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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | AVI Global Trust | - | - | APO, ARM, CPNG, DTE.DE, ENT.L, FMXUF, KKR, NWSA, SFTBY, TMUS | activism, Discounts, dividends, global, value | D'Ieteren announced a special dividend of €74 per share, equating to a 39% yield at current prices. The dividend will be funded via a €3.8bn dividend recapitalisation at Belron and new debt facilities. The manager views receiving a large portion of market cap back at NAV as inherently positive. | DIEPA.BR |
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| 2024 Q3 | Sep 30, 2024 | Octahedron Capital | - | - | AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP | AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology | Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Global Advantage Fund | -6.1% | 9.4% | ADYEN.AS, ARGX, BAJFINANCE.NS, CPNG, CRWD, DAVA, DDOG, FVRR, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VEEV, WIX, ZI | AI, Biotechnology, E-Commerce, global, growth, small caps, technology | NVIDIA continues to exceed projections with 94% revenue growth and 192% EPS growth expected for 2023, driven by accelerating demand for Generative AI. The company raised guidance multiple times during the quarter, demonstrating the strength of AI adoption across industries. | VTWIX CPNG |
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| 2025 Q2 | Aug 7, 2025 | RIT Capital | - | 3.4% | AMZN, CAE.TO, CEG, CPNG, CRM, GDDY, ICE, IWG.L, MRO.L, MSFT, NFLX, RNR, TEAM, VFC | AI, defense, global, Japan, Multi-polar, Private Investments, Quality, Realisations | Artificial intelligence and digital transformation are accelerating change across traditional industries creating new sources of growth. The portfolio benefitted from AI-driven technologies including investments in Scale AI, OpenAI, and other AI-focused companies. Meta's acquisition of a 49% stake in Scale AI for $14.3 billion demonstrates the value creation potential in this space. | View | |
| 2025 Q2 | Aug 2, 2025 | Baron Global Advantage Fund | 22.6% | 11.0% | ARGX, BILL, CPNG, CRWD, DDOG, ENDV, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, PDD, SHOP, SNOW, TSLA, TSM, TTAN, ZS | AI, E-Commerce, global, growth, semiconductors, technology, volatility | AI infrastructure buildout is durable with NVIDIA maintaining leadership. Scaling laws have expanded beyond pre-training to post-training and test-time scaling, driving GPU demand. AI workloads will be supported by large language models in datacenters, unlocking trillions in value across intelligence-bottlenecked industries. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Emerging Markets Growth Fund | 12.9% | 15.7% | 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 2454.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, HDFC.NS, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, TITAN.NS, TSM, WALMEX.MX | AI, E-Commerce, emerging markets, Fintech, gaming, growth, semiconductors, technology | AI infrastructure buildout continues with sustained momentum, particularly in semiconductor demand. Taiwan Semiconductor reaffirmed its long-term goal to grow AI-related revenue at a mid-40 percent compound annual rate through 2029. AI is accelerating a winner-takes-most dynamic, benefiting companies with scale, differentiated offerings, and the ability to productize innovation. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 17, 2025 | Hosking Partners | - | 12.2% | 000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST | defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value | Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers. | 055550.KS CPNG 000660.KS III.L BAB.L |
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| 2025 Q2 | Jun 30, 2025 | EdgePoint Global | - | - | CFR, CPNG, O | capital structure, credit, ecommerce, Luxury, Margin Of Safety, risk management | EdgePoint focuses on credit investments with margin of safety, analyzing permanent loss of capital risk. The firm conducts pre-mortems to discuss what could go wrong with investments and stress tests businesses under pessimistic scenarios to ensure debt coverage. | FTCH O |
