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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 2, 2025 | Meridian Contrarian Fund | 16.4% | - | AXS, BEPC, BWXT, CCJ, DLTR, FCNCA, HNST, MIR, NVTS, PACK, PRGO, QDEL, SG | Automation, contrarian, nuclear, semiconductors, small cap, turnaround, value | Nuclear power is experiencing a structural turnaround with growing interest from governments, utilities, and major technology firms. The fund holds positions in Cameco Corp and BWX Technologies, both benefiting from the nuclear renaissance driven by uranium supply deficits and new reactor construction including small modular reactors. | QDEL PACK SG NVTS BWXT CCJ QDEL PACK SG NVTS BWXT CCO CN |
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| 2024 Q2 | Jul 8, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM | Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value | Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets. | MEG.TO |
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| 2026 Q1 | May 11, 2026 | Greenalpha Investment | - | - | BEPC, HASI, IBM, LRCX, TSM | AI Infrastructure, clean energy, Data centers, Energy Transition, Geopolitical, Iran War, semiconductors, Supply Chain | HASI IBM BEPC LRCX TSM |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | BAC, BALL, BEPC, BIIB, BMRN, CHTR, CMI, DOX, FIS, GILD, INTC, MU, NICE, ORCL, PFE, PGR, SPGI, SYY, VZ, WDC | AI, financials, large cap, semiconductors, technology, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductor industry. NICE is positioned to benefit as enterprises continue to embrace AI and cloud-based solutions for customer experience software. | View | |
| 2024 Q1 | Apr 25, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, DHR, FNV, GROY, MEG.TO, OR.TO, RGLD, ROP, SSL.TO, TSU.TO, WPM | Automation, Canada, energy, gold, infrastructure, oil, Precious Metals, value | Gold jumped 7.6% during the quarter and 23.5% over the past twelve months, finishing at a new high of $2,220.37. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector through royalty companies and leading miners. | APG |
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| 2024 Q1 | Apr 15, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AXS, BEPC, CACI, CCJ, CRC, FCNCA, NVTS, PRGO, QDEL, SG, SGH, THC, VICI | contrarian, earnings, healthcare, semiconductors, small caps, technology, turnaround, value | Fund holds positions in semiconductor companies including Navitas Semiconductor Corp., which designs and produces highly efficient power semiconductors and leads in Gallium Nitride (GaN) technology. The company overcame significant technological hurdles to create competitive advantages in power efficiency and charging speeds over traditional silicon. | THC SG SGH NVTS BEPC QDEL |
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| 2025 Q1 | Mar 31, 2025 | Meridian Contrarian Fund | -7.6% | -7.6% | AXS, BEPC, CCJ, CCK, EVRG, FCNCA, HNST, KRNT, NGD, PRGO, PSIX, RDUS, VICI | contrarian, reshoring, small caps, tariffs, turnaround, value | The fund remains focused on identifying businesses that may benefit from long-term structural shifts such as the re-shoring of U.S. manufacturing—a theme they have been investing in for several years and one that gained traction post-pandemic. They note that reshoring and supply chain realignment takes years, so it is not surprising that so far, the beneficiaries have not escaped indiscriminate market volatility. | NGD AXS RDUS CCJ KRNT HNST |
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| 2024 Q4 | Feb 10, 2025 | Meridian Contrarian Fund | 1.7% | 9.6% | AXS, BEPC, BWXT, CCO, CSTM, FCNCA, HNST, LEGN, LPLA, MIR, PL, PRGO, THC | aerospace, contrarian, healthcare, nuclear, small cap, turnaround, value | The fund employs a contrarian investment process seeking out-of-favor companies with depressed valuations and visible catalysts for sustainable improvement. They screen for companies with multiple quarters of year-over-year earnings decline and identify those poised for earnings rebounds through turnaround plans, new management, or business improvements. | THC CSTM LEGN PL MIR HNST |
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| 2025 Q3 | Oct 24, 2025 | Meridian Contrarian Fund | 6.7% | - | AXS, BEPC, CACI, DLTR, EVRG, FCNCA, HNST, KRNT, LASR, MIR, NVST, PENG, PL, PRGO, TCBI | contrarian, defense, Electrification, small caps, technology, turnaround, value | AI infrastructure demand drove strong performance in technology names and data centers. Several portfolio companies benefited from AI datacenter demand, particularly in high-performance computing and memory businesses. | LASR PL KRNT PRGO HNST LASR PL KRNT PRGO HNST |
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| 2023 Q3 | Oct 17, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM | Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value | Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments. | TSU.TO |
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| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 2024 Q3 | Sep 30, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AXS, BEPC, BOWL, BWXT, CACI, CARS, CCJ, EVRG, FCNCA, NVTS, PRGO, PRT, THC, VICI | contrarian, defense, healthcare, small caps, technology, turnaround, value | The fund holds Navitas Semiconductor, a leader in Gallium Nitride technology for power semiconductors. Despite cyclical headwinds in mobile, EV, and solar markets causing revenue guidance to come in lower than expected, the manager increased the position based on confidence in long-term secular outlook for energy-efficient semiconductors and Navitas' technological leadership. | THC CACI KRNT CARS BOWL NVTS |
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| 2024 Q2 | Jun 30, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AMSC, AXS, BEPC, CACI, CCJ, CRC, CRNC, EYE, FCNCA, PRGO, SGH, THC, VICI | contrarian, healthcare, Renewable Energy, small cap, turnaround, value | Fund employs a contrarian value strategy seeking out-of-favor companies with depressed valuations and visible catalysts for sustainable improvement. The process screens for companies with multiple quarters of earnings declines and identifies those poised for earnings rebounds through turnaround plans or management changes. | BEPC AMSC THC PRGO CRNC EYE |
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| 2022 Q4 | Jan 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | ACHC, BEPC, CARS, DBRG, TTC, VWE | - | View | ||
| 2023 Q4 | Jan 23, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM | Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value | Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others. | SU.PA FNV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | Greenalpha Investment | Brookfield Renewable Holdings Corp | Utilities - Renewable | Electric Utilities | Bull | New York Stock Exchange | AI infrastructure, Clean power, data centers, energy storage, Equity, Hydroelectric, renewable energy, Solar power, Wind power | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Contrarian Fund | Brookfield Renewable Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | AI infrastructure, data centers, Global Platform, Hydroelectric, renewable energy, Solar, Wind power | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Contrarian Fund | Brookfield Renewable Corp. | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | dividend yield, financial strength, global portfolio, Hydroelectric, Interest rates, renewable energy, Solar, utilities, Wind | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $15.8M | 0.01% | 412,931 | -117,880 | -22.21% | 0.2054% |
| Israel Englander | Millennium Management LLC | $233.2B | $10.0M | 0.00% | 259,537 | -135,323 | -34.27% | 0.1292% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $353.2M | 0.28% | 9,211,875 | +4,681,203 | +103.32% | 4.5823% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.0M | 0.00% | 103,037 | +70,181 | +213.60% | 0.0513% |