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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum International Technology Fund | -3.0% | - | 8035.T, AAPL, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, META, MSFT, NFLX, NICE, ORCL, SAP, SNPS, TSM, VEEV | AI, Long/Short, semiconductors, software, technology | Market weakness in AI-related stocks due to emerging doubts about the size of the AI opportunity and concerns about excessive capex investment. Consumer AI apps struggling to find viable business models with OpenAI expected to lose $5bn this year. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua International Growth Fund | 7.7% | 13.1% | 2423.HK, ADYEN.AS, COLOB.CO, CP.TO, CSU.TO, FFH.TO, HDB, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN | China, growth, international, tariffs, technology, Travel, Valuations | President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact. | View | |
| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua Global Growth Fund | 9.1% | 9.8% | 0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN | AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel | President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact. | NVDA 2423 HK FFH CN SAF FP |
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| 2025 Q2 | Jul 9, 2025 | Sequoia Fund | 14.4% | 19.7% | CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH | financials, global, Portfolio Management, technology, value | View | ||
| 2024 Q2 | Jul 9, 2024 | Sequoia Fund | 7.1% | 20.8% | CHTR, CSU.TO, ELV, FWONA, GOOGL, ICE, LBRDK, RR.L, SCHW, TSM, UMG.AS, UNH | concentrated, long-term, Quality, value | 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 |
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| 2025 Q2 | Jul 30, 2025 | REQ Global Compounders | - | - | ADDT-B.ST, BEIJ-B.ST, BERG-B.ST, BRK-A, CSU.TO, DCC.L, HEI.A, HMS.ST, INDU-A.ST, LAGR-B.ST, LIFCO-B.ST, LMN.TO, NCAB.ST, NIBE-B.ST, TOI.TO | Acquisitions, compounders, Decentralization, Europe, long-term, Nordics, Quality | REQ focuses on acquisition-driven compounders that reinvest 75-80% of cash flow into organic growth and acquisitions at high returns. These companies demonstrate sustained exponential earnings growth through high reinvestment rates, strong returns on invested capital, and long duration of growth opportunities. | ROKO.ST |
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| 2025 Q2 | Jul 29, 2025 | Fidelity Freedom 2045 Fund | 10.4% | 9.9% | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, Bonds, diversification, equities, retirement, Target-Date | Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a major contributor within international growth holdings. | View | |
| 2025 Q2 | Jul 27, 2025 | Fidelity Freedom 2055 Fund | - | - | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, emerging markets, equities, global, retirement, Target-Date | Target-date funds are long-term strategies designed to help keep participants on track toward their retirement goals through different market environments. Strategic asset allocation decisions are focused on providing age-appropriate asset allocation throughout participants' changing time horizons. The fund follows a glide path that becomes increasingly conservative as the target date approaches. | View | |
| 2025 Q2 | Jul 27, 2025 | Weitz Large Cap Equity Fund | 3.6% | -0.4% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI |
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| 2025 Q2 | Jul 23, 2025 | Avenue Investment Management | - | - | BCE.TO, CSU.TO | Canada, inflation, Quality, software, technology, Telecommunications | The letter extensively analyzes how different businesses are impacted by inflation, using Warren Buffett's 1983 analysis comparing See's Candies to mundane businesses. The manager examines how businesses requiring minimal tangible assets fare better during inflationary periods than asset-heavy businesses that need substantial ongoing capital investments. | BCE.TO CSU.TO |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital International Growth Fund | 18.1% | 19.4% | 4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA | Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology | The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins. | EVD GR SE 2330 TT SPOT MELI |
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| 2023 Q2 | Jul 21, 2023 | REQ Global Compounders | - | 34.6% | ADD.ST, ADDT.ST, BEIJ-B.ST, CSU.TO, DPLM-B.ST, HEI, INDU-A.ST, LAGR-B.ST, LIFCO-B.ST, LUMI.TO, MTUM.ST | Acquisitions, Capital Allocation, compounders, Decentralization, global, Nordic, private markets, Quality | REQ emphasizes acquisition-driven compounders that maintain decentralized structures to preserve entrepreneurial energy. The best performers avoid forced integration and instead give business units high autonomy, treating them as actual owners while sacrificing efficiency gains to maintain vibrant entrepreneurial culture. | View | |
