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BKNG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	FCL Capital	-	-	1211.HK, AAPL, AMZN, ASML, BKNG, CHGG, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM	AI, ASML, China, Investment, Lithography, semiconductors, technology	FCL dedicates significant analysis to artificial intelligence, viewing it as transformational technology that could fundamentally alter economic logic with potential for 30-50% annual global growth. The firm discusses AI's evolution from Deep Blue defeating Kasparov to AlphaGo's creative moves, highlighting both extraordinary opportunities and existential risks including potential human extinction scenarios.		View
2025 Q2	Sep 30, 2025	Qualivian Investment Partners	7.0%	-	AJG, AMZN, AZO, BAC, BKNG, BRK.B, CPRT, META, MSFT, SPGI	Compounding, Concentration, long-term, Quality, technology, value	The fund focuses on concentrated portfolio of 15-25 understandable, high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek businesses with durable competitive advantages, high returns on invested capital, and strong free cash flow generation.	BKNG AZO SPGI	View
2023 Q3	Sep 30, 2023	Fenimore Value Strategy	-2.8%	-	AVY, BKNG, BRK-A, BRN, CDW, DG, EOG, EXLS, FIS, GGG, IEX, ITW, MKL, PGR, ROST, STRY, TROW, VMC, WAT, ZBRA	Balance Sheets, fundamentals, interest rates, mid cap, Quality, value	Fenimore emphasizes high-quality companies with strong fundamentals, attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. These companies held up better during the third quarter market decline.		View
2023 Q3	Sep 30, 2023	Platinum International Technology Fund	-0.9%	-	000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS	AI, Automation, global, semiconductors, software, technology	The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals.		View
2025 Q2	Aug 5, 2025	Auxier Asset Management	2.5%	8.7%	ABT, BAC, BDX, BK, BKNG, BRK.B, CAE, CI, ELV, GLW, GOOGL, KR, LINC, MA, META, MSFT, PM, UNH, V, ZBH	AI, Buybacks, healthcare, tariffs, technology, Travel, value	AI disruption has been a growing concern for investors as they are uncertain of long-term consequences. Apple research shows current LLMs only present an illusion of thinking and reasoning, producing results based on patterns rather than true reasoning. The largest tech companies expect to spend over $300 billion on AI infrastructure in 2025 alone.	BKNG GOOGL GOOGL	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	View
2023 Q2	Jul 6, 2023	Citadel Value Fund	-	-	005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE	Automotive, Europe, Fundamental Analysis, Industrial, small caps, value	Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%.	STLA LIGHT.AS APA\|C\|FFIV\|KHC\|NOV\|UNH VTSC.DE SOL.MI	View
2025 Q2	Jul 16, 2025	Harding Loevner Global Equity	10.2%	7.9%	0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems.	ADBE BKNG ADBE	View
2025 Q2	Jul 14, 2025	Wedgewood Partners	7.1%	0.3%	AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS	AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations	Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity.		View
2025 Q2	Jul 14, 2025	L1 Capital International Fund	4.5%	-	AER, AMZN, BKNG, CRH, HCA, ICE, J, MA, MSFT, V	AI, financials, global, healthcare, infrastructure, Quality, technology, Trade Policy	President Trump's Liberation Day Reciprocal Tariffs policy announced on April 2, 2025 created maximum uncertainty. The manager expects the U.S. and world economies will be in a worse position than before the trade war, with higher inflation in the U.S. and lower economic growth globally.	J UNH HCA EXP UNH J	View
2024 Q2	Jul 10, 2024	L1 Capital International Fund	4.7%	0.0%	AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V	Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value	AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management.	AER	View
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	View
2025 Q2	Jun 30, 2025	Octahedron Capital	-	-	ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W	Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy	AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows.		View
2023 Q2	Jun 30, 2023	Magellan High Conviction Fund	10.0%	-	AMZN, BABA, BKNG, BN, CMG, CRM, DEO, GOOGL, ICE, META, MSFT, NFLX, SAF.PA, V, WEC, YUM	AI, Cloud, Energy Transition, payments, Quality, Restaurants, technology, Travel	Generative AI represents a transformative step forward in technology that will open up new, exciting possibilities. The technology itself is rapidly evolving and companies are working to understand, invest and adapt to maximize beneficial outcomes. Amazon, Microsoft and Alphabet are all seen as enablers of the acceleration of computing as Generative AI takes hold.	AMZN	View
2023 Q2	Jun 30, 2023	YCG Investment	-	-	0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM	Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management	Canadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases.	CME CNI CP.TO RSG BRWM.L	View
2025 Q1	May 22, 2025	Brown Advisors Global Leaders Strategy	-	-0.4%	ABNB, AMZN, BKNG, EVD.DE, GE, GOOGL, LSEG.L, NFLX, PTON, RTO.L, SHW, WKL, ZM	Capital Allocation, compounders, Concentration, global, narratives, Quality	The strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. These companies have secure franchises with multiple barriers to entry protecting their customer relationships.		View
