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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Edgewood Management	-1.2%	5.5%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG SNPS ASML LLY FICO	View
2023 Q3	Sep 30, 2023	Nixon Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through investments in custom silicon and networking equipment for AI datacenter buildouts.	FICO AVGO BSX	View
2023 Q2	Aug 8, 2023	Montaka Global Investments	-	-	AAPL, AMD, AMZN, BX, CRM, GOOGL, KKR, META, MSFT, NOW, NVDA, SPOT, TSLA	AI, Alternative Assets, Cloud, growth, large cap, technology, US	AI is driving a multi-trillion-dollar opportunity in cloud computing, with AWS and Microsoft Azure capitalizing through specialized chips, machine learning models, and AI-assisted programs. Microsoft's Copilot AI assistant promises 40% premium pricing for Office applications, while Meta uses AI for content recommendations and ad targeting to overcome previous headwinds.	KKR ABX ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN	View
2024 Q2	Jul 30, 2024	Montaka Global Investments	-	-	AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA	AI, Cloud, Compounding, Concentration, growth, technology, value	The letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution.		View
2025 Q2	Jul 24, 2025	Montaka Global Investments	-	-	BX, FND, KKR, MC.PA, SPOT	active management, Competitive Advantage, Concentration, Flywheels, long-term, Quality	Montaka focuses on companies with three types of competitive advantages: economies of scale, customer captivity, and irreplicable assets. These advantages create barriers to entry and enable higher returns on invested capital over time.	FND FND	View
2025 Q2	Jul 21, 2025	Biondo Investment Advisors	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has identified encouraging signs that AI is beginning to broaden to the proprietary data and application layer beyond just infrastructure. Their AI framework spans infrastructure enablement, proprietary data applications, and productivity enhancements across portfolio companies.	BSX ISRG SNPS ASML FICO LLY	View
2023 Q2	Jul 14, 2023	WestEnd Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in companies benefiting from AI datacenter buildouts and custom silicon demand.	FICO AVGO BSX ET LLY AI AMD NVDA	View
2025 Q2	Jun 30, 2025	Edgewood Management	15.9%	6.8%	ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. Broadcom is positioned to benefit from the $250B+ AI chip market through custom silicon and networking equipment for AI datacenter buildouts. NVIDIA continues to drive AI compute with strong performance in the quarter.	FICO AVGO BSX FICO AVGO	View
2023 Q2	Jun 30, 2023	Fortress – Caribbean Growth Fund	-0.1%	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2026 Q1	Apr 8, 2026	ClearBridge Investments Dividend Strategy	-	-	ADP, APO, AVGO, BX, ENB, EQT, HON, LHX, MSFT, NOC, ORCL, OTIS, RTX, TSM, WMB, XOM	AI, defense, dividends, energy, Geopolitical, inflation, semiconductors, software			View
2026 Q1	Apr 8, 2026	ClearBridge Investments Large Cap Growth Strategy	-	-	ALNY, ASML, BX, COST, CRM, EQIX, ETN, FICO, GWW, INTU, LIN, MSFT, NFLX, ORCL, PYPL, RHHBY, RTX, SHW, TSM, TXN	AI, Biotechnology, defense, growth, industrials, large cap, semiconductors, technology		PYPL CRM ALNY ROG.SW TXN	View
2024 Q1	Apr 27, 2024	Montaka Global Investments	-	-	AAPL, AMD, BX, KD, MC.PA, MRNA, WMT	AI, compounders, global, Structural Change, technology	The AI wave has commenced and is already much larger than previously anticipated by industry insiders. AMD's AI chip was just released and the company revised their AI chip revenue forecast from $2 billion to $3.5 billion in just 92 days due to overwhelming customer demand. Future earnings forecasts for AMD will likely need substantial upward revisions.	KD AMD	View
2026 Q1	Apr 25, 2026	Edgewood Management	-13.3%	-13.3%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SNPS, SPOT, VRTX	AI, earnings, growth, large cap, semiconductors, software, technology, Valuations			View
