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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | GROW Funds | - | - | 1179.HK, 1211.HK, 9988.HK, AHT, AMAT, AMZN, ASML, BLK, CB, GOOGL, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, valuation | AI is driving massive infrastructure investments in data centers and cloud computing, with companies like OpenAI committing $300 billion over five years. However, the gap between infrastructure spending and revenue-generating applications remains concerning, creating a dangerous bubble environment with little room for error. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron FinTech Fund | 12.5% | 16.8% | ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V | Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors. | PRI TWFG GWRE MELI FICO |
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| 2024 Q3 | Sep 30, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.6% | 25.1% | ASML, BLK, CRWD, DAL, INTC, MSFT, NVDA, TSM | AI, cybersecurity, Election, Fed policy, growth, large cap, semiconductors, technology | Manager discusses artificial intelligence as providing a major productivity boost to whoever is elected President. References Nvidia's Blackwell product delays affecting semiconductor adoption. Mentions Jensen Huang as the person most responsible for the AI windfall. | ASML CRWD BLK |
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| 2023 Q3 | Sep 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ADP, AVGO, AZN, BLK, CVX, ETN, JPM, MCD, MRK, MSFT, NEE, RTX, TEL, UNH | AI, dividends, income, interest rates, large cap, Quality, technology | The fund remains committed to investing in companies that pay and increase their dividends on a consistent basis. Management is pleased with the dividend growth that their companies have produced in 2023 and believes that income and income growth will serve clients well in the future. | View | |
| 2023 Q3 | Sep 30, 2023 | PM Capital Global Companies Fund | 2.5% | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q2 | Jul 15, 2025 | Madison Dividend Income Fund | 1.1% | 4.4% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, Quality, technology, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The relative yield strategy targets stocks at the high end of their historic dividend yield ranges, with the fund yielding 2.52% versus 1.15% for the S&P 500. | View | |
| 2025 Q2 | Jul 11, 2025 | Hennessy Equity and Income Fund | - | - | BLK, ENTG, HD, LOW, MLM, ODFL, PGR, RSG, SCHW | fixed income, Quality, semiconductors, tariffs, Trade Policy, Valuations | The portfolio is positioned to weather tariff uncertainty through companies with strong pricing power and financial flexibility. Service-oriented companies like Progressive and Schwab are less susceptible to direct tariff effects, while onshoring beneficiaries include Republic Services and Martin Marietta. | View | |
| 2025 Q2 | Jul 1, 2025 | Temasek Holdings | - | - | 068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI | AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology | Temasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software. | View | |
| 2023 Q2 | Jun 30, 2023 | Baron FinTech Fund | 5.3% | 10.3% | ACN, APO, BLK, CSGP, FI, FICO, INTU, LPLA, MA, MELI, MKTX, MSCI, NU, PGR, SHOP, SPGI, TW, V | AI, Banking, Capital markets, Fintech, payments, private credit, software, technology | Network International received takeover offers and was acquired by Brookfield for $2.8 billion. Visa announced acquisition of Brazilian company Pismo for $1 billion. M&A activity picking up in payments sector with valuations at attractive levels. | View | |
| 2024 Q1 | May 2, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, XOM | dividends, energy, financials, income, industrials, Quality, value | Fund employs relative yield strategy buying stocks with dividend yield at least 1.1x the S&P 500. Portfolio has dividend yield of 2.84% with relative dividend yield of 2.1x S&P 500, the highest levels in 20 years. Manager believes dividend stocks are historically cheap versus broad market. | XOM |
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| 2026 Q1 | Apr 9, 2026 | Robinson Opportunistic Income Fund | -1.5% | -1.5% | BLK | CEF, credit, fixed income, Hedging, inflation, private credit, rates | View | ||
| 2026 Q1 | Apr 8, 2026 | INN8 | - | - | 0700.HK, APO, ARES, BLK, CFR.L, NPN.JO, PRX.AS, SOL.JO | AI, geopolitics, inflation, Iran, Middle East, oil, private credit, Stagflation | View | ||
