COST

COST

COST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 24, 2025	Andrew Hill Investment Advisors, Inc.	-	-	AMSC, COST, EQT, GE, GEV	AI, commodities, gold, interest rates, Trade	The manager emphasizes valuation discipline amid market concentration and speculative excess. Absolute valuation and cash-flow durability are prioritized over narrative-driven growth. Opportunities are found where pessimism has created mispriced quality businesses.	YETI	View
2024 Q2	Jul 15, 2024	Focus Wealth Management	-	-	COST	-			View
2024 Q2	Jun 30, 2025	Barometer Capital Management Inc.	-	-	AVGO, COST, DIS, DOL, ETN, LLY, MSFT, MSI, NVDA, TRI CN, VLO	-			View
2024 Q1	May 8, 2024	Aoris International Fund	3.1%	0.0%	ACO GR, COST, CPG LN, NVDA, TSCO, V	-			View
2025 Q1	Apr 2, 2025	Ghosh Capital	8.0%	8.0%	COST, KPG AU, MDA CN	-			View
2025 Q1	Apr 12, 2025	Longleaf Partners International Fund	0.7%	0.7%	1910 HK, COST, CUERVO* MM, GLB LN, GMKKY, JFC PM, LXS GR, PRX NA, TIGO	-			View
Q4 2025	Mar 6, 2026	Bireme Capital	-	33.0%	AAPL, BLNK, COST, GOOGL, INTC, META, MSFT, NKLA, NVDA, RIVN, SPCE, TSLA	AI, Bubble, Corruption, Institutional, international, Speculation, Valuations	US equity valuations are at perilous highs with S&P 500 forward P/E at 23x and CAPE near 40x, while international markets offer significant discounts. European and Japanese equities trade around 15x forward earnings, roughly 30% discount to US multiples. Latin America trades at mere 10x forward earnings with 5%+ dividend yield. Artificial intelligence investments show artificial profit today due to massive capex creating revenue for picks-and-shovels companies while depreciation lags cash expenses. The AI complex is moving toward commoditization with intense competition evident across cloud providers, compute, and models themselves. Circular investments within the AI ecosystem are reminiscent of dotcom-era vendor financing. American institutional excellence is under unprecedented attack including rule of law, independent judiciary, competent bureaucracy, and fiscal prudence. The current administration has conducted mass purges of government watchdogs, attacked Federal Reserve independence, and systematically undermined the norms that define proper federal government role. Markets are experiencing extreme speculation with vibe investing replacing fundamental analysis. Assets are priced on fantastical stories rather than cash flows, with leveraged ETFs, retail options trading, and story stocks reaching bubble-like levels. This madness can only end in disaster. High-quality international businesses trade at fractions of US multiples, with the manager positioning clients to take advantage of this divergence. Despite US equity market dominating investor mindshare, the rest of the world returned 32.6% in dollar terms in 2025 versus SPY's 17.7%.		View
2025 Q1	Mar 31, 2025	Madison Sustainable Equity Fund	-	-	A, ACN, COST, ECL, GOOG, LIN, LLY, ORCL, PGR, UPS, USB, V	-			View
Q4 2025	Feb 16, 2026	Bronte Capital Amalthea Fund	-	-9.0%	AMZN, COST, GOOGL, MSFT, REGN	AI, Bubble, global, Long/Short, risk management, technology, valuation	The fund extensively analyzes whether there is a bubble in artificial intelligence, comparing current AI hype to previous market bubbles like the late 1990s internet boom. They discuss the fundamental questions around AI investments including GPU depreciation, datacenter power demands, and whether promised returns will materialize.		View
2018 Q4	Dec 31, 2018	Aquamarine Fund	-	-13.3%	AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA	-			View
2017 Q4	Dec 31, 2017	Aquamarine Fund	-	34.9%	ATGE, BRK/A, COGN3 BZ, COST, FCAU, GM, RACE IM, SCHW, TSLA	-			View
2016 Q4	Dec 31, 2016	Aquamarine Fund	-	8.5%	AAPL, AMZN, BHC, COST, MCO, META, NFLX, TSLA	-			View
2023 Q3	Dec 10, 2023	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	AHT LN, COST, FER SM, HLMA, UNICY, UNP, URI, YUMC	-			View
2025 Q3	Oct 6, 2025	Broadleaf Partners	8.8%	16.6%	CI, COST	Employment, Fed policy, growth, inflation, tariffs	Broadleaf highlights extreme dispersion between price and value as narrative-driven markets favor growth regardless of fundamentals. The manager emphasizes downside protection through balance-sheet strength and normalized earnings power. Value investing remains attractive as sentiment cycles revert and capital markets refocus on cash generation.		View
2025 Q3	Oct 15, 2025	Madison Sustainable Equity Fund	6.5%	8.2%	AMZN, ANET, COST, GOOG, LLY, ORCL, PLAN CN, TEL, TJX, TXN, V	Artificial Intelligence, Cloud Computing, Esg, sustainability, technology	Madison underscores the integration of AI and sustainability within high-quality, large-cap equities. It highlights Oracle, Alphabet, Arista, and TE Connectivity as key beneficiaries of AI infrastructure growth and cloud expansion, while emphasizing ESG leadership at firms like Amazon, Microsoft, and Linde. The funds outlook favors technology and communication services, expecting AI adoption and sustainability initiatives to drive multi-year earnings growth.	TJX TEL ANET GOOGL ORCL	View