| 2025 Q2 | Jul 2, 2025 | Ghosh Capital | 17.3% | 25.3% | AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V | AI, Canada, global, Satellites, Space, technology, value | Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat. | MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN |
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| 2025 Q2 | Jul 17, 2025 | Alger Mid Cap Focus Fund | 19.9% | 3.9% | ALAB, AXON, CSU.TO, HOOD, TLN, WING | AI, Cloud, Data centers, financials, growth, industrials, mid cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement. | AXON CSU.TO WING ALAB TLN HOOD RYAN CWAN VRT NET PLTR |
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| 2025 Q2 | Jul 15, 2025 | Akre Focus Fund | 6.5% | - | AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM | Compounding, drawdowns, long-term, Quality, value | The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth. | View | |
| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Banking, insurance, Quality, technology, value | The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers. | FI KNSL PGR MTB GOOG FISV KNSL |
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| 2024 Q2 | Jul 1, 2024 | REQ Global Compounders | - | 14.0% | ATCO-A.ST, BEIJ-B.ST, BERG-B.ST, CSU.TO, DPLM.L, ELUX-B.ST, ERIC-B.ST, IMCD.AS, INDU-A.ST, JDG.L, LAGR.ST, LIFCO-B.ST, MEDC.ST, NIBE-B.ST, SAND.ST | Acquisitions, B2B, Compounding, Decentralization, Industrial, Sweden | REQ emphasizes decentralized organizational structures as a core investment pillar, where management delegates responsibility down the organization. This approach enables companies to maintain entrepreneurial agility while scaling, with decision-makers close to customers and lean corporate headquarters. | View | |
| 2025 Q2 | Jun 30, 2025 | Thornburg International Equity Fund | 10.8% | 21.8% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | China, Europe, international, Japan, rates, semiconductors, Trade Policy, value | Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum International Technology Fund | 4.2% | - | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | AI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. | View | |
| 2024 Q1 | May 15, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V | AI, E-Commerce, global, growth, payments, software, technology | The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector. | ADYEN NOW GOOGL |
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| 2026 Q1 | Apr 8, 2026 | DKAM Donville Kent Asset Management | - | - | AMZN, BAMI.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, PRL.TO, VHI.TO, ZDC.TO | Canada, energy, growth, healthcare, productivity, small caps, technology, value | GRID.TO VHI.TO E.TO BAMI.TO ZDC.TO CSU.TO PRL.TO GSY.TO |
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| 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 | |
| 2023 Q1 | Apr 5, 2023 | Infuse Partners | 10.1% | 10.1% | AAPL, ABNB, AMZN, AXON, COST, CRM, CSU.TO, DDOG, HCC, INSP, LSPD.TO, LYFT, META, MO, MSI, ORCL, RUN, TDG, TDOC, TSM, UBER | Founder, growth, Quality, technology, value | Manager outlines comprehensive 12-point quality checklist for evaluating businesses, emphasizing founder-led companies, competitive advantages, recurring revenue, and financial strength. Quality assessment is central to the investment process, combined with growth and valuation metrics to create the portfolio. | AXON |
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| 2024 Q1 | Apr 3, 2024 | Seeking Winners | 14.5% | 14.5% | AMZN, CSU.TO, EVO.ST, GOOGL, HEI, LMN.TO, META, MSFT, NVDA, TOI.TO | AI, Capital Allocation, Concentration, long-term, semiconductors, software, value | Manager expresses caution about AI hype, noting expensive development costs and unclear path to profitability outside of established players like Microsoft, Nvidia, and Amazon. Discusses concerns about speculative trading around AI and semiconductor stocks, with particular skepticism about Nvidia's revenue growth potentially being inflated through closed-loop investments in AI startups. | TOI.TO CSU.TO |
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| 2026 Q1 | Apr 28, 2026 | Pabrai Wagons Fund | 14.2% | 14.2% | AMR, CSU.TO, EDEL.NS, HCC, NE, RIG, RYSAS.IS, TAVHL.IS, VAL | Airports, Coal, emerging markets, energy, Logistics, Offshore Drilling, software, value | View | ||
| 2024 Q1 | Apr 28, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BAM, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, SBAC, TOI.TO, V | active management, Concentration, large cap, Passive investing, technology, value | The fund discusses the shift to passive index-replicating ETFs and mutual funds, questioning whether this trend has gone too far and whether the stock market is now broken. They argue that passive investing depends on active investors for price discovery and value judgments. | View | |
| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | View | |
| 2026 Q1 | Apr 26, 2026 | Deep Sail Capital Partners | -17.8% | -17.8% | AMPG, AMZN, CRDO, CSU.TO, FSLY, GOOGL, KRKNF, META, MSFT, NET, ONON, ORCL, QBTS, TOI.TO, VRT | 5G, AI, defense, Long/Short, small cap, technology | AMPG |
