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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Antipodes Global Fund | - | - | 000660.KS, 0700.HK, 300750.SZ, 3690.HK, 4063.T, 6367.T, 6702.T, AAPL, ALLY, ASAI3.SA, AVGO, COF, EAT, GMED, Gold, GOOGL, MRK, MSFT, MU, NG.L, NVDA, PCOR, TSLA, UBS | AI, China, Electric Vehicles, global, gold, healthcare, semiconductors, technology | AI euphoria continued driving US technology sector performance with notable capex and forward revenue headlines. Policy support for local chip manufacturers and acceleration in AI spend from China's biggest tech names fueled rallies. AI servers require three times more silicon than traditional servers, offering powerful tailwinds for semiconductor companies. | View | |
| 2025 Q3 | Sep 30, 2025 | Thornburg Equity Income Builder Fund | 6.6% | 27.2% | 005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI | dividends, financials, global, healthcare, income, Telecom, Utilities, value | The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. | View | |
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM | AI, growth, large cap, momentum, Quality, technology, underperformance, valuation | AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure. | View | |
| 2025 Q3 | Sep 30, 2025 | Impax US Sustainable Economy Fund | 7.3% | 11.1% | AAPL, AMZN, AVGO, CARR, ELV, GOOGL, INTC, JCI, JNJ, LLY, MA, MSFT, NVDA, ORCL, PFE, PGR, TT, V | AI, Cloud, large cap, Quality, semiconductors, sustainability, technology | AI-related stocks in semiconductor and systems software industries continued to benefit from AI-related investment. Intel announced partnership with Nvidia on integrating CPUs with GPUs in AI server systems. Oracle's cloud business has large backlog after signing multi-billion dollar deals with OpenAI, xAI, Meta, Nvidia and AMD. Broadcom driven by record earnings and surging demand for AI semiconductor solutions. | 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. 1 | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, 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 and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Value | - | - | APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO | industrials, large cap, Quality, semiconductors, technology, Utilities, value | The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets. | PH AVGO SBUX ORLY APD SHW MCK INTC |
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| 2024 Q3 | Sep 30, 2024 | Platinum International Fund | 2.0% | - | 005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS | Asia, China, rates, semiconductors, Stimulus, value | Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Global Fund (Long Only) | 0.0% | - | 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO | China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value | The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd. | View | |
| 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 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ADP, AVGO, AZN, BLK, CVX, ETN, JPM, MCD, MRK, MSFT, NEE, RTX, TEL, UNH | AI, dividends, income, interest rates, large cap, Quality, technology | The fund remains committed to investing in companies that pay and increase their dividends on a consistent basis. Management is pleased with the dividend growth that their companies have produced in 2023 and believes that income and income growth will serve clients well in the future. | 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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| 2025 Q2 | Aug 7, 2025 | RGA Investment Advisors | - | - | AVGO, AWE.L, CRSP, FEVR.L, MTN, PTON, PYPL, ROKU, WDAY | Biotechnology, conviction, Enterprise Software, Fitness, Streaming, Trade Policy, volatility | CRISPR Therapeutics represents a first-mover advantage in cell and gene therapy with commercial approval of Casgevy. The company trades at a significant discount with strong cash position and pipeline optionality. Management has balanced capital discipline with R&D ambition, positioning the company to lean into its pipeline while competitors retrench. | MTN AWE PYPL FEVR ROKU WDAY PTON CRSP |
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| 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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| 2025 Q2 | Aug 5, 2025 | Baron Opportunity Fund | 23.2% | 8.4% | AAPL, AMZN, ANET, ARGX, AVGO, DKNG, DUOL, EXAS, HUBS, LLY, META, MSFT, NET, NVDA, SPOT, TSLA, TSM, TTD, VRT, ZS | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI adoption and revenue growth accelerating with ChatGPT reaching 800 million weekly active users by April 2025. Multiple AI scaling laws remain intact including pre-training, post-training, and test-time compute. Companies investing massive amounts in AI infrastructure with NVIDIA CEO stating no technology has ever had opportunity to address larger part of world's GDP than AI. | View | |
| 2025 Q2 | Aug 4, 2025 | Franklin Growth Opportunities Fund | 16.9% | 5.7% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI beneficiaries like Axon Enterprise in law enforcement digitalization and AppLovin's AI-powered advertising technology. | View | |
| 2025 Q2 | Aug 27, 2025 | Antero Peak Group | 20.0% | 17.7% | AAPL, AMZN, APO, AVGO, AXON, CCI, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RYCEY, SMNEY, TSM, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology | The manager provides extensive analysis of the AI infrastructure landscape, expecting robust investment through 2030 to support generative AI growth and agentic AI. Training clusters are getting bigger with mega-scale infrastructure projects having long runways, while agentic AI is driving material spending in inferencing infrastructure. | View | |
| 2025 Q2 | Aug 27, 2025 | Global High Dividend ADR | 8.6% | 17.3% | 2899.HK, 8766.T, AVGO, BA.L, BTI, CVX, DUK, ET, IBE.MC, JCI, JNJ, JPM, MRK, MS, NVS, SGO.PA, SIE.DE, TSCO.L, UCG.MI, ZURN.SW | dividends, Dollar, Europe, financials, international, long-term, Quality, value | Global value has outperformed growth over the last one, three, five and seven years. Value remains more out of favor today over a trailing 10-year basis than during the peak of the Dot-Com Bubble. Key drivers include strong performance of financial companies benefiting from rising interest rates and industrial companies exposed to long-term secular tailwinds. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisory Large-Cap Growth Strategy | 16.4% | 7.6% | AAPL, AMZN, AVGO, COST, CTAS, DKNG, FICO, META, MRVL, MSFT, NFLX, NOW, NVDA, PGR, SPGI, TDG, TTD, UBER, WST, ZTS | AI, growth, large cap, Performance, Streaming, technology, volatility | AI infrastructure stocks experienced volatility in Q1 2025 but rebounded strongly in Q2. NVIDIA recovered after production complexities with Blackwell chips, while The Trade Desk's AI-powered advertising platform reached 65% client adoption. AI demand remains strong with improving production of next-generation chips. | FICO DKNG TTD NFLX |
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| 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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| 2025 Q2 | Aug 18, 2025 | Baron Durable Advantage Fund | 15.6% | 7.4% | ACGL, ACN, AMZN, APH, AVGO, CME, DHR, GOOGL, LPLA, META, MPWR, MSFT, NVDA, SPGI, TMO, TSM, TXN, TXRH, UNH, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI infrastructure buildout is proving durable with NVIDIA maintaining leadership position. The company disclosed line of sight to projects requiring tens of gigawatts of AI infrastructure, with every gigawatt representing $40-50 billion opportunity. Scaling laws have expanded beyond pre-training to post-training and time-test scaling, all driving GPU demand. | CME APH UNH META NVDA AVGO |
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| 2023 Q2 | Aug 15, 2023 | VH Standard Asset Management | - | - | ATVI, AVGO, CYBR, FORG, FREE, IBM, MSFT, OKTA, ORCL | gaming, Merger Arbitrage, Regulatory, risk management, Spreads, technology | The fund operates as a merger arbitrage strategy focused on definitive merger agreements across sectors. The manager describes building a portfolio of DMAs similar to an insurance operation with written premiums and catastrophe losses. The regulatory environment has made spreads more attractive than usual. | FREE BHARATFORG.NS ATVI |
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| 2025 Q2 | Aug 11, 2025 | BlackRock Global Dividend Fund | 8.4% | 9.1% | AVGO, AZN, CMS, KO, META, MSFT, NVDA, ORCL, RELX, TSM, UNH, VMW, WMT | dividends, global, healthcare, Quality, technology, Utilities, volatility | Strong AI semiconductor demand drove performance for holdings like Broadcom and Taiwan Semiconductor. Oracle benefited from robust cloud and database growth with a landmark multi-cloud deal projected to generate $30 billion annually. The fund avoided Nvidia despite AI-driven rallies due to valuation concerns. | View | |
| 2025 Q2 | Aug 11, 2025 | Fairtree Global Equity Fund | 10.9% | - | 000660.KS, 005930.KS, AMAT, AVGO, BP, FI, GFI, GLEN.L, GOOGL, JD, KASPI.L, LOW, MSFT, NVDA, PDD, PGR, ROST, SYY, UNH, VRT | AI, emerging markets, Europe, Global Equity, semiconductors, tariffs, technology, Trade Policy | The fund maintains significant exposure to AI-related semiconductor demand, particularly through Taiwan positions. AI-driven semiconductor demand continues to drive strong performance in technology holdings, with companies like Nvidia and Broadcom contributing meaningfully to returns. | 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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| 2025 Q2 | Jul 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AAPL, AVGO, BDX, DIS, GM, LHX, MSFT, NVDA, ORCL, PPG, TEL, TMUS, UNH, V, XOM | AI, defense, diversification, dividends, energy, Quality, valuation, value | The strategy emphasizes dividend-paying companies with the ability to grow dividends significantly over time. Over the last eight years, the average portfolio company has grown its dividend by 7%, well in excess of inflation. Dividend growth is becoming increasingly critical as inflation expectations become more entrenched and stagflation becomes a concern. | ORCL AVGO XOM LHX AVGO XOM LHX |
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| 2025 Q2 | Jul 9, 2025 | Middle Coast Investing | - | - | AAPL, ABM, AER, AMZN, ATRO, AVGO, BOOM, COF, DECK, ECG, FCNCA, FG, HSY, LEVI, LULU, LYFT, OMAB, PGR, SCHW, SCS, SJM, TRIP, VMEO, WS | Apparel, financials, inflation, small caps, tariffs, technology, value | The Trump administration has backed off its most extreme tariff positions but tariffs remain higher than before April 2nd. The administration has expressed admiration for current tariff levels of 30% for China, varied tariffs for NAFTA partners, and at least 10% for the rest of the world. One trade deal has been reached with Vietnam entailing 20% tariffs on Vietnamese goods and 40% on third-party goods shipped through Vietnam. | DECK LYFT TRIP ABM DECK LYFT |
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| 2024 Q2 | Jul 9, 2024 | Hosking Partners | 0.0% | 0.0% | 000660.KS, 6501.T, 6503.T, 7912.T, 8934.T, AAL.L, AAPL, ASC.L, AVGO, BABA, BHP, COST, CRES.BA, CX, HAFN.CO, III.L, KGN.AX, MU, NVDA | AI, Capital Cycle, contrarian, Diversified, global, Japan, technology, value | The fund maintains exposure to AI-enablers including Nvidia, Broadcom, Micron and SK Hynix with around 4% weighting. While retaining skeptical position on size and duration of AI demand until use cases become clearer, the holdings have strong competitive positions and technological advantages. The fund has been taking gradual profits in all four AI holdings while maintaining exposure to the emerging theme. | View | |
| 2024 Q2 | Jul 8, 2024 | Middle Coast Investing | 0.0% | 0.0% | AAPL, ACLS, AER, AMZN, ARLO, ATKR, ATRO, AVGO, BKNG, DFS, FCNCA, FG, GOGO, LULU, NVDA, OMAB, PGR, SJM, TSM, VOW3.DE | Discipline, Portfolio Management, small caps, stock selection, value | Manager emphasizes buying quality companies at reasonable prices, gravitating toward cheaper, lower earnings-multiple stocks where price doesn't reflect potential value. Focus on finding stocks that will be worth more in 2-3 years than current market price suggests. | GOGO SJM ATRO LULU |
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| 2025 Q2 | Jul 4, 2025 | ClearBridge Investments Large Cap Value | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, Cloud, diversification, growth, large cap, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers. | ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM |
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| 2025 Q2 | Jul 31, 2025 | Artisan Focus Fund | 19.6% | 17.4% | AMZN, APO, AVGO, AXON, CCI, ENBW.DE, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RR.L, SAF.PA, TSM, VST | AI, alpha, Data centers, growth, infrastructure, Performance, semiconductors, technology | The fund extensively discusses AI infrastructure investment opportunities, particularly around training clusters, inference workloads, and agentic AI systems. They see continued robust investment through 2030 driven by scaling laws and expanding use cases. The transition from predictive models to autonomous agents is creating exponential compute demand. | AVGO NVDA |
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| 2025 Q2 | Jul 31, 2025 | Fidelity Dividend Growth Fund | 13.5% | 7.5% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, industrials, large cap, Quality, technology | The fund benefited from AI-driven demand across multiple sectors. Taiwan Semiconductor Manufacturing gained 23% amid strong demand for AI processors as tech firms continued spending on data centers. The utilities sector was boosted by AI-driven demand for electricity to power data centers. The transformative potential of generative artificial intelligence drove outperformance in technology and communication services sectors. | View | |
| 2025 Q2 | Jul 31, 2025 | Impax US Sustainable Economy Fund | 9.9% | 3.6% | AAPL, AMZN, AVGO, CVS, LLY, MA, META, MRK, MSFT, NVDA, NVO, ORCL, PGR, PLTR, QCOM, TSLA, V | AI, Esg, healthcare, large cap, semiconductors, sustainability, technology | AI-related holdings including semiconductors, systems software, and technology hardware outperformed during the quarter. Nvidia hit all-time highs driven by strong chip demand and growth in AI infrastructure with new opportunities in robotics. Oracle reported strong earnings with customer commitments projected to double next year and announced plans to purchase $40bn worth of Nvidia chips for collaboration with OpenAI. | PGR MRK LLY NVDA AVGO ORCL MRK NVDA AVGO ORCL |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ALNY, AVGO, CRWD, ETN, ICLR, JCI, LLY, MDB, META, MSFT, NFLX, NVDA, NVO, PLTR, SNPS, TGT, TMO, UNH, VRTX | AI, Biotechnology, growth, healthcare, positioning, semiconductors, tariffs, technology | Mega cap AI market leadership returned with hyperscalers showing commitment to high levels of AI-driven capex. Microsoft and Meta Platforms outperformed as both they and semiconductor companies including Nvidia and Broadcom were boosted by solid earnings and renewed expectations of widespread AI adoption. Broadcom maintained strong execution in development of custom silicon chips for AI computing and is well-positioned for continued healthy investment in AI. | PLTR SNPS ALNY NVO AVGO NFLX TGT ICLR PLTR SNPS LLY |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business. | ICLR LIN AIR FP NOW MRVL TSM |
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| 2025 Q2 | Jul 27, 2025 | 1290 SmartBeta Equity Fund | 7.2% | 7.8% | ABBV, AVGO, CVX, LLY, MCD, NFLX, NVDA, PEP, TT, XOM | Factor, global, Quality, SmartBeta, technology, Trade Policy, volatility | Trump's tariff policies dominated market movements throughout the quarter, with Liberation Day tariffs causing initial sell-offs followed by recovery as trade deals were negotiated with the UK and China. The fund navigated the initial Trump Tariff Turbulence well due to its low volatility exposure. | View | |
| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX | AI, financials, growth, healthcare, income, large cap, semiconductors, technology | AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund reduced AI exposure to neutral levels after taking profits, citing concerns about market concentration in this single catalyst. AI infrastructure spending by major tech companies continues to rise, supporting companies like Corning, Oracle, and Broadcom. | LRCX ABBV AVGO ORCL GLW ETN |
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| 2025 Q2 | Jul 27, 2025 | Weitz Multi Cap Equity Fund | 3.6% | 4.3% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN META GOOGL HEI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | KMX |
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| 2025 Q2 | Jul 24, 2025 | Janus Henderson Forty Fund | 19.3% | 8.9% | AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH | aerospace, AI, Cloud, growth, healthcare, semiconductors, technology | Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and the productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base. | MA UNH HWM AVGO ORCL HWM AVGO ORCL |
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| 2023 Q2 | Jul 24, 2023 | RVK | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2025 Q2 | Jul 23, 2025 | Aristotle Atlantic Core Equity Strategy | 14.3% | 7.5% | AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS | AI, Cloud, earnings, healthcare, large cap, technology, Trade Policy, value | President Trump introduced a universal 10% import tariff and reciprocal tariffs on dozens of countries as part of Liberation Day, followed by a 90-day pause on reciprocal tariffs to encourage negotiations. The U.S. and U.K. finalized the Economic Prosperity Deal, while negotiations continued with the EU, Japan, Canada and India. More than 425 companies referenced tariffs in earnings calls and nearly 12% issued negative EPS guidance for the quarter ahead. | AVGO ORCL ZTS EXPE CB BDX AVGO ORCL |
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| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 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 | Columbia Seligman Global Technology Fund | 19.5% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, global, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending by cloud service providers continues to grow, with companies indexed to artificial intelligence infrastructure and cloud being primary drivers of returns in the technology market. | LRCX BE SYNA 6723 JP BE AAPL LRCX |
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| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators. | ORCL TOST AMD BSX SHOP HUBS |
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| 2025 Q2 | Jul 22, 2025 | Janes Henderson Strategic Bond Fund | 19.3% | 8.9% | AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, technology | Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base. | UNH HWM AVGO ORCL |
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| 2025 Q2 | Jul 22, 2025 | John Hancock Balanced Fund | 8.5% | 6.5% | AAPL, AMZN, AVGO, CMG, DLR, EQT, FCX, GOOGL, JPM, MSFT, MU, TSLA | AI, asset allocation, Balanced, credit, fixed income, technology | The fund added to nontraditional AI beneficiaries including EQT Corp. and Freeport-McMoRan, which could profit from increased electricity demand, and data center operator Digital Realty Trust. Semiconductor companies Micron and Broadcom contributed to performance on higher demand fueled by artificial intelligence. | View | |
| 2025 Q2 | Jul 22, 2025 | John Hancock Bond Fund | 1.4% | 4.2% | AVGO, BAC, DELL, ET, F, JPM | Bonds, credit, duration, Fed policy, fixed income, rates, yield curve | The Fed cut interest rates by a quarter point in September, its first reduction since December 2024, driven by softening labor market conditions. Investors are factoring in potential for further Fed easing before year end and additional cuts in 2026, despite inflation remaining above the central bank's long-term target. The fund expects the Fed will continue to take a cautious, data-driven approach. | View | |