2026 Q1	May 11, 2026	Horos Asset Management	-	-	BKNG, EXOR.MI, LBTYA, RNO.PA	energy, Europe, geopolitics, private credit, technology, value, volatility			View
2026 Q1	Apr 8, 2026	Vltava Fund	-	-	AJB.L, BKNG, NVO, RMV.L, URI	AI, Buybacks, Platform, private credit, real estate, Travel, value		RMV.L AJB.L BKNG	View
2026 Q1	Apr 6, 2026	Wedgewood Partners	-6.3%	-6.3%	AMZN, BKNG, CB, CDW, CPRT, GOOGL, META, MSFT, MSI, ODFL, ORLY, PGR, PYPL, TOL, TSCO, TSM, UNH, V	AI, energy, geopolitics, growth, large cap, oil, semiconductors, technology		V GOOGL META BKNG MSFT ORLY CB MSI ODFL TSM	View
2026 Q1	Apr 22, 2026	Platinum Global Fund (Long Only)	-13.3%	-13.3%	AERCF, AMZN, BKNG, CRH, MSFT, TSM	AI, energy, geopolitics, Hyperscalers, software, technology			View
2026 Q1	Apr 22, 2026	Platinum International Fund	-13.1%	-13.1%	AMZN, BKNG, CRH, MSFT, TSM	AI, energy, geopolitics, Hyperscalers, software, technology, Valuations			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	View
2024 Q1	Apr 15, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, AMZN, BKNG, CDW, CPRT, EW, GOOGL, META, MSFT, NVDA, POOL, PYPL, SPGI, TPG, TSCO, TSLA, TSM, UNH, V	AI, growth, large cap, payments, technology, Travel, value	Artificial intelligence continues to drive significant performance with portfolio holdings including Alphabet, Apple, Meta Platforms, Microsoft and Taiwan Semiconductor Manufacturing benefiting from the secular AI tailwind. Meta Platforms and Taiwan Semiconductor were 2024 performance leaders on this front.	PYPL	View
2024 Q1	Apr 15, 2024	L1 Capital International Fund	4.7%	0.0%	AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH	AI, global, healthcare, inflation, materials, Quality, rates, technology	Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities.		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 14, 2026	L1 Capital International Fund	-13.1%	-13.1%	AMZN, BKNG, CRH, CRM, GOOGL, HCA, ICE, INTU, J, MA, MSFT, TSM, V, WEIR.L	AI, Cloud, energy, Geopolitical, payments, Quality, software, valuation			View
2026 Q1	Apr 13, 2026	Harding Loevner Global Equity	-5.6%	-5.6%	0700.HK, ADBE, ASML, BKNG, CME, HDFCBANK.NS, HEI, RYA.L, SAF.PA, SAP.DE, SHEL, SLB, SONY, SU.PA, TSM, TW	aerospace, AI, energy, Geopolitical, infrastructure, Quality, Resilience, technology			View
2026 Q1	Apr 12, 2026	FMI All Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, Cyclical, defense, energy, Geopolitical, Housing, Quality, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI International Equity	-	-	BKNG, CARR, FBHS, FERG, FLU.MC, HAYW, HURN, HWDN.L, LPX, MAS	AI, Consulting, defense, energy, Geopolitical, Housing, Quality, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI Large Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, Building Materials, defense, energy, Geopolitical, Quality, Travel, value		IMCD.AS BKNG HURN	View
2026 Q1	Apr 12, 2026	FMI Small Cap Equity	-	-	BKNG, CARR, FBHS, FERG, FLR.PA, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS	AI, contrarian, defense, energy, Geopolitical, Housing, Quality, value			View
2026 Q1	Apr 11, 2026	Torre Financial	-8.5%	-8.5%	ABT, ALSN, ASML, BKNG, FIX, GEV, LIN, MELI, SPGI, TMO	AI, energy, industrials, infrastructure, Quality, semiconductors, technology		MELI TMO SPGI ABT BKNG LIN ALSN ASML GEV FIX	View
2026 Q1	Apr 10, 2026	Middle Coast Investing	-3.9%	-3.9%	BKNG, COF, DUOL, GTLB, LYFT, PGR, SARO	aerospace, AI, insurance, Memes, technology, Travel, volatility		DUOL SARO FG GTLB BKNG PGR	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	View
2026 Q1	Mar 31, 2026	Dodge & Cox Stock Fund	-1.7%	-1.7%	BKNG, MSFT, ROP	AI, energy, financials, large cap, software, technology, value		BKNG ROP MSFT	View
2026 Q1	Mar 31, 2026	ClearBridge Investments Large Cap Value	-	-	AXP, BKNG, CMCSA, COF, DE, DIS, HON, JNJ, MSFT, OTIS, TMUS, XPO	AI, Cyclical, energy, industrials, large cap, Quality, value		HON BKNG TMUS AXP COF MSFT JNJ DE XPO	View
2025 Q1	Mar 31, 2025	Octahedron Capital	-	-	ABNB, AMZN, BKNG, CPNG, CRM, CVNA, DIS, GOOGL, GTLB, MELI, META, NET, NFLX, NOW, PLTR, SNOW, UBER, W, WDAY, ZS	AI, E-Commerce, growth, Internet, payments, semiconductors, software, technology	Agentic AI emerged as the dominant theme with reasoning models like DeepSeek-R1 and OpenAI o3 enabling AI agents to complete complex multi-step tasks. The commoditization of LLMs is accelerating AI applications growth while reducing inference costs, creating opportunities for application software companies with proprietary data.		View
2025 Q1	Mar 31, 2025	RiverPark Long/Short Opportunity Fund	-5.8%	-5.8%	AAPL, AMZN, BKNG, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, TSLA, UBER, V	AI, growth, Long/Short, Magnificent 7, tariffs, technology	AI/Cloud Computing represents 15.8% of the long portfolio. NVIDIA remains strategically important in global computing with best-in-class GPUs and dominant software ecosystem. The long-term secular trend toward accelerated computing remains intact despite near-term concerns about AI demand plateauing.	AAPL GOOGL NVDA SCHW V UBER	View