2026 Q1	Apr 22, 2026	Columbia Dividend Opportunity Fund	5.2%	5.2%	APO, ARES, BG, BX, CVX, GLW, IBM, NTR, STX, T, VLO, VZ, XOM	dividends, energy, income, large cap, Quality, value			View
2026 Q1	Apr 22, 2026	Baron Real Estate Fund	-5.5%	-5.5%	ABNB, BN, BX, CBRE, CSGP, CZR, DLR, EQIX, JLL, PSA, SITE, TOL, WELL, WYNN	AI, Commercial real estate, Data centers, Homebuilders, real estate, REITs, Travel, valuation			View
2025 Q1	Apr 21, 2025	Biondo Investment Advisors	-	-	ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is expected to grow substantially, with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over the medium term.	FICO AVGO BSX	View
2024 Q1	Apr 20, 2024	Warden Capital	0.0%	9.1%	BX, NVDA	Commercial, demographics, inflation, Multifamily, real estate, REITs	Private market CRE prices may have bottomed out with large investors like Blackstone moving off the sidelines. Lending remains constrained but conditions are beginning to loosen on the banking side. The manager expects CRE bull markets if a big national recession can be avoided.		View
2023 Q1	Apr 13, 2023	LVS Advisory – Growth	8.1%	8.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2024 Q1	Apr 11, 2024	Regency Wealth Management	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, Cloud, growth, healthcare, large cap, semiconductors, technology	Edgewood maintains a comprehensive AI framework spanning infrastructure, proprietary data applications, and productivity enhancements. The firm sees AI broadening beyond infrastructure to applications and productivity layers, with 28% of the portfolio in AI infrastructure buildout companies.		View
2025 Q1	Apr 10, 2025	Aristotle Value Equity Fund	0.7%	0.7%	8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY	AI, Cloud, energy, financials, industrials, technology, Trade Policy, value	Adobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs.	GOOGL APD SONY ADBE	View
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
2024 Q1	Mar 31, 2024	Farrer 36 Asset Management	-	-	APO, BFIT.AS, BX, DBRG, EVO.ST, GOOGL, HWDN.L, MSFT, NVDA, TSM	AI, Asset Management, Predictable, private credit, Recovery, value	Apollo Global Management represents a differentiated approach to private credit through its retirement services business model. The company benefits from steady capital inflows through annuity premiums, providing more predictable AUM growth compared to traditional fundraising cycles. Apollo's origination platform across 16 businesses manages $130 billion in credit verticals, positioning it well in the expanding private credit market as banks face tighter regulatory requirements.		View
2023 Q1	Mar 31, 2023	Airlie Small Companies Fund	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2023 Q1	Mar 31, 2023	Fortress – Caribbean Growth Fund	3.1%	3.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is estimated at $250B+ with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over medium term with four new unnamed customers expanding AI revenue opportunity.	FICO AVGO BSX	View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2023 Q4	Dec 31, 2023	Farrer 36 Asset Management	-	-	ADYEN.AS, BX, GOOGL, IAC, SE, VZIO	consumer, global, Rate Cuts, small caps, technology, value	Portfolio skews toward mid- and small-cap space which has underperformed large caps. As interest rates are cut, small- and mid-caps tend to do better due to more floating-rate debt and increased risk appetite for smaller companies.	VZIO	View
2023 Q4	Dec 31, 2023	Nixon Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering Infrastructure & Enablement, Proprietary Data/Applications, and Productivity categories. They see encouraging signs that AI is beginning to broaden beyond infrastructure to proprietary data and application layers.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2022 Q4	Dec 31, 2022	Farrer 36 Asset Management	-	-	BX, SBIN IN	-			View
2025 Q3	Nov 7, 2025	Montaka Global Investments	-	-	0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U	AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value	AI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation.		View