| 2025 Q2 | Jul 22, 2025 | Macquarie Large Cap Growth Fund | 11.2% | 3.6% | AAPL, AMZN, AVGO, DHR, GOOGL, HD, ICE, INTU, LLY, MA, MC.PA, MSFT, NVDA, TSM, UNH, V, WCN | AI, growth, healthcare, large cap, Quality, technology, underperformance | The fund believes companies owning unique and valuable data are poised to play a critical role in the AI ecosystem. While hardware and AI models may eventually become commoditized, proprietary data remain irreplaceable. The portfolio includes many data-rich companies positioned to benefit from AI's long-term potential. | View | |
| 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 | The Davenport Core Leaders Fund | 11.1% | 7.3% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, growth, large cap, momentum, technology, Valuations, value | Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit. | PWR NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Value & Income Fund | 2.6% | 6.5% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, earnings, Federal Reserve, momentum, small caps, technology, Valuations | Artificial intelligence is described as a powerful technology theme prompting enormous spending from tech titans. The manager notes AI is incredibly promising and expects to participate via ownership of select technology leaders, though warns of a gold rush mindset in certain corners of the market with many perceived beneficiaries prioritizing growth over profit. | View | |
| 2025 Q2 | Jul 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO | AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility | Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI. | DT APH FIX AVGO DT TMO FI AAPL FIX AVGO |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS | AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility | AI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance. | TVK.TO ACN TMO UNH MCK GE AVGO ACN MCK AVGO |
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| 2025 Q2 | Jul 21, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | AAPL, AMZN, AVGO, IQV, LLY, META, MSFT, NFLX, NOW, ORCL, PLTR, TSLA, UNH | AI, Concentration, growth, healthcare, large cap, momentum, Quality, technology | The portfolio benefited from AI-related names including Broadcom, Netflix, ServiceNow, and Oracle which were top contributors. The strategy also owned Magnificent 7 AI leaders like Microsoft, Meta, and Amazon though underweight positions limited relative performance. | View | |
| 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 | Ghosh Capital | 17.3% | 25.3% | AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V | AI, Canada, global, Satellites, Space, technology, value | Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat. | MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN |
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| 2025 Q2 | Jul 2, 2025 | Tapasya Investment Fund | - | 11.7% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Discipline, Patience, Quality, rates, small caps, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index. | View | |
| 2025 Q2 | Jul 19, 2025 | Aristotle Core Equity Fund | 14.3% | 7.5% | AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS | AI, earnings, large cap, technology, Trade Policy | Strong demand for AI infrastructure and silicon continues to drive performance across Oracle's OCI infrastructure and Broadcom's AI compute and networking business. Customer demand for AI silicon for training and inference remains robust with positive outlook for 2025 and 2026. | AVGO ORCL ZTS EXPE CB BDX AVGO ORCL |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology | AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment. | View | |
| 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 Asia Fund | 3.9% | - | 000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports. | TSM 2202 HK MYOR IJ |
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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 | Hosking Partners | - | 12.2% | 000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST | defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value | Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers. | 055550.KS CPNG 000660.KS III.L BAB.L |
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| 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 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | IDXX SBUX ORCL GLOB IDXX SBUX ORCL |
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| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2024 Q2 | Jul 16, 2024 | The Bristol Gate U.S. Equity Strategy | -0.4% | 6.1% | AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS | Concentration, dividends, growth, Quality, technology, value | Bristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential. | ODFL GE |
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| 2025 Q2 | Jul 15, 2025 | Polen Capital – Focus Growth | 9.2% | 2.3% | AAPL, ADBE, AMZN, AVGO, CSGP, IDXX, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP, TMO, UNH | AI, growth, healthcare, large cap, Quality, risk management, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle was the top-owned relative contributor, up 56% in the quarter as the market embraced meaningful acceleration in growth driven by Oracle Cloud Infrastructure positioning as a go-to cloud infrastructure provider for training generative AI models. Performance leadership was dominated by AI-focused sectors, especially semiconductors which were up 64% in Q2. | IDXX ORCL UNH AAPL IDXX ORCL |
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| 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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| 2023 Q2 | Jul 13, 2023 | Chilton Capital Management | - | - | AVGO, MSFT, NVDA | AI, Bull Market, earnings, Fed policy, inflation, REITs, technology | Artificial Intelligence continued to garner significant investor attention, with ChatGPT becoming the fastest growing consumer application ever. NVIDIA CEO called this the iPhone moment for AI, with enterprises rushing to adopt AI applications. Goldman Sachs estimates AI could add 7% to global GDP and 4% to S&P 500 net margins over the next decade. | View | |
| 2024 Q2 | Jul 12, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN.AS, AMAT, AMZN, AVGO, AZN, CRM, GOOGL, INTU, LLY, MSCI, MSFT, NTRA, NVDA, ODFL, PANW, PCOR, TSM, V, WDAY | AI, financials, growth, healthcare, large cap, semiconductors, technology | AI-related narratives drove extreme market concentration with companies benefiting from soaring AI investment generating disproportionate returns. The fund's top contributors included companies benefiting from the surge in AI investment like Alphabet, Taiwan Semiconductor, and Applied Materials. Investor enthusiasm for companies expected to benefit from AI continued to drive performance. | View | |
| 2024 Q2 | Jul 12, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom. | View | |
| 2024 Q2 | Jul 11, 2024 | JB Global Capital | 7.3% | 8.1% | AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY | AI, Buybacks, China, payments, technology, value | The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations. | PYPL STNE |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | ABT, ACN, AME, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | AI continues to drive market gains with the Magnificent 7 responsible for the majority of S&P 500 returns. Nvidia sees accelerating demand for GPU semiconductors from hyperscalers and enterprises for AI computing. Amphenol benefits from increased spending on AI-enabled data center architectures requiring higher interconnect content. | MCHP BSX APH NSC DAR GOOGL NVDA |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets. | MCHP BSX APH |
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| 2024 Q2 | Jul 10, 2024 | Generation Investment Management Global Equity | - | - | AMAT, AMZN, AVGO, BDX, CCC, GOOGL, MSFT, NTNX, NVDA, TWLO, VMW, VWS.CO | AI, Cloud, Data centers, energy, Esg, sustainability, technology | Discusses the power demands of Generative AI and its impact on data centers. Notes that AI requires significant electricity for training and inference, with cloud companies investing heavily in AI hardware. Examines sustainability implications of AI's energy consumption. | NTNX |
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| 2024 Q2 | Jul 10, 2024 | QV Investors | - | - | AAPL, AMZN, AVGO, BRK-A, GOOGL, LLY, META, MSFT, NVDA, POOL, SBUX | AI, consumer, credit, Economic Cycle, Market Concentration, rates, Risk Appetite, Valuations | AI-driven bull market continues with Nvidia driving significant market returns. Seven AI-related stocks drove the entire S&P 500 return in Q2. Current AI enthusiasm parallels historical tech bubble patterns with extreme concentration and high expectations. | View | |
| 2024 Q2 | Jun 30, 2025 | Barometer Capital Management | - | - | AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, technology | The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business. | View | |
| 2025 Q2 | Jun 30, 2025 | Mar Vista Global Equity Fund | - | 13.0% | AAPL, AVGO, BRK-A, COLOB.CO, GE, MSFT, NVDA, ORCL, TDG | aerospace, AI, Cloud, global, large cap, Quality, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2 2025, with NVIDIA benefiting from demand for next-generation Blackwell platform and reasoning-based applications requiring 10x more compute power. Microsoft's Azure AI services accelerated, while Oracle gained market share in hyperscale cloud for generative AI workloads. The AI market remains in early stages of multi-year infrastructure build-out. | GE BRK-A AAPL NVDA ORCL MSFT GE BRK.B AAPL NVDA ORCL MSFT |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 12.4% | AAPL, AVGO, BRK-A, GE, GOOGL, HEI, JNJ, MSFT, ORCL, SAP, V | aerospace, AI, Cloud, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with Microsoft benefiting from accelerating demand for AI-related Azure services and robust bookings. Oracle gained momentum with its OCI Gen 2 platform well-suited for generative AI workloads, securing large contracts including one expected to generate over $30 billion annually. The AI-driven rally regained momentum despite earlier concerns about returns on large-scale AI capex investments. | GE BRK-A JNJ AAPL ORCL AVGO MSFT AAPL ORCL AVGO MSFT |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 14.3% | AAPL, AMZN, AVGO, GE, GOOGL, JNJ, META, MSFT, MTD | AI, growth, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with companies like Broadcom benefiting from accelerating AI semiconductor revenue growth and custom ASIC demand from hyperscalers. Microsoft's Azure AI services showed robust momentum, while the broader AI rally regained strength after earlier volatility. | GE META MSFT AVGO GE JNJ MTD AAPL META MSFT AVGO |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Core Equity Fund | 9.8% | - | AAPL, AMZN, AVGO, BRO, DE, DHR, FERG, FIS, GOOGL, ICE, INTU, LIN, MA, MSFT, NVDA, ORCL, SPGI, TMO, VRTX, WM | AI, defensives, financials, large cap, Quality, technology | AI is viewed as a durable long-term trend that will transform the economy, with U.S. companies at the forefront. The fund has taken advantage of market volatility to lean into secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and certain areas of software. Second-quarter performance of the Information Technology sector confirmed that investments in AI are propelling growth. | View | |
| 2025 Q2 | Jun 30, 2025 | Parnassus Growth Equity Fund | 19.0% | - | AAPL, ABNB, AMZN, APPF, AVGO, BRO, GE, GOOGL, INSM, INTU, LLY, MSFT, NET, NVDA, SN, TMO, TSM, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology, Trade Policy | AI investments continue to drive growth with increased energy demand from AI technologies benefiting utilities and power infrastructure companies. The fund maintains exposure to AI beneficiaries including hyperscalers, semiconductors and software companies building the computing foundation of the future. | INSM |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Value Equity Fund | 7.2% | - | A, AVGO, AZN, BAX, DHR, GILD, GPN, LIN, MSFT, MU, ORCL, PFE, PGR, REGN, SPG, TMO, TSM, UNH, WMT, WTW | AI, healthcare, Quality, tariffs, technology, value | The Fund's outperformance was primarily driven by artificial intelligence-related portfolio holdings in the Information Technology sector. AI-related companies like Broadcom, Oracle, Microsoft, Micron Technology, and Taiwan Semiconductor benefited from the ongoing AI megatrend and boom in AI investment. The portfolio maintains exposure to semiconductor makers and cloud providers as key beneficiaries of AI investment and cloud adoption. | DHR WTW REGN LIN TMO WMT |
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| 2025 Q2 | Jun 30, 2025 | Magellan Global Opportunities Fund No. 1 | 6.2% | - | AAPL, AMD, AMT, AMZN, AVGO, BKNG, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVDA, RB.L, TSM, UNH, ZBH | AI, global, growth, Quality, semiconductors, technology, Trade Policy | AI demand driving semiconductor growth with TSMC benefiting from data center buildouts and AI chip manufacturing. Major AI data centre announcements in the US and Middle East creating upward momentum for the AI trade. | TSM NESN SW SAP MSFT GOOG AMZN DG TSM |
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| 2025 Q2 | Jun 30, 2025 | Bell Global Equities Fund | 5.3% | 1.1% | 6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM | AI, Cloud, global, growth, Quality, semiconductors, technology | Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications. | NFLX AIR.PA BJ LULU 6146.T ORCL |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Equity Income Fund | 5.3% | - | AAPL, AMZN, AVGO, AXP, BRK.B, C, GOOGL, JNJ, JPM, LLY, MA, META, MRK, MSFT, NFLX, NVDA, ORCL, PFE, V, WFC | AI, defense, energy, gold, Sports, tariffs, technology, Utilities | Artificial intelligence continues to drive significant investment and growth across technology companies. Major AI infrastructure platforms maintained aggressive investment commitments with $330 billion in capex plans. ChatGPT usage doubled and commercial AI adoption accelerated across multiple sectors. | CR AXP |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 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 | Octahedron Capital | - | - | AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W | AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology | AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications. | View | |
| 2024 Q2 | Jun 30, 2024 | Carillon Eagle Growth & Income Fund | - | - | ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN | AI, dividends, growth, large cap, Quality, semiconductors, technology | Technology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. | View | |
| 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 | Antero Peak Group | 3.9% | 20.1% | AAPL, AMT, AMZN, AVGO, CP, ETN, GE, GEV, GS, HUBS, ISRG, LLY, MSFT, MSI, NVDA, SAF.PA, SPOT, TDG, TSM, V | aerospace, AI, fundamentals, growth, healthcare, large cap, semiconductors, technology | Generative AI investment universe spans multiple phases from compute and infrastructure to applications. The team sees AI as driving transformation across semiconductors, data centers, and enterprise software. AI proliferation is creating opportunities in robotic surgery with DaVinci 5's 10,000x improvement in computing power. | View | |
| 2024 Q2 | Jun 30, 2024 | City Different Investments – Global Equity | 5.3% | 22.5% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2023 Q2 | Jun 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC | AI, Banking, dividends, energy, large cap, Quality, technology | After a major chip manufacturer significantly increased revenue guidance in May because of much higher artificial intelligence spending, investors looked for other ways to participate in higher capital spending on AI. The emergence of artificial intelligence was a notable event during the quarter, transitioning from a powerful concept to a substantial earnings contributor much quicker than many observers expected. | 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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| 2023 Q2 | Jun 30, 2023 | PM Capital Australian Companies Fund | -4.2% | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, gold, Mining, rates, tariffs, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. | View | |
| 2026 Q1 | May 24, 2026 | LVS Advisory – Growth | 1.1% | 1.1% | AMD, AVGO, NVDA | AI, Construction, Data centers, growth, infrastructure, Power Generation, semiconductors, technology | View | ||
| 2025 Q1 | May 21, 2025 | Fairtree Global Equity Fund | 1.5% | 1.5% | ABT, AMZN, AVGO, BABA, BID.JO, BP, EVO.ST, GFI, GOOGL, JD, JPM, KO, KSPI.L, MSFT, NVDA, ORCL, PDD, SHEL, TTE | AI, China, E-Commerce, energy, Global Equity, Recession, tariffs, technology | AI-related US companies experienced pronounced volatility following the release of Deepseek, a Chinese Large Language model trained at significantly lower cost but producing similar results to current US models. Chinese companies' advancements in AI have reinforced their position as a significant force in the technology sector. | View | |
| 2024 Q1 | May 18, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMAT, AVGO, BRK-A, CMGI, CSCO, GBTC, GLW, INTC, LLY, META, MSB, MSFT, MU, NVDA, SBR, TPL, V | Bitcoin, Bubble, Compounding, Concentration, long-term, royalties, technology, valuation | The letter discusses AI chips and their impact on technology stocks, particularly noting how AI chip technology has driven recent outperformance in companies like Nvidia and Micron. The manager views AI as part of the current technology bubble similar to previous cycles. | View | |
| 2026 Q1 | May 13, 2026 | Baron Opportunity Fund | -9.0% | -9.0% | AMZN, ANET, ASML, AVGO, COHR, CSGP, DDOG, GOOGL, IOT, LITE, LRCX, META, MSFT, NVDA, RBRK, SHOP, SPOT, TSLA, TSM | AI, Data centers, growth, infrastructure, semiconductors, software, Space, technology | View | ||
| 2025 Q1 | May 13, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | ADBE, AVGO, AZO, CBOE, LULU, MCD, META, NOW, NVDA, TJX | growth, large cap, Outperformance, Quality, volatility | The portfolio's focus on quality companies with low price volatility helped limit losses during the quarter's elevated volatility. Quality positioning benefited from investor flight towards quality companies amid market uncertainty. | 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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| 2024 Q1 | May 10, 2024 | FPA Crescent Fund | 3.7% | 12.8% | 3659.T, 9988.HK, ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FERG, GBLB.BR, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, TEL | global, Opportunistic, Quality, value | JDE Peet's is the second largest coffee business in the world, currently navigating challenges including effects of war on Russian business, pandemic impact on out-of-home demand, and massive inflation in coffee prices. Management has struggled with these challenges leading to CEO replacement. | JDEP.AS |
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| 2026 Q1 | May 1, 2026 | BESTINVER | -2.7% | -2.7% | AVGO, LLOY.L, META, PHIA.AS, TSM | AI, Banking, energy, Europe, geopolitics, infrastructure, semiconductors, value | View | ||
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Dividend Strategy | - | - | ADP, APO, AVGO, BX, ENB, EQT, HON, LHX, MSFT, NOC, ORCL, OTIS, RTX, TSM, WMB, XOM | AI, defense, dividends, energy, Geopolitical, inflation, semiconductors, software | View | ||
| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Dividend Strategy | - | - | AIG, APO, AVGO, CVS, EIX, GILD, GOOGL, ITX.MC, KO, MSFT, NESN.SW, NOC, RTX, SAP, SRE, TEL, TMUS, WMB, XOM | defense, dividends, energy, tariffs, Utilities, value | The strategy focuses on companies with ability to deliver continued, robust dividend growth. Portfolio emphasizes quality compounders with steady dividend policies like Inditex. | TEL ITX.MC CVS |
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| 2025 Q1 | Apr 5, 2025 | 13D Activist Fund | -10.2% | -10.2% | AAPL, AVGO, BLCO, CL, CMG, CNI, DKS, FTRE, HR, JNJ, KVUE, MIDD, MSFT, OR.PA, PG, QRVO, SN, SWKS, WEN, YETI | activism, consumer, M&A, semiconductors, small cap, value, volatility | The fund focuses exclusively on activist investing situations, holding positions for the full activist cycle until catalysts are no longer compelling. Activist investors are keeping their heads down and focusing on portfolios despite market volatility, with 2025 already outpacing 2024 with 45 new campaigns versus 36 last year. | View | |
| 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 | |
