CPRT Archives

CPRT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 30, 2025	Qualivian Investment Partners	7.0%	-	AJG, AMZN, AZO, BAC, BKNG, BRK.B, CPRT, META, MSFT, SPGI	Compounding, Concentration, long-term, Quality, technology, value	The fund focuses on concentrated portfolio of 15-25 understandable, high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek businesses with durable competitive advantages, high returns on invested capital, and strong free cash flow generation.	BKNG AZO SPGI	View
2023 Q2	Aug 4, 2023	Springview Capital Management	3.9%	5.5%	ATVI, BRK-B, CPRT, EXO.MI, FFH, FMX, HLN.L, HLT, MKL, WRB, WTM	Buybacks, Concentration, insurance, Long/Short, Quality, value	The fund has significant concentration in property/casualty insurance at approximately 29% of assets. Insurance stocks are characterized as cheap, generating substantial cash flow, and run by trusted owner-operators. The competitive landscape remains favorable with firm pricing and rising interest rates enhancing investment income.	WRB FMX HLN.L	View
2025 Q2	Aug 11, 2025	Aoris International Fund	8.2%	-	ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA	Beauty, Concentration, growth, Industrial, international, Quality, software, technology	Microsoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation.		View
2025 Q2	Jul 8, 2025	SVN Capital Fund	-	6.3%	BAJFINANCE.NS, CPRT, DNP.WA, IAA, KINSALE, KKR, RBA, TRIVENI.NS	Alternative Asset Managers, Auto Insurance, Concentration, Energy Transition, India, Owner-Operated, tariffs	Liberation Day tariffs created market volatility with S&P falling 20% and NASDAQ dropping 23%. Manager discusses offsetting forces on portfolio companies like Copart, where tariffs could both increase and decrease total loss frequency. Impact remains uncertain and Delphic to quantify.	TRIVENI.NS DNP.WA KKR CPRT TRIV IN DNOPY CPRT KKR	View
2025 Q2	Jul 6, 2025	Seeking Winners	8.2%	-	APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, TOI.TO	AI, cash flow, conviction, Portfolio Management, Position Sizing, Recurring Revenue, software	The fund emphasizes vertical market software companies as core holdings, believing they create enduring competitive advantages through embedded business processes. The emergence of Vertical AI represents an even grander market opportunity than legacy Vertical SaaS, with LLM-native companies achieving strong growth and margins while complementing rather than competing with existing solutions.	CMG.TO APPF	View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	consumer, financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance.	MSCI CDW ABNB ACGL FI ADI FERG	View
2025 Q2	Jul 18, 2025	NZS Capital – Growth	19.4%	15.1%	1211.HK, APH, ARM, CDNS, CPRT, DHR, FI, FND, GLBE, GOOGL, HEI, IR, LRCX, MELI, MRVL, MSFT, NET, NVDA, PGR, PWR, ROP, SAIL, TOST, TSM	growth, Portfolio Management, semiconductors, software, technology, volatility	NZS views the world as a complex adaptive system subject to frequent shocks and disruptions. Their portfolio construction process is designed to handle volatility by sizing positions based on range of outcomes rather than narrow predictions. The resilient head provides ballast during volatility while the optionality tail captures asymmetry.	TOST TOST	View
2023 Q2	Jul 18, 2023	Artemis US Select Fund	10.4%	-	AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC	AI, Cloud, earnings, Housing, infrastructure, Recovery, technology	Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size.	DXCM ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN CSX VMC BLDR EXP ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AMZN	View
2025 Q2	Jul 15, 2025	Madison Mid Cap Fund	5.3%	0.9%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI.		View
2025 Q2	Jul 14, 2025	Wedgewood Partners	7.1%	0.3%	AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS	AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations	Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity.		View
2024 Q2	Jul 12, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEY, ALGN, ALNY, BILL, BMRN, CPRT, CSGP, EFX, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SQ, TER, TT, WDAY, WDC, WST	AI, growth, Housing, Life Sciences, mid cap, semiconductors, software, technology	The fund maintains an overweight position in semiconductors, which was the most significant contributor this quarter. Holdings include Teradyne, KLA Corporation, and Monolithic Power Systems, all benefiting from AI-driven demand. The fund re-initiated a position in Western Digital to participate in AI via an undervalued memory semiconductor stock.		View