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| 2025 Q2 | Jun 30, 2025 | Octahedron Capital | - | - | ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W | Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy | AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows. | View | |
| 2025 Q2 | Jun 30, 2025 | SoftBank Group | - | - | 1548.HK, 2228.HK, 9434.T, 9984.T, ARM, ASTO.OL, BABA, CPNG, DASH, DIDI, DTE.DE, GOOGL, KLAC, META, MOMS.NS, MSFT, OLECTRA.NS, SWGY.NS, SYM, TMUS | AI, growth, innovation, Investment, Platform, semiconductors, technology, Vision Funds | SoftBank is positioning itself as the world's No. 1 ASI (Artificial Super Intelligence) platform provider, with major investments in OpenAI, Arm's AI chip designs, and AI infrastructure through the Stargate Project. The company sees AI as completely redefining every industry and believes the next few decades of AI innovation will surpass all technological progress of the last three centuries. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron Global Advantage Fund | 3.3% | 6.9% | ADYEN.AS, ALAB, ARGX, ASML, CPNG, CRWD, DAVA, DDOG, FVRR, GLOB, INDI, MELI, NET, NVDA, RIVN, SHOP, SNOW, TMP, TSLA, WIX | AI, global, growth, healthcare, semiconductors, software, technology | The fund views AI as driving a new industrial revolution, with NVIDIA positioned as the AI generator creating tokens for every industry. The manager believes we remain early in AI adoption across industries and the race for Artificial General Intelligence continues with exponential demand growth for accelerated computing. | TXG NET SHOP CPNG CRWD NVDA |
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| 2026 Q1 | Mar 31, 2026 | Harris Associates International Equity Strategy | -6.7% | -6.7% | 005930 KS, 8113.T, ADS.DE, CNHI, CPG.L, CPNG, DSY.PA, GLEN.L, HLN.L, LSEG.L, MC.PA, SAP.DE | AI, Asia, Europe, international, Mining, semiconductors, software, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Global Advantage Fund | -9.5% | -9.5% | 532978.BO, AFYA, ARGX, CPNG, DDOG, GLOB, MELI, NET, NVDA, PDD, SAIL, SHOP, SNOW, SQ, TSLA, TSM, WIX, ZOMATO.NS, ZS | AI, cybersecurity, E-Commerce, global, growth, semiconductors, tariffs, technology | AI represents the biggest disruptive change in the manager's career. Models continue to improve on the intelligence curve while costs decline, opening new markets and opportunities. NVIDIA's progress across hardware and software remains unmatched, with reasoning models requiring 100x more compute than previously thought. | View | |
| 2025 Q1 | Mar 31, 2025 | Octahedron Capital | - | - | ABNB, AMZN, BKNG, CPNG, CRM, CVNA, DIS, GOOGL, GTLB, MELI, META, NET, NFLX, NOW, PLTR, SNOW, UBER, W, WDAY, ZS | AI, E-Commerce, growth, Internet, payments, semiconductors, software, technology | Agentic AI emerged as the dominant theme with reasoning models like DeepSeek-R1 and OpenAI o3 enabling AI agents to complete complex multi-step tasks. The commoditization of LLMs is accelerating AI applications growth while reducing inference costs, creating opportunities for application software companies with proprietary data. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Emerging Markets Growth Fund | 2.5% | 2.5% | 0700.HK, 1211.HK, 1299.HK, 2020.HK, 2330.TW, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BRITANNIA.NS, CPNG, GLOB, GRAB, HDFCBANK.NS, MELI, NU, RELIANCE.NS, SE, WEGE3.SA | AI, China, E-Commerce, emerging markets, growth, India, semiconductors, technology | Since the beginning of 2024, we have narrowed our underweight to China relative to the MSCI EM. While we remain cautious about China's long-term structural challenges and ongoing geopolitical tensions with the United States, we also see a select group of exceptional growth businesses in the country. Our views are shaped by on-the-ground research with three research trips to China and Hong Kong in the first quarter of 2025. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2024 Q1 | Mar 31, 2024 | Baron Global Advantage Fund | 3.5% | 3.5% | ADYEN.AS, ALAB, ARGX, ASML, BJFN.NS, CPNG, CRWD, ENDV, INDI, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VKTX, ZOMATO.NS, ZS | AI, cybersecurity, Electric Vehicles, global, growth, innovation, semiconductors, technology | Fund views AI as a multi-decade paradigm shift with NVIDIA at the epicenter. GenAI is showing rapid real-world adoption with revenues exceeding $3 billion. The manager believes AI will drive productivity gains and technological breakthroughs across industries from drug discovery to autonomous machines. | ALAB VKTX NVDA |
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| 2025 Q4 | Mar 2, 2026 | Baron Global Opportunity Fund | 6.5% | 27.5% | ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS | AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology | AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms. | View | |
| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2025 Q4 | Feb 11, 2026 | Baron Fifth Avenue Growth Fund | 3.3% | 18.2% | ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models. | MELI CPNG META SHOP NVDA MPWR AVGO GOOGL |
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| 2024 Q4 | Dec 31, 2024 | Baron Global Advantage Fund | 11.8% | 26.1% | ARGX, ASML, BAJFINANCE.NS, BILL, CPNG, CRWD, DDOG, ENDV.L, INDI, MELI, NET, NVDA, RIVN, SHOP.TO, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS | AI, Cloud, E-Commerce, global, growth, Robotics, semiconductors, technology | The fund views AI as one of the biggest disruptive changes in human history, comparing it to the early internet era. AI model intelligence is improving rapidly through multiple vectors including scaling laws, multiple modalities, synthetic data, post-training techniques, and inference-time scaling. The fund owns businesses positioned to benefit from this paradigm shift including NVIDIA at the epicenter and platforms like Shopify that can utilize AI to help merchants. | View | |
| 2024 Q4 | Dec 31, 2024 | SoftBank Group | - | - | AAPL, AMZN, ARM, AURO, AUTO, BABA, CPNG, DASH, DIDI, DTEGY, GKBW, GOOG, GOTO.JK, MSFT, NVDA, SYM, TMUS, UBER, WE, ZOMATO.NS | AI, Arm, growth, innovation, Investment, semiconductors, technology, Vision Funds | SoftBank positions AI as the core of the Information Revolution and their investment strategy. The company believes AI will redefine all industries and is investing heavily in AI-powered companies across their portfolio. They anticipate the realization of artificial super intelligence (ASI) within ten years, which they view as a turning point in human history. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, Cloud, global, growth, innovation, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP | AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making. | View | |
| 2023 Q4 | Dec 31, 2023 | Baron Global Advantage Fund | 14.7% | 25.3% | 3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS | AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology | GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Emerging Markets Growth Fund | 5.0% | 21.5% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 1299.HK, 1810.HK, 2020.HK, 300750.SZ, APOLLOHOSP.NS, ASML, BAJFINANCE.NS, BHARTIARTL.NS, COSMAX.KS, CPNG, HDFCBANK.NS, MELI, NU, SE, TSM | AI, China, E-Commerce, emerging markets, Fintech, growth, India, semiconductors | Artificial intelligence is expanding growth runways and reinforcing competitive advantages across business lines. AI is improving user experience in gaming through more responsive in-game bots and accelerating design workflows. In advertising, AI enables more targeted placements, higher click-through rates, and more closed-loop transactions. The portfolio includes businesses positioned to benefit from AI infrastructure buildout and implementation. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisors Mid-Cap Growth strategy | 2.0% | 9.4% | CAH, COR, CPNG, CVNA, DKNG, FIG, FIX, HLT, LNG, MCK, MDB, MPWR, NET, NTSK, PSN, PSTG, VRT, VST, WST, ZS | AI, Biotech, gaming, growth, healthcare, Mid-cap, semiconductors, technology | Approximately 14% of the portfolio consists of companies with meaningful exposure to AI or data center capex. Seven of the top fifteen midcap index contributors sport businesses that hinge on Artificial Intelligence and data center CapEx. Strong fundamental performance coupled with burgeoning valuations in AI-exposed stocks pushed several portfolio positions towards three-year price targets. | CVNA NTSK PSN |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisors Mid-Cap Growth strategy | -4.7% | 12.5% | AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS | AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology | Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Emerging Markets Growth Fund | 0.1% | 21.6% | 000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY | AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology | AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2025 Q4 | Jan 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2024 Q3 | Sep 30, 2024 | Appalaches Capital | 3.0% | 7.1% | AZO, CME, CNI, CPNG, CSX, GOOGL, LAD, OCI, TELL | Auto Aftermarket, E-Commerce, Event-Driven, Exchanges, Railroads, spinoffs, value | North American railroads have not seen volume growth over 20 years despite being the cheapest, cleanest, and safest freight transportation due to poor reliability. Recent implementation of scheduled railroading by CSX and Canadian National should improve service metrics and drive real volume growth. Both companies are reinvesting in service rather than just cutting costs. | View | |
| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2022 Q3 | Sep 30, 2022 | Baron Emerging Markets Fund | 9.0% | 16.2% | 002271 CH, 002747 CH, BAF IN, BHARTI IN, BIDU, CPNG, TCEHY, TSM | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Emerging Markets Fund | 9.0% | 16.2% | 002747 CH, 1880 HK, 600519 CH, 601100 CH, CPNG, TSM, YMM | - | View | ||
| 2023 Q4 | May 3, 2024 | RIT Capital | 0.0% | 8.8% | BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L | credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value | The fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model. | TPG TALEN |
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| 2024 Q4 | Jan 18, 2025 | Appalaches Capital | 0.7% | 7.9% | AZO, CME, CNI, CPNG, CSX, GOOG, LAD, MKL, SAFT, SGOV | Concentration, insurance, Railroads, small caps, technology, value | Manager observes excessive risk-seeking behavior in markets, with crypto currencies obtaining market capitalizations large enough for S&P 600 inclusion and quantum computing stocks inflating to unbelievable valuations despite minimal revenues. This frothy environment makes the manager uneasy despite being wrong about pessimism last year. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Baron Global Advantage Fund | Coupang, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Automation, e-commerce, Fulfillment, growth, Logistics, market share, Next-day delivery, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | Hosking Partners | Coupang | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | Asia, Bull, e-commerce, Equity, Logistics, online retail, South Korea | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Global Advantage Fund | Coupang, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Consumer Discretionary, e-commerce, growth, infrastructure, Korea, marketplace, retail | View Pitch |
| Mar 16, 2026 | Substack | Coughlin Capital | Coupang | E-commerce | Online Retail | Bull | New York Stock Exchange | competitive moat, Coupang, data breach, e-commerce, earnings catalyst, Logistics, market overreaction, rapid delivery, security measures, South Korea | View Pitch |