| 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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| 2024 Q1 | Apr 29, 2024 | Eagle Capital Management | - | - | AAPL, AMD, AMZN, AVGO, HUM, INTC, NVDA, QCOM, SAP, TSM, WWD | aerospace, duration, healthcare, long-term, semiconductors, technology, value | Humana's Medicare Advantage business faces margin pressure from post-pandemic medical procedure catch-up, tighter CMS reimbursement, and industry mispricing. The company expects 2024-25 earnings weakness but believes industry conditions are near trough with multi-year recovery ahead. | TSM SAP WWD AMZN HUM |
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| 2026 Q1 | Apr 28, 2026 | Artemis US Select Fund | -6.1% | -6.1% | AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W | AI, Data centers, energy, healthcare, industrials, semiconductors, technology | TRGP AVGO ATI STX AMAT BE GEV RKT W IQV CEG |
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| 2025 Q1 | Apr 28, 2025 | Advisors Capital | - | - | AAPL, AMZN, AVGO, DUK, GOOG, META, MSFT, NVDA | AI, Defensive, fixed income, global, Recession, tariffs, Trade Policy | The Trump Administration implemented extensive tariff policies in Q1 2025, including reciprocal tariffs on 90 countries ranging from 10% to 125% rates. While markets initially reacted negatively, the firm believes adaptation mechanisms and potential negotiations will mitigate worst-case scenarios. The policy creates both challenges through higher costs and opportunities through domestic production shifts. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEY, AKAM, AMAT, AMZN, AVGO, CHTR, CP, CRM, GOOGL, INTU, ISRG, LLY, MSFT, NTRA, NVDA, PTC, SPGI, TSM, V, VRTX, YUM | AI, growth, healthcare, large cap, semiconductors, technology | AI-related momentum and optimism continued from 2023 into Q1 2024, particularly within semiconductors. The fund benefits from AI exposure through holdings like NVIDIA, Taiwan Semiconductor, and Broadcom, which are positioned to benefit from soaring demand for AI capabilities and chip production. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, AVGO, AZO, CHTR, CP, DE, FI, GILD, GOOGL, INTC, MSFT, MU, NVDA, O, ORCL, RHHBY, SPGI, TXN, VZ | large cap, REITs, semiconductors, technology, Telecom, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductors industry. Broadcom benefits from the adoption and proliferation of AI and has established itself as one of the leading providers of custom silicon products. Rising investment in AI fuels demand for memory providers like Micron. | View | |
| 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 22, 2026 | Columbia Seligman Global Technology Fund | 4.8% | 4.8% | AEIS, AMAT, AVGO, BE, COHR, CRM, GDDY, GEN, LRCX, LYFT, MSFT, ORCL, TER, WDC | AI, Data centers, growth, semiconductors, technology | 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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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, AMZN, AVGO, CMCSA, DEO, DIS, DTE, GOOGL, HLN.L, KO, KVUE, MA, META, MSFT, NESN.SW, NVDA, ORCL, SAP, TMUS, V | AI, Consumer Staples, diversification, dividends, large cap, technology, Utilities, value | The fund maintains a dividend-focused strategy, adding positions in companies with attractive upfront yields and solid free cash flow generation. They initiated a position in Meta after the company announced its inaugural dividend and expect steady dividend compounding across their holdings. | View | |
| 2024 Q1 | Apr 2, 2024 | Middle Coast Investing | - | - | AAPL, ACLS, ADM, AER, AMZN, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, OMAB, PGR, SNX, SPOT, VMEO, WS | Cyclical, financials, industrials, Portfolio Management, Selling, small caps, technology, value | Archers-Daniels-Midland is one of the biggest grain traders in the world, part of the ABCD group that controls 90% of global grain trade. The company is cyclical and peaked in 2022 as the Russia invasion of Ukraine caused grain prices to go up, now closer to the bottom of a cycle. Buying a company with a strong balance sheet at less than 10x bottom earnings usually works out well. | VMEO SNX ADM |
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| 2026 Q1 | Apr 18, 2026 | Carillon Eagle Growth & Income Fund | - | - | ABT, ACN, ADI, AVGO, CVX, GLW, IBM, MSFT, T, WMB | AI, energy, Geopolitical, growth, inflation, large cap, semiconductors, technology | ADI WMB CVX GLW |
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| 2026 Q1 | Apr 18, 2026 | Thornburg Equity Income Builder Fund | 9.9% | 9.9% | 005930 KS, AVGO, C, MRK, ORAN, T, TSM, TTE | dividends, energy, financials, global, income, technology, Telecommunications, Utilities | View | ||
| 2024 Q1 | Apr 18, 2024 | The Bristol Gate U.S. Equity Strategy | 6.5% | 6.5% | AMAT, AMT, AVGO, CCL.TO, CP.TO, CTVA, ENGH.TO, FSV.TO, IFC.TO, JWEL.TO, MCK, MMC, OTEX.TO, PBH.TO, SBUX, T.TO, TIH.TO, UNH, WCN, ZTS | AI, dividends, financials, healthcare, Quality, semiconductors, valuation | Bristol Gate focuses on companies with positive dividend growth, using dividend growth as a key valuation driver. The firm's conceptual return framework emphasizes dividend growth alongside returns on invested capital. Both strategies continued to outpace their benchmarks in dividend growth despite underperforming on total returns. | MMC MCK UNH ZTS CTVA AVGO AMAT |
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| 2025 Q1 | Apr 17, 2025 | Titan Wealth | - | - | AAPL, ADBE, AMD, AMZN, AVGO, BIO, BMW.DE, EBAY, EL, EOAN.DE, ETSY, HEIA.AS, JPM, LLY, MT, NKE, NVDA, RWE.DE, STLA, V | AI, ETFs, Europe, infrastructure, tariffs, technology, Utilities | The ongoing rise of Exchange Traded Funds has significantly altered equity market structure, with the top 10 companies now accounting for around 20% of the MSCI World Index. This dominance is driven by passive investment flows, creating both challenges and opportunities for active managers. | View | |
| 2026 Q1 | Apr 16, 2026 | ARK Invest | -1.8% | -1.8% | ACHR, AVAV, AVGO, BLSH, CRCL, HOOD, IRDM, ODD, PRLB, PYPL, SHOP, TEM, TER, TSEM, TSLA, TSM, TWST, TXG, VELO, VRTX, WGS | AI, Autonomous, Biotechnology, crypto, innovation, technology | View | ||
| 2025 Q1 | Apr 16, 2025 | The Bristol Gate U.S. Equity Strategy | -0.5% | -0.5% | AMAT, AVGO, CSX, CTVA, DOL.TO, DPZ, GE, IFC.TO, JWEL.TO, LLY, LOW, MA, MCHP, MCK, MCO, MMC, MSCI, PBH.TO, SJ.TO, TFII.TO, WAB, X.TO | AI, dividends, growth, healthcare, semiconductors, tariffs, value | Bristol Gate focuses on companies with positive dividend growth potential, with eight holdings announcing dividend increases in Q1 averaging approximately 15%. The strategy prioritizes companies capable of sustained high dividend growth over traditional defensive sectors offering higher yields but lower growth potential. | DPZ WAB LLY |
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| 2025 Q1 | Apr 15, 2025 | Hosking Partners | - | - | 9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL | AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value | The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics. | TDW IPC.TO IMP.JO 9435.T BAB.L |
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| 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 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 | |
| 2026 Q1 | Apr 13, 2026 | The Davenport Core Leaders Fund | -6.2% | -6.2% | AAPL, ACN, ADI, AVGO, CEG, EOG, ISRG, META, MRVL, MSFT, NOW, PWR, UNH | AI, energy, Iran, large cap, nuclear, Quality, technology | RYN CNS TKO FWONK CEG |
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| 2024 Q1 | Apr 13, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AVGO, AZO, BRK.B, GOOGL, LLY, MA, MELI, MSCI, MSFT, NVDA, NVR, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, crypto, liquidity, portfolios, SMA, technology | Manager maintains bitcoin price targets of $125,000 by Christmas 2024 and $475,000 by Q4 2025, viewing current conditions as supportive for the next major leg higher during summer months. Bitcoin proxies have provided significant performance advantages, with allocations ranging from 15-49% across different SMA strategies. | 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 | ||
| 2025 Q1 | Apr 11, 2025 | Middle Coast Investing | - | - | AAPL, AER, AMZN, ATKR, ATRO, AVGO, BRK.B, CCK, DALN, DFS, ECG, FCNCA, LULU, OMAB, PGR, PTLO, SCHW, SCS, SON, TRIP | aerospace, Airports, infrastructure, insurance, technology, Trade Policy, volatility | Manager expects continued volatility due to Trump administration's erratic policy approach and indifference to stock market performance. Planning to be quicker about buying and selling to take advantage of volatility, with raised cash levels to navigate uncertain environment. | GOOG SON ECG |
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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 | |
| 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 Q4 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| 2026 Q1 | Mar 31, 2026 | Emerald Wealth Partners – Growth Equity Strategy | -9.4% | -9.4% | AVGO, BKNG, FTNT, NOW, ORCL, SAP | AI, cybersecurity, Enterprise, growth, semiconductors, software, technology | SAP ORCL NOW AVGO FTNT |
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| 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 | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality Select | -4.5% | -4.5% | AAPL, APH, AVGO, GOOGL, JNJ, MSFT, NVDA, ORCL, PEP, TDG, TSLA, V | AI, Defensive, large cap, Quality, semiconductors, tariffs, technology | The AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficiency breakthrough sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite being aware of these developments. Integration of reasoning capabilities into leading LLMs is significantly increasing computing intensity, with some experts estimating up to 100x more computing demand for inferencing models with reasoning. | NVDA AAPL GOOGL AVGO JNJ TDG V |
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| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality | -3.1% | -3.1% | AAPL, APH, AVGO, BRK-A, CRM, GOOGL, JNJ, META, MSFT, NVDA, ORCL, PEP, TSLA, V | AI, inflation, large cap, Quality, semiconductors, Stagflation, technology, Trade Policy | AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficient model sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of progress. Integration of reasoning capabilities into LLMs significantly increases computing intensity, with some estimates showing up to 100x more computing demand for inferencing models with reasoning. | PEP NVDA MSFT CRM AVGO V JNJ BRK-B |
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| 2025 Q1 | Mar 31, 2025 | The Davenport Core Leaders Fund | -3.5% | -3.5% | AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX | AI, growth, large cap, Quality, risk management, technology | The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector. | View | |
| 2025 Q1 | Mar 31, 2025 | NCG Large Cap Growth Strategy | 12.2% | 12.2% | AAPL, AMD, AVGO, CRM, CSGP, CVNA, HWM, MRVL, NVDA, PANW, PGR, SNOW, SPOT, SYM, TEAM, TOST, TSLA, V | earnings, growth, large cap, Quality, technology | NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding despite challenging market conditions. The firm expects strong earnings growth in 2025 for small, mid and large cap companies, which would be a continuation of strong growth in large cap. | View | |
| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS | AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy | AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP. | View | |
| 2025 Q1 | Mar 31, 2025 | BlackRock Global Dividend Fund | 0.7% | 0.7% | ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH | AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy | The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX | AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology | Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability. | ARES APP |
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| 2025 Q1 | Mar 31, 2025 | Columbia Dividend Opportunity Fund | 3.4% | 3.4% | ABBV, AFG, ALL, AVGO, CSCO, CVS, CVX, DLR, EIX, HD, HPE, IBM, JNJ, JPM, KO, MRK, PEG, PM, TGT, XOM | defensives, dividends, energy, large cap, Trade Policy, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. Dividend-paying stocks held up reasonably well in Q1 despite broader market weakness, benefiting from rotation into defensive areas. The fund maintains positions in core dividend-paying holdings across sectors. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Global Technology Growth Fund | -12.3% | -12.3% | AAPL, AMZN, AVGO, BABA, GOOGL, LRCX, MA, META, MRVL, MSFT, NOW, NVDA, TMUS, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, tariffs, technology, Trade Policy | Advances in AI remained the key market theme since ChatGPT's launch in November 2022, but the market took a more critical view in Q1 2025. A Chinese AI startup DeepSeek sent shockwaves through global financial markets after releasing a powerful AI model claimed to be developed at a fraction of the cost of American alternatives. Investors remained hyper-focused on benchmarking return on investment from the massive outlays of capital investment expected across the technology industry to enable more productivity from generative AI. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Seligman Global Technology Fund | -12.7% | -12.7% | 6723.T, AAPL, AVGO, BE, CHKP, EBAY, FFIV, GEN, GOOGL, GPN, LRCX, MRVL, MSFT, NVDA, ON, TER, TMV.DE, V | AI, Cloud, cybersecurity, global, semiconductors, tariffs, technology | AI continues to be the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending from publicly traded cloud service providers including Microsoft, Google, Amazon, Oracle and Meta is continuing to grow. However, concerns emerged about the size of AI-related capital expenditure spending and a slowdown in cloud spending as AI models become cheaper and more efficient. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Dividend Growth Fund | -5.3% | -5.3% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BN, BRK.B, EME, EPD, ET, GEV, GOOGL, META, MRVL, MSFT, NVDA, TSLA, V, WFC | aerospace, AI, dividends, energy, industrials, large cap, value | Manager views generative AI as a transformative long-term trend but has tempered enthusiasm for the AI space in the short term due to cyclical weakness. The fund reduced semiconductor exposure after DeepSeek's release raised questions about AI infrastructure spending and valuations of chipmakers. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Core Equity Fund | -6.1% | -6.1% | AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX | AI, growth, large cap, semiconductors, tariffs, technology, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased. | ADI |
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| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH | AI, Defensive, dividends, financials, healthcare, Quality, technology | The quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Large Cap Value | - | - | AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM | AI, defense, energy, financials, healthcare, large cap, Utilities, value | The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue. | View | |
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 2025 Q1 | Mar 31, 2025 | Impax US Sustainable Economy Fund | -5.8% | -5.8% | AAPL, AVGO, AWK, EIX, GILD, GLOB, GOOGL, LLY, MA, MSFT, NOW, NVDA, PGR, TXN, V | energy, Esg, healthcare, sustainability, tariffs, technology, Utilities | The portfolio focuses on companies positioned to benefit from the transition to a more sustainable economy, including renewable energy sources, energy efficiency, and clean technology solutions. The fund's sustainability tools emphasize energy efficiency exposure and companies optimizing energy consumption through technology. | NOW GLOB EIX AWK PGR GILD |
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| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER | growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation | Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter. | ABBV CPRT |
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| 2025 Q1 | Mar 31, 2025 | Janus Henderson Forty Fund | -8.7% | -8.7% | AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM | AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility | Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services. | DDOG MRVL ICE HWM |
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| 2025 Q1 | Mar 31, 2025 | Sands Capital Select Growth Fund | -10.1% | -10.1% | AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V | AI, Concentration, growth, large cap, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are materializing across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | John Hancock Balanced Fund | -1.8% | -1.8% | AVGO, DE, GOOGL, MRVL, NVDA, TSLA | AI, asset allocation, Balanced, Rate Cuts, semiconductors, tariffs, valuation | AI spending concerns weighed on semiconductor stocks like Marvell and Broadcom, while competitive threats affected Alphabet. The fund increased allocation to Alphabet believing concerns are misguided and shares undervalued. Not holding NVIDIA contributed to relative performance as AI chipmaker underperformed. | View | |
| 2025 Q1 | Mar 31, 2025 | Macquarie Large Cap Growth Fund | -7.0% | -7.0% | AAPL, AMZN, AVGO, CRM, EA, GOOGL, ICE, IDXX, KO, LLY, META, MSFT, NVDA, TSLA, TSM, UNH, V, WCN | AI, financials, growth, large cap, Quality, risk management, technology, volatility | The fund emphasizes investing in stable high-quality growth businesses that can maintain strong fundamentals during uncertain periods. These companies command a premium for consistency and should favor their investment style as market conditions become more challenging. | IDXX EA V ICE |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2025 Q1 | Mar 31, 2025 | Barometer Capital Management | - | - | AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO | Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility | Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs. | TMX HWM ERJ AEM |
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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 | RVK | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | 0700.HK AVGO NVO LSEG.L LRCX GOOGL |
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| 2024 Q1 | Mar 31, 2024 | Carillon Eagle Growth & Income Fund | - | - | AMGN, AMT, AVGO, CVX, ETN, GS, HD, JPM, MCD, MDLZ, MRK, MSFT, PNC, UNH, UNP | AI, dividends, growth, income, inflation, large cap, technology | The market continued to show excitement around AI and the potential earnings growth that should come with it. AI appears to be a very real, once-in-a-generation tech trend that is likely only in the early innings. However, there has been overexcitement in some areas that may not be able to deliver on the promises management teams are making. | View | |
| 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 Global Fund (Long Only) | 5.7% | 5.7% | 005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, global, semiconductors, technology, Travel | Fund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of 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 | Mondrian Global Equity Fund | - | - | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Market Concentration, Passive investing, technology, valuation | Passive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. The Bank of Japan's ETF purchases played a significant role in quantitative easing, holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization. More than half of US ETF assets track narrower exposures like specific sectors, countries, and styles rather than broad market indices. | View | |
| 2024 Q1 | Mar 31, 2024 | Mondrian International Equity Value Opportunities | - | - | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Japan, Market Concentration, Passive investing, technology, Value Investing | Passive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. ETF purchases played a significant role in Bank of Japan's quantitative easing program, with the central bank holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization before ending purchases in March 2024. | View | |
| 2023 Q1 | Mar 31, 2023 | Evolve Private Wealth | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns. | 000700.HK AVGO AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT LSEG.L LRCX GOOGL |