| 2025 Q1 | Apr 15, 2024 | The London Company Income Equity | 4.4% | 4.4% | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | AI, Defensive, dividends, large cap, Quality, Recession, tariffs, value | Quality factors outperformed during the quarter as high beta and momentum driven equities corrected. The manager believes Quality factors historically post their best relative returns during periods of decelerating growth and through recessions, which may favor their portfolios if they are late in the economic cycle. | MRK GLW |
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| 2025 Q1 | Apr 15, 2024 | The London Company Large Cap | 2.3% | 2.3% | BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG | Defensive, financials, large cap, Quality, semiconductors, technology, value | The portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years. | ENTG |
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| 2025 Q1 | Apr 1, 2025 | Focus Wealth Management | - | - | AAPL, AMZN, BLK, BRK-A, BX, GOOGL, META, MSFT, NVDA, TSLA | AI, Europe, infrastructure, Multi-Asset, private credit, real estate, tariffs, Trade Policy | President Trump unleashed aggressive protectionist policies including a 10% baseline tariff on all imports and sweeping reciprocal tariffs, marking the most aggressive shift since the Great Depression. These tariffs are expected to be inflationary and weaken economic growth globally. | View | |
| 2025 Q1 | Mar 31, 2025 | Pantera Capital | - | - | BEN, BLK, COIN, HOOD, IBM, SOFI | AI, Blockchain, Capital markets, crypto, Digital assets, regulation, Tokenization, venture | Blockchain represents a paradigm shift in how value is created, stored, and transferred, offering one of the most asymmetric investment opportunities available today. The asset class features unique capital structures through tokens rather than traditional equity, with early liquidity through token generation events creating venture-style returns in public markets. | View | |
| 2024 Q1 | Mar 31, 2024 | Baron FinTech Fund | 6.3% | 6.3% | ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX | digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending. | GLOB ENDV APO NU PGR |
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| 2024 Q1 | Feb 4, 2024 | TPG Angelo Gordon | - | - | AMGN, ATVI, AVGO, BLK, HZNP, ICE, MSFT, PFE, SGEN, VMW | Clos, CMBS, credit, high yield, interest rates, Leveraged Loans, private credit, real estate | Default rates for leveraged loans increased to 3.15% in the U.S. as of Q4, with J.P. Morgan forecasting a rise to 3.25% in 2024. High yield default activity totaled $83.7 billion in 2023, a 75% increase from 2022. Interest coverage ratios for borrowers continue to reflect the impact of rising interest rates and are expected to continue eroding. | View | |
| 2025 Q4 | Feb 25, 2026 | GMO | 0.0% | 0.0% | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | HUBS |
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| 2024 Q4 | Dec 31, 2024 | Madison Sustainable Equity Fund | -2.1% | 17.4% | AAPL, ADBE, AMZN, BLK, COST, DHR, ECL, GOOGL, JPM, KEYS, LIN, LLY, MCD, MSFT, NEE, ORCL, SCHW, TGT, UNH, V | financials, growth, healthcare, large cap, Quality, sustainability, technology | Google's Cloud business reported accelerating revenue growth from 29% to 35% year-over-year, showing the company is gaining traction with enterprise customers. Google has released a new quantum chip that has been well received by investors for its growth potential. Adobe continues to grow with professional creative designers and enterprise customers by integrating new GenAI features into its existing software applications. | View | |
| 2024 Q4 | Dec 31, 2024 | Madison Dividend Income Fund | -1.7% | 7.6% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, ROK, TEL, TXN | dividends, income, industrials, large cap, Quality, Relative Yield, technology, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. The portfolio's relative yield of 2.15x the S&P 500 is at the high end of its historical range and 25% higher than at the end of 2022. Portfolio holdings have increased their dividends by nearly 8% on average over the past year, well above inflation rates. | TEL ROK |
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| 2023 Q4 | Dec 31, 2023 | Carillon Eagle Growth & Income Fund | - | - | AVGO, AZN, BLK, CVX, FDX, GPC, JPM, MSFT, NOC, PNC | AI, banks, dividends, energy, rates, technology, value | Broadcom appears to be one of the first real beneficiaries of generative artificial intelligence with meaningful revenue expected to show up in 2024. Microsoft's Azure cloud business has seen AI contribute strongly to its growth. | View | |
