5.1% | 5.1% | 005930.KS, 1299.HK, 6146.T, 6367.T, AI.PA, ALV.DE, ASML, BBVA, D05.SI, HDFCBANK.NS, LIN, MELI, MFC.TO, NESN.SW, OR.PA, ROG.SW, SHEL, SNE, SU.PA, TSM | AI, international, Policy Uncertainty, semiconductors, tariffs, Trade Policy | The Trump administration has implemented heightened US policy uncertainty with tariffs expanding beyond China to include Canada, Mexico, and European allies. This creates business uncertainty and undermines investment confidence as companies become less willing to commit capital when rules become increasingly arbitrary. | View | |
| 2024 Q1 | Mar 31, 2024 | Lansdowne Partners European Fund | 7.0% | 7.0% | AHT.L, ASML, BOL.ST, CAP.PA, CFR.PA, CPG.L, DG.PA, EL.PA, IBE.MC, INF.L, ISP.MI, KBC.BR, LDO.MI, LIN, ML.PA, NESN.SW, NVO.CO, REL.L, RYA.L, SAMPO.HE, SE.PA, SHEL.L, SIK.SW, TELE2-B.ST, UPM.HE | defense, Europe, financials, growth, healthcare, technology, value | European defense spending expected to experience major up-cycle with potential to add over EUR 80bn to regional defense budgets to meet NATO 2% GDP requirement. Leonardo positioned to benefit from increased equipment procurement and electronic content trends. | EL.PA REL.L LDO.MI KBC.BR ASML.AS |
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| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAP, AAPL, ACN, AMZN, ASML, CRM, CRWD, HUBS, INTC, JCI, LLY, LSXMK, META, MSFT, NVDA, PANW, SHW, TSLA, TXG, UNH | diversification, growth, healthcare, Quality, Recession, semiconductors, technology | Positive sentiment around generative AI highlighted opportunities for Nvidia among data center and hyperscale cloud providers reliant on GPUs to empower digital transformation and new AI applications. The secular drivers in certain parts of the semiconductor industry outweigh cyclical risks. | ACN ALLY HUBS AMZN CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Feb 24, 2025 | Mar Vista Global Equity Fund | -3.3% | 12.7% | AAPL, AMT, AMZN, ASML, AVGO, BN, CRM, DHR, DIS, GOOGL, INTU, META, MSFT, NESN.SW, NOVO-B.CO, NVDA, ROP, TSLA | AI, Cloud, global, growth, large cap, Quality, semiconductors, technology | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager focuses on companies positioned to capitalize on opportunities presented by artificial intelligence and technological advancements. | ASML AMZN CRM AVGO |
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| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | ADBE, ADYEN.AS, AMZN, ASML, AVGO, CRM, GOOGL, ISRG, META, MSFT, NFLX, NOW, NVDA, PINS, SAP, SNPS, SU.PA, VRTX | AI, global, growth, innovation, Quality, semiconductors, software, technology | AI infrastructure boom of 2023 will serve as foundation for long-term productivity improvements across global enterprises. Companies will connect data sets to language models with AI agents to automate tasks and serve customers. First-mover advantages in language models will dissipate as open-source models proliferate, making proprietary data sets the source of lasting competitive advantage. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q4 | Jan 24, 2023 | Stenham Asset Management | 11.1% | 21.8% | ADBE, ADYEN.AS, AMAT, ASML, CSU.TO, MSFT, NVDA, PYPL, TMO | AI, Biotech, Cloud, large cap, payments, semiconductors, technology | Artificial Intelligence became the year's favourite buzzword, with the mere use of the term helping boost stock prices. Microsoft's cloud computing (Azure) and enterprise software stack firmly positions the company in this category as a picks and shovels company. Microsoft Azure's OpenAI services grew from ~250 entering the year to ~18,000 by Q3 2023. | ADYEN ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 23, 2025 | NZS Capital – Growth | -1.3% | 20.5% | 6367.T, AMT, ANSYS, ASML, AXON, DHR, FI, GOOGL, GTLS, LIN, MCHP, MRNA, NVDA, PGR, SHOP, SNOW, TEAM, TSM, TT, WDAY | AI, global, growth, innovation, Resilience, semiconductors, technology | NZS is positive about the long-term potential of AI while remaining cognizant of diverse range of outcomes at various layers. They continue to invest more heavily in the infrastructure layer, which benefits from ongoing spending tied to the AI buildout, regardless of who the end-game winners might be. The foundational model and application layers have the most open-ended trajectories. | View | |
| 2023 Q4 | Jan 16, 2024 | NZS Capital – Growth | 4.0% | 22.0% | ADSK, ADYEN.AS, AMD, AMZN, ANSS, ASML, BALL, CCJ, DHR, GTLS, MRNA, MSFT, NEE, NVDA, RGEN, SHOP, SWAV, TSLA, TT, WDAY | AI, Cloud, Energy Transition, growth, innovation, semiconductors, technology | AI will have transformational impact on society and the economy, drawing focus outside of IT including healthcare. The FDA approved the first CRISPR/Cas9 gene-edited therapy, marking the precipice of curative therapies. AI is boosting digital transformation of scientific research and accelerating innovation in scientific discovery. | 1102 TT |