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| 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 | City Different Investments – Multi-Cap Core | 5.4% | -10.7% | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Magnificent 7, rates, technology, Valuations | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth, describing AI infrastructure as entering a new industrial revolution. An estimated $350 billion this year and $400 billion next year will be spent on AI-related equipment by major US technology companies. | View | |
| 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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| 2025 Q4 | Mar 2, 2026 | TYME Advisors | - | - | AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM | Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties | The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection. | 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 Dividend Opportunity Fund | -1.6% | 15.5% | ABBV, APO, AVGO, BAC, CSCO, CVS, CVX, GRMN, GS, HD, IBM, JNJ, JPM, KO, MRK, SWK, TPG, VST, WFC, XOM | AI, dividends, financials, large cap, semiconductors, value | The fund invests in companies that have historically paid consistent and increasing dividends. Dividend-paying companies lagged considerably in Q4 due to missing out on growth stock rallies and pressure from rising bond yields. The fund's dividend focus creates compelling relative values across the investment universe. | View | |
| 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 | |
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | AI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. | View | |
| 2025 Q4 | Feb 8, 2026 | SGA – U.S. Large Cap Growth | 0.2% | 3.0% | AAPL, AMZN, ARM, AVGO, AXP, COO, CRM, DHR, GOOGL, GWW, INTU, META, MSFT, NFLX, NKE, NOW, SPGI, V, WM, YUM | AI, growth, large cap, momentum, Quality, semiconductors, valuation | AI capital expenditures are expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability. Hyperscaler CapEx spending has reached historically high proportions of revenues and operating cash flows. The most attractive long-term AI opportunities reside with businesses building long-term value rather than companies exposed to cyclical swings. 2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. Quality growth companies with stable fundamentals have seen relative valuations plummet to lowest levels in decades while cyclicals trade at historically high levels. The portfolio focuses on reliable and durable growth companies with lower variability that continue to compound earnings and cash flows attractively despite not being rewarded by the market currently. Semiconductor and AI capital equipment stocks were among market darlings, buoyed by massive AI infrastructure spending. However, purely cyclical sectors exposed to hyperscaler CapEx growth rates will have a shorter runway of growth left as further upward growth revisions become challenging. | ALC YUM IT META MSFT ARM AVGO CRM COO GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 8, 2026 | BlackRock Global Dividend Fund | 2.2% | 19.3% | 000001.SZ, 000660.KS, AAPL, ALVY.DE, AVGO, AZN, BABA, CMS, GOOGL, KO, MSFT, REL.L, SONY, TSM | dividends, Europe, financials, global, healthcare, Quality, technology | AI infrastructure demand remains strong, supporting memory companies like SK Hynix. However, AI concerns are creating headwinds for some businesses like RELX, where sentiment remains cautious about AI's potential impact on parts of their operations. The fund focuses on carefully selected quality companies with strong dividend growth potential. The strategy aims to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies. | FBK IM |
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| 2024 Q1 | Feb 4, 2024 | TPG Angelo Gordon | - | - | AMGN, ATVI, AVGO, BLK, HZNP, ICE, MSFT, PFE, SGEN, VMW | Clos, CMBS, credit, high yield, interest rates, Leveraged Loans, private credit, real estate | Default rates for leveraged loans increased to 3.15% in the U.S. as of Q4, with J.P. Morgan forecasting a rise to 3.25% in 2024. High yield default activity totaled $83.7 billion in 2023, a 75% increase from 2022. Interest coverage ratios for borrowers continue to reflect the impact of rising interest rates and are expected to continue eroding. | View | |
| 2025 Q4 | Feb 3, 2026 | John Hancock Balanced Fund | 3.7% | 16.0% | AAPL, AMZN, AVGO, BRBR, FCX, GOOGL, JPM, LLY, MSFT, ZBRA | asset allocation, Balanced, equities, fixed income, healthcare, materials, security selection, technology | Eli Lilly & Company contributed to relative performance with shares rising amid continued growth in its GLP-1 drug franchise. Freeport-McMoRan benefited from rising copper and gold prices, contributing to fund performance. | View | |
| 2025 Q4 | Feb 25, 2026 | GMO | 0.0% | 0.0% | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | HUBS |
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| 2025 Q4 | Feb 25, 2026 | The D. E. Shaw Group | - | - | AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM | active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology | Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively. | View | |
| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality Select | 0.4% | 13.6% | AAPL, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, META, MSFT, MTD, NFLX, NVDA, TSLA | AI, Cloud, Concentration, 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 transformative potential of artificial intelligence is one of two key catalysts driving expected mid-teens growth in S&P 500 earnings for 2025. | EFX AMZN CRM AVGO |
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| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AAPL, AME, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, GXO, INTU, MCHP, META, MSFT, MTD, NVDA, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, technology, Valuations | 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 sees AI as one of two key catalysts driving expected mid-teens S&P 500 earnings growth for 2025. | MCHP GXO DIS DHR MTD AMT AMZN CRM AVGO |
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| 2025 Q4 | Feb 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2023 Q4 | Feb 20, 2024 | Tall Oak Capital Advisors | - | - | AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO | Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology | The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution. | PANW |
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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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| 2024 Q4 | Feb 11, 2025 | Artemis Global Select Fund | 2.7% | 10.1% | 6861.T, AENA.MC, AMZN, AVGO, AXP, DG.PA, DGE.L, EL, ELV, FI, GOOGL, NVO, OTIS, TSLA, TSM, UBER, VMC, WFC | financials, global, industrials, infrastructure, payments, tariffs, technology | American Express was purchased based on its strong brand positioning and network effects with high-income customers. The company benefits from reward benefits funded by partners and membership fees creating customer stickiness. Card network revenues, membership and spend per card continue growing while higher rewards appear to increase usage. | OTIS WFC VMC AXP |
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| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | 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 | Royal London Global Equity Diversified Fund | 4.8% | 12.5% | 7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V | AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations | The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index. | HAG GR ITW RACE LW MU LLY GOOG |
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| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, small cap, Utilities, value | The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time. | View | |
| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, Quality, Utilities, value | The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time. | View | |
| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, Midstream, MLPs, Utilities | The letter extensively discusses dividend increases as an underappreciated tailwind for wealth building. Miller/Howard analyzes dividend growth patterns across the Russell 1000, showing that companies with higher free cash flow yields and earnings growth are more likely to announce larger dividend increases. The firm emphasizes using bond conventions to measure dividend increases in basis points rather than percentages. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Fundamental Stability & Value | - | 12.8% | AAPL, AMZN, AVGO, BMY, COST, CSCO, CVS, DKS, GDDY, KO, META, MO, MSFT, NFLX, NVDA, ORCL, TMUS, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, technology, valuation, value | The S&P 500 has experienced significant valuation expansion with prices rising 43% while free cash flows increased only 9.6%. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for nearly 40% of total market cap. Distillate's strategy offers a 5.8% free cash flow yield versus the S&P 500's 3.5%, representing a record premium. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital International | - | -0.3% | ABT, ADBE, AMGN, AVGO, BMY, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, NVDA, PG, QRVO, TMUS, UNH, WSM | AI, Concentration, Quality, risk management, small caps, valuation, value | Large U.S. equities are up 43% since October 2023 while underlying free cash flows increased only 9.6%, creating significant valuation risk. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for almost 40% of total market capitalization. Distillate's strategies offer attractive valuations with free cash flow yields well above market levels. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Large Cap Value | - | 13.3% | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | cash flow, fundamentals, large cap, Quality, risk, valuation, value | The letter extensively discusses valuation disparities between expensive mega-cap stocks and the rest of the market. Distillate's strategy focuses on high-quality companies at attractive valuations, with their portfolio offering a 5.8% free cash flow yield versus the S&P 500's 3.5%. The firm emphasizes being disciplined on valuation and avoiding expensive stocks. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Small/Mid Cap Quality & Value | - | 2.9% | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | free cash flow, fundamentals, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities between large expensive mega-cap stocks and smaller companies. Distillate's strategies focus on attractive valuations with their Small/Mid QV offering 9.1% free cash to enterprise value yield compared to expensive broader markets. The firm emphasizes being disciplined on valuation and finding high quality companies at attractive prices. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments All Cap Growth | - | - | AMZN, AVGO, BIIB, CMCSA, CMG, ETSY, FCX, GOOGL, ICLR, ISRG, META, NFLX, NVDA, STX, TMO, TSLA, UBER, UNH, V, VRTX | AI, Biotechnology, growth, healthcare, large cap, momentum, technology | Nvidia continued to ride momentum as the key supplier of chips for AI applications, rising more than 170% in 2024. The team is targeting disruptors leveraging generative AI and rapidly taking market shares in the fastest-growing parts of the economy. Innovation is accelerating beyond technology-related businesses, including medical devices where Intuitive Surgical is making significant strides in providing feedback to surgeons using robotic instruments. | CMCSA BIIB CMG ICLR |
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| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY | AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy | Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power – Balanced Fund | - | 9.6% | AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC | AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology | The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power - Growth Fund | - | 19.6% | AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH | AI, Housing, long-term, Regional, small caps, technology, value | AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts. | NVDA MSFT CLFD |
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| 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 | Bailard Technology Strategy | 3.1% | 30.2% | AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS | AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology | AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users. | View | |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Equity Income Fund | -5.4% | 6.4% | 1299.HK, AAPL, AMZN, AVGO, CME, CSCO, DPW.DE, EXC, FHN, GILD, GOOGL, IP, JCI, MDT, NVDA, PEP, SBUX, SNY, SYY, TSLA | dividends, financials, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot hold mega-cap technology stocks due to their low yields. Income stock valuations remain compelling, with stocks offering above-average income rates trading at substantial discounts to low-income stocks. The strategy has zero weightings in the magnificent seven technology stocks and instead focuses on dividend-paying sectors. | View | |
| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 2024 Q4 | Dec 31, 2024 | BlackRock Global Dividend Fund | -4.6% | 9.5% | AAPL, ABBV, ACN, AVGO, AZN, CRM, MDLZ, MSFT, NVO, RELX, TSLA, TSM, TXN, UNH, WMB | dividends, energy, global, healthcare, Quality, technology | Broadcom significantly boosted performance as it reported a sharp increase in artificial intelligence revenues and a major design win from Apple. Salesforce also benefited from AI competitiveness and new product launches that boosted investor confidence. | View | |
| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH | AI, Cloud, E-Commerce, growth, large cap, technology | Artificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Core Equity Fund | 0.3% | 18.5% | AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTC, KLAC, LIN, LLY, O, ORCL, SYY, VRTX, WDAY | Cloud, Esg, healthcare, large cap, materials, Pharmaceuticals, technology, value | AI remained a dominant theme throughout 2024, with companies like Oracle gaining market share in cloud-based training of generative AI models and Broadcom benefiting from AI chip sales. The fund expects the path and continuation of frontier AI model scaling to be a notable driver of investment returns in 2025, along with greater AI usage and workflow integration across consumer and enterprise businesses. | VRTX KLAC WDAY LLY FERG |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Growth Equity Fund | 4.9% | 26.9% | AKAM, AMAT, AMD, AVGO, BSX, CRM, DASH, DDOG, EFX, FERG, INTU, LVMUY, MELI, MSFT, NET, NTRA, NVDA, PCOR, TMO, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI remained a dominant theme throughout 2024, with companies positioned to capitalize on artificial intelligence driving significant returns. The fund benefits from investments in companies like Broadcom designing AI server processors and NVIDIA leading the market for AI-required chips. AI integration across customer relationship management and cloud computing platforms continues to drive robust growth. | VRTX EXAS TEAM DASH DDOG |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing. | V AMAT NVO AZN ABNB |
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| 2024 Q4 | Dec 31, 2024 | Impax US Sustainable Economy Fund | -0.8% | 20.4% | AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS | AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology | The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus. | View | |
| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – Large Cap Growth | - | - | ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX | AI, defense, growth, healthcare, large cap, technology | Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets. | PINS BAH HCA AVGO APP |
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| 2024 Q4 | Dec 31, 2024 | Saturna Sustainable Funds | -4.2% | 9.6% | AAPL, ADBE, AVGO, GOOGL, LIN, LLY, LULU, NEE, NOW, NVDA, NVO, SBUX, TJX, TSCO, TSM | AI, infrastructure, Onshoring, semiconductors, Sustainable, tariffs, technology, Utilities | AI infrastructure companies like Nvidia, Taiwan Semiconductor, and Broadcom drove significant portfolio returns. The fund maintains exposure to AI enablers while adding companies whose growth opportunities are not contingent on AI advancements. Many companies contributing to AI building blocks enjoyed extraordinary returns during 2024. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Large Cap Value | - | - | AVGO, AXP, BAC, BDX, COF, CVS, DE, ELV, INTC, JPM, MCHP, MCK, ORCL, PEP, SRE, TMO, UNH, V, XPO | financials, healthcare, materials, Quality, technology, Utilities, value | The Strategy follows a diversified, valuation-sensitive approach investing in high-quality franchises within durable, growing markets at reasonable valuations. The managers saw a large valuation divergence in 2024 that provided opportunities as high-quality companies weren't attracting capital. They maintained valuation discipline by trimming positions in American Express and JPMorgan Chase due to strong performance. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Fund | 1.0% | 8.0% | 005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO | China, global, Long/Short, technology, underperformance, value | Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum Global Fund (Long Only) | 1.0% | 5.0% | 005930.KS, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, SLB, STJ.L, TCEHY, TCOM, TRU, TSM, UPM-KY.HE, VLO, ZTO | AI, China, global, Luxury, technology, underperformance | Fund holds AI-themed investments primarily in hardware/semiconductor manufacturers who will power AI models. NICE provides cloud-based contact centre software with AI modules that create tangible savings for customers. Broadcom's custom AI chip division serves players like Google and Meta with revenue expected to rise to $40-50bn by 2027. | 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 | YCG Investment | - | - | AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA | AI, diversification, global, Luxury, Quality, technology | The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders. | View | |
| 2023 Q4 | Dec 31, 2023 | Carillon Eagle Growth & Income Fund | - | - | AVGO, AZN, BLK, CVX, FDX, GPC, JPM, MSFT, NOC, PNC | AI, banks, dividends, energy, rates, technology, value | Broadcom appears to be one of the first real beneficiaries of generative artificial intelligence with meaningful revenue expected to show up in 2024. Microsoft's Azure cloud business has seen AI contribute strongly to its growth. | 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 | Evolve Private Wealth | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI monetizing its limited current revenue base, creating increasing risks to the market. | ADS.DE |
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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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| 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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| 2024 Q3 | Dec 18, 2024 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT | AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump | The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Durable Advantage Fund | 5.5% | 13.3% | AMZN, APH, APO, AVGO, COST, DHR, GOOGL, INTU, LPLA, META, MPWR, MSFT, NVDA, SPGI, TDG, TMO, TSM, TXRH, V, WELL | AI, Cloud, growth, large cap, semiconductors, technology, Valuations | The fund views AI as a massive infrastructure buildout opportunity, with Oracle reporting $455 billion in AI bookings and NVIDIA announcing a $100 billion investment into OpenAI. The manager believes we are still early in the AI cycle, comparing it to 1996-1997 rather than the 2000 bubble peak, with more rational valuations today. | TSM NVDA GOOGL LOAR VRSK |