| 2024 Q4 | Dec 18, 2024 | Ninepoint | - | - | AAPL, AMD, AMZN, BLK, COIN, CSCO, GOOGL, IBM, INTC, META, NVDA, PYPL, UBS, V | AI, crypto, energy, gold, infrastructure, private credit, Silver, Trump | Infrastructure positioned to benefit from electrification of the U.S. economy and energy transition. Electricity demand expected to accelerate dramatically led by AI-focused data centers, onshoring of industrial manufacturing, and continued growth of electrified transportation. Despite popular narrative that energy is a sunset industry, demand for oil, natural gas and coal expected to grow longer and stronger than consensus belief. | View | |
| 2023 Q2 | Dec 7, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB | Banking, financials, large cap, Quality, semiconductors, technology | The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging AI threats and expect management to make appropriate strategic choices for the long term. | SCHW USB |
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| 2025 Q3 | Nov 8, 2025 | The Sound Shore Fund | - | - | AES, AMZN, BLK, CEG, CTRA, DIS, FIS, Gold, GPN, META, VST, WBD | energy, free cash flow, gold, M&A, Media, payments, undervalued, value | Legacy media companies are creating value through strategic restructuring and streaming business improvements. Warner Brothers Discovery exemplifies this with balance sheet deleveraging, streaming profitability, and potential asset separation creating sum-of-parts value recognition. | AES WBD TLNE |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli International Small Cap Fund | 8.5% | - | AAPL, AMZN, BLK, BRK.B, CAT, CNH, DE, FISV, GOOGL, JPM, KKR, META, MSFT, NEM, NFLX, NVDA, ORCL, SONY, TSLA, WFC | AI, energy, gold, M&A, rates, technology, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JT |
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| 2024 Q3 | Oct 7, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | AI, Autonomy, Cloud, growth, technology, Tesla, Travel | Autonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet. | TSLA |
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| 2022 Q3 | Oct 25, 2022 | FMI All Cap Equity | -1.8% | 11.2% | AVY, BLK, CMCSA, FERG | - | View | ||
| 2025 Q3 | Oct 21, 2025 | BNY Mellon Appreciation Fund | 3.3% | 8.7% | AAPL, AMZN, ASML, BLK, GOOGL, INTU, ISRG, META, MSFT, NOW, NVDA, NVO, TSM, TXN, V | AI, earnings, large cap, Quality, rates, technology, Trade Policy | Large technology companies reported benefits from deploying AI internally and for clients, which boosted revenue growth. These companies also expanded investment plans for additional AI resources to meet growing demand, as consumers and enterprises rapidly adopt AI. Companies that have exposure to the AI datacenter buildout benefited. | INTU TSM ASML NA NVDA MSFT |
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| 2024 Q3 | Oct 2, 2024 | The London Company Large Cap | 8.1% | 14.6% | BLK, BRK.B, CB, CSCO, FDX, FI, GOOG, MO, ORLY, PGR, SCHW, TEL, UPS | financials, large cap, Quality, rates, technology, value | The fund focuses on profitable, financially stable, quality large-cap companies that consistently generate free cash flow and high returns on unleveraged operating capital. Management emphasizes their focus on quality, diversification, and valuation as their margin of safety in uncertain market conditions. | CB FI BLK PGR |
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| 2025 Q3 | Oct 14, 2025 | Madison Dividend Income Fund | 3.9% | 8.5% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, financials, Quality, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The strategy emphasizes above-average dividend yields as protection against market volatility and inflation. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Fund- International Small Cap | 3.2% | 8.9% | BLK, C, CHTR, CNC, GOOGL, KDP, KVUE, TRGP, UNP, WBD | energy, financials, healthcare, Railroads, technology, value | The fund continues to find attractive opportunities to invest in high-quality, undervalued businesses across various industries. They purchased Union Pacific at a meaningful discount to intrinsic value and Targa Resources at a discount to peers based on normalized earnings power. | UNP US TRGP US |