2023 Q1	Mar 31, 2023	Oakmark Global Select Fund	9.1%	9.1%	AIG, BKNG, GOOGL, ICE, NFLX	AI, Exchanges, Financial Services, global, insurance, technology, value	Alphabet positioned as AI-first company at inflection point with management expressing excitement about AI developments in search and other areas. AI expected to drive higher revenue and profits similar to mobile computing impact. Management pushed back on concerns about AI computing costs pressuring profitability.	DICE AIG GOOGL ICE AIG GOOGL ICE AIG GOOGL	View
2023 Q1	Mar 31, 2023	Platinum International Fund	5.4%	5.4%	000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L	Banking Crisis, China, contrarian, global, interest rates, value	Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter.		View
2023 Q1	Mar 31, 2023	Platinum Global Fund (Long Only)	9.7%	9.7%	005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L	Banking, China, Europe, Recovery, semiconductors, Travel	European ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued.		View
2023 Q1	Mar 31, 2023	Platinum International Technology Fund	13.2%	13.2%	000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM	AI, Electric Vehicles, growth, semiconductors, technology	Artificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks.		View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2025 Q4	Dec 31, 2025	ACATIS Investment	0.0%	0.3%	ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS	AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM	View
2024 Q4	Dec 31, 2024	FMI All Cap Equity	-2.0%	11.0%	ALLE, ARMK, BJ, BKNG, BRK-B, FERG, G, GOOGL, HLI, OMC, RHI, SCHW	Diversified, long-term, Quality, ROIC, value	The fund holds Houlihan Lokey as its largest position at 4.1%, representing exposure to investment banking and financial advisory services. Charles Schwab represents another significant capital markets exposure at 4.0% of the portfolio.	OMC ALLE	View
2024 Q4	Dec 31, 2024	FMI International Equity	-7.0%	3.0%	ACGL, BKNG, BME.L, FERG, G, ICLR, ROG.SW, RXL.PA, SONY, SW.PA, UL, WEIR.L	healthcare, insurance, international, large cap, Travel, value	ICON is a global contract research organization providing outsourced clinical trial services to pharmaceutical and biotech clients. Following its merger with PRA Health Sciences in 2021, ICON is positioned as a high-quality contender with competitive differentiation. The firm has commercial relationships with 17 of the top 20 pharma companies and benefits from increasing trial complexity and sponsor efficiency needs.	ACGL ICLR	View
2024 Q4	Dec 31, 2024	FMI Large Cap Equity	-4.0%	11.0%	ALLE, ARMK, AVY, BKNG, BRK-B, CARR, FERG, GOOGL, KMX, MAS, OMC, SCHW	Franchises, large cap, Quality, ROIC, valuation, value	The fund maintains a strong orientation to low absolute and relative valuation as key to executing their investment strategy. They purchase durable business franchises selling at a discount to intrinsic value. The portfolio trades at attractive valuations with P/E ratios below market levels.	OMC ALLE	View
2024 Q4	Dec 31, 2024	L1 Capital International Fund	11.4%	29.0%	AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V	AI, global, healthcare, interest rates, large cap, Quality, technology	AI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements.	HCA MSFT	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	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	Brown Advisors Global Leaders Strategy	-	-	1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS	AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors	The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues.	RTO.L AZO ZTS ILMN	View
2024 Q4	Dec 31, 2024	Fenimore Value Strategy	0.0%	15.6%	ADI, APH, BKNG, BN, BRK-A, CDW, EXLS, GGG, IEX, KMX, MCHP, MKL, PGR, PNFP, ROST, SSB, SYK, VMC	concentrated, long-term, mid cap, Quality, value	Fenimore focuses on finding quality companies with strong leadership that can push through economic cycles and policy changes. They seek robust businesses that drive profits higher over the medium and long term through actions like hiring producers, creating new products, and taking market share from fragile competitors.		View
2024 Q4	Dec 31, 2024	Magellan Global Opportunities Fund No. 1	11.6%	30.7%	1299.HK, AMT, AMZN, BKNG, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RKT.L, TSM	E-Commerce, financials, global, Quality, Streaming, technology	Netflix demonstrates unique ability to aggregate live viewership across large subscriber base, with operating profit growing from $800m in 2017 to ~$10b in 2024. Scale advantage expanding as Netflix continues improving offering while peers pull back on content spend pursuing profitability.	NFLX	View
2023 Q4	Dec 31, 2023	L1 Capital International Fund	4.7%	0.0%	ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH	healthcare, inflation, infrastructure, Quality, technology, value	Manager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky.	HCA	View
2023 Q4	Dec 31, 2023	Auxier Asset Management	7.4%	0.0%	ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC	AI, Banking, energy, healthcare, insurance, small caps, technology, value	Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft.		View
2023 Q4	Dec 21, 2023	Citadel Value Fund	-	-	005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD	Automotive, Europe, semiconductors, small caps, technology, value	Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility.	005930.KS	View