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| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, ARGX, AVGO, EXAS, GDS, GTLB, HRTX, IT, LLY, NVDA, PAR, SHOP, SMAR, SNPS, SPOT, TEAM, TSLA, TSM, TTD, VIA | AI, growth, infrastructure, innovation, large cap, semiconductors, technology | The market has absorbed a surge of AI infrastructure buildouts with OpenAI announcing partnerships for tens of gigawatts of compute capacity. NVIDIA CEO Jensen Huang proclaimed global AI infrastructure spending could total $3 trillion to $5 trillion by 2030. The fund conducts intensive research to separate signal from noise in AI developments, examining parallels to past technology paradigm shifts while quantifying AI addressable markets across sectors. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 2025 Q3 | Nov 8, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ACN, APP, AVGO, COST, CRM, GOOGL, HUBS, LLY, MSFT, NOW, NTRA, NVO, ORCL, PLTR, TEL, TSM, UNH, VST, WDAY | AI, Cloud, Data centers, growth, healthcare, semiconductors, software, technology | The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners consisting primarily of cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The Strategy was active in upgrading exposure to perceived AI winners while scaling back weighting in AI losers. | View | |
| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund | -2.7% | - | AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC | AI, clean energy, energy, large cap, technology, US Equities, Utilities | AI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments. | View | |
| 2025 Q3 | Nov 5, 2025 | Franklin Growth Opportunities Fund | 4.0% | 10.0% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, Onshoring, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI as a key component to digitalization of law enforcement and emergency services through holdings like Axon Enterprise. | View | |
| 2025 Q3 | Nov 5, 2025 | Fidelity Dividend Growth Fund | 8.4% | 16.6% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | dividends, energy, industrials, large cap, Quality, technology, value | AI-driven demand for electricity to power data centers boosted utilities sector performance. Strong demand for AI processors supported Taiwan Semiconductor Manufacturing's 23% quarterly gain. Tech firms continued spending on building data centers amid AI-related growth. | View | |
| 2025 Q3 | Nov 5, 2025 | ClearBridge Investments Large Cap Value | - | - | AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC | AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value | The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position. | View | |
| 2025 Q3 | Nov 4, 2025 | TEAM Asset Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, equities, Federal Reserve, gold, Precious Metals, rates, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with 56% revenue growth and demand for Blackwell chips described as extraordinary. The AI capex mania has added 15 trillion dollars to S&P 500 market cap since April, with AI-related companies driving 75% of total index returns since ChatGPT launch. | View | |
| 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 | |
| 2025 Q3 | Nov 3, 2025 | BlackRock Global Dividend Fund | 6.7% | 16.5% | AAPL, AVGO, AZN, BABA, CL, CMS, GOOGL, KO, MSFT, NVDA, NVO, ORCL, TSM, WMT | AI, Cloud, dividends, global, Quality, technology, volatility | The fund is invested in AI infrastructure, especially data centers, and sees long-term value in software. AI demand drove strong performance in Broadcom and Oracle, with Oracle experiencing a more than 350% year-on-year surge in bookings. Alibaba's AI chip launch affirmed its role as a core AI and cloud operator in China. | CL NOVO ORCL AVGO BABA ORCL AVGO BABA |
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| 2025 Q3 | Nov 16, 2025 | Aristotle Atlantic Core Equity Strategy | 7.1% | 15.1% | ADPT, AMP, AR, AVGO, BDX, BKR, CEG, DAR, DXCM, GH, GOOGL, HAL, ICE, NOW, ORCL | AI, energy, growth, healthcare, large cap, nuclear, technology, Trade Policy | Oracle's transformative growth in cloud infrastructure driven by AI demand, with Oracle Cloud Infrastructure revenue expected to grow through fiscal 2030. The company closed multiple multi-billion-dollar deals including the $30 billion Stargate contract with OpenAI. Natural gas demand is increasing for AI data center power generation, benefiting companies like Antero Resources. | BDX BKR CEG DXCM ADPT ORCL AR DAR |
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| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology | Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. | SBUX SUNP IN ICLR|LLY|PLTR|SNPS|TGT AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP | AI, defense, dividends, large cap, Quality, risk management, technology, valuation | AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach. | ODFL MARSH LHX TEL ORCL AVGO |
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| 2025 Q3 | Oct 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AAPL, ACN, ADBE, AMZN, AVGO, BSX, CSGP, GOOGL, IT, META, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP.TO, TMO, TSLA, V | AI, Cloud, growth, healthcare, large cap, Quality, semiconductors, technology | Generative AI was the dominant theme driving Q3 performance, with semiconductors as the primary driver. The hyperscalers are announcing massive increases to AI-related spending, confirming capex spigots are wide open as they struggle to keep up with voracious demand. Oracle's quarterly results showed remaining performance obligations increasing 359% to $455 billion in one quarter, highlighting extraordinary demand for cloud computing and AI infrastructure. | UBER SNPS BSX INTU AVGO NVDA |
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| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 3.3% | - | AAPL, ADBE, AMZN, APH, AVGO, CRM, EFX, GOOGL, INTU, META, MSFT, NVDA, ORCL, SAP, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The ongoing AI boom powered U.S. equities in Q3 2025, with the Magnificent Seven now accounting for nearly 37% of S&P 500 market cap driven by AI enthusiasm. Oracle experienced its NVIDIA moment with multi-billion-dollar AI infrastructure contracts, while concerns emerged about autonomous AI agents potentially disrupting traditional SaaS providers like Intuit and Salesforce. | SAP INTU APH ORCL AAPL |
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| 2025 Q3 | Oct 7, 2025 | Palm Valley Capital Management | 2.4% | 3.8% | AAPL, AMD, AMZN, AVA, AVGO, BRK-A, DOX, FLO, GOOGL, INTC, LKQ, META, MSFT, NVDA, PHYS, PSLV, RHI, SEB, TFX, TSLA | AI, Bull Market, Fed policy, gold, small caps, technology, Valuations | Managers question whether AI valuations are justified, noting that while AI may change the world, current leaders like Nvidia face sustainability challenges with 50%+ margins. They argue that even if AI continues and current beneficiaries remain entrenched, valuations already reflect their moats. | View | |
| 2023 Q3 | Oct 7, 2023 | VH Standard Asset Management | 4.0% | - | AAPL, ATVI, AVGO, HZNP, SGEN, VMW | Completion Risk, M&A, Merger Arbitrage, Regulatory, Risk Arbitrage, Spreads | The fund is actively invested in several biotech merger arbitrage opportunities including SGEN, HZNP, and ICPT transactions. The manager notes continued progress in these deals and sees them as part of the attractive M&A universe. | View | |
| 2024 Q3 | Oct 4, 2024 | Middle Coast Investing | 0.0% | 0.0% | AAPL, ABM, ACLS, AER, AMZN, APOG, ATKR, AVGO, BKNG, BOOM, DFS, EB, FCNCA, FG, GOGO, LULU, OMAB, PGR, SCHW, VMEO | financials, industrials, insurance, small caps, technology, Transitions, value | Axcelis, a semiconductor equipment maker, is caught between slowing electric vehicle demand and delayed memory chip recovery. The company has gained market share and maintains a strong balance sheet despite current headwinds. Micron's recent earnings suggest memory recovery may be approaching. | BOOM ABM APOG ATKR |
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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 30, 2025 | Stenham Asset Management | 0.8% | 8.3% | AAPL, AFG, AIR.PA, AMD, AMZN, AVGO, CSU.TO, ENEN.DE, GOOGL, META, MSFT, NVDA, ORCL, SNPS, TSM, UMG.AS | AI, Cloud, energy, infrastructure, Quality, semiconductors, technology, valuation | The AI infrastructure boom remained the dominant theme driving markets to new highs. Oracle reported customer commitments of $455bn, surpassing expectations by over 200%. The fund holds picks and shovels of the AI opportunity including Microsoft, Amazon, and TSMC, focusing on companies with flexibility to reallocate capacity and disciplined approaches to AI infrastructure deployment. | SIE TSM SIE TSM |
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| 2025 Q3 | Oct 30, 2025 | Guinness Global Innovators | - | 8.1% | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX | Diversified, global, Long/Short, Opportunistic, risk management, value | JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company. | View | |
| 2025 Q3 | Oct 28, 2025 | Weitz Multi Cap Equity Fund | 0.3% | 4.6% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN CDW ACN |
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| 2025 Q3 | Oct 28, 2025 | Weitz Partners III Opportunity Fund | 0.0% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Buybacks, Long/Short, Quality, technology, value | The fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses. | 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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| 2025 Q3 | Oct 28, 2025 | Artisan Focus Fund | 2.7% | 20.5% | AAPL, AMZN, AVGO, BX, CEG, GE, GOOGL, GS, JPM, KKR, META, MSFT, NFLX, NVDA, ORCL, RYCEY, SIEGY, TSLA, TSM, VST, WMB | AI, energy, financials, infrastructure, semiconductors, technology, value | AI infrastructure complex including power demand from data centers driving structural growth. Portfolio includes AI beneficiaries like NVIDIA, Taiwan Semiconductor, and power infrastructure companies. AI monetization models for frontier model builders remain uncertain but could drive future ROIC expansion. | View | |
| 2025 Q3 | Oct 24, 2025 | The Bristol Gate U.S. Equity Strategy | -0.6% | 4.6% | ACN, APH, AVGO, CARR, GE, INTU, MMC, NVDA, ORCL, TMO, UNH | AI, defensives, dividends, fundamentals, healthcare, Quality, technology, value | AI continues to drive market concentration with 41 companies providing 75% of S&P 500 returns since ChatGPT launch. Broadcom benefits from hyperscaler demand for custom AI accelerators with fourth major customer placing $10B+ orders. Management expects 2026 AI revenue growth to exceed fiscal 2025's 50-60% rate. | UNH MMC APH INTU ACN CARR GE TMO AVGO CARR GE TMO AVGO |
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| 2025 Q3 | Oct 22, 2025 | Brasada Focused Equity Strategy | - | - | AMD, AMZN, AVGO, FERG, GOOGL, META, MSFT, NVDA, ORCL | AI, Bubble, Data centers, Distribution, Fed policy, semiconductors, tariffs | Corporate investment in AI has been the primary market driver, with capital expenditure extending beyond GPUs to entire infrastructure stack. The nature of investment is shifting from disciplined cash-flow funded race to debt-fueled arms race, with OpenAI orchestrating buildout on their terms through circular financing models. | AVGO FERG AVGO FERG |
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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 | Columbia Seligman Global Technology Fund | 23.7% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, energy, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. The primary driver of returns has been companies indexed to artificial intelligence infrastructure and the cloud. AI workloads require more advanced chips, driving demand for semiconductor equipment solutions. | ORCL AVGO WDC BE AVGO WDC LRCX BE |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Core Leaders Fund | 3.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, earnings, Fed policy, momentum, small caps, technology, Valuations | Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit. | NVO NVDA |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Value & Income Fund | 5.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, dividends, large cap, momentum, technology, Valuations, value | Artificial intelligence is driving enormous spending from tech titans and prompting explosive moves in AI-linked stocks. The technology theme has joined forces with monetary stimulus to embolden risk taking. While AI is incredibly promising, many perceived beneficiaries are prioritizing growth over profit and investors may question ultimate returns on AI spending. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | View | |
| 2025 Q3 | Oct 20, 2025 | Templeton & Phillips Capital Management | - | - | AAPL, AMD, AMZN, AVGO, BB, BKS, GOOGL, IBM, META, MRVL, MSFT, NOK, NVDA | AI, Capex, credit, industrials, productivity, small caps, technology, value | Managers see AI capex boom creating boom-bust cycle similar to dotcom era, with hyperscalers locked in arms race for AGI. Despite risks, AI investments driving economic growth through multiplier effects and productivity gains. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FISV, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM | large cap, Quality, risk management, small cap, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at just the 13th percentile of historical free cash flow yields. Over 40% of the S&P 500 trades at NTM P/E ratios above 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks account for 40% of market cap while trading at a 72% premium to the rest of the market. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FIS, HD, HUM, LMT, MCK, PH, PYPL, QCOM, TMUS, TOL, UNH, WSM | free cash flow, large cap, Quality, risk management, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Current trailing free cash flow yield of 3.2% ranks in just the 13th percentile of history. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, ABBV, AMD, AMZN, AVGO, COST, KO, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, QCOM, TMUS, TOL, TSLA, WMT, WSM | cash flow, Leverage, Quality, risk management, small caps, valuation, value | The letter extensively discusses valuation risk in the current market, comparing current conditions to the 2000 TMT bubble. Over 40% of the S&P 500 now trades at NTM P/E ratios over 30x, similar to 2000 levels. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total S&P 500 market cap. | View | |
| 2025 Q3 | Oct 2, 2025 | Middle Coast Investing | - | - | AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM | AI, buyouts, insurance, semiconductors, technology, value | Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism. | AL US TFSL US BHF US HI US GOGO US CORP US |
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| 2025 Q3 | Oct 2, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, Discipline, large cap, Patience, Quality, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index. | View | |
| 2024 Q3 | Oct 2, 2024 | Sandhill Investment Management | - | 18.6% | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Mining, rates, Silver, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. | View | |
| 2025 Q3 | Oct 19, 2025 | John Hancock Balanced Fund | 5.0% | 11.8% | AAPL, AMZN, AVGO, CMG, DLR, EQT, FCX, GOOGL, JPM, MSFT, MU, TSLA | AI, asset allocation, Balanced, credit, fixed income, semiconductors | The fund added to nontraditional AI beneficiaries including EQT Corp. and Freeport-McMoRan, which could profit from increased electricity demand, and data center operator Digital Realty Trust. Semiconductor companies Micron and Broadcom contributed to performance on higher demand fueled by artificial intelligence. | MU US GOOGL US CMG US |
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| 2025 Q3 | Oct 19, 2025 | John Hancock Bond Fund | 2.3% | 6.6% | AVGO, BAC, DELL, ET, F, JPM | Bonds, credit, duration, Fed policy, fixed income, rates, yield curve | The Fed cut interest rates by a quarter point in September, its first reduction since December 2024, driven by softening labor market conditions. Investors are factoring in potential for further Fed easing before year end and additional cuts in 2026, despite inflation remaining above the central bank's long-term target. The fund expects the Fed will continue to take a cautious, data-driven approach. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner International Small Companies Equity | -1.1% | 17.3% | AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN | AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap | The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery. | MEDI NO AFX GR 6869 JP |
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| 2025 Q3 | Oct 19, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX | AI, financials, growth, healthcare, income, large cap, semiconductors, technology | AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund maintains exposure to AI infrastructure leaders like Corning, Oracle, and Broadcom, though managers reduced AI exposure to neutral levels after taking profits due to concentration concerns. | View | |
| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2023 Q3 | Oct 19, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, CI, GOOGL, JPM, MSFT, NVDA | financials, growth, healthcare, large cap, Quality, technology | View | ||
| 2025 Q3 | Oct 17, 2025 | Harbor Capital Appreciation Fund | 5.0% | 12.7% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally. | ORCL US TOST US AMD US |
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| 2025 Q3 | Oct 16, 2025 | Magellan Global Opportunities Fund No. 1 | 3.0% | - | ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, 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 circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation. | View | |
| 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 – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | GLOB IDXX SBUX ORCL |
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| 2025 Q3 | Oct 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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| 2025 Q3 | Oct 16, 2025 | Platinum International Technology Fund | 6.0% | - | 8035.T, ADI, AMAT, AMZN, AVGO, GOOGL, GRAB, ISRG, MA, MCHP, MSFT, NFLX, NVDA, SAP, SNPS, TSM, TXN, V, VEEV, VRT | AI, defense, growth, infrastructure, semiconductors, technology | AI infrastructure stocks make up around 30% of the portfolio and drove majority of returns with companies like Broadcom, Nvidia, TSMC up around 20%. The fund stands to benefit from ongoing massive investment in the AI build-out. OpenAI's user growth from 200m to 700m weekly users poses existential threat to incumbent tech companies like Alphabet and Meta. | View | |
| 2025 Q3 | Oct 16, 2025 | Janus Henderson Forty Fund | 8.4% | 18.0% | AAPL, AMZN, ARGX, AVGO, CMG, DKNG, GOOGL, MA, MDGL, MELI, META, MRVL, MSFT, NVDA, ORCL, SHOP, TSM | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Excitement around artificial intelligence was a strong driver of market gains. Oracle emerged as a leading player in the AI market with strong competitive position and close relationships with leading AI and hyperscaler partners. The fund sees accelerating demand for AI cloud-based workloads driving rapid hyperscaler investment in AI infrastructure, with revenue-generating opportunities moving beyond infrastructure to the application layer. | MELI US ORCL US |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Core Equity Fund | 2.6% | - | AAPL, AMD, AVGO, AZO, BRO, BSX, CRM, DE, FI, GOOGL, GWW, ICE, INTU, KLAC, LLY, NVDA, ORCL, SYK, TMO, WDAY | AI, Defensive, financials, industrials, large cap, Quality, semiconductors, technology | The Fund maintains offensive positions in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested and scaled the technology to drive massive infrastructure transformation. However, rising AI infrastructure investments require greater monetization to avoid overheating. | GWW US BSX US |
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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 | Wedgewood Partners | 5.9% | 6.2% | AAPL, AMD, AMZN, AVGO, BKNG, CDNS, CDW, CPRT, GOOGL, META, MSFT, NVDA, ODFL, ORCL, ORLY, PGR, PYPL, SNPS, TSM, URI | AI, Capex, Data centers, growth, large cap, semiconductors, technology | AI infrastructure spending is reaching unprecedented levels with forecasts of trillions in necessary investment. The manager expresses concern about the sustainability of current AI spending plans and the transformation of capex-light tech companies into capital-intensive businesses. They worry about the cyclical nature this will create as depreciation expenses weigh on future earnings. | MSFT US META US PYPL US GOOGL US |