2023 Q3	Oct 9, 2023	Artemis US Select Fund	2.6%	-	BX, CEG, CSX, DXCM, KHC, META, SAIA, TFII	active management, energy, healthcare, large cap, stock selection, technology, Transportation	Meta's significant incremental investment in AI and datacentre infrastructure will lead to meaningful new revenue opportunities both through growing in existing markets and entirely new product categories. Constellation Energy benefits indirectly from the AI wave as energy-intensive data centres are being built in the states that Constellation serves.	ABX TFII AER\|AWI\|MUSA\|NEU\|SAIA\|WTM CSX DXCM ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO CEG	View
2025 Q3	Oct 28, 2025	Artisan Focus Fund	2.7%	20.5%	AAPL, AMZN, AVGO, BX, CEG, GE, GOOGL, GS, JPM, KKR, META, MSFT, NFLX, NVDA, ORCL, RYCEY, SIEGY, TSLA, TSM, VST, WMB	AI, energy, financials, infrastructure, semiconductors, technology, value	AI infrastructure complex including power demand from data centers driving structural growth. Portfolio includes AI beneficiaries like NVIDIA, Taiwan Semiconductor, and power infrastructure companies. AI monetization models for frontier model builders remain uncertain but could drive future ROIC expansion.		View
2025 Q3	Oct 22, 2025	Easterly – Global Real Estate Fund	-2.9%	8.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026.		View
2025 Q3	Oct 21, 2025	Baron Real Estate Fund	10.2%	6.4%	AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN	Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value	Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth.	FND AAON WYNN FND AAON WYNN	View
2025 Q3	Oct 2, 2025	Night Watch Investment Management	4.2%	25.9%	5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE	AI, catalysts, Europe, global, Japan, private equity, small caps, value	Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios.	5842 JP WDC US BKD US	View
2024 Q3	Oct 17, 2024	Montaka Global Investments	-	-	AMD, AMZN, BX, CRM, FND, GOOGL, KD, KKR, MA, META, MSFT, NOW, SPGI, SPOT, V	AI, Asset Management, Cloud Computing, Global Equities, long-term, payments, technology	AI revolution is overwhelmingly native to the cloud and will drive incremental growth in cloud usage due to its inherently higher compute intensity. Enormous value can be unlocked through productivity enhancements on the enterprise side and engagement boosters on the consumer side. Most value is unlocked when AI models are married with customer data and meta data, favoring incumbents with decades of dataset building and existing customer bases for distribution.		View
2023 Q3	Oct 17, 2023	Kovitz Core Equity	-3.0%	14.8%	AXP, BX, DEO, DIS, EXPE, HAS, KEYS, KMX, PM, SPLK	credit, Economic Resilience, inflation, interest rates, long-term, Portfolio Management, value	Federal Reserve raised rates from 0.00%-0.25% to 5.25%-5.50% over 14 months in the fastest tightening cycle in history. Long-term bond yields surged with 10-year Treasury rising from 3.8% to 4.6%. Higher rates creating challenges for borrowers but opportunities for bond investors with real returns now exceeding 2%.	0PMJ LN KEYS ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO DEO AXP	View
2024 Q3	Oct 16, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW	AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology	Management teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies.	ASML ELF DXCM BX MA NOW	View
2024 Q3	Oct 15, 2024	Chilton Capital Management	-	-	BX, LINE	Commercial real estate, Fed Cuts, Market Leadership, rates, REITs, value	REITs are positioned for a changing of the guard as they trade at NAV premiums for the first time since 2010, enabling accretive acquisitions. Public REITs have strong balance sheets with 32% debt ratios while private funds face high debt costs from peak 2021-2022 purchases. The conditions resemble 2003-2007 with sustained NAV premiums and accretive growth potential.		View
2023 Q3	Oct 13, 2023	WestEnd Capital	-1.1%	30.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY PWR	View
2023 Q3	Oct 10, 2023	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V	Concentration, growth, large cap, technology			View