2023 Q3	Dec 10, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC	China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value	Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity.	SUNP IN AHT.L ANDURIL MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2023 Q3	Dec 10, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, EW, GOOGL, META, MSI, ODFL, ORLY, PYPL, TPG, TSM	AI, Auto Aftermarket, Fed policy, growth, interest rates, large cap, technology, Travel	O'Reilly Automotive represents the aftermarket auto parts industry which benefits from higher car financing costs forcing owners to keep cars longer, increasing maintenance needs. The industry remains fragmented with growth opportunities, particularly in the do-it-for-me segment where O'Reilly excels through its distribution network.	AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT	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	View
2023 Q3	Oct 31, 2023	Ensemble Capital	0.0%	8.0%	ADI, BKNG, BR, GOOGL, ILMN, MA, MASI, NFLX, TXN	growth, interest rates, large cap, payments, semiconductors, technology, value	The 10-year treasury yield rose 0.73% in Q3 as investors recalibrated long-term interest rate expectations. The Fed shifted from expecting recession to a more positive economic outlook, forecasting they would not need to cut rates as soon or by as much. Higher rates driven by real economic growth rather than inflation have mixed but generally positive impacts on equity valuations.		View
2022 Q3	Oct 24, 2022	L1 Capital International Fund	4.7%	0.0%	ADBE, AMD, AMZN, BKNG	-			View
2025 Q3	Oct 21, 2025	Starboard Value	-	-	ABNB, BKNG, CART, CHWY, EBAY, ETSY, EXPE, MTCH, TRIP, W	AI, Experiences, M&A, Marketplace, Online travel, Travel, valuation	Tripadvisor operates three distinct market-leading businesses in the online travel category. The experiences segment is the fastest growing category in travel, having grown approximately 200% since 2019. Online experiences has the lowest penetration of all travel categories at less than 30%, compared to 85% for cruises and 74% for flights, creating significant growth opportunity.	TRIP TRIP	View
2023 Q3	Oct 21, 2023	FMI All Cap Equity	-1.8%	11.2%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION	China, Concentration, defensives, Europe, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI International Equity	-7.4%	2.7%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	China, Concentration, defensives, international, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Large Cap Equity	-4.0%	10.5%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	Concentration, defensives, Quality, small caps, value	FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Small Cap Equity	-0.8%	10.7%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	China, Concentration, defensives, inflation, rates, small caps, valuation, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies.	CCEP SYY VVV	View
2025 Q3	Oct 20, 2025	L1 Capital International Fund	2.6%	-	AAPL, AERCF, AMZN, BKNG, CRH, DHR, GOOGL, HCA, ICE, INTU, J, MA, META, MSFT, NVDA, TSLA, TSM, UBER, V, WEIR.L	AI, global, gold, Quality, tariffs, technology, Trump, value	AI development is accelerating with significant investment in datacenter infrastructure and companies incorporating AI into products and services. Leading AI models are approaching parity with industry experts across multiple sectors. However, uncertainty remains around development costs, power requirements, and whether current valuations are justified.		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	View
2022 Q3	Oct 17, 2022	Kovitz Core Equity	-5.4%	-26.7%	ADI, BKNG, J, JPM, KMX, NTRS, PWR	-			View
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	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	View
2022 Q3	Oct 10, 2022	RiverPark Large Growth	3.7%	16.4%	BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY	-			View
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	View
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	View
2025 Q4	Jan 21, 2026	Platinum International Fund	3.0%	13.0%	AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V	AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology	Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem.		View
2025 Q4	Jan 21, 2026	Platinum Global Fund (Long Only)	3.0%	16.0%	AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V	Diversified, global, large cap, payments, technology	Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads.		View
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	View
2025 Q4	Jan 19, 2026	Forager International Shares Fund	-2.0%	15.0%	AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L	AI, global, Quality, small caps, technology, Travel, value	AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating.	ARX AU ZEG LN NXT NUTX FISV	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2023 Q4	Jan 17, 2024	Ensemble Capital	0.0%	8.0%	BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD	AI, earnings, growth, Streaming, technology	The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation.	AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q4	Jan 14, 2026	L1 Capital International Fund	2.2%	9.8%	AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V	AI, consumer, Global Equities, Macro, Quality, technology, valuation	AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers.	ICE LSEG LN INTU CRM TSM AER UBER J	View