2024 Q2	Jul 10, 2024	Brasada Focused Equity Strategy	0.0%	0.0%	AMD, AMZN, CCCS, COST, CPRT, GWRE, IBM, INTC, META, MSFT, NFLX, NVDA, PGR, TSLA	Concentration, insurance, Monopoly, software, technology, value	Manager discusses AI as the current investment fad, comparing it to previous technology bubbles. Notes that while ChatGPT demonstrated AI utility, markets tend to get ahead of themselves in bidding up potential winners. Emphasizes that early winners in technology revolutions are rarely the same winners a decade later.	CCCS	View
2025 Q2	Jun 30, 2025	Andvari Associates	8.2%	-	ACN, APH, ATCO-A.ST, CPRT, DPLM.L, HLMA.L, JKHY, MSFT, OR.PA	AI, Beauty, Cloud, growth, Industrial, international, Quality, technology	Microsoft's AI computing revenue rose rapidly with demand exceeding capacity. Copilot AI product experiencing very rapid growth, generating 3.7x returns on investment according to IDC. AI tools being applied to enhance productivity across software coding, customer enquiries, and sales preparation.	JKHY OR.PA ACN CPRT HLMA.L DPLM.L MSFT APH	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
2025 Q1	Jun 16, 2025	Qualivian Investment Partners	1.2%	1.2%	AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO	compounders, concentrated, long-term, Quality, value	Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns.	AZO	View
2025 Q1	May 3, 2025	Springview Capital Management	-1.8%	-1.8%	ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS	Compounding, insurance, Long/Short, Quality, value, volatility	Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty.	WS SEG MCY SPOT	View
2024 Q1	May 2, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO	insurance, Manufacturing, mid cap, Quality, Regional Banks, technology	Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound.		View
2024 Q1	May 2, 2024	Madison Investors Fund	7.8%	17.0%	A, ACGL, ACN, ADI, ALC, AMZN, BDX, BRK.B, CHTR, CPRT, DLTR, FI, GOOGL, LBRDK, LOW, PCAR, PGR, PH, TJX, V	financials, growth, industrials, large cap, Quality, technology, value	Two insurers, Arch Capital and Progressive, were large contributors during the quarter. Both are benefiting from attractive market conditions which has boosted underwriting profits. Investment income should continue to rise as they roll over fixed income portfolios at more favorable coupon rates.	PH FISV PGR ACGL PCAR	View
2025 Q1	May 1, 2025	Conestoga Mid Cap Composite	1.0%	1.0%	ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST	growth, healthcare, industrials, mid cap, Quality, technology	Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts.		View
2026 Q1	Apr 6, 2026	Wedgewood Partners	-6.3%	-6.3%	AMZN, BKNG, CB, CDW, CPRT, GOOGL, META, MSFT, MSI, ODFL, ORLY, PGR, PYPL, TOL, TSCO, TSM, UNH, V	AI, energy, geopolitics, growth, large cap, oil, semiconductors, technology		V GOOGL META BKNG MSFT ORLY CB MSI ODFL TSM	View
2025 Q1	Apr 6, 2025	Seeking Winners	-0.5%	-0.5%	APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, LMN.V, TOI.V	Acquisitions, aerospace, cash flow, insurance, Quality, software	The portfolio is heavily concentrated in software companies, particularly those that acquire and develop smaller software businesses. The Constellation family operates as a highly efficient reinvestment engine leveraging VMS acquisitions with a decentralized M&A framework. Computer Modelling Group is positioned to benefit from the oil and gas industry's shift towards software solutions and is expanding into carbon capture and storage software markets.		View
2025 Q1	Apr 5, 2025	Right Tail Capital	-	-	AAP, AZO, CPRT, CSU.TO, ORLY	Compounding, Concentration, long-term, Patience, Quality, value	Right Tail focuses on investing in high-quality businesses with strong fundamentals that can compound wealth over multi-year periods. The manager emphasizes owning concentrated portfolios of undervalued, high-quality businesses that have the potential to double in five years.		View
2024 Q1	Apr 29, 2024	Springview Capital Management	11.3%	11.3%	BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB	Concentration, global, insurance, Long/Short, value	The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector.		View
2025 Q1	Apr 27, 2025	Aoris International Fund	-0.8%	-0.8%	ACN, APH, CPRT, EXPN.L, FAST, GGG, GWW, MSCI, MSFT, OR.PA, RELX.L, V	AI, concentrated, international, Quality, Resilience, Trade Policy, value	Aoris focuses on high-quality, wealth-creating businesses with demanding quality criteria applied to a maximum of 15 companies. They emphasize resilient businesses that provide essential products and services to other businesses, helping customers improve efficiency and reduce costs.	GWW EXPN.L CPRT MSFT ACN REL.L V	View