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| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2023 Q4 | Jan 9, 2024 | The Wolf of Harcourt Street | - | 34.3% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations | The dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2024 Q4 | Jan 7, 2025 | The London Company Income Equity | -2.3% | 11.9% | AAPL, APD, BLK, BRK.B, LOW, MSFT, NSC, PGR, PM, TXN | dividends, downside protection, income, large cap, Quality, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 23.1% pre-tax ROC versus 11.4% for the benchmark and lower leverage at 1.5x net debt/EBITDA versus 2.4x for the index. | View | |
| 2024 Q4 | Jan 7, 2025 | The London Company Large Cap | 0.6% | 15.3% | AAPL, APD, BLK, BRK-B, FI, GOOG, HD, NSC, PGR, V | downside protection, financials, large cap, Quality, technology, value | The fund focuses on high-quality companies with sustainably high returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 25.2% pre-tax ROC versus 14.7% for the Russell 1000. The strategy emphasizes companies that consistently generate free cash flow and maintain strong financial stability. | View | |
| 2025 Q4 | Jan 28, 2026 | GMO | - | - | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | View | |
| 2025 Q4 | Jan 21, 2026 | The London Company Income Equity | -1.6% | 13.5% | BLK, CMI, CSCO, FAST, GLW, NTDOY | Defensive, dividends, income, large cap, Quality, value | AI investment scrutiny emerged as a headwind during the quarter, with concerns about AI returns affecting market sentiment. However, AI momentum accelerated for companies like Cisco, driven by GenAI-related products and increasing data speed and bandwidth requirements both inside and outside data centers. Data center demand drove strong performance for portfolio holdings, with Cummins benefiting from backup power requirements and Corning seeing strong demand in Optical Communications for GenAI-related products. The market recognizes few global suppliers capable of supporting large-scale data center infrastructure needs. The Income Equity strategy maintains a focus on higher overall dividend yield orientation, emphasizing income generation alongside capital preservation and growth. The portfolio is designed to provide greater yield and downside protection through dividend-paying securities. Quality factors were headwinds during the quarter as Value factors led performance, but the portfolio maintains its tilt toward quality attributes. The manager believes quality characteristics like high returns on invested capital, conservative leverage, and reasonable valuations will provide more resilient performance through shifting market regimes. | BLK NTDOY GLW CSCO CMI |
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| 2025 Q4 | Jan 21, 2026 | The London Company Large Cap | 0.2% | 8.3% | BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG | dividends, financials, healthcare, large cap, Quality, technology, value | The manager emphasizes investing in profitable, financially stable, quality large-cap companies with high returns on unleveraged operating capital, strong cash generation, and conservative leverage. Quality factors were headwinds during Q4 as volatility factors outperformed, but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during Q4, with value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager sees growing value in true active share and diversified exposure to high-quality businesses in a market defined by elevated valuations and concentration risk. The manager focuses on companies with strong capital allocation and dividend-paying capabilities. Several portfolio holdings like Chubb and BlackRock are highlighted for their steady capital returns and aggressive buyback programs, reinforcing the emphasis on shareholder-oriented management and consistent dividend policies. | RSG NSC BLK NEU FI CB FDX GOOG |
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| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2025 Q4 | Jan 15, 2026 | Columbia Dividend Opportunity Fund | 2.8% | 15.9% | ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM | AI, Banking, dividends, financials, Lithium, technology, value, Yield | The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications. | View | |
| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CME, FAST, HD, HON, JNJ, MDT, MS, NEE, TXN | dividends, income, industrials, large cap, Quality, value | Fund employs a relative yield strategy targeting stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings increased dividends by nearly 8% on average over the past year, well above inflation rates. Fund maintains focus on companies with consistent dividend increase records. | HON |