2025 Q4	Jan 14, 2026	Wedgewood Partners	-1.8%	4.3%	AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	AI, growth, large cap, Portfolio Management, Quality, technology, valuation	AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index.	PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN	View
2024 Q3	Sep 30, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	BKNG, ERF.PA, FYBR, GOOGL, LSEG.L, NFLX, RSG, RTO.L, TKO, V, VZ	Global Equities, healthcare, long-term, Media, Quality, Telecommunications, Value Investing	Frontier Communications is converting its legacy copper network into future-proof fibre infrastructure. The completed network is likely to produce highly resilient cash flows which may be worth multiples of the company's current market value. Frontier began its multi-billion dollar network upgrade in 2021 and is expected to complete the build in mid-2026.		View
2024 Q3	Sep 30, 2024	FMI All Cap Equity	-1.8%	11.2%	ARMK, AVY, BJ, BKNG, BRK.B, CSL, DG, FERG, G, HLI, MAS, SCHW	Diversified, long-term, Quality, ROIC, valuation, value	Aramark operates in the $500 billion food and facilities services market with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has a long runway to take market share from smaller operators and self-operators, with margin improvement potential from new business profitability ramp and operating leverage.	DG ARMK	View
2024 Q3	Sep 30, 2024	FMI Large Cap Equity	-4.0%	10.5%	ARMK, AVY, BKNG, BRK-B, CARR, CSL, DG, FERG, MAS, SCHW, UL	Foodservice, large cap, Quality, Trade Down, value	Aramark represents a large player in the food and facilities services industry with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has margin improvement potential driven by profitability ramp of new business, lagged pricing benefits, supply chain efficiencies, and operating leverage.	DG ARMK	View
2024 Q3	Sep 30, 2024	FMI International Equity	-7.4%	2.7%	BARN.SW, BKNG, BME.L, FERG.L, GRG.L, PHIA.AS, ROG.SW, RXL.PA, SIE.DE, SONY, SW.PA, UL	Automation, consumer, Europe, healthcare, large cap, value	Siemens Digital Industries represents the strongest and most integrated automation portfolio globally. Management targets 5-7% annual organic revenue growth and high-single digit annual EPS growth through a cycle. The automation business has strong positions in growing markets with high barriers to entry.	BARN.SW SIE.DE	View
2024 Q3	Sep 30, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1299.HK, ADYEN.AS, AMZN, B3SA3.SA, BBCA.JK, BKNG, CME, CPG.L, GOOGL, HDFCBANK.NS, HLN.L, KER.PA, META, NFLX, PINS, SLB, SONY, TW, WALMEX.MX	AI, China, global, growth, healthcare, momentum, Quality, semiconductors	The letter extensively discusses momentum investing challenges, noting that disciplined fundamental investors have been challenged by momentum concentrated in a few large stocks. The manager explains their deliberate resistance to incorporating momentum factors due to trading costs, volatility, and FOMO risks.		View
2024 Q3	Sep 30, 2024	L1 Capital International Fund	4.7%	0.0%	AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM	AI, large cap, Quality, rates, technology, US, value	The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments.		View
2023 Q3	Sep 30, 2023	L1 Capital International Fund	4.7%	0.0%	AMZN, BKNG, CRH, GOOGL, GPK, INTU, MA, MCO, MMC, MSFT, NRP, NVDA, UNH, V	AI, Cloud, global, healthcare, Quality, technology, Travel, valuation	AI is described as a revolutionary step change in computing with broad implications across industries. The fund sees early commercial applications at companies like Intuit and Microsoft, with the Big Three cloud providers exceptionally well positioned to provide AI infrastructure as a service.		View
2023 Q3	Sep 30, 2023	Matrix Dividend Income	0.0%	0.0%	AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH	dividends, financials, large cap, rates, Utilities, value	The Dividend Income portfolio focuses on companies that pay regular dividends, with 17 companies announcing dividend increases in 2023 averaging 6.8%. The portfolio maintains a 3.35% dividend yield compared to 1.61% for the S&P 500, demonstrating the strategy's focus on generating strong and growing current income.	NEE HRTX	View
2023 Q3	Sep 30, 2023	Matrix Large Cap Value Strategy	0.0%	0.0%	AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH	dividends, Fed policy, inflation, large cap, rates, value	Interest rates rose sharply in Q3 with 10-year Treasury reaching 4.57%, highest since 2007. The Fed raised rates by 0.25% and signaled higher for longer policy. Matrix believes the Fed is nearing the end of its hiking cycle and expects rate cuts in 2024 as economic slowdown becomes evident.	NEE HRTX	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
2023 Q3	Sep 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER	AI, Cloud, growth, large cap, payments, Streaming, technology, Travel	AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter.	SBUX PEP IMCD NA CLMT ALLY EQIX	View
2023 Q3	Sep 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ADYEY, AMZN, BKNG, BX, EQIX, GOOGL, ILMN, LLY, LMT, MA, MCD, META, MSFT, PEP, SBUX, SHOP, UBER	AI, Cloud Computing, Internet Media, Long/Short, payments, secular growth, technology	The fund highlights AI tools as a key driver for Alphabet, noting that 80% of advertisers use at least one of the company's advertising AI tools. This contributed to re-acceleration in advertising growth and strong performance across Google's platforms.		View