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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 | Octahedron Capital | - | - | AAPL, AMZN, AVGO, DASH, GOOGL, HUBS, INTC, MDB, META, MSFT, NFLX, NU, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, UBER, WDAY | AI, Cloud, E-Commerce, growth, payments, semiconductors, software, technology | AI is driving unprecedented demand across infrastructure, software, and applications. Enterprise AI adoption is accelerating with board-level priority, though moving from proof-of-concept to production remains challenging. AI agents and inference workloads represent massive emerging opportunities. | 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 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors. | View | |
| 2025 Q3 | Oct 13, 2025 | Greenalpha Investment | - | - | ACHR, ANET, AVGO, CRWD, LRCX, MU, NET, RBRK, STX, XPEV | AI, China, cybersecurity, Electric Vehicles, Energy Transition, infrastructure, semiconductors, technology | AI infrastructure buildout is creating massive power demands that are forcing the energy transition. Microsoft and Google have committed over $100 billion in combined data center capex through 2026. The fund is positioning ahead of the infrastructure bottleneck in grid-scale storage, power management semiconductors, and modular nuclear solutions. | XPEV RBRK AVGO NET XPEV RBRK AVGO NET |
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| 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 12, 2025 | Munro Global Growth Fund | 4.9% | - | 300750.SZ, AMZN, ARES, AVGO, BSX, CLS.TO, CRH, FWONA, GEV, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, ORCL, TKO, TSM, UBER | AI, Cloud, Energy Storage, growth, technology | AI adoption is showing clear signs among corporates globally, with the Magnificent 7 demonstrating significant operational efficiencies through reduced hiring. Oracle's massive backlog demonstrates insatiable demand for AI computing infrastructure, with companies like OpenAI committing to multi-billion dollar contracts. The AI spending roadmap is expected to continue over the medium term with clear return on investment from billions in capex. | ORCL |
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| 2024 Q3 | Oct 10, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FI, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM | large cap, Quality, risk management, small caps, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total market cap. | View | |
| 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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| 2025 Q3 | Oct 1, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS | AI, Cloud, cyclicals, growth, healthcare, large cap, technology | The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum. | VRTX US DDOG US ORCL US |
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| 2025 Q3 | Oct 1, 2025 | Diranko Capital | 11.2% | 16.3% | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSLA | AI, Big tech, small caps, technology, valuation, value | Manager provides detailed analysis of AI investment economics, arguing that Big Tech's $1 trillion datacenter investments through 2026 require unrealistic revenue assumptions to generate adequate returns. Questions whether AI can replace enterprise software spending and achieve productivity gains quickly enough to justify current valuations. | View | |
| 2025 Q3 | Oct 1, 2025 | Rigden Capital Strategies | - | - | AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC | AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations | AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains. | View | |
| 2025 Q4 | Jan 9, 2026 | Middle Coast Investing | 2.7% | 16.9% | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players. | View | |
| 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 | Guinness China | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, global, large cap, Quality, semiconductors, technology, Trade Policy | 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 circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. Considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | ADS.DE |
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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 8, 2025 | Middle Coast Investing | - | - | AAPL, ACLS, ADM, AER, AMZN, ATKR, ATRO, AVGO, BKNG, DFS, EB, FCNCA, FG, LULU, OMAB, PGR, PTLO, SCS, TRIP, TSM | Portfolio Management, Restaurants, small caps, technology, Travel, value | Travel is the manager's favorite sector to study and has paid off over the years. TripAdvisor's Viator business finally passed legacy TripAdvisor in revenue in Q3 2024, with the race between Viator's growth and legacy decline now seeming winnable. The manager views travel as offering continued opportunities. | TRIP PTLO |
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| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Large Cap Growth Strategy | 1.2% | 0.0% | ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY | AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance | AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMZN, APO, AVGO, DEO, EQT, GOOGL, HLN.L, JPM, KVUE, MDLZ, MET, META, MSFT, NESN.SW, NVDA, ORCL, TSLA, UPS, WMB | diversification, dividends, Natural Gas, Quality, technology, value | The strategy focuses on high-quality dividend payers with three key attributes: downside protection, current income, and growth. Dividend growers help combat inflation and provide 40% of total return over the long term. The fund initiated positions in Alphabet and Meta when they announced regular dividend policies. | View | |
| 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 | Smallvalue | 6.6% | 37.7% | AVGO, NVDA, OLVI.HE, ORCL, PLTR, SFM, TSLA | AI, Beverages, Copper, Data centers, Europe, Grocers, small caps, value | Artificial intelligence was the central theme of 2025, driving stock indices and sparking debate between believers and bubble warnings. The conversation is shaped by massive capital requirements for AI infrastructure, enormous energy consumption, uncertainty over profitability, and asset depreciation risk. AI-related capital investment represents around 2% of U.S. GDP, highlighting extraordinary scale and complexity. Data centers are industrial facilities requiring copper, steel, cement, concrete, and energy. Each megawatt of capacity requires tons of copper, cooling systems, and diesel backup generators. The cloud is not ethereal—it is heavy industry. Real beneficiaries are indirect players: industrial manufacturers, component distributors, and raw material suppliers. Without copper, there is no electrification, digitalization, AI, or data centers. Each megawatt of data center capacity requires roughly 30 tons of copper; with 10,000 MW added annually, this amounts to approximately 300,000 tons—about 1% of the 30 million ton annual market. Minor supply deficits can trigger significant price volatility, reinforcing a structural, long-term bullish outlook. Sprouts Farmers Market remains a high-quality business with some of the best operating margins in its sector and continues to repurchase shares aggressively. The company has ambitious expansion plans, aiming to triple its footprint from 450 to 1,400 stores nationwide while maintaining its fresh-first mission. Olvi Oyj announced strategic acquisitions in Q1 2026, including Estonia's leading mineral water producer Värska Originaal, Bosnia's largest brewery Banjalucka Pivara, and a 51% acquisition of Brewery International. These transactions expand Olvi's non-alcoholic and alcoholic beverage portfolios, increase sales volumes, and strengthen production capabilities across the Baltics, Nordics, and Mediterranean markets. | SFM |
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| 2025 Q4 | Jan 6, 2026 | Ghosh Capital | -13.3% | 12.6% | AEM, APH, AVGO, CWAN, GOOGL, HOOD, MSFT, MU, NVDA, RHM.DE, SII, WIX | Concentration, Leverage, Options, risk management, SaaS, technology, value | Manager learned hard lessons about position sizing and concentration risk after Kneat position at 30% of portfolio caused significant drawdown. Establishing strict rules around maximum position sizing regardless of conviction level. Used long-dated deep in-the-money options for leverage on Wix and Clearwater Analytics positions but found the inherent leverage made it difficult to hold positions through volatility. Planning to use options more sparingly going forward. Kneat remains largest holding despite poor Q2/Q3 results with net new ARR below expectations due to macro headwinds and deal delays. Company ended 2025 with highest number of new strategic customer wins in history, setting up for growth in 2026-2027. | WIX KSI CN |
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| 2025 Q4 | Jan 6, 2026 | PivotalPath | 0.0% | 0.0% | AGG, AVGO, CWB, HYG, IBB, LQD, ORCL, XBI, XLE, XLF, XLK, XLU, XLV, XLY | AI, Crowding, Fed policy, Hedge Funds, liquidity, Long/Short, Macro, Multi-Strat | AI remained the loudest theme but tone shifted from breakthrough to balance sheet. The market's new habit of asking show me the cash flow reinforced that AI isn't being abandoned but is being priced more realistically. AI infrastructure remained the sturdier expression across equity and credit books. Fed announced short-term Treasury bill purchases as technical measure to maintain ample reserves. This mix of policy easing and practical focus on liquidity helped explain December's feel of being supportive when conditions were orderly, jittery when they weren't. Funding markets can suddenly drive the agenda. Fed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. Healthcare and biotech took a breather after strong run, falling back over December. Managers believe this pause reflects digestion rather than dramatic change of heart. Biotech remained a stock-picker's market where one good dataset can massively move the needle. Momentum fell 1.91% over the month with quick switches between stick with winners and take the money and run. Many quant teams operated with shorter lookbacks, smaller position sizes, and tighter crowding guardrails because Momentum has become too popular for its own good. Utilities fell 5.79% as market rotated away from defensives, though structural story didn't disappear. Managers continued to blend core yield exposure with targeted bets on transmission upgrades, renewables rollout, and data-center power demand seeking mix of income and growth. | View | |
| 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 30, 2026 | Baron Durable Advantage Fund | 2.7% | 16.6% | AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade. | WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG |
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| 2023 Q4 | Jan 3, 2024 | Middle Coast Investing | - | - | AAPL, ACLS, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, KBAL, OMAB, PGR, SCHW, SCS, SPOT, TSM, VMW, WOR, WS | Banking, industrials, semiconductors, small cap, technology, value | AI investment excitement boosted semiconductor holdings including Axcelis Technologies, VMWare, Broadcom, and Taiwan Semiconductor. Broadcom benefits from AI investments as a leading semiconductor company, though its stock is expensive. The AI rally in May/June was one of the violent market rallies that engenders caution. | ACLS DFS OMAB EWORK.ST FCNCA ANEB |
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| 2025 Q4 | Jan 28, 2026 | GMO | - | - | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | View | |
| 2025 Q4 | Jan 26, 2026 | Impax US Sustainable Economy Fund | 4.2% | 16.0% | AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS | AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology | AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2022 Q4 | Jan 26, 2023 | ClearBridge Investments All Cap Growth | 2.7% | -6.5% | AMZN, AVGO, CRWD, DIS, EL, IMGN, MMC, NFLX, NKE, TEAM, TSLA, UNH, V, WOLF | - | View | ||
| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
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| 2025 Q4 | Jan 22, 2026 | Jensen Investment | 0.0% | 5.6% | AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM | AI, growth, large cap, Market Concentration, Quality, semiconductors, technology | The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022. | AVGO SYK WM CPRT MMC ACN LLY APH KLAC |
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| 2025 Q4 | Jan 22, 2026 | Thornburg Equity Income Builder Fund | 7.0% | 37.0% | 005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE | dividends, financials, global, healthcare, Telecommunications, Utilities, value | The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2025 Q4 | Jan 21, 2026 | 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 | Columbia Seligman Global Technology Fund | 5.0% | 35.4% | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology | AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption. | AMAT TER WDC BE LRCX NVDA |
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| 2025 Q4 | Jan 21, 2026 | Advisors Capital | - | - | AAPL, AMD, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, SLB, TSLA | AI, energy, Geopolitical, inflation, productivity, technology, Venezuela | AI-driven capital spending remains a powerful force propelling company valuations higher over the past three years. AI adoption is proceeding rapidly with productivity gains helping offset wage pressures and containing inflation. The technology is displacing many jobs while reducing business costs, creating an almost ideal environment for stock prices. The capture of Nicolás Maduro represents a dramatic change in U.S. foreign policies under the Monroe-Trump Doctrine. This signals a more assertive approach to countering hostile regimes in the Western Hemisphere, with implications for Cuba, Iran, and China's strategic positioning in Latin America. Venezuela's leadership change may lower global oil prices and benefit energy companies and oilfield service providers. Oil prices are likely to decline further with positive economic consequences globally, boosting real household income and helping reduce inflation measures. Inflation has moderated meaningfully from its 2022 peak and while it remains above the Fed's target, pressures are expected to ease further into 2026. AI-driven productivity gains may help offset wage pressures, keeping inflation and interest rates relatively contained. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2025 Q4 | Jan 21, 2026 | Harbor Capital Appreciation Fund | 0.8% | 14.0% | AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector. | MRK APH |
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| 2024 Q4 | Jan 21, 2025 | The Bristol Gate U.S. Equity Strategy | -5.2% | 9.1% | AMAT, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS | AI, Concentration, dividends, semiconductors, underperformance, value | Bristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index. | View | |
| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
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| 2025 Q4 | Jan 20, 2026 | Sawgrass Asset Management – Large Cap Quality Growth | 3.2% | 0.0% | AMAT, AMD, AVGO, AZO, CMCSA, DHR, INCY, LLY, NOW, UTHR, WDAY, ZTS | AI, Biotechnology, growth, healthcare, Quality, Rotation, semiconductors, technology | Doubts about the circularity of AI revenue deals began to surface, with some chip stocks avoiding negative sentiment while software stocks were depressed by AI threats to subscription revenues. Investors posit that coming AI efficiencies could reduce future subscription volumes for software companies. Chip-related stocks helped portfolio performance as some avoided negative sentiment plaguing other AI/chip stocks. Advanced Micro Devices, Broadcom, and Applied Materials performed well despite broader concerns about AI revenue circularity. Biotech stocks contributed positively to strong Q4 performance as part of broad rotation into healthcare sector. Incyte and United Therapeutics were specifically mentioned as contributors to portfolio gains. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Small Companies | 0.4% | 8.5% | AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN | global, healthcare, momentum, Quality, small caps, technology, value | The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns. | 2344 TT DIA IM 298380 KS |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Growth & Income Fund | 0.0% | 0.0% | ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS | AI, Capital markets, earnings, growth, large cap, semiconductors, technology | AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance. | View | |
| 2023 Q4 | Jan 19, 2024 | The Bristol Gate U.S. Equity Strategy | - | 23.9% | AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH | dividends, financials, HVAC, industrials, Quality, technology, value | Bristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth. | CARR |
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| 2025 Q4 | Jan 18, 2026 | Ithaka US Growth Strategy | -6.1% | 4.5% | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology | The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute. | VEEV NOW GOOG AMD ISRG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 16, 2026 | Janus Henderson Forty Fund | 0.3% | 18.4% | AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM | AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology | AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy. | MDGL LLY ETN ORCL |
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| 2023 Q4 | Jan 16, 2024 | Peak Asset Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Precious Metals, rates, technology, Valuations | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth since ChatGPT launch. | View | |
| 2024 Q4 | Jan 15, 2025 | Brighton Jones | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUMA.DE, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, 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. | ADS.DE |
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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 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 0.2% | 12.8% | AAPL, AMZN, APH, AVGO, CRM, DHR, EFX, GOOG, JNJ, LIN, META, MSFT, NFLX, NVDA, ORCL, ROP, SAP, TSM, V | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors. Companies deploying AI infrastructure are seeing tangible improvements in ROIC through more efficient ad targeting and premium AI cloud services. Cloud computing continues to be a key beneficiary of AI infrastructure deployment. Google Cloud emerged as a standout performer with 34% revenue growth and $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth and increasing adoption of Copilot offerings. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Netflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel. | View | |
| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 1.8% | 18.2% | AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse. | ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG |
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| 2025 Q4 | Jan 12, 2026 | ClearBridge Investment Growth Strategy | - | - | ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO | AI, balance, growth, innovation, semiconductors, technology, volatility | The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion. | ELF SHOP |
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| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View | |