2026 Q1	Apr 21, 2026	Renaissance Investment Management – Large Cap Growth	-	-	AMAT, APP, BSX, CPRT, FIX, INTU, IT, LRCX, MSFT, TJX, ZTS	AI, growth, Iran, large cap, oil, semiconductors, technology, value			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 15, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, AMZN, BKNG, CDW, CPRT, EW, GOOGL, META, MSFT, NVDA, POOL, PYPL, SPGI, TPG, TSCO, TSLA, TSM, UNH, V	AI, growth, large cap, payments, technology, Travel, value	Artificial intelligence continues to drive significant performance with portfolio holdings including Alphabet, Apple, Meta Platforms, Microsoft and Taiwan Semiconductor Manufacturing benefiting from the secular AI tailwind. Meta Platforms and Taiwan Semiconductor were 2024 performance leaders on this front.	PYPL	View
2026 Q1	Mar 31, 2026	Akre Focus Fund	-19.4%	-19.4%	BN, CCCS, CPRT, CRM, CSGP, CSU.TO, FICO, KKR, LVMUY, MA, MCO, NOW, ORLY, ROP, TOI.TO, V	AI, Concentration, private credit, Quality, software, valuation		BN KKR CSU.TO	View
2025 Q1	Mar 31, 2025	Renaissance Investment Management – Large Cap Growth	-	-	AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER	growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation	Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter.	ABBV CPRT	View
2023 Q4	Feb 21, 2024	Springview Capital Management	6.5%	15.3%	BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM	Concentration, insurance, Long/Short, tax efficiency, underperformance, value	Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles.	FMX FFH SUNP IN MKL WRB	View
2024 Q4	Feb 10, 2025	Springview Capital Management	5.4%	19.7%	AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM	Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value	The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns.		View
2025 Q4	Dec 31, 2025	Royal London Global Equity Diversified Fund	4.8%	12.5%	7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V	AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations	The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index.	HAG GR ITW RACE LW MU LLY GOOG	View
2024 Q4	Dec 31, 2024	Madison Mid Cap Fund	-1.9%	10.3%	ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB	Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value	The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics.		View
2024 Q4	Dec 31, 2024	Madison Investors Fund	-0.4%	16.4%	A, ACGL, ADI, ALC, AMZN, BRK.B, CPRT, DLTR, ELV, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V	consumer, healthcare, industrials, payments, Quality, technology, value	Two payment companies, Fiserv and Visa, were contributors in the quarter. Both are benefiting from resilient consumer spending and the digitization of cash transactions, despite participating in different areas of the payments value chain.		View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST	growth, healthcare, industrials, mid cap, Quality, technology	Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom.		View
2023 Q4	Dec 31, 2023	Avenir Corporation	-	-	AAPL, AMT, AMZN, BRK-A, CPRT, DBRG, MKL, MSFT, SBAC	AI, Cloud, growth, large cap, Quality, technology	AI emerged in early 2023 and is discussed as revolutionary as electricity and the internet. The technology has terrific promise and will affect many aspects of society profoundly. Primary beneficiaries have been large software and hardware providers, though many companies are incorporating AI into business processes.	AMT DBRG AMZN AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q3	Dec 15, 2025	Qualivian Investment Partners	6.4%	-	APH, BN, BRO, CPRT, GOOGL, MA, MCO, ORLY, TJX, WSO	AI, compounders, long-term, Quality, technology, value	The fund focuses on Quality Compounders - high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation that compound capital at mid-teens rates. Research shows quality stocks outperform over extended periods, similar to betting on favorites versus long shots in racetrack markets.		View
2023 Q2	Dec 7, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging AI threats and expect management to make appropriate strategic choices for the long term.	SCHW USB	View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2023 Q2	Dec 7, 2023	Qualivian Investment Partners	2.4%	15.3%	CPRT, DHR, HSY, LMT, META, MSFT, POOL, UHAL	-			View
2025 Q3	Nov 3, 2025	Aoris International Fund	-2.6%	-	ACN, APH, CDW, CPRT, CTAS, EXPN.L, GWW, HLMA.L, IHG, JKHY, NKE, OR.PA, RELX, SAP, SPGI	AI, Cloud, international, portfolio, Quality, technology, valuation	AI presents significant opportunities for portfolio companies like RELX, Accenture, and SAP. RELX leverages proprietary data to create AI-powered tools for legal and professional markets, with rapid customer adoption driving revenue acceleration. Accenture helps clients implement AI solutions and generated $2.7 billion in generative AI revenue. SAP's AI tools are seeing strong customer interest as part of cloud transitions.	SAP REL ACN IHG SAP REL ACN	View