2022 Q3	Sep 30, 2022	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	BKNG, FIVN, INTU, V, WDAY	-			View
2024 Q2	Jul 18, 2024	Harding Loevner Global Equity	5.2%	15.6%	0700.HK, 1299.HK, ABBV, ADYEN.AS, ALC, AMZN, BKNG, CME, COST, DHR, GOOGL, ISRG, KER.PA, META, NFLX, OR.PA, PINS, SLB, SONY, TW	AI, competition, global, growth, innovation, Quality, semiconductors, technology	The race for artificial-intelligence solutions is driving innovation across sectors, with companies like Adobe, OpenAI, and others competing to develop generative AI capabilities. The manager expects software and services businesses to become primary beneficiaries as large companies embrace generative AI. Competition in AI is intense, with new capabilities being unveiled regularly by tech startups and incumbents.		View
2024 Q2	Jul 16, 2022	Ensemble Capital	0.0%	8.0%	AAPL, ADI, AMZN, BKNG, CMG, CSCO, DELL, FAST, GOOGL, ILMN, INTC, META, MSFT, NFLX, NVDA, NVR, RACE, TSLA, TXN, VEEV	AI, Biotechnology, Concentration, large cap, Mean reversion, semiconductors, valuation	The letter extensively discusses artificial intelligence as a transformative technology similar to the internet. The manager believes AI enthusiasm is correctly recognizing massive potential, but incorrectly assumes incumbent market leaders will capture all profits. AI is described as complementary to genomic sequencing, enabling automation of complex data analysis and accelerating discoveries in digital biology.		View
2024 Q2	Jul 15, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC	AI, global, growth, Quality, semiconductors, value	Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging.		View
2024 Q2	Jul 15, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, GOOGL, META, MSI, ODFL, POOL, PYPL, TSM, V	AI, Cloud, Concentration, growth, large cap, semiconductors, technology	Apple unveiled Apple Intelligence at WWDC, rebranding AI as Apple Intelligence. The company has been developing AI capabilities for years through custom silicon and neural processing units. Apple's vertically integrated approach positions it well for AI applications, though the rollout will be modest initially.		View
2023 Q2	Jul 14, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, CPRT, GOOGL, META, MSFT, PYPL, TPG, TSCO	AI, Buybacks, Cloud, Ecosystem, growth, large cap, Mobile, technology	Meta has been at the forefront of investing in valuable artificial intelligence IP, particularly with ranking and recommendation systems across its products. Despite the recent Gen-AI frenzy, Meta has been researching generative-AI tools for years. Alphabet and Google have been pioneers in AI development, creating important software and hardware specifications that developers rely on today.	TSCO CDW TPG PYPL AAPL\|MSFT\|NFLX\|NVDA\|UNH CPRT GOOGL AAPL ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2024 Q2	Jun 30, 2024	FMI Small Cap Equity	-0.8%	10.7%	BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL	AI, healthcare, Japan, Quality, small caps, Speculation, value	The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI All Cap Equity	-1.8%	11.2%	BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL	AI, growth, healthcare, Japan, Quality, small caps, Speculation, value	Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI Large Cap Equity	-4.0%	10.5%	BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL	AI, growth, healthcare, Japan, Quality, small caps, technology, value	The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI International Equity	-7.4%	2.7%	AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL	AI, healthcare, international, Japan, Quality, small caps, Speculation, value	The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, Streaming, technology	The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant.		View
2023 Q1	Apr 20, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, FRC, GOOGL, META, PGR, POOL, SPGI, TPG, TSM, UNH	Banking, Credit Crisis, Federal Reserve, growth, large cap, technology	The banking crisis that began with Silicon Valley Bank and Signature Bank failures created a deposit run on First Republic Bank, despite its strong lending track record. The crisis highlighted the vulnerability of banks with high uninsured deposit ratios and the systemic risks in the banking sector.	FRC	View
2023 Q1	Apr 18, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	7741.T, AON, APG, BKNG, CRH, CRM, DHR, ERF.PA, FERG.L, FTR, LSEG.L, RTO.L, SNPS, SONY	global, semiconductors, Stalwarts, technology, Travel, value	Cooper Investors focuses on Risk Adjusted Value Latency opportunities, particularly in businesses trading at reasonable valuations relative to their fundamentals. The fund has identified Value Latency-rich opportunities created by market volatility and pricing inefficiency as markets adjust to higher interest rates.	LSEG.L RTO.L BKNG	View
2025 Q1	Apr 16, 2025	Rowan Street Capital	-	-	ADYEY, BAC, BKNG, CMG, DKS, MCK, META, NVO, SHOP, SPOT, TSCO, TTD	Compounding, Discipline, growth, long-term, Patience, Quality, technology, value	The fund focuses on high-quality growth businesses that can compound capital at double-digit rates over the long run. They emphasize finding companies with expanding competitive moats, long growth runways, and the ability to reinvest capital at high rates of return.		View