| 2024 Q4 | Jan 10, 2025 | Lexington Wealth Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Magnificent 7, rates, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth, describing AI infrastructure as entering a new industrial revolution. An estimated $350 billion this year and $400 billion next year will be spent on AI-related equipment by major US technology companies. | 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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| 2023 Q4 | Jan 1, 2024 | Oak Ridge investment | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, 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 chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetizing its user base given limited current revenue. While positive on GenAI long-term potential, considerable uncertainty remains on pace and degree of monetization. | ADS.DE |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, AVB, AVGO, EIX, ENB, GOOGL, INTC, META, MRK, MSFT, ORCL, RTX, TMUS, TRV, WM | AI, dividends, Outperformance, rates, REITs, technology, Utilities, valuation | AI stocks took a breather in Q3 after adding trillions in market cap over 18 months. While the fund holds AI-beneficiaries like Alphabet, Apple, Broadcom, Meta, Microsoft and Oracle, their disciplined valuation approach results in lower exposure than the S&P 500. With significant AI value already embedded in stock prices, potential for material rerating appears reduced. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, ACLX, AMD, AMZN, ARGX, AVGO, CRWD, DUOL, GDS, GWRE, INDIE, IT, MBLY, META, MSFT, NVDA, PAR, SPCE, TEAM, TSLA | AI, Data centers, growth, semiconductors, software, technology, Tesla | The fund views AI as an arms race to develop foundational models and achieve artificial general intelligence. Scaling laws drive massive infrastructure investments, with hyperscalers building data centers at unprecedented scale. New inference architectures like OpenAI's chain of thought models require exponentially more compute power. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF | AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value | AI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows. | 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 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | AI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM | aerospace, AI, dividends, energy, large cap, technology, Utilities, value | The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT | energy, HVAC, large cap, semiconductors, technology, value | Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing. | EL HAL ICE TT AMAT |
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| 2024 Q3 | Sep 30, 2024 | Barometer Capital Management | - | - | AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO | AI, banks, energy, gold, insurance, nuclear, Pipelines, technology | Artificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion. | View | |
| 2023 Q3 | Sep 30, 2023 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AIG, ATVI, AVGO, CHTR, CMCSA, GOOGL, HLF, HOLCIM, IFF, JEF, KMX, META, NFLX, SBNY | credit, Long/Short, Multi Asset, risk management, value | Credit exposure increased during the quarter. While high-yield bonds do not look as attractive as they did earlier in the year, the fund continues to search for opportunities that meet their risk/reward criteria. | View | |
| 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 | |
| 2024 Q2 | Jul 31, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS | AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology | AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets. | IDXX ELF |
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| 2024 Q2 | Jul 31, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA | AI, global, growth, healthcare, Luxury, technology | The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains. | View | |
| 2023 Q2 | Jul 28, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | ADPT, AVGO, CTLT, DIS, EL, GH, NFLX, SNPS | - | View | ||
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, small cap, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital International | 0.0% | 10.9% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, international, Quality, small caps, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, large cap, Quality, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm. | View | |
| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | Manager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2024 Q2 | Jun 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, MCHP, META, MSFT, NKE, NVDA, VMW | AI, Concentration, growth, large cap, semiconductors, software, technology | AI enthusiasm has driven approximately 60% of market gains year-to-date, with six megacap firms benefiting significantly. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE MSFT GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, LIN, META, MSFT, NVDA, NVS, ORCL, SRT3.DE | AI, Cloud, global, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 49% of global market gains year-to-date, with six megacap firms leading the rally. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META LIN AVGO ORCL GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADI, AMZN, APH, AVGO, CRM, DIS, EFX, GOOGL, MCHP, MCO, META, MSFT, NKE, NVDA, PEP, SBUX | AI, Cloud, consumer discretionary, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 60% of market gains, with Nvidia contributing 30% to the first-half advance. The manager believes in AI's long-term transformative effect but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE APH GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMD, AMZN, AVGO, CDNS, CRWD, CSGP, DAY, DDOG, EXAS, GWRE, IOT, META, MSFT, NVDA, RCKT, SPOT, TSLA, TSM, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, software, technology | Manager believes AI is the most significant technological platform shift since the internet, driving explosive growth in infrastructure investments. Currently in the AI infrastructure-build phase with hyperscalers investing $200 billion in capex. Early AI applications showing measurable ROI with 30-60% developer productivity improvements and 15-30% customer service cost savings. | View | |
| 2024 Q2 | Jun 30, 2024 | Harbor Capital Appreciation Fund | 6.4% | 20.9% | AAPL, ADI, AMD, AMZN, AVGO, CRM, DIS, GOOG, GOOGL, LLY, LULU, MA, MDB, META, MSFT, NFLX, NKE, NVDA, SNOW, V | AI, consumer, growth, large cap, semiconductors, technology | Accelerated spending on artificial intelligence infrastructure among hyperscalers continued during the quarter. Near-term disappointment with the pace of developing applications to monetize AI spending weighed on SaaS company valuations, though the fund remains encouraged by AI initiatives that will improve current offerings and drive revenue growth over their investment time horizon. | 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 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG | AI, Cloud, growth, semiconductors, technology | AI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints. | View | |
| 2024 Q2 | Jun 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | 005930.KS, AAPL, ALSN, AMZN, AVGO, CI, EIX, GOOGL, GPN, HD, JNJ, MRK, MU, NEE, NVDA, QCOM, TER, TSLA, TSM, VST | aerospace, AI, dividends, energy, large cap, semiconductors, technology, Utilities | The fund is focused on following the implications of the generative AI revolution for the U.S. economy, believing it could result in an expanded upgrade cycle for PCs and smartphones that incorporate new AI capabilities. The explosive growth of AI is seen as a key advantage for chip-related stocks, with positions in companies like Nvidia, Micron Technology, Qualcomm, and Samsung Electronics to leverage this opportunity. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Natural Gas, Utilities, value | Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities | The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers. | View | |
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APO, AVGO, COF, DEO, DIS, MSFT, ORCL, PFE, PSA, SAP, SRE, UPS, VMC | AI, dividends, energy, financials, inflation, rates, technology, value | Managers acknowledge AI's transformative potential but express caution about the narrow market rally driven by AI enthusiasm. They note AI could displace workers and create economic disruption, with progress likely to be bumpy despite long-term potential. | COF PSA |
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| 2023 Q2 | Jun 30, 2023 | Barometer Capital Management | - | - | AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology | NVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies. | 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 | Apr 14, 2025 | Parnassus Value Equity Fund | -2.0% | -2.0% | A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ | financials, healthcare, large cap, moats, Quality, technology, uncertainty, value | The fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share. | JPM AMD |
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| 2025 Q1 | Apr 13, 2025 | Munro Global Growth Fund | -7.3% | -7.3% | AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER | AI, Cash, defense, global, growth, tariffs, technology, volatility | Despite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption. | NVDA RHM.DE |
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| 2025 Q1 | Mar 31, 2025 | Mar Vista Global Equity Fund | -3.0% | -3.0% | AAPL, AVGO, BRK-A, CRM, GOOGL, MSFT, NESN.SW, NVDA, SAF.PA, TSLA | AI, Cloud, global, Quality, semiconductors, Stagflation, technology, Trade Policy | The AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficiency breakthrough sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of these developments. Integration of reasoning capabilities into leading LLMs is significantly increasing computing intensity, with some experts estimating up to 100x more computing demand for inferencing models with reasoning. | MSFT CRM AVGO NVDA |
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| 2025 Q1 | Mar 31, 2025 | Aristotle Atlantic Core Equity Strategy | -6.0% | -6.0% | ADI, AR, AVGO, CHI, GH, ICE, NOW, ORCL, ORLY, TECH, VRTX | AI, large cap, semiconductors, technology, Trade Policy, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements. Intercontinental Exchange highlighted new AI solutions in its Mortgage Technology product suite to improve and digitize workflows. | ADI |
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| 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 Small Companies Equity | -10.5% | -10.5% | AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN | emerging markets, Europe, growth, international, Japan, Quality, small cap | The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets. | View | |
| 2023 Q1 | Mar 31, 2023 | Barometer Capital Management | - | - | AVGO, AXON, CROX, CS.TO, JPM, MSFT, NVDA, ORCL, STLC, STN | AI, asset allocation, Banking, energy, financials, semiconductors, Tactical, technology | Increased investor enthusiasm around generative AI fueled strength in the semiconductor industry. NVIDIA Corp. and Broadcom Inc. significantly contributed to pool gains as funds capitalized on this trend by increasing technology sector exposure. | View | |
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, AVGO, AZN, BDX, CHK, CSCO, ENB, GILD, INTC, JPM, MSFT, PFE, PSA, SRE, WMB, XOM | AI, dividends, healthcare, inflation, Pipelines, rates, technology, Utilities | The strategy focuses on high-quality dividend growers as a core investment approach. Growing dividends are positioned as one of investors' few tools for combating inflation and rising interest rates, preserving and expanding purchasing power when dividends grow faster than inflation. | AZN GILD AAPL AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Feb 27, 2025 | Saltlight Capital | 20.4% | 63.2% | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, Cloud, growth, semiconductors, technology, Valuations | The manager views AI as a defining technological epoch comparable to previous industrial revolutions. They believe AI is progressing up the intelligence curve with reasoning models and test-time compute capabilities, making it a veritable competitor to humans. The focus has shifted from AI infrastructure to AI software opportunities, particularly in digital advertising markets. | View | |
| 2023 Q4 | Feb 26, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, BMY, COST, GOOGL, HAL, JPM, LLY, META, MSFT, NVDA, PEP, SPR, VRTX | AI, growth, healthcare, large cap, Pharmaceuticals, technology, value | The fund benefited from AI-driven performance, particularly through Broadcom's strength in AI business segments. The broader market's 2023 gains were primarily driven by the seven largest companies, with AI being a key factor in their outperformance. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC ALLY |
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| 2023 Q4 | Feb 26, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AR, AVGO, BDX, BMY, CHH, DAR, EXPE, HAL, LLY, NOW, PEP, SPR, TFX, VRTX | earnings, energy, healthcare, large cap, technology, value | Broadcom reported strength in its AI business segments during Q4. The company provided positive fiscal year 2024 guidance that included synergy target goals ahead of schedule for the combined businesses following the VMware acquisition. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC ALLY |
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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 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | AMZN, AVGO, FE, GOOGL, HOLN.SW, IFF, META | Concentration, global, large cap, Quality, technology, Valuations | A small number of mega-cap companies drove stock prices last year. The Magnificent Seven stocks ended the year with an aggregate market cap of almost $12 trillion, more than the U.K., Canadian, and Japanese stock markets combined. Their 111% return in 2023 accounted for approximately 75% of the 26.3% total return in the S&P 500. | View | |
| 2022 Q4 | Jan 31, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | AME, AR, AVGO, CTLT, GTLS | - | View | ||
| 2024 Q4 | Jan 30, 2025 | Aristotle Core Equity Fund | 3.9% | 26.0% | AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS | aerospace, AI, cybersecurity, growth, large cap, technology | Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products. | CRWD GE |
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| 2024 Q4 | Jan 27, 2025 | RGA Investment Advisors | - | - | AMZN, AVGO, COST, DBX, DEO, GEV, NVDA, PLTR, TSLA, UBER, VST, WMT | AI, large cap, market breadth, rates, technology, valuation | AI enthusiasm drove significant gains in 2024, with AI names like Nvidia, Broadcom, and Palantir among the top performers. AI fueled gains extended to companies like Vistra Corp and GE Vernova on expectations that datacenter investments will require acceleration of power supply development. AWS is investing aggressively to adapt its infrastructure from CPU-optimized to GPU-dominant for AI demands. | View | |
| 2023 Q4 | Jan 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, ADM, AMD, AMZN, AN, AVGO, BCHG, BMS.L, CKN.L, CRM, EXP, GBTC, GOOGL, MSFT, NVDA, ORCL, PAG, QCOM, TPL, TSLA | BRICS, China, commodities, crypto, Indexation, inflation, technology, valuation | Bitcoin ETF approval represents institutional acceptance and convergence with traditional financial system. Flash loans and lending markets create new revenue opportunities for ETF providers. Bitcoin Cash offers leveraged exposure to cryptocurrency appreciation potential. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, selectivity, valuation, value | The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | 6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM | Concentration, free cash flow, international, Mega-caps, Quality, value | The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, valuation, value | The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View | |
| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Growth & Income Fund | - | - | AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB | AI, dividends, energy, financials, growth, income, large cap, technology | AI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth. | View | |
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | AAPL, ADBE, AMZN, AVGO, CSGP, GOOGL, IT, LLY, META, MSFT, NFLX, NOW, NVDA, ORCL, SHOP, TMO, TSLA, UNH, ZTS | AI, Cloud, Concentration, E-Commerce, growth, large cap, technology, Valuations | Amazon's AI business is described as a multi-billion-dollar business growing triple digits, 3x faster than AWS at the same stage. ServiceNow is integrating GenAI capabilities to drive increasing workflow efficiencies for customers. Broadcom's AI chip business is experiencing a demand surge with AI revenue opportunity projected to grow to $60-90B in 2027 from $12B in 2024. | View | |
| 2024 Q4 | Jan 15, 2025 | Warden Capital | - | 8.5% | ANF, AVGO, BRK-A, ILPT, MAC, NVDA, PK, SPOT, SPWH, VNO | AI, rates, real estate, small caps, tariffs, technology, value | Manager analyzes massive AI capex spending (~$220B) versus minimal end-user revenues (~$15B), questioning ROI sustainability. Deepseek's 30x cheaper pricing model threatens industry economics. Compares current situation to 2000 tech bubble with potential for capital overspending. | View | |
| 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 All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD | diversification, growth, large cap, software, technology, volatility | AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks. | 0CUN LN AIR FP|ICLR|LIN|MRVL|NOW|TSM CTAS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 10, 2026 | Substack | Rijnberk Invest Insights | Broadcom Inc. | Semiconductors | Semiconductor Devices | Bull | Nasdaq Stock Market | AI infrastructure, compute and networking, custom accelerators, diversified revenue, hyperscalers, Multi-year Contracts, networking silicon, Revenue Growth, semiconductors, technological lead | View Pitch |
| Jun 8, 2026 | Seeking Alpha | Seeking Alpha | Broadcom Inc. | Semiconductors | Semiconductor Equipment & Materials | Bull | Nasdaq Stock Market | AI Semiconductors, Broadcom, Google partnership, growth potential, investment opportunity, market overreaction, operating margins, revenue guidance, semiconductor sales, technology company | View Pitch |
| May 12, 2026 | Fund Letters | Artemis US Select Fund | Broadcom | Semiconductors | Semiconductors | Bull | NASDAQ | AI data centers, Data Center Spending, infrastructure software, Networking, semiconductors, technology | View Pitch |
| Apr 28, 2026 | Fund Letters | Regency Wealth Management | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI, capital return, custom silicon, hyperscalers, infrastructure software, M&A, Networking, Private Cloud, semiconductors, Vmware | View Pitch |
| Apr 28, 2026 | Fund Letters | Nixon Capital | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI, custom silicon, high margins, hyperscaler, infrastructure software, M&A, Private Cloud, semiconductors, Vmware | View Pitch |
| Apr 28, 2026 | Fund Letters | Highwood Value Partners | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, data centers, Enterprise software, Networking, semiconductors, technology, XPU Chips | View Pitch |
| Apr 27, 2026 | Fund Letters | WestEnd Capital | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI infrastructure, capital return, custom silicon, high margins, hyperscalers, M&A, Private Cloud, semiconductors, Software, Vmware | View Pitch |
| Apr 27, 2026 | Fund Letters | Evolve Private Wealth | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, AI workloads, Asic, custom chips, data center, Enterprise software, high margins, VMware Acquisition | View Pitch |
| Apr 27, 2026 | Fund Letters | Fortress - Caribbean Growth Fund | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI infrastructure, capital return, custom silicon, high margins, M&A, Private Cloud, semiconductors, Software, Vmware | View Pitch |
| Apr 23, 2026 | Fund Letters | Emerald Wealth Partners - Growth Equity Strategy | Broadcom | Semiconductors | Semiconductors | Bull | NASDAQ | AI, Asic, Enterprise software, hyperscalers, IT infrastructure, Margins, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Janes Henderson Strategic Bond Fund | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, custom silicon, GPU Alternative, hyperscaler, Merchant Silicon, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Renaissance Investment Management - Large Cap Growth | Broadcom | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Connectivity, data center, growth, hyperscale, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality Select | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, capital allocation, custom silicon, Customer Diversification, hyperscalers, margin expansion, semiconductors, Software, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, cloud infrastructure, custom chips, data centers, hyperscalers, M&A, semiconductors, Software, technology, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality | Broadcom | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, Artificial Intelligence, custom silicon, data center, hyperscalers, semiconductors, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | Broadcom Inc | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, cloud infrastructure, custom silicon, Enterprise software, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista US Quality | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Custom Asics, hyperscale, semiconductors, Specialized Computing | View Pitch |