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| 2023 Q4 | Aug 1, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | APA, BAX, BLK, CHTR, COF, CSL, DHR, GOOGL, KKR, META, PH, PHM, PINS, SCHW, VEEV | Asset Management, financials, large cap, US, value | Despite value facing headwinds versus growth in 2023, with the Russell 1000 Growth Index outperforming Value by 31 percentage points, the managers believe the value opportunity is at least as good as it was at the start of 2022. They view the current setup of higher interest rates and wider P/E multiple dispersion as favorable for value investing. | BLK |
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| 2024 Q2 | Jul 17, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | AI, Cloud, E-Commerce, gaming, growth, large cap, technology | Amazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway. | View | |
| 2023 Q1 | Apr 20, 2023 | The London Company Large Cap | 8.1% | 14.6% | BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR | Banking, energy, large cap, Quality, Recession, technology, Transportation | The manager emphasizes owning lower beta, higher quality holdings with durable profitability, strong free cash flow, and balance sheet flexibility. They believe quality portfolios provide a tangible advantage in an unpredictable world with greater economic volatility. | CVX BLK NSC SCHW GOOG ODFL FDX |
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| 2023 Q1 | Apr 14, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB | Banking, financials, large cap, Quality, semiconductors, technology, value | The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging threats and expect management to make sound strategic choices for the long term. | SCHW USB |
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| 2022 Q4 | Apr 1, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | BJ, BLK, GOOGL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Dividend Income Fund | 3.2% | 3.2% | ADP, BLK, CME, EOG, HD, HON, JNJ, MDT, MS, NEE | Defensive, dividends, income, industrials, Quality, Relative Yield, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation. The fund maintains an absolute dividend yield of 2.6% compared to 1.34% for the S&P 500. | HON |
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| 2023 Q4 | Jan 23, 2024 | The London Company Income Equity | 10.4% | 14.6% | APD, BLK, CVX, DEO, NSC, SCHW | dividends, income, large cap, Quality, US, value | The manager emphasizes balance sheet strength and quality as a core value proposition, believing it will become a tangible advantage in years ahead with economic slowdown and higher cost of capital. They focus on companies with sustainably high returns on capital, flexible balance sheets, and consistent cash flow generation. | DEO CVX APD NSC SCHW BLK |
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| 2023 Q4 | Jan 23, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, ALB, AMZN, BLK, CVX, FDX, GOOGL, HES, META, MLM, MSFT, NVDA, SCHW, TSLA | Buybacks, Concentration, dividends, financials, large cap, materials, Quality, value | The manager emphasizes quality factors as central to their investment approach, noting that quality factors were headwinds in Q4 but believing quality will help in the years ahead. They view quality as the antidote to uncertainty and focus on profitable, financially stable companies with strong fundamentals. | FDX CVX AALB.AS KMLM SCHW BLK |
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| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Growth & Income Fund | - | - | AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB | AI, dividends, energy, financials, growth, income, large cap, technology | AI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | APD, BLK, BMY, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, PFE | dividends, healthcare, Quality, staples, underperformance, Utilities, value | Fund focuses on above-average dividend yield stocks using Relative Yield process, investing in stocks yielding 1.1x the S&P 500 dividend yield. Portfolio holdings raised dividends 7% over the past year with continued dividend increases expected going forward. | View | |