2025 Q1	Apr 14, 2025	L1 Capital International Fund	0.1%	0.1%	AER, AMZN, BKNG, CRH, GOOGL, HCA, ICE, MA, MMC, MSFT, V, VIE.PA	AI, global, healthcare, Quality, tariffs, Trade Policy, valuation	Trump's Reciprocal Tariffs framework is deeply flawed, based on trade deficits rather than actual tariffs or unfair practices. The policy creates significant economic uncertainty and potential for global trade disruption. Liberation Day policies have been partially paused but tensions with China remain at unprecedented levels.	VIE.PA GOOGL MSFT AMZN HCA	View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY	AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy	The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite.		View
2023 Q1	Mar 31, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	AIG, ALL, AMZN, BKNG, GOOGL, LEA, LIN, MSFT, NVR, RRX, TFC	Banking, financials, Intrinsic Value, large cap, technology, value	Regional bank failures including SVB and Signature Bank created market volatility and concerns about contagion. The fund exited First Republic Bank due to deposit concentration risks while maintaining conviction in Truist Financial despite sector pressure.	RRX LEA ALL TFC FRC	View
2023 Q1	Mar 31, 2023	FMI International Equity	-7.4%	2.7%	BJ, BKNG, BMEB.PA, CSL, DG, FBIN, GOOGL, HOWG.L, NSIT, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, growth, Housing, international, Quality, Travel, value	The firm discusses the global banking crisis including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital, along with Credit Suisse's rescue. They maintain positions in Zions Bancorporation and Charles Schwab despite volatility, believing both have sticky deposit bases and conservative balance sheets. The crisis highlights banking sector fragility and will likely lead to lower profitability and multiples going forward.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q1	Mar 31, 2023	FMI Large Cap Equity	-4.0%	10.5%	BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, Housing, international, Quality, technology, value	The banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q1	Mar 31, 2023	FMI Small Cap Equity	-0.8%	10.7%	BJ, BKNG, BME.L, CSL, D05.SI, DG, FBIN, GOOGL, HWDN.L, LLOY.L, NSIT, PLXS, PRI, ROG.SW, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, contrarian, Crisis, Housing, international, Quality, value	The firm discusses the global banking crisis of Q1 2023, including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital. They maintain selective exposure to banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive given their conservative balance sheets and quality management teams.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q1	Mar 31, 2023	L1 Capital International Fund	4.7%	0.0%	BKNG, CRH, GPK	-			View
2024 Q4	Jan 15, 2025	Wedgewood Partners	5.5%	29.1%	AAPL, BKNG, CDW, EW, GOOGL, META, MSFT, MSI, NVDA, ODFL, ORLY, POOL, SPGI, TPG, TSCO, TSM, UNH, V	AI, growth, interest rates, large cap, semiconductors, technology, Valuations	Wedgewood views AI as evolutionary rather than revolutionary, noting that companies like Alphabet and Meta have been using machine learning for over a decade. They emphasize that AI has been hiding in plain sight, with their portfolio companies already generating substantial returns from AI-related investments in R&D and capex.		View
2024 Q4	Jan 14, 2025	Cooper Investors Global Equities Fund (Unhedged)	11.1%	20.6%	AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V	global, growth, insurance, Sports, Travel, value	BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business.	RYAN AHT ERF FWONK BKNG	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 12, 2026	Fund Letters	ClearBridge Investments Large Cap Value	Booking Holdings Inc	Travel Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	Consumer Discretionary, network effects, Online Travel, platform, Travel Booking	View Pitch
Apr 27, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	Booking Holdings Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Aggregator, Connected Trip, Free Cash Flow, market leader, Online Travel, Share Buybacks, Travel Accommodation, Travel Recovery	View Pitch
Apr 27, 2026	Fund Letters	FMI International Equity	Booking Holdings Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Capital-light, European Recovery, high-ROIC, market share gains, network effects, Online Travel Agency, Travel Recovery	View Pitch
Apr 27, 2026	Fund Letters	FMI Large Cap Equity	Booking Holdings Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Commission Model, Europe Exposure, market share gains, network effects, Online Travel Agency, Platform business, Travel Recovery	View Pitch
Apr 27, 2026	Fund Letters	FMI Small Cap Equity	Booking Holdings Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	asset-light, Commission Model, Europe, high-ROIC, market share gains, network effects, Online Travel, Travel Recovery	View Pitch
Apr 27, 2026	Substack	Modern Value Investing	Booking Holdings Inc.	Consumer Discretionary	Online Travel Services	Bull	Nasdaq Stock Market	AI integration, Alternative Accommodations, Booking Holdings, capital allocation, Connected Trip, Free Cash Flow, Market expansion, online travel services, Share Buybacks, travel industry growth	View Pitch