| Apr 13, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI Computing, AI infrastructure, customer wins, growth, semiconductors, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Focus Fund | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI accelerators, ASIC chips, custom silicon, hyperscalers, infrastructure software, semiconductors, Virtualization Software, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI accelerators, Asic, custom silicon, hyperscalers, infrastructure software, semiconductors, subscription model, Virtualization, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Strategic Growth Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | acquisition, AI accelerators, Asic, custom silicon, hyperscalers, infrastructure software, semiconductors, subscription model, Virtualization, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Durable Advantage Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, data center, Enterprise software, fabless, hyperscale, Networking, semiconductors, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista US Quality Select | Broadcom | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, AI infrastructure, custom chips, growth, hyperscalers, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Columbia Global Technology Growth Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, AI Revenue Growth, backlog, custom silicon, Networking Hardware, Semiconductor Infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Atlantic Core Equity Strategy | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI compute, AI silicon, inference, Networking, semiconductors, technology, Training, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Janus Henderson Forty Fund | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, custom silicon, GPU Alternative, hyperscaler, Merchant Silicon, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, custom chips, datacenter, hyperscalers, infrastructure software, Networking, semiconductors, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Impax US Sustainable Economy Fund | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI data centers, ASIC chips, Connectivity Infrastructure, custom silicon, Data Center Compute, energy efficiency, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Columbia Global Technology Growth Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, infrastructure, Long-term holding, Revenue Growth, Secular Trend, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Core Equity Fund | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI compute, AI silicon, inference, Networking, semiconductors, Training, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Dividend Strategy | Broadcom Inc | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Artificial Intelligence, entry point, profit-taking, semiconductors, technology, Valuation Discipline | View Pitch |
| Apr 13, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, custom chips, growth, hyperscale, Networking, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Fairtree Wild Fig Multi Strategy Hedge Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Bull, data centers, Enterprise software, Networking, semiconductors, Xpu | View Pitch |
| Apr 13, 2026 | Fund Letters | AGT Partners | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Enterprise software, Networking, semiconductors, Xpu | View Pitch |
| Apr 13, 2026 | Fund Letters | ACATIS Investment | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Bull, data centers, Enterprise software, Networking, semiconductors, Xpu | View Pitch |
| Apr 13, 2026 | Fund Letters | Airlie Australian Share Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Enterprise software, growth, Networking, semiconductors, Xpu | View Pitch |
| Apr 13, 2026 | Fund Letters | Edgewood Management | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI chips, capital return, custom silicon, datacenter, high margins, hyperscaler, infrastructure software, M&A, Private Cloud, semiconductors, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Biondo Investment Advisors | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI infrastructure, capital return, custom silicon, Enterprise software, high margins, hyperscalers, M&A, Private Cloud, semiconductors, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | RVK | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Asic, Cloud computing, custom chips, data center, energy efficiency, Enterprise software, Semiconductor Design, VMware Acquisition | View Pitch |
| Apr 13, 2026 | Fund Letters | Mountain Vista Wealth Management | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Networking, semiconductors, Software, technology, XPU Chips | View Pitch |
| Apr 13, 2026 | Fund Letters | Munro Global Growth Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, ASICs, custom silicon, data centers, fabless, growth, hyperscale, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Columbia Global Technology Growth Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI revolution, Artificial Intelligence, capital allocation, custom chips, market dominance, Networking Infrastructure, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Bell Global Equities Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, custom chips, data centers, Enterprise software, high margins, M&A, semiconductors, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality Select | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, Custom AI Solutions, semiconductors, software business, technology hardware, VMware Acquisition | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, custom silicon, data center, semiconductors, Software, technology, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, custom silicon, data center, growth, semiconductors, software integration, Vmware | View Pitch |
| Apr 13, 2026 | Fund Letters | Renaissance Investment Management - Large Cap Growth | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI Chipsets, cloud infrastructure, data centers, margin expansion, semiconductor solutions, software integration, VMware Acquisition | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, custom silicon, Durable Growth, Low-20s P/E, Mid-Teens EPS Growth, semiconductors, Subscription-Based, VMware Acquisition | View Pitch |
| Mar 29, 2026 | Seeking Alpha | Seeking Alpha | Broadcom Inc. | Semiconductors | Integrated Circuits | Bull | NASDAQ Stock Market | AI accelerators, AI networking, Anthropic, Broadcom, custom silicon, Ethernet protocols, Free Cash Flow, Gross margin, hyperscalers, OpenAI | View Pitch |
| Mar 16, 2026 | Substack | Rijnberk Invest Insights | Broadcom Inc. | Technology | Semiconductors | Bull | Nasdaq Stock Market | AI infrastructure, AI silicon, Broadcom, custom semiconductors, Free Cash Flow, Google, hyperscalers, market share, META, Networking | View Pitch |
| Feb 26, 2026 | Fund Letters | Alan Breed | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, capital return, custom silicon, Free Cash Flow, hyperscalers, Software | View Pitch |
| Feb 21, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | Broadcom Inc. | Information Technology | Semiconductor Designers | Bull | NASDAQ | Custom Asics, inference, Margins, Networking, recurring revenue | View Pitch |
| Feb 21, 2026 | Fund Letters | Tucker Brown | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, inference, infrastructure, Margins, semiconductors | View Pitch |
| Feb 21, 2026 | Fund Letters | Alex Umansky | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | accelerators, AI, backlog, diversification, hyperscalers, infrastructure, Margins, semiconductors, Software | View Pitch |
| Feb 4, 2026 | Fund Letters | Alex Umansky | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, Margins, Networking, semiconductors | View Pitch |
| Jan 28, 2026 | Fund Letters | KEN STUZI | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, cashflow, custom silicon, hyperscalers, Networking | View Pitch |
| Jan 28, 2026 | Fund Letters | Thomas Küpfer | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, Asic, hyperscalers, Networking, semiconductors | View Pitch |
| Jan 28, 2026 | Fund Letters | Thomas Küpfer | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, Asic, data centers, Networking, semiconductors | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | accelerators, AI, Cyclicality, Demand, hyperscalers, Margins, Networking | View Pitch |
| Jan 24, 2026 | Fund Letters | Emerson Bluhm | Broadcom Inc. | Semiconductors | Semiconductor Infrastructure | Bull | NASDAQ | Ai Scaling, custom silicon, data centers, Ethernet, Networking | View Pitch |
| Jan 24, 2026 | Fund Letters | Allen T. Bond | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | Asic, Concentration, datacenter, Networking, semiconductors, Volatility | View Pitch |
| Jan 22, 2026 | Twitter / X | @Wiseman_Cap | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Broadcom, Connectivity, Custom, Ethernet, semiconductors, Silicon, Simulation, Xpu | View Pitch |
| Jan 15, 2026 | Seeking Alpha | Seeking Alpha | Broadcom Inc. | Semiconductors | Semiconductor Equipment & Materials | Bull | NASDAQ Stock Market | AI growth, ASICs, Broadcom, forward P/E ratio, Google, META, NVIDIA, organic growth, semiconductor solutions, TPUs | View Pitch |
| Jan 15, 2026 | Seeking Alpha | Seeking Alpha | Broadcom Inc. | Semiconductors | Semiconductor Manufacturing | Bull | NASDAQ Stock Market | AI growth, cash flow, custom chips, infrastructure software, margin expansion, order bookings, price target, sales growth, semiconductor sales, valuation | View Pitch |
| Jan 9, 2026 | Fund Letters | John Baldi | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, ASICs, Capitaldiscipline, Margins, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Nick Schommer | Broadcom Inc. | Information Technology | Electronic Components | Bull | NASDAQ | AI, custom silicon, efficiency, hyperscalers, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott LaBreche | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Asic, cashflow, datacenters, growth, Margins, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Michael E. Schroer | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cashflow, growth, hyperscalers, Networking, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, ASICs, cashflow, hyperscalers, Margins, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, ASICs, datacenter, hyperscalers, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Achilleas Taxildaris | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, hyperscalers, Margins, Networking, semiconductors, Software | View Pitch |
| Dec 5, 2025 | Fund Letters | Rahul Narang | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, ASICs, growth, hyperscalers, semiconductors | View Pitch |
| Dec 5, 2025 | Fund Letters | Robert Feitler | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cashflow, Pricing, semiconductors, Software | View Pitch |
| Dec 5, 2025 | Fund Letters | John Baldi | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cashflow, semiconductors, Software, valuation | View Pitch |
| Dec 3, 2025 | Fund Letters | Christopher Smith | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | ASICs, CapEx, datacenters, hyperscalers, infrastructure, leadership, Margins, Networking, Switching | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, buybacks, diversification, dividend, Freecashflow, Margins, Networking, semiconductors | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, buybacks, diversification, dividend, Freecashflow, Margins, Networking, semiconductors | View Pitch |
| Dec 3, 2025 | Fund Letters | Rahul Narang | Broadcom Inc | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, custom silicon, Networking, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Achilleas Taxildaris | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, data centers, growth, hyperscalers, Margins, Networking, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Dan Davidowitz | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | custom silicon, diversification, margin expansion, Networking, Pricing power | View Pitch |
| Nov 29, 2025 | Fund Letters | Garvin Jabusch | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cloud infrastructure, Diversity, energy efficiency, Governance, semiconductors, Vmware | View Pitch |
| Nov 29, 2025 | Fund Letters | Jonathan Reichek | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, dividends, growth, Margins, Networking, semiconductors, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael A. Lippert | Broadcom Inc. | Information Technology | Data center & networking semiconductors | Bull | NASDAQ | AI infrastructure, ASICs, buybacks, capital allocation, data centers, dividends, Free Cash Flow, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Olivia Treharne | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, growth, Integration, profitability, semiconductors, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | John Baldi | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cash flow, dividends, growth, infrastructure, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Vimal Patel | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Asic, data centers, Free Cash Flow, hyperscale, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Achilleas Taxildaris | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, backlog, data centers, growth, hyperscalers, Margins, Networking, semiconductors | View Pitch |
| Nov 28, 2025 | Fund Letters | Garvin Jabusch | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cloud infrastructure, Diversity, energy efficiency, Governance, semiconductors, Vmware | View Pitch |
| Nov 28, 2025 | Fund Letters | Jonathan Reichek | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, dividends, growth, Margins, Networking, semiconductors, Software | View Pitch |
| Nov 28, 2025 | Fund Letters | Olivia Treharne | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, growth, Integration, profitability, semiconductors, Software | View Pitch |
| Nov 28, 2025 | Fund Letters | Vimal Patel | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Asic, data centers, Free Cash Flow, hyperscale, semiconductors | View Pitch |
| Oct 28, 2025 | Seeking Alpha | Seeking Alpha | Broadcom Inc. | Semiconductors | Bull | AI chips, Broadcom, custom chips, earnings growth, enterprise spending, Gen AI, investment thesis, market position, semiconductors, technology | View Pitch | ||
| Sep 21, 2025 | Substack | Rijnberk Invest Insights | Broadcom Inc. | Technology | Semiconductors | Bull | AI revolution, custom AI accelerators, Customer concentration, Enterprise software, Free Cash Flow, growth potential, Hock Tan, hyperscalers, networking chips, semiconductors | View Pitch | |
| Sep 1, 2025 | Seeking Alpha | Seeking Alpha | Broadcom Inc. | Semiconductors | Neutral | AI growth, Broadcom, data center hardware, earnings surprise, Hold rating, market sentiment, Nvidia comparison, S&P 500, semiconductors, valuation ratios | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Moats and Monopolies | Broadcom Inc. | Information Technology | Semiconductors | Bull | NasdaqGS | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Bay Area Ideas | Broadcom Inc. | Information Technology | Semiconductors | Neutral | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | ClearBridge Investments | Broadcom Inc. | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Royston Roche | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Envision Research | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Yiannis Zourmpanos | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | KM Capital | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Michael Del Monte | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mar Vista Investment Partners | Broadcom Inc. | Information Technology | Semiconductors | Bull | NasdaqGS | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | First Principles Partners | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Doodad Capital | Broadcom Inc. | Information Technology | Semiconductors | Bull | NasdaqGS | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Alpha Oracle | Broadcom Inc. | Information Technology | Semiconductors | 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 |
|---|---|---|---|---|---|---|---|---|
| Philippe Laffont | Coatue Management | $40.0B | $1.9B | 4.77% | 5,510,227 | -257,332 | -4.46% | 0.1210% |
| Daniel Sundheim | D1 Capital Partners | $10.7B | $124.1M | 1.16% | 358,548 | -308,852 | -46.28% | 0.0079% |
| David Hoeft | Dodge & Cox | $185.3B | $7.1M | 0.00% | 20,580 | -450 | -2.14% | 0.0005% |
| Chase Coleman III | Tiger Global Management | $29.7B | $995.3M | 3.35% | 2,875,614 | -14,000 | -0.48% | 0.0632% |
| William Von Mueffling | Cantillon Capital Management | $18.5B | $1.6B | 8.62% | 4,604,301 | -4,795,177 | -51.02% | 0.1011% |
| Sarah Ketterer | Causeway Capital Management LLC | $7.3B | $286,225 | 0.00% | 827 | +827 | +100.00% | 0.0000% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $118.7M | 1.20% | 511,594 | -673,917 | -56.85% | 0.0128% |
| Alex Sacerdote | Whale Rock Capital Management LP | $7.8B | $357.1M | 4.57% | 1,031,732 | -399,179 | -27.90% | 0.0227% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $38.3M | 0.07% | 110,700 | -557,900 | -83.44% | 0.0024% |
| Steven Halverson | Private Capital Management | $1.0B | $303,848 | 0.03% | 878 | -24 | -2.66% | 0.0000% |
| Ho Ching | Temasek Holdings | $31.6B | $864.0M | 2.74% | 2,496,276 | +348,715 | +16.24% | 0.0548% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $988.6M | 1.14% | 2,856,476 | +1,269,276 | +79.97% | 0.0627% |
| David Katz | Matrix Asset Advisors | $1.1B | $380,364 | 0.03% | 1,099 | -20 | -1.79% | 0.0000% |
| Chris Rokos | Rokos Capital Management | $9.9B | $118.7M | 1.20% | 511,594 | -673,917 | -56.85% | 0.0128% |
| Ray Dalio | Bridgewater Associates | $27.4B | $403.5M | 1.47% | 1,165,740 | +320,349 | +37.89% | 0.0256% |
| David Burrows | Barometer Capital Management | $415.3M | $11.6M | 2.79% | 33,464 | +20,401 | +156.17% | 0.0007% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $27.5M | 0.04% | 79,400 | -38,400 | -32.60% | 0.0017% |
| Michel Massoud | Melqart Asset Management | $1.0B | $50.9M | 5.01% | 147,076 | +70,290 | +91.54% | 0.0032% |
| Israel Englander | Millennium Management LLC | $233.2B | $604.0M | 0.26% | 1,745,300 | -89,400 | -4.87% | 0.0383% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $34.6M | 0.77% | 100,000 | +16,800 | +840.00% | 0.0022% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.1B | 2.78% | 3,136,731 | +325,982 | +11.60% | 0.0689% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $3.4B | 2.73% | 9,841,452 | -676,469 | -6.43% | 0.2162% |
| Frank Sands | Sands Capital Management | $32.9B | $731.8M | 2.23% | 2,114,521 | +53,897 | +2.62% | 0.0464% |
| Murray Stahl | Horizon Kinetics | $7.4B | $417,742 | 0.01% | 1,207 | -241 | -16.64% | 0.0000% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.8M | 0.01% | 14,000 | +12,000 | +600.00% | 0.0003% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.6B | 0.81% | 4,488,450 | +195,344 | +4.55% | 0.0986% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $940.3M | 3.63% | 2,716,852 | -129,270 | -4.54% | 0.0597% |
| Bruce Kovner | Caxton Associates | $3.2B | $2.6M | 0.08% | 11,035 | +170 | +1.56% | 0.0002% |
| Mario Gabelli | GAMCO Investors | $10.4B | $21.7M | 0.21% | 62,559 | -1,522 | -2.38% | 0.0014% |
| Panayotis Sparaggis | Alkeon Capital Management | $63.1B | $346.5M | 0.55% | 1,001,300 | -1,298,700 | -56.47% | 0.0220% |
| Stephen Mandel Jr. | Lone Pine Capital | $13.6B | $598.8M | 4.40% | 1,730,216 | +180,804 | +11.67% | 0.0380% |
| Louis Bacon | Moore Capital Management | $6.8B | $52.5M | 0.78% | 151,819 | +110,686 | +269.09% | 0.0033% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $12.7M | 0.27% | 36,801 | +1,388 | +3.92% | 0.0008% |
| Brad Gerstner | Altimeter Capital Management | $6.7B | $11.1M | 0.17% | 32,129 | -712,647 | -95.69% | 0.0007% |
| Tom Steyer | Farallon Capital Management | $21.2B | $308.9M | 1.46% | 892,400 | +892,400 | +100.00% | 0.0196% |
| George Soros | Soros Fund Management | $6.8B | $35.4M | 0.52% | 102,379 | +102,379 | +100.00% | 0.0022% |
| $25.6B | $83.1M | 0.32% | 240,000 | +150,000 | +166.67% | 0.0053% | ||
| Rich Handler | Jefferies | $19.3B | $10.7M | 0.06% | 30,780 | -149,615 | -82.94% | 0.0007% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $55.1M | 0.15% | 159,142 | +10,259 | +6.89% | 0.0035% |