| 2024 Q4 | Jan 13, 2025 | Pantera Capital | - | - | AAPL, AMZN, BLK, COIN, GOOGL, HOOD, JPM, NVDA, PYPL, SNE | AI, Bitcoin, Blockchain, crypto, DeFi, ETFs, gaming, Stablecoins | 2025 marks a turning point for crypto adoption with regulatory clarity emerging. The convergence of gateways, developer tools, and applications will unlock mainstream adoption. Blockchain networks secure $3 trillion in crypto assets with potential for 300x growth as global financial assets migrate onchain. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Oakmark Fund | BlackRock | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, Below-Market Multiple, ETF, fixed income, growth, iShares, Sustainable Investing, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Income Equity | BlackRock | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, balance sheet strength, capital return, Equity, financial services, market leader, Quality | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Large Cap | BlackRock | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM growth, capital return, competitive moat, financials, market leader, profitability | View Pitch |
| Apr 27, 2026 | Fund Letters | The London Company Large Cap | BlackRock Inc | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM, balance sheet, capital return, competitive position, Cost control, Industry Outperformance, profitability | View Pitch |
| Apr 15, 2026 | Substack | Alpha Seeker 84 | BlackRock, Inc. | Financial Services | Asset Management | Bull | New York Stock Exchange | 401(k) private assets, asset management, BlackRock, Diversified Platform, DOL rule, fee rate, Growth Opportunities, insurance mandates, Market Resilience, organic base fee growth | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | BlackRock Inc | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, AUM growth, capital return, ETF Business, fixed income, Interest rates, market share | View Pitch |
| Apr 13, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | BlackRock Inc. | Financials | Asset Management & Custody Banks | Neutral | NYSE | asset management, AUM growth, Beta Plus Strategy, Fund Flows, investment management, risk/reward, valuation | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | BlackRock, Inc. | Financials | Asset Management | Bull | New York Stock Exchange | Alternatives, asset management, capital returns, ETFs, scale | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | BlackRock Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, asset management, capital return, ETFs, scale | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Veltri Capital Insights | BlackRock | Financials | Asset Management | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Daniel Urbina | BlackRock, Inc. | Financials | Asset Management | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | TQP Research | BlackRock, Inc. | Financials | Asset Management | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $761,012 | 0.00% | 711 | +56 | +8.55% | 0.0005% |
| William Von Mueffling | Cantillon Capital Management | $18.5B | $550.4M | 2.98% | 514,252 | -506,552 | -49.62% | 0.3256% |
| Mark A. Hillman | Hillman Value Fund | $158.9M | $356,423 | 0.22% | 333 | -9 | -2.63% | 0.0002% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $55.5M | 0.10% | 51,897 | -15,200 | -73.79% | 0.0329% |
| Steven Halverson | Private Capital Management | $1.0B | $508,133 | 0.05% | 475 | +150 | +46.15% | 0.0003% |
| Ho Ching | Temasek Holdings | $31.6B | $5.5B | 17.26% | 5,092,825 | +0 | +0.00% | 3.2241% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $180.3M | 0.21% | 168,495 | +300 | +8.57% | 0.1067% |
| Ray Dalio | Bridgewater Associates | $27.4B | $4.9M | 0.02% | 4,581 | +1,305 | +39.84% | 0.0029% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $856,272 | 0.00% | 800 | -200 | -20.00% | 0.0005% |
| Israel Englander | Millennium Management LLC | $233.2B | $46.1M | 0.02% | 43,100 | -10,600 | -19.74% | 0.0273% |
| Stephen Selver | Bramshill Investments | $1.8B | $321,102 | 0.02% | 300 | +300 | +100.00% | 0.0002% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.3M | 0.00% | 1,221 | -68 | -5.28% | 0.0008% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $44.5M | 0.04% | 41,597 | -13,978 | -25.15% | 0.0263% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $47.1M | 0.07% | 44,022 | +16,500 | +59.95% | 0.0279% |
| Cliff Asness | AQR Capital Management | $190.6B | $94.9M | 0.05% | 88,628 | +31,283 | +54.55% | 0.0561% |
| Mario Gabelli | GAMCO Investors | $10.4B | $4.9M | 0.05% | 4,621 | -87 | -1.85% | 0.0029% |
| Louis Bacon | Moore Capital Management | $6.8B | $23.9M | 0.35% | 22,336 | +22,336 | +100.00% | 0.0141% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $5.5M | 0.12% | 5,178 | +149 | +2.96% | 0.0033% |
| Rich Handler | Jefferies | $19.3B | $761,526 | 0.00% | 711 | -5,277 | -88.13% | 0.0005% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $26.0M | 0.07% | 24,310 | -948 | -3.75% | 0.0154% |