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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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| 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 | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0700.HK, 4911.T, 6098.T, 6273.T, 7741.T, 8035.T, 9449.T, ACN, ADYEN.AS, ASML, CLNX.MC, CRH, III.L, NVO, RELX, RTO.L, SAP, SEDG, SHOP.TO, TRI | AI, Europe, growth, international, Japan, semiconductors | Recognition of generative artificial intelligence opportunities for companies outside the U.S. Semiconductor equipment makers ASML and Tokyo Electron are considered enablers of AI, while enterprise software maker SAP and IT consultant Accenture are seen as facilitators of AI adoption. RELX and Thomson Reuters own large proprietary data sets and stand to become key beneficiaries of the processing power of large language models that drive generative AI. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 13, 2026 | Seeking Alpha | Seeking Alpha | ASML Holding N.V. | Semiconductors | Semiconductor Equipment & Materials | Neutral | NASDAQ Stock Market | AI tailwinds, ASML Holding, Chip Production, earnings multiple, investment thesis, lithography machines, market position, Revenue Growth, semiconductors, valuation | View Pitch |
| May 24, 2026 | Fund Letters | Hardman Johnston International Equity | ASML Holding NV | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, EUV lithography, growth, Monopoly, Netherlands, semiconductor equipment, technology | View Pitch |
| May 12, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | ASML Holding N.V. | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Equipment, EUV lithography, Netherlands, semiconductors, technology | View Pitch |
| May 11, 2026 | Fund Letters | TCW Concentrated Large Cap Growth Fund | ASML Holding N.V. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | Chip Manufacturing, Euv, Foundry, Lithography, Memory, Netherlands, semiconductor equipment, TSMC | View Pitch |
| Apr 29, 2026 | Substack | Voss Capital | ASML Holding N.V. | Semiconductors | Semiconductor Equipment | Bull | Nasdaq Stock Market | ASML, EUV technology, geopolitical importance, market dominance, Moore's Law, photolithography, R&D investments, semiconductor equipment, technological leadership, TSMC | View Pitch |
| Apr 28, 2026 | Fund Letters | ClearBridge Investments International Growth ADR Strategy | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Equipment, growth, Lithography, Netherlands, semiconductors, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Stenham Asset Management | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Capital equipment, China, Lithography, semiconductors, technology, Trade Tensions | View Pitch |
| Apr 28, 2026 | Fund Letters | WestEnd Capital | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Euv, Lithography, Monopoly, Netherlands, semiconductor equipment, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Nixon Capital | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Capital equipment, Euv, Lithography, Monopoly, Netherlands, semiconductor equipment, technology hardware | View Pitch |
| Apr 28, 2026 | Fund Letters | Highwood Value Partners | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 2nm Chips, competitive moat, EUV technology, High-NA EUV, Lithography, Netherlands, semiconductor equipment | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global Growth | ASML Holding N.V. | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Manufacturing, barriers to entry, Euv, Lithography, Monopoly, Netherlands, semiconductors, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - International Growth | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Advanced Logic, AI, Capital equipment, memory chips, Netherlands, photolithography, semiconductors | View Pitch |
| Apr 28, 2026 | Fund Letters | Tall Oak Capital Advisors | ASML Holding NV | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Chip Manufacturing, EUV technology, Lithography, Picks and shovels, semiconductor equipment, technology hardware | View Pitch |
| Apr 27, 2026 | Fund Letters | Fortress - Caribbean Growth Fund | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Euv, Lithography, Monopoly, Netherlands, semiconductor equipment, technology | View Pitch |
| Apr 27, 2026 | Fund Letters | Polen Capital - International Growth | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Advanced Logic, AI, Lithography, memory chips, Semi-cap, semiconductor equipment, technology hardware | View Pitch |