2023 Q3	Nov 10, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2023 Q3	Nov 10, 2023	Springview Capital Management	2.5%	8.2%	AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM	Concentration, insurance, Long/Short, Quality, special situations, value	The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations.		View
2023 Q3	Oct 31, 2023	MCJ Capital Partners	10.6%	11.7%	CPRT, CSU.TO, JDG.L, KSI.TO, KUT.V	international, Patience, Process, small caps, value	Portfolio is primarily made up of smaller companies trading at historically cheap levels relative to large-cap counterparts. Only during the dotcom bubble has small been cheaper on a relative basis to large-cap stocks. Manager views this as an opportunity in unbeloved asset groups pushed to cheapest levels in recent history.	KSI.TO JDG.L KUT.V CSU.TO	View
2023 Q3	Oct 30, 2023	Ironvine Capital Partners	-	7.4%	AMZN, COST, CPRT, CSGP, MA, MSFT, UNH, V	Governance, management, marketplaces, real estate, Stewardship, technology, value	The letter extensively analyzes management quality and corporate governance across portfolio companies, contrasting good stewardship (CoStar, Copart) with poor stewardship (Black Knight, IAA). The manager emphasizes stewardship as a critical component of their durability ranking system and long-term investment returns.		View
2023 Q3	Oct 26, 2023	Seeking Winners	-2.0%	-	AMZN, BRK-B, CPRT, CSGP, CSU.TO, GOOGL, HEI, LMN.TO, MSFT, TOI.TO	Long Term, Quality, software, technology, value	The manager emphasizes owning enduring quality businesses and expresses satisfaction with the portfolio companies' quality. The strategy focuses on fractional ownership of great businesses, particularly when available at attractive valuations during potential recessions.		View
2024 Q3	Oct 23, 2024	Aoris International Fund	3.1%	0.0%	ACN, APH, CPG.L, CPRT, CTAS, DPLM.L, FAST, MSCI, MSFT	Distribution, healthcare, international, Labor, Quality, technology, Utilities	Aoris focuses on high-quality, wealth-creating businesses with durable competitive advantages, conservative balance sheets, and strong customer value propositions. The manager emphasizes companies that continuously invest to enhance customer offerings and operate in industries with limited regulatory impact.	DPLM.L FAST	View
2024 Q3	Oct 23, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, CSGP, FIVN, FTNT, GWRE, HEI.A, IDXX, IT, PCOR, POOL, RGEN, ROL, ROP, TFX, TYL, VEEV, VRSK, WCN, WST	growth, healthcare, industrials, mid cap, software, technology	Fortinet led portfolio returns as the cybersecurity leader reported significant beats on billings and accelerating bookings growth, indicating the firewall product cycle may have turned positive. The company is managing inventory well and operating margins surprised to the upside.		View
2023 Q3	Oct 19, 2023	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CPRT, CWA, DOCS, FTCH, GLOB, GSHD, OLO, PAYC, YETI	growth, insurance, Quality, small caps, software, technology	Polen emphasizes building a portfolio for resilience amid macroeconomic uncertainty. They focus on businesses with robust free cash flow, persistent growth, and high returns on capital that can navigate rapidly shifting conditions through disciplined investment processes.	ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN PAYC AMDOCS FTCH YETI ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM GSHD	View
2024 Q3	Oct 16, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, BRK-B, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, PYPL, UNH	Fed policy, growth, healthcare, large cap, technology, value	Meta has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively behind deep learning recommendation systems. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate. Apple is well situated to develop a suite of compelling, consumer-friendly AI services given its proprietary semiconductor development and the compute-intensive nature of AI applications.	MSI UNH META PYPL	View
2025 Q3	Oct 14, 2025	Wedgewood Partners	5.9%	6.2%	AAPL, AMD, AMZN, AVGO, BKNG, CDNS, CDW, CPRT, GOOGL, META, MSFT, NVDA, ODFL, ORCL, ORLY, PGR, PYPL, SNPS, TSM, URI	AI, Capex, Data centers, growth, large cap, semiconductors, technology	AI infrastructure spending is reaching unprecedented levels with forecasts of trillions in necessary investment. The manager expresses concern about the sustainability of current AI spending plans and the transformation of capex-light tech companies into capital-intensive businesses. They worry about the cyclical nature this will create as depreciation expenses weigh on future earnings.	MSFT US META US PYPL US GOOGL US	View
2025 Q3	Oct 14, 2025	Madison Investors Fund	-2.2%	-0.1%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability.		View