Apr 24, 2026	Seeking Alpha	Seeking Alpha	Booking Holdings Inc.	Consumer Discretionary	Online Travel Services	Bear	Nasdaq Stock Market	AI disruption, area gaps, bearish outlook, data breach, Digital Markets Act, Insider selling, market sentiment, regulatory challenges, stock split, Valuation risk	View Pitch
Apr 23, 2026	Fund Letters	Dodge & Cox Stock Fund	Booking Holdings	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI disruption, Competitive Advantage, Europe, Hotel Reservations, market share, network effect, Travel Platform	View Pitch
Apr 14, 2026	Fund Letters	Wedgewood Partners	Booking Holdings	Travel Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	air travel, Consumer AI, Middle East, Online Travel, Revenue Growth, Travel Booking, travel demand	View Pitch
Apr 13, 2026	Fund Letters	Middle Coast Investing	Booking Holdings	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI disruption, e-commerce, international exposure, Online Travel, Platform business, Share Buybacks, Travel Technology	View Pitch
Apr 13, 2026	Fund Letters	Torre Financial	Booking Holdings Inc	Travel Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	Airfare, Consumer Discretionary, oil prices, Online Travel, Short-term Concerns, travel demand, value opportunity	View Pitch
Apr 13, 2026	Fund Letters	FMI Small Cap Equity	Booking Holdings Inc.	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI integration, asset-light, Customer service, digital marketing, High returns, network effects, Online Travel, Payments	View Pitch
Apr 13, 2026	Fund Letters	FMI Large Cap Equity	Booking Holdings Inc.	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI, asset-light, digital marketing, Free Cash Flow, Independent Hotels, network effects, Online Travel, Returns on Capital	View Pitch
Apr 13, 2026	Fund Letters	FMI International Equity	Booking Holdings Inc.	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI, asset-light, digital marketing, Free Cash Flow, network effects, Online Travel, Payments, Two-Sided Marketplace	View Pitch
Apr 13, 2026	Fund Letters	FMI All Cap Equity	Booking Holdings Inc.	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI, asset-light, digital marketing, network effects, Online Travel, technology, Travel, Value	View Pitch
Apr 13, 2026	Fund Letters	Auxier Asset Management	Booking Holdings Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	AI technology, digital platform, Global Travel, Online Travel Agency, pandemic recovery, Tourism Industry, Travel Recovery	View Pitch
Apr 13, 2026	Fund Letters	Qualivian Investment Partners	Booking Holdings Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Accommodations, Asia, Europe, network effects, oligopoly, Online Travel, platform, Share Buybacks, Travel, Two-Sided Market	View Pitch
Apr 13, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	Booking Holdings Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Neutral	NASDAQ	Capital Redeployment, Cost efficiency, EPS growth, Online Travel, Revenue Growth, Travel Platform, Value Latency	View Pitch
Apr 9, 2026	Fund Letters	Vltava Fund	Booking Holdings	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	asset-light, Commission-Based, Free Cash Flow, high margins, network effects, online marketplace, Platform business, Travel	View Pitch
Mar 16, 2026	Substack	Rijnberk Invest Insights	Booking Holdings Inc.	Consumer Discretionary	Online Travel Services	Bull	NASDAQ Stock Market	AI disruption, Booking Holdings, Connected Trip, financial performance, global infrastructure, investment opportunity, loyalty program, market share, Online Travel, travel demand	View Pitch
Jan 21, 2026	Fund Letters	Abdulaziz A.Alnaim	Booking Holdings Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Capital-light, Free Cash Flow, marketplace, network effects, Online Travel	View Pitch
Jan 8, 2026	Fund Letters	Peter Baughan	Booking Holdings Inc.	Consumer Discretionary	Online Travel Services	Bull	NASDAQ	AI, Margins, Personalization, platform, Travel	View Pitch
Nov 7, 2025	Substack	Rijnberk Invest Insights	Booking Holdings Inc.	Consumer Discretionary	Travel Services	Bull		Booking Holdings, competitive moat, Connected Trip, EBITDA margin, Free Cash Flow, Genius loyalty program, market share, Revenue Growth, Share Buybacks, travel industry	View Pitch
Oct 10, 2025	Substack	Rijnberk Invest Insights	Booking Holdings	Consumer Discretionary	Travel Services	Bull		Booking Holdings, brand portfolio, competitive pressures, economic recovery, global reach, long-term growth, market opportunity, online travel services, stock price decline, travel industry	View Pitch
Aug 8, 2025	Seeking Alpha	Anton Davydkin	Booking Holdings	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	APAC Investment News	Booking Holdings	Consumer Discretionary	Travel Services	Bear	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Harrison Schwartz	Booking Holdings	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Triba Research	Booking Holdings Inc.	Consumer Discretionary	Travel Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of BKNG

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

BKNG

BKNG

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of BKNG

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