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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, CMG, GART, GOOG, GWW, INTU, NKE, NVDA, NVO, WCN, WDAY | earnings, growth, innovation, moats, technology | The commentary emphasizes sustained large-cap growth leadership supported by strong earnings, balance sheet quality, and secular technology adoption. While valuations are elevated, pricing power and margin durability among dominant franchises underpin continued growth potential. Growth remains attractive as innovation and capital discipline drive long-term earnings compounding. | View | |
| 2023 Q3 | Sep 30, 2023 | ClearBridge Mid Cap Growth Strategy | - | - | BKI, CASY, CMG, FERG, KEYS, SWAV, XPO | - | View | ||
| 2025 Q2 | Aug 20, 2025 | Pershing Square Holdings | - | 15.5% | AMZN, BN CN, CMG, FNMA, GOOG, HHH, HLT, HTZ, NKE, UBER, UMG NA | activism, Capital Allocation, Concentration, Governance, value creation | The commentary focuses on concentrated ownership in high-quality businesses where engagement can unlock operational and strategic value. Management emphasizes disciplined capital allocation, strong balance sheets, and long-duration growth. Activism is positioned as a catalyst for value realization rather than short-term trading. | View | |
| 2024 Q1 | May 18, 2024 | Rowan Street Capital | 12.8% | 42.3% | CMG, TTD | - | View | ||
| 2025 Q1 | Apr 6, 2025 | Seeking Winners | -0.5% | -0.5% | APPF, BRO, CMG, CPRT, HEI, IT | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | View | ||
| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 11, 2026 | Pershing Square Holdings | -5.4% | 20.9% | AMZN, BN, CMG, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG | Activist Investing, AI Integration, Capital Allocation, Corporate Transformation, Megacap Growth | The presentation highlights strong NAV growth driven by concentrated investments in high-quality megacap companies benefiting from AI-driven earnings acceleration. The firm underscores its activist approach, strategic capital allocation, and the transformative transaction involving Howard Hughes as key long-term value drivers. Management believes structural earnings growth among dominant franchises supports current market multiples while selective volatility creates attractive entry points. | CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN |
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| 2024 Q4 | Feb 11, 2025 | Pershing Square Holdings | - | 10.2% | BN, CMG, CPKC, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments All Cap Growth | - | - | BIIB, CMCSA, CMG, ICLR | - | View | ||
| 2023 Q2 | Dec 7, 2023 | Rowan Street Capital | 12.8% | 42.3% | CMG, NVO, TSCO | - | View | ||
| 2024 Q3 | Oct 28, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN, AKAM, AMAT, ARNB, CHTR, CMG, DHR, INTU, MAR, MELI, MSCI, NVDA, PCOR, SHW | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Magellan Global Fund | 0.0% | - | CME, CMG, GOOG, TSM | Artificial Intelligence, Defensive Growth, Derivatives, Digital infrastructure, Quality Investing | The Global Fund continues to emphasize quality growth stocks with exposure to secular AI and digital trends, while balancing risk with defensives like Nestlé and Eversource. Management notes strong fundamentals across tech leaders but warns against speculative excess. The fund highlights CME Group as a core holding that benefits from volatility and rising retail derivatives activity. | CME |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisors Mid-Cap Growth strategy | 2.0% | 9.4% | ALNY, CAH, CMG, CVNA, DKNG, DXCM, FIG, FIX, MDB, NTSK, OS, PSN, RBLX, TTD, VRSK, WST, ZS | Artificial Intelligence, Biotechnology, cybersecurity, Data centers, healthcare | Brown Advisory sees strong tailwinds from AI and data center infrastructure fueling select mid-cap growth opportunities, including semiconductors, software, and cybersecurity. The fund also focuses on healthcare innovation, emphasizing biotech firms and specialty drug distributors benefiting from complex therapies and new technologies. It maintains a disciplined approach, trimming overvalued AI-exposed holdings and adding positions in emerging digital security and healthcare growth names. | CVNA NTSK PSN |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, GWW, HOOD, ICLR, JBHT, KLA GR, MELI, MORN, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | Artificial Intelligence, industrials, Nearshoring, semiconductors, software | The fund attributes outperformance to AI-related semiconductor and software positions, emphasizing the ongoing megatrend driving system-on-chip, testing, and storage demand. Managers highlight new exposure to industrial distributors like W.W. Grainger, reflecting conviction in nearshoring and manufacturing recovery themes. They maintain selective positioning across AI and cyclical sectors to capture both structural growth and economic normalization. | View | |