2023 Q4	Jan 8, 2024	Artemis US Select Fund	8.3%	-	AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC	Cloud, energy, financials, healthcare, Housing, semiconductors, technology	Structural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers.	BLDR AMZN	View
2024 Q4	Jan 7, 2025	Montaka Global Investments	-	-	AMZN, BABA, BX, CRM, FND, GOOGL, KD, KKR, MC.PA, MDB, META, MSFT, NOW, SPGI, SPOT, UNH	AI, Alternative Assets, Cloud, Concentration, Enterprise Software, growth, technology	AI represents a major structural transformation where the marginal cost of intelligence is rapidly approaching zero, catalyzing infusion into nearly all aspects of life and the economy. Montaka focuses on owning business advantages in AI rather than technologies, including economies of scale in compute delivery and embedded distribution channels. Enterprise deployments of AI applications are expected to accelerate meaningfully in 2025.		View
2023 Q4	Jan 4, 2024	Regency Wealth Management	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Quality, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in semiconductor and technology companies benefiting from AI datacenter buildouts and custom silicon demand.	FICO AVGO BSX	View
2025 Q4	Jan 31, 2026	Montaka Global Investments	0.0%	0.0%	0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V	AI, Cloud, geopolitics, Lithium, software, technology, value	AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses.	KKR BX NOW FND ALB	View
2025 Q4	Jan 30, 2026	Baron Durable Advantage Fund	2.7%	16.6%	AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL	AI, growth, large cap, Quality, semiconductors, technology	AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade.	WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG	View
2023 Q4	Jan 28, 2024	Montaka Global Investments	-	-	0700.HK, AMZN, BABA, BX, CG, CRM, GOOGL, KKR, LVMH.PA, META, MSFT, NOW, SPGI, SPOT, V	AI, Alternative Assets, compounders, Digital Marketing, Financial Services, global, Luxury, technology	Montaka sees AI winners across three dimensions: those that can distribute AI benefits to customers (Microsoft, ServiceNow, Salesforce, Spotify), those that employ AI in their operations (Meta, Alphabet), and those that sell compute and services for AI applications (Amazon, Microsoft, Alphabet). The firm believes large-scale AI rollouts have not yet begun despite early experimentation.	^VIX SPGI KKR ABX MC.PA	View
2025 Q4	Jan 23, 2026	Baron Real Estate Fund	-1.4%	4.9%	AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL	Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel	Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty.	IRM VTR WELL FBIN SKY CSGP H PLD JLL	View
2025 Q4	Jan 18, 2026	Ithaka US Growth Strategy	-6.1%	4.5%	AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV	AI, concentrated, growth, large cap, technology	The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute.	VEEV NOW GOOG AMD ISRG	View
2024 Q3	Sep 30, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL	Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value	The fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states.	AIG VZ	View
2024 Q3	Sep 30, 2024	Columbia Dividend Opportunity Fund	9.5%	0.0%	ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM	AI, dividends, large cap, rates, Utilities, value	The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates.		View
2024 Q3	Sep 30, 2024	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEY, AMZN, BX, DIS, GOOGL, KKR, LLY, META, MSFT, NVDA, PINS, SCHW, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, payments, Social Media, technology	The fund has significant exposure to AI infrastructure and applications through companies like NVIDIA, Microsoft Azure, and Google Cloud. Microsoft's Azure platform alone has potential to grow to more than $200 billion in annual revenue over the next decade. Infrastructure constraints are currently limiting growth but capacity expansion is expected to drive reacceleration.		View