| Apr 27, 2026 | Fund Letters | LVS Advisory - Growth | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Euv, Lithography, Monopoly, Netherlands, semiconductor equipment, technology | View Pitch |
| Apr 27, 2026 | Fund Letters | Airlie Small Companies Fund | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Euv, growth, Lithography, Netherlands, semiconductors, technology hardware | View Pitch |
| Apr 17, 2026 | Substack | Rijnberk Invest Insights | ASML Holding N.V. | Semiconductors | Semiconductor Equipment & Materials | Bull | Nasdaq Stock Market | AI infrastructure, EUV lithography, Export restrictions, Free Cash Flow, High-NA EUV, installed base revenue, Monopoly, semiconductor industry, supply chain, system upgrades | View Pitch |
| Apr 16, 2026 | Substack | Alpha Seeker 84 | ASML Holding N.V. | Semiconductors | Semiconductor Equipment & Materials | Bull | Nasdaq Stock Market | AI-Driven Demand, ASML, capacity expansion, DRAM adoption, EUV lithography, Gross margin, IBM growth, market reaction, revenue guidance, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Torre Financial | ASML Holding NV | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Manufacturing, EUV lithography, Monopoly, order book, Pricing power, semiconductor equipment, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark International Fund | ASML Holding | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data centers, EUV lithography, Monopoly, Netherlands, recurring revenue, semiconductor equipment, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Parnassus Growth Equity Fund | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Microchips, customer relationships, EUV technology, market leadership, photolithography, semiconductor equipment, technology innovation, Wide Moat | View Pitch |
| Apr 13, 2026 | Fund Letters | Appalaches Capital | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Capital equipment, Cyclical, EUV lithography, high switching costs, Monopoly, Netherlands, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Stenham Asset Management | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Capital equipment, geopolitical, growth, manufacturing, photolithography, semiconductor equipment, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Brown Capital Management International All Company Fund | ASML Holding | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, DUV, Equipment, Euv, HBM, Lithography, manufacturing, Monopoly, Netherlands, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Fairtree Wild Fig Multi Strategy Hedge Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Bull, China competition, Euv, High NA, Lithography, Netherlands, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | AGT Partners | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Chips, EUV technology, High-Tech, Lithography, Manufacturing Equipment, Netherlands, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Sigil Stable Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China competition, EUV lithography, geopolitical risk, Manufacturing Equipment, Monopoly, semiconductors, Technology moat, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | ACATIS Investment | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Bull, Euv, High NA, Lithography, Netherlands, semiconductors, Technology moat | View Pitch |
| Apr 13, 2026 | Fund Letters | Airlie Australian Share Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | EUV technology, growth, Lithography, Monopoly, Netherlands, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Sigil Stable Fund | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Euv, Lithography, Netherlands, semiconductors, Technology equipment, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Easterly - Income Opportunities Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China, Euv, geopolitical, Lithography, Manufacturing Equipment, Monopoly, semiconductors, technology, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | Easterly - Income Opportunities Fund | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Cyclical, Euv, High NA, Lithography, Monopoly, Netherlands, semiconductors, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | PM Capital Global Companies Fund | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI demand, Chip Manufacturing, EUV lithography, High-NA tools, Netherlands, semiconductors, Technology equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | The Wolf of Harcourt Street | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China, Euv, geopolitical, Lithography, Manufacturing Equipment, Monopoly, semiconductors, technology, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Wealth Management | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Capital equipment, Euv, Lithography, Monopoly, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | The Wolf of Harcourt Street | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Euv, High-NA tools, Lithography, Netherlands, semiconductors, Technology equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Biondo Investment Advisors | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Euv, growth, Lithography, Netherlands, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Capital equipment, Euv, Lithography, Monopoly, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Wealth Management | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China, Euv, geopolitical, Lithography, Manufacturing Equipment, Monopoly, semiconductors, technology, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | Mountain Vista Wealth Management | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | EUV technology, High NA, Lithography, Netherlands, semiconductor equipment, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bear | NASDAQ | China Trade War, Cyclical, EUV technology, Fab Equipment, Moore's Law, photolithography, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI chips, China Trade, data centers, EUV lithography, geopolitical risk, Moore's Law, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | ASML | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, backlog, Competitive Advantage, EUV lithography, Leading-Edge Chips, semiconductor equipment, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Semiconductors, AI chips, EUV lithography, Samsung, semiconductor equipment, Technology Monopoly, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston Global Equity | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 2nm Node, AI, China, EUV lithography, Leading Edge, Memory, semiconductor equipment, Taiwan Semiconductor | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston International Equity | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 2nm Node, AI, Equity, Europe, EUV lithography, growth, Leading Edge, semiconductor equipment, Taiwan Semiconductor | View Pitch |
| Apr 13, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CAPEX Programs, China Restrictions, EUV lithography, Foundry Capacity, Monopoly, semiconductor equipment, Structural Growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China, Euv, geopolitical, Lithography, Manufacturing Equipment, Monopoly, semiconductors, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China, Euv, geopolitical, Lithography, Manufacturing Equipment, Monopoly, semiconductors, TSMC | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | China, Euv, geopolitical, Lithography, Manufacturing Equipment, Monopoly, semiconductors, TSMC | View Pitch |
| Feb 26, 2026 | Fund Letters | Alan Breed | ASML Holding N.V. | Information Technology | Semiconductor Materials & Equipment | Bull | New York Stock Exchange | Artificial Intelligence, Capital equipment, Euv, Lithography, market share, secular growth, semiconductors | View Pitch |
| Feb 4, 2026 | Twitter / X | @jukan05 | ASML Holding N.V. | Semiconductors & Semiconductor Equipment | Semiconductor Equipment | Bull | NASDAQ | AWS, Broadcom, EMIB, Euv, Foundry, Intel, Lithography, Netherlands, NVIDIA, Packaging, semiconductors | View Pitch |
| Jan 30, 2026 | Seeking Alpha | Seeking Alpha | ASML Holding N.V. | Semiconductors | Semiconductor Equipment & Materials | Neutral | Euronext Amsterdam | ASML Holding N.V., currency exposure, free cash flow yield, geopolitical risks, growth expectations, market leader, Pricing power, record bookings, semiconductor equipment, valuation concerns | View Pitch |
| Jan 30, 2026 | Seeking Alpha | Seeking Alpha | ASML Holding NV | Technology | Semiconductor Equipment | Neutral | NASDAQ Stock Market | AI demand, ASML Holding NV, Dutch equity market, EPS growth, EUV lithography, forward valuations, gross margins, PEG ratio, risk/reward, semiconductor equipment | View Pitch |
| Jan 30, 2026 | Substack | Rijnberk Invest Insights | ASML Holding N.V. | Semiconductors | Semiconductor Equipment & Materials | Bull | NASDAQ Stock Market | advanced nodes, AI-Driven Demand, capacity expansion, EUV lithography, financial health, geopolitical risk, order intake, Pricing power, R&D investment, semiconductor equipment | View Pitch |
| Jan 23, 2026 | Fund Letters | Jake Keys | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Lithography, mispricing, Monopoly, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | David Herro | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | Euronext Stock Exchange | CapEx, Euv, growth, Lithography, Monopoly, semiconductors | View Pitch |
| Jan 8, 2026 | Substack | Winter Gems | ASML Holding | Semiconductors | Semiconductor Equipment | Bear | NASDAQ Stock Market | AI CAPEX boom, ASML, China, EUV lithography, growth projection, market dominance, risk mitigation, semiconductors, valuation | View Pitch |