| 2025 Q3 | Oct 14, 2025 | Parnassus Growth Equity Fund | 5.8% | - | AAPL, APPF, ASML, BRO, CMG, CRM, DE, GOOG, INSM, INTU, MELI, PODD, SARP, TSM | Artificial Intelligence, growth, healthcare, inflation, semiconductors | The fund underperformed the Russell 1000 Growth Index due to underweight positions in Apple and Tesla but gained from holdings in Alphabet, ASML, and TSMC. It highlights AI infrastructure buildout, healthcare innovation, and defensive growth through high-quality companies like Insulet and StandardAero. Management remains bullish on U.S. equities while monitoring inflation and monetization risks from AI. | PODD US SARO US |
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| 2025 Q3 | Oct 14, 2025 | Ithaka US Growth Strategy | 1.0% | - | CMG, HOOD, ISRG, NOW, NVDA, SHOP | Artificial Intelligence, infrastructure, monetary policy, technology, valuation | The letter frames the U.S. market rally around an unprecedented AI-driven capital expenditure boom comparable to the Internet buildout, with AI infrastructure spending expected to reach up to $600B in 2025. While supportive of growth and equity valuations, it also raises concerns about potential overvaluation and circular funding structures. The Feds rate cuts and fiscal stimulus have further fueled liquidity, reinforcing equity momentum but leaving markets vulnerable to policy shifts. | View | |
| 2025 Q3 | Oct 1, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | ACN, AVGO, CMG, DDOG, UNH, UNP, WDAY | AI, Broadcom, Datadog, Oracle, technology | The letter discusses dispersion between AI winners and losers, emphasizing disciplined exposure rather than momentum chasing. Infrastructure software and select cyclicals are positioned to benefit from AI-driven investment. Valuation awareness and diversification remain central. | VRTX US DDOG US ORCL US |
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| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Large Cap Growth Strategy | 1.2% | 0.0% | ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY | AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance | AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher. | View | |
| 2025 Q4 | Jan 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2025 Q4 | Jan 30, 2026 | Immersion Investment Partners | 0.0% | 0.0% | BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING | AI, Food, growth, Restaurants, small caps, tech, Valuations | The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves. | BROS MAMA PAR |
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| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Fund | 0.1% | 3.0% | AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM | AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology | AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture. | MSFT GOOG TSM |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 2 | 1.4% | 0.0% | AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM | AI, Cloud, consumer, Defensive, global, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ACN, APTV, CMG, EL, NVDA, SBUX, TEAM | - | View | ||
| 2023 Q2 | Jul 27, 2023 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | CMG, ENPH, ENTG, MKTX, MLM, MRVL, MSCI, SNPS, ULTA, WOLF | - | View | ||
| 2024 Q2 | Jul 16, 2022 | Ensemble Capital | 0.0% | 8.0% | ADI, CMG, CSCO, ILMN, NVDA, VEEV | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCC, CELH, CMG, EXAS, FIVE, INSM, LSCC, MRVL, MTSI, POOL, RBLX, SPOT, TYL, WST | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ensemble Capital | 0.0% | 8.0% | BKNG, CMG, FRC, GOOG, MASI, NVR, RACE LN | - | View | ||