2023 Q4	Oct 1, 2024	Tsai Capital	0.0%	55.1%	AAPL, AMZN, COST, GOOG, TSLA	-			View
2025 Q4	Jan 9, 2026	Tsai Capital	0.0%	7.6%	AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V	Compounding, disruption, Ecosystems, growth, innovation, Networks, technology	Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth.		View
2024 Q4	Jan 8, 2025	Longriver Investment Partners	2.5%	26.0%	COST, WISE LN	-			View
2025 Q4	Jan 6, 2026	Lansing Street Advisors	0.0%	0.0%	COST, CSCO, NVDA, WMT	AI, Bitcoin, demographics, Leverage, Options, Predictions, technology, Valuations	The manager extensively compares current AI valuations to the 1999 internet bubble, arguing AI represents a trend rather than a fad. Technology companies have doubled net income over four years and grown earnings 550% since 2008, demonstrating sustainable profitability unlike the dot-com era where 74% of internet companies had negative cash flows. Bitcoin declined roughly 6% in 2025 despite widespread price targets of $200,000 from major firms and up to $1.5 million by 2030 from Cathie Wood. The manager uses Bitcoin's volatile history to illustrate the futility of one-year predictions for highly speculative assets.		View
2025 Q4	Jan 5, 2026	Douglass Winthrop Advisors, LLC	0.0%	0.0%	AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER	AI, inflation, Quality, technology, Trade Policy, value	AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies.		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
2025 Q4	Jan 29, 2026	Ashva Capital Management	0.0%	0.0%	AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG	AI, Compounding, long-term, Quality, semiconductors, technology, US, value	The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices.	DIS AMD MU	View
2025 Q4	Jan 11, 2026	Penn Davis McFarland	0.0%	0.0%	COST, NVDA, ORCL	AI, Debt Markets, Fed policy, regulation, tariffs, technology, Valuations	AI boom entering new phase with tech companies turning to debt markets to fund infrastructure investment. Over $400 billion in debt issued by global tech companies in 2025. OpenAI considering IPO in 2026 with $1.4 trillion capital expenditure commitments for data centers and chips. Tariffs remained a clear headwind throughout 2025, creating uncertainty for supply chain planning. Tariffs at 125% against China with frequent changes making strategic planning difficult. Companies like Costco have sued the government for potential refunds if tariffs deemed illegal. Federal Reserve announced $40 billion monthly Treasury Bill purchases on December 10, moving back to quantitative easing under reserve management guise. Fed balance sheet normalized from $9 trillion peak in 2022 to $6.5 trillion before new purchases began.		View
2024 Q3	Sep 30, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	APPL, COST, DHR, EFX, GOOG, KEYS, LLY, MSFT, NEE, ORCL, PGR, QCOM, SCHW, UAHC	-			View
2024 Q2	Jul 17, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	COST, GOOG, NEE, QCOM	-			View
2024 Q2	Jul 15, 2024	Parnassus Core Equity Fund	5.5%	18.2%	AAPL, AMAT, BALL, COST, CRM, DE, GOOGL, INTC, ORCL, VRSK	-			View
2023 Q2	Jul 14, 2023	Patient Capital Management	5.6%	15.8%	C, COST, JPM, WAL	-			View
2023 Q2	Jun 30, 2023	RiverPark Large Growth	3.7%	16.4%	ADSK, AMZN, COST, DIS, ILMN, META, NKE, NVDA, PYPL, SHOP, UBER, ZTS	-			View
2023 Q2	Jun 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AMZN, COST, DIS, ILMN, ISRG, META, NKE, PYPL, SHOP, UBER, XHB, ZTS	-			View
2023 Q2	Jun 30, 2023	Barometer Capital Management Inc.	-	-	AVGO, COST, DIS, DOL, EFN, L, LLY, MSFT, NVDA, TOY, TRI	-			View
2024 Q4	Feb 21, 2025	Semper Augustus	-	7.0%	AAPL, AMZN, BHE, BRK/A, COST, DG, GOOG, KKR, MCY, META, MSFT, NVDA, ORLY, TSLA	-			View
2023 Q4	Jan 26, 2024	Aoris International Fund	3.1%	0.0%	ATCOB SW, COST, CPRT, FAST, GGG, MSFT, OR FP	-			View
2022 Q4	Jan 18, 2023	Rowan Street Capital	12.8%	42.3%	COST, KO, PG	-			View
2024 Q4	Jan 13, 2025	Patient Capital Management	-	-	COST, OMF, PLAY, RPRX, TSLA	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Dec 4, 2025	Seeking Alpha	Seeking Alpha	Costco Wholesale Corporation		Discount Stores	Neutral		Costco, economic bifurcation, higher-income consumers, long-term investment, market share growth, membership model, retail industry, Special dividend, tariff refunds, valuation multiples	View Pitch
Aug 8, 2025	Seeking Alpha	YR Research	Costco Wholesale Corporation	Consumer Discretionary	Discount Stores	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Mike Zaccardi, CFA, CMT	Costco Wholesale Corporation	Consumer Discretionary	Discount Stores	Neutral	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Juxtaposed Ideas	Costco Wholesale Corporation	Consumer Discretionary	Discount Stores	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of COST

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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