2025 Q3	Oct 14, 2025	Madison Mid Cap Fund	1.9%	2.8%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Information Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum.	ANET APH MEDP	View
2024 Q3	Oct 10, 2023	NZS Capital – Growth	4.0%	22.0%	ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI	AI, Automation, Digital, growth, insurance, semiconductors, technology	The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift.	PGR	View
2022 Q3	Oct 10, 2022	Wedgewood Partners	5.8%	22.4%	AAPL, CPRT, EW, FB2A, GOOG, MSI, PYPL, TPL, TSM, V	-			View
2023 Q2	Oct 7, 2023	SVN Capital Fund	0.0%	29.4%	CPRT, HEI, KNSL, ODFL	aerospace, Concentration, India, insurance, long-term, Luxury, Owner-Operators, Quality	Added Hermès International as new position. Luxury market expected to hit $600 billion by 2030, driven by Chinese customers and younger generations. Hermès unique artisan production model creates scarcity with wait times of years for iconic bags.		View
2024 Q4	Jan 8, 2025	SVN Capital Fund	-	11.8%	BAJFINANCE.NS, CPRT, DNP.WA, HEI, KKR, KNSL, RMS.PA	Alternative Assets, India, management, Owner Operators, Quality, Specialty Finance, value creation	India presents compelling long-term investment opportunities driven by demographic trends, infrastructure improvements, and economic formalization. The country's digital infrastructure revolution, including Aadhaar cards and unified payments interface, combined with banking system cleanup and tax reforms, has created significant tailwinds for economic growth and consumer spending.	BAJFINANCE.NS DNP.WA KKR	View
2025 Q4	Jan 31, 2026	YCG Investment	-	-	AAPL, CPRT, GOOGL, LIN, META, TDG, VRSK	aerospace, Industrial, Long Term, Networks, Quality, Speculation, technology, value	YCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. The firm believes quality stocks are undervalued as investors chase speculative opportunities. TransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. The aerospace aftermarket benefits from secular growth in air travel and regulatory barriers that create pricing power for parts suppliers. Linde operates in industrial gases with economies of scale advantages and take-or-pay contracts that provide guaranteed income streams. The business benefits from mission-critical applications across diverse industries and expensive transportation costs that create local monopolies. Meta demonstrates the resilience of large networks through its ability to adapt to competitive threats and regulatory changes. The company's massive user base and AI investments have enabled it to maintain growth in engagement and advertising despite challenges from TikTok and Apple's privacy changes.	META LIN TDG	View
2025 Q4	Jan 30, 2026	Flattery Wealth Management	0.0%	0.0%	ASTS, CASY, CEF, CPRT, DE, GRMN, HEI, MSTR, RACE, RMS, SEB	AI, Bitcoin, contrarian, crypto, gold, Multi-baggers, Quality, Space	Bitcoin functions as scarce, portable, digital gold gaining institutional traction as a hedge against currency debasement. MicroStrategy operates as the leader in pioneering corporate bitcoin strategy with the largest corporate bitcoin stash. The manager views bitcoin's institutional narrative advancing through maturing spot ETFs and growing corporate interest. AI represents a gunpowder moment that is flattening the playing field, allowing solo entrepreneurs to compete with enterprises and small businesses to compete with larger ones. The manager notes institutional investors have zero interest in non-AI deals currently. However, AI may also make people dumber and risks losing habits of attention and deep learning. AST SpaceMobile represents a bet on eliminating cellular dead zones through space-based broadband to unmodified smartphones. The company has partnerships with major carriers and is building what could become a massive subscription business. The space economy narrative is gaining attention with potential SpaceX IPO catalysts. Gold surged 65% in 2025, its best year since 1979, while most people forgot about it. Sprott Physical Gold and Silver Trust provides exposure to physical metals without counterparty risk or financial engineering. The position serves as insurance when fiat currencies inflate over long time horizons.	CEF HEI ASTS MSTR	View