2024 Q3	Sep 30, 2024	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, AMZN, BX, DASH, DIS, GOOGL, META, MSFT, NFLX, NVDA, PINS, SHOP, UBER, XHB	AI, E-Commerce, growth, Long/Short, secular themes, Social Media, technology	The fund maintains significant exposure to AI/Cloud Computing at 16.8% of the long portfolio. This includes positions in companies benefiting from AI infrastructure investment and development, with particular focus on companies like NVIDIA and Microsoft that are central to the AI ecosystem.	PINS GOOGL BX META SHOP	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
2024 Q2	Jul 16, 2022	Warden Capital	0.0%	9.1%	BX, CPT, EQR, KKR, NXRT, USRT	CRE, Fed, inflation, Multifamily, rates, real estate, REITs	Evidence building that CRE markets may be at a bottom in private market pricing unless recession occurs. Multifamily pricing has firmed with institutional interest from KKR and Blackstone. Delinquency rates continue rising but replacement costs have increased dramatically, positioning quality assets well below replacement cost for future appreciation.		View
2023 Q2	Jun 30, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS	AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology	The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally.	ZTS COST	View
2022 Q2	Mar 31, 2022	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	ADYE AV, AMZN, BX, GOOG, KKR, META, NKE, TWLO, UBER	-			View
2022 Q1	Mar 30, 2022	Aristotle Value Equity Fund	6.3%	12.3%	ATO, BX, CORTVSR BZ, EWBC, LEN, OSK, XEL	-			View
2023 Q4	Jan 31, 2024	RiverPark Large Growth	3.7%	16.4%	AAPL, AMZN, BX, GOOGL, ILMN, MA, META, MSFT, NFLX, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, Streaming, technology	Shopify continues to benefit from e-commerce growth with 25% revenue growth and 16% operating margins. The company processed 10% of US retail e-commerce sales, second only to Amazon. Management expects continued revenue growth of more than 20% per year driven by new merchants, increased adoption, and market share gains.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM AAPL\|MSFT\|NFLX\|NVDA\|UNH SNAP AAPL\|MSFT\|NFLX\|NVDA\|UNH UBER SHOP	View
2024 Q4	Jan 30, 2025	Aristotle Value Equity Fund	-4.4%	7.2%	ADBE, AMGN, AMP, ANSYS, ATO, BX, CFR, COF, CTVA, LEN, MCHP, MLM, MSFT, MUFG, PH, SONY	Asset Management, financials, Homebuilders, semiconductors, technology, value	The fund follows a quality-oriented approach to intrinsic value investing focused on fundamentals and unfolding catalysts measured in years, not quarters. The manager believes value investors often seek to invest in companies that are not in vogue with investors, and their approach is best measured over a full market cycle of three to five years.	MCHP LEN AMP COF	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ithaka US Growth Strategy	Blackstone Inc.	Financials	Asset Management & Custody Banks	Bull	NYSE	alternative assets, asset management, Credit, Deal Crystallizations, Institutional Investors, private equity, Real Estate	View Pitch
Apr 13, 2026	Fund Letters	RiverPark Long/Short Opportunity Fund	Blackstone Inc.	Financials	Asset Management & Custody Banks	Bull	NYSE	alternative assets, asset management, AUM growth, dividend yield, private equity, Recurring Fees, Value	View Pitch
Feb 21, 2026	Fund Letters	Andrew Macken	The Blackstone Inc.	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	Alternatives, Fees, Fundraising, M&A, Private Credit, Realizations	View Pitch
Jan 23, 2026	Seeking Alpha	Seeking Alpha	Blackstone Inc.	Financial Services	Private Equity	Neutral	New York Stock Exchange	Blackstone, BREIT, capital raising, investment strategy, NAV, outperformance, private equity, Real Estate, REITs, valuation	View Pitch
Jan 13, 2026	Seeking Alpha	Seeking Alpha	Blackstone Inc.	Financial Services	Asset Management	Bull	New York Stock Exchange	alternative asset management, Credit, dividend yield, Dry powder, earnings growth, Fundraising, market opportunities, Perpetual capital, private equity, Real Estate	View Pitch
Aug 8, 2025	Seeking Alpha	David Johnson	Blackstone Inc.	Financials	Asset Management	Neutral	NYSE	—	View Pitch

BSD Shareholders of BX

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.

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