| Jan 8, 2026 | Substack | Monopolistic Investor | ASML Holding N.V. | Semiconductors | Semiconductor Equipment & Materials | Bull | NASDAQ Stock Market | ASML, capital allocation, China sales, High-NA machines, Intel, R&D investment, semiconductors, supply chain, technological leadership, TSMC | View Pitch |
| Nov 29, 2025 | Fund Letters | Robert J. Mark | ASML Holding NV | Information Technology | Semiconductor Equipment | Bear | AI, Cyclicals, Equipment, semiconductors, valuation | View Pitch | |
| Nov 29, 2025 | Fund Letters | Paulina McPadden | ASML Holding NV | Information Technology | Semiconductor Equipment | Bull | AI, backlog, Euv, Lithography, Monopoly, recurring revenue, semiconductors | View Pitch | |
| Nov 29, 2025 | Fund Letters | Ned Bell | ASML Holding NV | Information Technology | Semiconductor Equipment | Bull | Euronext Stock Exchange | AI, CapEx, Euv, growth, Lithography, semiconductors, technology | View Pitch |
| Nov 28, 2025 | Fund Letters | Paulina McPadden | ASML Holding NV | Information Technology | Semiconductor Equipment | Bull | AI, backlog, Euv, Lithography, Monopoly, recurring revenue, semiconductors | View Pitch | |
| Oct 6, 2025 | Value Investors Club | Wrangler | ASML Holding NV | Information Technology | Semiconductor Equipment | — | NASDAQ | EUV, DUV, semiconductors, lithography, monopoly, TSMC, Intel, AI, High-NA, Hyper-NA, wafer growth | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Oakoff Investments | ASML Holding N.V. | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Oliver Rodzianko | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Deep Value Investing | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Agar Capital | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Jonathan Weber | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Juxtaposed Ideas | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Tech Stock Pros | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | On the Pulse | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Semiconductor Analyst | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Sergio Mellado | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Bay Area Ideas | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | JR Research | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Envision Research | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Asian Investor | ASML Holding N.V. | Information Technology | Semiconductor Equipment & Materials | 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 |
|---|---|---|---|---|---|---|---|---|
| Pat Dorsey | Dorsey Asset Management | $1.2B | $205.8M | 17.89% | 192,343 | +19,117 | +11.04% | 0.0362% |
| David Tepper | Appaloosa LP | $6.9B | $66.9M | 0.97% | 62,500 | -1,500 | -2.34% | 0.0118% |
| Mark A. Hillman | Hillman Value Fund | $158.9M | $5.9M | 3.71% | 5,510 | -1,258 | -18.59% | 0.0010% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $11.0M | 0.02% | 10,300 | -62,100 | -85.77% | 0.0019% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $632.1M | 0.73% | 590,832 | -23,000 | -33.63% | 0.1111% |
| Lee Ainslie | Maverick Capital | $9.3B | $279.2M | 3.00% | 261,003 | +70,609 | +37.09% | 0.0491% |
| Robert Pohly | Samlyn Capital | $6.3B | $111.4M | 1.77% | 104,121 | +104,121 | +100.00% | 0.0196% |
| Ray Dalio | Bridgewater Associates | $27.4B | $92.1M | 0.34% | 86,089 | -4,111 | -4.56% | 0.0162% |
| David Burrows | Barometer Capital Management | $415.3M | $19.5M | 4.70% | 505,290 | +505,128 | +311807.41% | 0.0034% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.2M | 0.00% | 2,076 | -135,252 | -98.49% | 0.0004% |
| Israel Englander | Millennium Management LLC | $233.2B | $240.2M | 0.10% | 224,500 | -78,400 | -25.88% | 0.0422% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $1.9M | 0.04% | 1,740 | -7,300 | -80.75% | 0.0003% |
| Jeremy Grantham | GMO LLC | $39.1B | $139.6M | 0.36% | 130,493 | +105,867 | +429.90% | 0.0245% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $1.2B | 0.99% | 1,157,608 | -2,558 | -0.22% | 0.2177% |
| Frank Sands | Sands Capital Management | $32.9B | $716.8M | 2.18% | 669,985 | +140,821 | +26.61% | 0.1260% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $62.6M | 0.09% | 58,522 | +53,313 | +1023.48% | 0.0110% |
| Cliff Asness | AQR Capital Management | $190.6B | $31.5M | 0.02% | 29,450 | +9,000 | +44.01% | 0.0055% |
| Mario Gabelli | GAMCO Investors | $10.4B | $6.5M | 0.06% | 6,052 | -2 | -0.03% | 0.0011% |
| Stephen Mandel Jr. | Lone Pine Capital | $13.6B | $647.3M | 4.76% | 605,017 | +38,155 | +6.73% | 0.1138% |
| Rich Handler | Jefferies | $19.3B | $1.5M | 0.01% | 1,384 | +479 | +52.93% | 0.0003% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $3.4M | 0.01% | 3,165 | +154 | +5.11% | 0.0006% |