2025 Q4	Jan 23, 2026	Aoris International Fund	0.0%	0.0%	ACN, AMZN, APH, ATCO-A.ST, CPRT, FAST, GWW, HLMA.L, IHG.L, JKHY, MSCI, OR.PA, RELX.L, SAP.DE	AI, international, long-term, Quality, technology, value	AI drove exceptional growth for data center-focused holdings like Amphenol and Halma, while creating market perception challenges for service companies like Accenture and RELX. The manager believes AI will ultimately benefit rather than harm these service businesses, as enterprise AI adoption requires complex change management and enhances rather than replaces proprietary data solutions. The manager emphasizes owning durable, resilient, market-leading businesses with competitive advantages and capable management. The portfolio focuses on companies with consistent earnings growth records, strong market positions, and the ability to gain market share over time through superior execution. The manager describes an unusually wide valuation gap between intrinsic value and share prices, with portfolio holdings trading at an average 25% discount to fair value. This stretched elastic band effect creates attractive prospective returns as valuations normalize over time.		View
2025 Q4	Jan 22, 2026	Jensen Investment	0.0%	5.6%	AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM	AI, growth, large cap, Market Concentration, Quality, semiconductors, technology	The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022.	AVGO SYK WM CPRT MMC ACN LLY APH KLAC	View
2025 Q4	Jan 20, 2026	Fairlight Global Small & Mid Cap Fund	0.0%	-7.9%	CPRT, DPLM.L, FDS, G24.DE, HLMA.L, IDXX, IT, MEDP, REC.MI, ULTA	AI, global, healthcare, Quality, small caps, technology, underperformance	Several portfolio companies experienced sharp multiple contractions due to perceived higher risk of disintermediation from expected widespread adoption of Generative Artificial Intelligence. The manager estimates this was an 8% hit to returns, though believes the extent of recent derating is excessive given companies' successful track records of defending market leadership. The fund focuses exclusively on high-quality businesses with demonstrable track records of earning outsized returns on capital, stable management teams, conservative balance sheets, and avoiding single points of failure. Portfolio companies collectively grew revenues by 6% and EPS by 9% in 2025 despite challenging conditions. Healthcare represents 13% of portfolio exposure with holdings like IDEXX Laboratories in companion animal diagnostics and Medpace in clinical research. These companies benefit from recurring revenue models, market share gains, and structural industry growth tailwinds supporting improved diagnosis and drug development.	IT	View
2025 Q4	Jan 20, 2026	Madison Large Cap Fund	3.4%	3.4%	A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY	AI, Automation, financials, industrials, large cap, Quality, technology, value	The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business.	WDAY FISV	View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2025 Q4	Jan 14, 2026	Wedgewood Partners	-1.8%	4.3%	AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	AI, growth, large cap, Portfolio Management, Quality, technology, valuation	AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index.	PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN	View
2024 Q3	Sep 30, 2024	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT	Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value	Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry.	ABG LAD GGG	View
2024 Q3	Sep 30, 2024	Madison Investors Fund	7.8%	17.0%	A, ACN, ADI, ALC, AMZN, BN, BRK.B, CPRT, DLTR, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V	consumer, financials, industrials, large cap, Quality, technology, value	Parker-Hannifin continues executing well despite slowing industrial economy, improving margins and integrating Meggitt acquisition. PACCAR facing weakening sales from declining freight rates and softening economic backdrop, though high-margin aftermarket parts division provides support through cyclical downturn.	KEYS	View
2024 Q3	Sep 30, 2024	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST	AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology	AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.	AME LINE CPRT DOCS APP	View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST	growth, healthcare, interest rates, mid cap, Quality, technology	Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession.	OMCL CSWI	View
2023 Q2	Jul 31, 2023	MCJ Capital Partners	10.6%	11.7%	AAPL, AMZN, CPRT, CSU.TO, GOOGL, LIFCO.B.SFB, MSFT, NVDA	Continuous Improvement, Quality, small caps, technology, value	Manager discusses AI as driving excitement and innovation in mega-cap stocks, particularly noting how Apple, Microsoft, Alphabet, Amazon, and Nvidia powered index returns on the heels of AI excitement. However, the manager positions this as market commentary rather than expressing a direct investment view on AI.		View
2024 Q2	Jul 17, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT	insurance, mid cap, Quality, technology, value	Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices.	TDY	View