| Mar 16, 2026 | Substack | Coughlin Capital | Coupang, Inc. | E-commerce | Online Retail | Bull | New York Stock Exchange | Coupang, cybersecurity, data breach, e-commerce, growth, investment thesis, market recovery, operational efficiency, Revenue, South Korea | View Pitch |
| Feb 21, 2026 | Fund Letters | Alex Umansky | Coupang, Inc. | Consumer Discretionary | Broadline Retail | Bull | New York Stock Exchange | Competition, Consumption, expansion, Fulfillment, investments, Logistics, Margins, scale, Security | View Pitch |
| Feb 17, 2026 | Substack | Coughlin Capital | Coupang | E-commerce | Online Retail | Bull | New York Stock Exchange | competitive moat, Coupang, customer retention, data breach, e-commerce, earnings catalyst, Logistics, market overreaction, South Korea, stock recovery | View Pitch |
| Jan 17, 2026 | Substack | Coughlin Capital | Coupang, Inc. | E-commerce | Online Retail | Bull | New York Stock Exchange | competitive moat, Coupang, data breach, e-commerce, investment opportunity, market presence, risk management, South Korea, Stock decline, user retention | View Pitch |
| Jan 8, 2026 | Substack | Winter Gems | Coupang | E-commerce | Online Retail | Bull | New York Stock Exchange | buying opportunity, Coupang, data breach, e-commerce, growth prospects, margin expansion, online retail, PEG ratio, South Korea | View Pitch |
| Nov 30, 2025 | Substack | Coughlin Capital | Coupang, Inc. | Consumer Discretionary | Internet Retail | Bull | Competitive Advantage, Coupang, e-commerce, growth potential, Logistics, market strategy, penetration rate, revenue density, Rocket Delivery, South Korea | 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 | $1.2B | 0.63% | 49,233,320 | +2,285,600 | +4.87% | 3.5206% |
| Jonathan Lennon | Pleasant Lake Partners | $817.6M | $1.3M | 0.16% | 55,000 | +55,000 | +100.00% | 0.0039% |
| Chase Coleman III | Tiger Global Management | $29.7B | $619.6M | 2.09% | 26,267,259 | +10,429,680 | +65.85% | 1.8783% |
| Tim Campbell | Baillie Gifford | $120.3B | $3.4B | 2.86% | 146,122,094 | -4,260,613 | -2.83% | 10.4489% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $5.8M | 0.01% | 247,600 | +6,000 | +2.48% | 0.0177% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $145.5M | 0.17% | 6,169,358 | -226,000 | -26.02% | 0.4412% |
| Zach Schreiber | PointState Capital | $6.8B | $185.5M | 2.73% | 7,863,165 | +2,774,015 | +54.51% | 0.5623% |
| Lee Ainslie | Maverick Capital | $9.3B | $32.3M | 0.35% | 1,368,720 | -705,032 | -34.00% | 0.0979% |
| Ray Dalio | Bridgewater Associates | $27.4B | $2.0M | 0.01% | 84,210 | +75,044 | +818.72% | 0.0060% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.1M | 0.00% | 48,093 | -265,700 | -51.91% | 0.0034% |
| Israel Englander | Millennium Management LLC | $233.2B | $471,800 | 0.00% | 20,000 | -31,700 | -61.32% | 0.0014% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $654,316 | 0.00% | 27,737 | +2,229 | +8.74% | 0.0020% |
| Frank Sands | Sands Capital Management | $32.9B | $243.4M | 0.74% | 10,319,665 | -704,512 | -6.39% | 0.7379% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $36.5M | 0.05% | 1,548,622 | -3,566,912 | -69.73% | 0.1107% |
| Cliff Asness | AQR Capital Management | $190.6B | $21.1M | 0.01% | 892,483 | -158,026 | -15.04% | 0.0638% |
| Ricky Sandler | Eminence Capital | $6.3B | $298.3M | 4.72% | 12,644,042 | +3,209,657 | +34.02% | 0.9042% |
| Bill Gates | Bill & Melinda Gates Foundation Trust | $35.4B | $218.2M | 0.62% | 9,248,045 | +0 | +0.00% | 0.6613% |
| Bret Barakett | Tremblant Capital | $3.9B | $107.3M | 2.74% | 4,546,882 | +3,263,263 | +254.22% | 0.3251% |
| David Abrams | Abrams Capital Management | $5.7B | $307.1M | 5.41% | 13,017,964 | +0 | +0.00% | 0.9309% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $159.8M | 3.55% | 6,772,909 | +2,139,785 | +46.18% | 0.4843% |
| Brad Gerstner | Altimeter Capital Management | $6.7B | $369.8M | 5.55% | 15,676,794 | +5,652,210 | +56.38% | 1.1210% |
| George Soros | Soros Fund Management | $6.8B | $2.2M | 0.03% | 92,732 | +92,732 | +100.00% | 0.0066% |
| Rich Handler | Jefferies | $19.3B | $1.6M | 0.01% | 66,881 | +23,068 | +52.65% | 0.0048% |