| 2022 Q4 | Mar 28, 2023 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV | - | View | ||
| 2023 Q4 | Mar 22, 2024 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CPKC MM, GOOG, HHH, HLT, LOW, QSR, UMG | - | View | ||
| 2023 Q4 | Mar 18, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | BRO, CMG, NVO | - | View | ||
| 2022 Q3 | Feb 11, 2022 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | AVLR, AZPN, CMG, ETSY, PCTY, TFX, WSC | - | View | ||
| 2022 Q4 | Jan 17, 2023 | Ensemble Capital | 0.0% | 8.0% | CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, BNTX, CELH, CMG, DXCM, JBL, LSCC, LULU, ON, RGEN, RYAN, SHOP, VEEV, XYL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Bill Ackman | Chipotle Mexican Grill, Inc. | Consumer Discretionary | Restaurants | Bear | New York Stock Exchange | Comps, exit, leadership, Margins, valuation | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Chipotle Mexican Grill, Inc. | Restaurant | Fast Casual Dining | Bear | New York Stock Exchange | Chipotle, comp sales, competitive pressures, Cost Inflation, menu innovation, operating margins, premium valuation, restaurant industry, sell rating, traffic decline | View Pitch |
| Jan 22, 2026 | Twitter / X | @AndrewDoPaco1 | Computer Modelling Group Ltd. | Information Technology | Application Software | Bull | Toronto Stock Exchange | Bluware, CMG, oilfield services, process control, Satellite, Simulation, Software, Upstream Oil | View Pitch |
| Jan 16, 2026 | Seeking Alpha | Seeking Alpha | Chipotle Mexican Grill, Inc. | Restaurant | Fast Casual | Bear | New York Stock Exchange | Chipotlane, Chipotle, expansion, fast-casual dining, Food inflation, HEAP, operating margins, restaurant growth, same-store sales, valuation | View Pitch |
| Jan 9, 2026 | Fund Letters | Pratik Kodial | Chipotle Mexican Grill Inc. | Consumer Discretionary | Restaurants | Bull | New York Stock Exchange | Brand, expansion, Margins, Restaurants, Unit_economics | View Pitch |
| Dec 5, 2025 | Substack | Rijnberk Invest Insights | Chipotle Mexican Grill, Inc. | Consumer Discretionary | Restaurants | Bear | balance sheet, Chipotle, comparable-store sales, consumer spending, economic headwinds, growth slowdown, inflation, international expansion, market positioning, restaurant industry | View Pitch | |
| Dec 3, 2025 | Fund Letters | Cormac Weldon | Comfort Systems USA Inc. | Consumer Discretionary | Construction & Engineering | Bull | NYSE | backlog, construction, growth, Industrial, Margins, valuation | View Pitch |
| Nov 26, 2025 | Value Investors Club | WinBrun | Chipotle Mexican Grill | Consumer Discretionary | Restaurants | Bull | NYSE | Chipotle, Fast casual, F&B, Restaurant margins, Digital ordering, AUV expansion | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Chipotle Mexican Grill, Inc. | Restaurants | Bull | cash flow, Chipotle, comparable sales, consumer environment, digital marketing, International Growth, menu innovation, unit expansion | View Pitch | ||
| Oct 31, 2025 | Seeking Alpha | Seeking Alpha | Chipotle Mexican Grill, Inc. | Restaurants | Bull | Chipotlane, Chipotle Mexican Grill, consumer confidence, digital sales, economic headwinds, expansion plans, financial stability, growth strategy, restaurant industry, stock valuation | View Pitch | ||
| Oct 21, 2025 | Value Investors Club | Trajan | Computer Modelling Group Ltd. | Information Technology | Software | Bull | TSX | Eclipse, Ipstream energy, Reservoir simulation, SaaS, Vertical SaaS | View Pitch |
| Oct 8, 2025 | Seeking Alpha | Seeking Alpha | Chipotle Mexican Grill Inc. | Restaurants | Neutral | Chipotle Mexican Grill, digital sales, economic risks, fast-casual restaurant, hold recommendation, inflation, innovation, logistical challenges, premium valuation, workforce costs | View Pitch | ||
| Oct 6, 2025 | Seeking Alpha | Seeking Alpha | Chipotle Mexican Grill, Inc. | Restaurants | Bull | Chipotle, earnings acceleration, fast-casual dining, international expansion, loyalty program, macroeconomic challenges, menu innovation, Revenue Growth, stock rerating, technology implementation | View Pitch | ||
| Aug 7, 2025 | Substack | Rijnberk Invest Insights | Chipotle Mexican Grill, Inc. | Consumer Discretionary | Restaurants | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||