2024 Q2	Jul 17, 2024	Madison Investors Fund	7.8%	17.0%	A, ACGL, ADI, ALC, AMZN, BDX, BRK.B, CPRT, DE, DLTR, FI, GOOGL, LOW, PCAR, PGR, PH, SBUX, TJX, TXN, V	consumer, industrials, insurance, large cap, Quality, semiconductors, technology, value	Semiconductor manufacturers Analog Devices and Texas Instruments continue to see declining sales and profits due to weak demand and inventory reduction by customers and distributors. However, the cycle appears to be bottoming, setting conditions for a profit rebound over the coming years as investors better appreciate the industry's secular demand characteristics.	DE SBUX	View
2023 Q2	Jul 14, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, CPRT, GOOGL, META, MSFT, PYPL, TPG, TSCO	AI, Buybacks, Cloud, Ecosystem, growth, large cap, Mobile, technology	Meta has been at the forefront of investing in valuable artificial intelligence IP, particularly with ranking and recommendation systems across its products. Despite the recent Gen-AI frenzy, Meta has been researching generative-AI tools for years. Alphabet and Google have been pioneers in AI development, creating important software and hardware specifications that developers rely on today.	TSCO CDW TPG PYPL AAPL\|MSFT\|NFLX\|NVDA\|UNH CPRT GOOGL AAPL ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2023 Q2	Jul 7, 2023	Saga Partners	22.6%	39.4%	AAPL, ADBE, AMZN, CMG, CPRT, CRM, GOOGL, HD, HEI, MA, META, MSFT, NFLX, NOW, ORLY, ROKU, TDG, TJX, TSCO, V	Concentration, innovation, long-term, Streaming, technology, volatility	Connected TV has moved into the transitional phase where the market has chosen winners who are scaling products with rising barriers to entry. The real value will move to TV operating system aggregators rather than content suppliers, with Roku positioned to benefit from its growing market share approaching half of US households.		View
2024 Q2	Jun 30, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	CPRT, CSGP, GWRE, HEI.A, IDXX, IT, LSPD, POOL, RGEN, ROL, ROP, TYL, VEEV, VRSK, WCN, WST	growth, healthcare, mid cap, software, technology	Manager discusses the prolonged underperformance of small cap stocks versus large caps, noting this feels like peak pessimism for small caps. They believe the current environment parallels past cycles like the Nifty Fifty and Dot Com eras, with small cap valuations near early 2000s lows.		View
2023 Q2	Jun 30, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST	consumer discretionary, growth, healthcare, industrials, mid cap, technology	The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles.		View
2025 Q1	Apr 14, 2025	Wedgewood Partners	-6.3%	-6.3%	AAPL, CPRT, GOOGL, META, MSFT, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	China, growth, infrastructure, large cap, payments, tariffs, technology, volatility	The Trump administration's tariff policy has created significant market volatility, with reciprocal tariff rates initially announced at 10% across-the-board and 145% on Chinese exports. The administration issued a 90-day pause to negotiate lower rates, with critical technology exclusions for computers, smartphones and chip-making equipment representing nearly 25% of Chinese imports.	URI ORLY V	View
2023 Q1	Apr 14, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology, value	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging threats and expect management to make sound strategic choices for the long term.	SCHW USB	View
2023 Q1	Apr 14, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well.		View
2022 Q4	Jan 30, 2023	Andvari Associates	0.0%	20.3%	ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL	-			View
2023 Q4	Jan 26, 2024	Aoris International Fund	3.1%	0.0%	ATCO-A.ST, COST, CPRT, FAST, GGG, MSFT, NKE, OR.PA, RELX.L, TSCO	concentrated, international, Long Term, Quality, Resilience, value	Aoris focuses on high-quality, wealth-creating businesses with strong competitive positions, consistent profitability, and resilient characteristics. The portfolio consists of 15 companies that demonstrate superior growth, profitability, and balance sheet strength compared to market averages.	REL.L FAST OR.PA COST AAPL\|MSFT\|NFLX\|NVDA\|UNH CPRT ATCO-A.ST	View
2024 Q4	Jan 24, 2025	Tsai Capital	-	23.0%	AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS	AI, Compounding, disruption, growth, long-term, technology, Tesla, value	The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI.		View
2023 Q4	Jan 22, 2024	Merion Road Capital	5.4%	11.2%	CPRT, FERG, GOOGL, NAPA, SGA, SUM, UNTC	alpha, Attribution, dividends, small caps, special situations, value	The fund focuses exclusively on small-capitalization investments, with the Small Cap Fund increasing 11.2% in Q4 and 11.5% for the year. The manager notes that like the broader small-cap market, most returns came in December, driven by specific catalysts affecting portfolio companies.	NAPA SGA UNTC SUM	View
2022 Q4	Jan 19, 2023	Merion Road Capital	5.4%	11.2%	CPRT, CRMT, FERG, GOOG, MHH, MWA, UBAB, WHG	-			View
2023 Q4	Jan 14, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT	Banking, insurance, mid cap, retail, technology, value	The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated.		View
2023 Q4	Jan 13, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, ODFL, ORLY, PYPL, TPG, TSCO, TSM, UNH, V	AI, Cloud, Fed policy, growth, large cap, semiconductors, technology	AI has been a multi-year phenomenon driving growth and profitability across portfolio companies. Meta Platforms has built one of the world's fastest supercomputers and uses AI for advertising optimization and content curation. Alphabet has spent $150 billion on R&D over five years, with 80% of advertising customers using AI-enabled tools. Apple has developed custom neural processing units enabling FaceID and other AI features across 200+ million devices annually.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Aoris International Fund	Copart Inc	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Auto auctions, Dominant Position, Insurance Services, market share gains, network effects, Salvage Vehicles, value-added services	View Pitch
Apr 28, 2026	Fund Letters	Wedgewood Partners	Copart	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Auto auctions, Automotive Complexity, competitive moat, Insurance, market share, Returns on Capital, Total Loss, Vehicle Salvage	View Pitch
Apr 13, 2026	Fund Letters	SVN Capital Fund	Copart, Inc.	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Auction Platform, Auto Salvage, duopoly, Electronic Components, Equity, Insurance, North America, Total Loss Ratio, Vehicle Age	View Pitch
Apr 13, 2026	Fund Letters	Aoris International Fund	Copart, Inc.	Industrials	Trading Companies & Distributors	Bull	NASDAQ	Insurance, Land Ownership, network effects, Online auctions, Salvage Vehicles, secular growth, technology platform	View Pitch
Apr 13, 2026	Fund Letters	Andvari Associates	Copart, Inc.	Industrials	Commercial Services & Supplies	Bear	NASDAQ	Auto auctions, Competition, Insurance, margin pressure, Market Share Loss, Structural headwinds, Uninsured Vehicles, Used cars	View Pitch
Apr 13, 2026	Fund Letters	Renaissance Investment Management - Large Cap Growth	Copart	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Industrials, Logistics Infrastructure, market leader, network effects, Online Platforms, Salvage Auctions, Vehicle Complexity	View Pitch
Apr 13, 2026	Fund Letters	ClearBridge Mid Cap Growth Strategy	Copart Inc	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Automotive Auctions, dominant market position, Global, Industrials, Online Platform, Remarketing Services	View Pitch
Feb 4, 2026	Twitter / X	@BourbonCap	Copart, Inc.	Commercial Services & Supplies	Diversified Support Services	Bull	NASDAQ	Asia, Auctions, compounding, Europe, Insurers, LatAm, Logistics, platform, realestate, Salvage, VehicleRemarketing	View Pitch
Feb 4, 2026	Twitter / X	@BourbonInsider	Copart, Inc.	Commercial Services & Supplies	Diversified Support Services	Bull	NASDAQ	Logistics, oligopoly, Real Estate, Salvage Vehicles, Vehicle Auctions	View Pitch
Jan 27, 2026	Fund Letters	Stephen Arnold	Copart Inc.	Industrials	Specialty Business Services	Bear	NASDAQ	Auto auctions, Competition, duopoly, market share, Risk	View Pitch
Jan 27, 2026	Fund Letters	Shreekkanth Viswanathan	Copart, Inc.	Industrials	Specialty Business Services	Bull	NASDAQ	Marketplaces, Moat, Networkeffects, Salvage, Vehicles	View Pitch
Jan 24, 2026	Fund Letters	Allen T. Bond	Copart, Inc.	Industrials	Diversified Support Services	Bull	NASDAQ	Auctions, cashflow, duopoly, Real Estate, Remarketing, Salvage	View Pitch
Jan 22, 2026	Twitter / X	@FundasyInvestor	Copart, Inc.	Industrials	Environmental & Facilities Services	Bear	NASDAQ	Copart, Future Irr, High quality, Insurance, IRR, Logistics, Lower, Salvage	View Pitch
Jan 8, 2026	Fund Letters	Shreekkanth Viswanathan	Copart, Inc.	Industrials	Diversified Support Services	Bull	NASDAQ	Auction, Autos, electronics, inflation, Insurance, Labor, Margins, network, platform, Salvage	View Pitch
Dec 5, 2025	Fund Letters	Derek Johnston	Copart, Inc.	Industrials	Diversified Support Services	Bull	NASDAQ	Auctions, compounding, Insurance, Margins, Salvage	View Pitch
Aug 8, 2025	Seeking Alpha	RB Equity	Copart, Inc.	Industrials	Specialty Business Services	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Substack	Rijnberk Invest Insights	Copart, Inc.	Industrials	Specialty Business Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of CPRT

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.

CPRT

CPRT

Letters With This Ticker

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BSD Shareholders of CPRT

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