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| 2026 Q1 | Apr 25, 2026 | NZS Capital – Growth | -8.9% | -8.9% | ARM, ASML, CSU.TO, DHR, FROG, ISRG, IT, LIN, LRCX, SYK, TEAM, TSM, TYL, WDAY | AI, disruption, growth, healthcare, semiconductors, software, technology | TYL |
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| 2024 Q1 | Apr 24, 2024 | Sequoia Fund | 7.1% | 20.8% | COF, CSU.TO, ELV, FWONA, GOOGL, ICE, RYCEY, SAP, SCHW, TSM, UMG.AS, UNH | financials, healthcare, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2026 Q1 | Apr 22, 2026 | Royal London Global Equity Diversified Fund | -4.9% | -4.9% | 005930 KS, AMD, BWA, CCO, CRM, CSU.TO, GLEN.L, GOOGL, HUBG, JPM, LMT, MSFT, NOW, RELX.L, RPRX, SHEL.L, STLD, TSM, VRT | defense, Diversified, energy, Geopolitical, global, infrastructure, technology | View | ||
| 2025 Q1 | Apr 2, 2025 | Ghosh Capital | 8.0% | 8.0% | APH, CBZ, COST, CSU.TO, ETL.PA, GOOGL, HOOD, HRB, KNT.L, KPG.AX, MDA.TO, MELI, MNDY, PNG.TO, RELY, RHM.DE, SPGI, TEAM, TOI.TO, VIE.PA | defense, growth, infrastructure, Nationalism, small caps, Valuations, value | Countries like Canada and Europe are taking defense seriously due to Trump's policies requiring more global defense contributions. This creates a wall of money for consistent defense spending as nationalist policies spread worldwide. | KPG.AX |
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| 2026 Q1 | Apr 18, 2026 | Rowan Street Capital | -19.8% | -19.8% | CSU.TO, META, NFLX, SHOP.TO, TOI.TO, TSLA | Concentration, growth, long-term, technology, value, volatility | CSU.TO SHOP TSLA META |
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| 2024 Q1 | Apr 17, 2024 | Langdon Canadian Smaller Companies | 4.3% | 4.3% | ATS.TO, ATZ.TO, CSU.TO, GM, LMN.TO, PSK.TO, TOI.TO, TVK.TO | Canada, energy, Industrial, small caps, technology, value | ATS Automation provides automated supply chain technology and factory automation solutions across life sciences, food & beverage, energy, industrial, and consumer sectors. The company faced headwinds from GM's delayed EV battery program but is rebasing toward higher quality end-markets like life sciences and food & beverage. | TOI.TO ATS.TO |
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| 2026 Q1 | Apr 15, 2026 | The Bristlemoon Global Fund | -25.5% | -25.5% | APP, CSU.TO, DG, FICO, FND, GOOGL, GRDR, NOW, PAR, WDS.AX | Advertising, AI, E-Commerce, gaming, growth, software, technology, volatility | View | ||
| 2026 Q1 | Apr 13, 2026 | Giverny Capital Asset Management | -6.9% | -6.9% | AME, AXP, CSU.TO, HWKN, IBP, KNSL, TSM, TWFG | Concentration, Quality, software, technology, value | AXP CSU.TO |
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| 2025 Q1 | Apr 10, 2025 | Akre Focus Fund | 1.5% | 1.5% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Cash, Concentration, Discipline, Patience, Quality, valuation, value | The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital. | View | |
| 2025 Q1 | Apr 10, 2025 | Sequoia Fund | 4.4% | 4.4% | AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, mid cap, value | View | ||
| 2026 Q1 | Mar 31, 2026 | Orbis Global Equity | - | - | 005930 KS, ALNY, BA.L, BRKR, CSU.TO, EQT, EXPN.L, GMAB, ICON, INSM, IQV, NTES, SE, SHEL, TSM, TTI, UNH, WLK, XPO | AI, energy, Global Equity, healthcare, semiconductors, technology, value | 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 |
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| 2026 Q1 | Mar 31, 2026 | Emerald Wealth Partners – Focused Equity Strategy | -3.7% | -3.7% | 0700.HK, BAESY, CRM, CSU.TO, LMT, MSFT, NOW, SHEL, TTE | AI, defense, energy, Geopolitical, private credit, Quality, software, value | 0700.HK |
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| 2025 Q1 | Mar 31, 2025 | Sands Capital International Growth Fund | 1.1% | 1.1% | 2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA | Asia, emerging markets, Europe, growth, international, tariffs, trade war | Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins. | 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 Q4 | Feb 11, 2025 | Torghatten Capital | - | - | ATCO-A.ST, ATD.TO, BOUV.OL, CSU.TO, EVO.ST, INVE-B.ST, MEDI.OL, NVO, V | Compounding, fundamentals, long-term, Margins, moats, Quality, ROCE, value creation | The fund focuses exclusively on high-quality companies with strong competitive advantages, trustworthy management, profitable operations, and smart capital allocation. Quality is defined through the Quality Triangle: historical numbers, management clarity, and forecastability. | EVO.ST CSU.TO V EVO SS CSU CN V |
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| 2024 Q4 | Dec 31, 2024 | Sands Capital International Growth Fund | -4.1% | 8.4% | 2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE | AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | AI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. | View | |
| 2024 Q4 | Dec 31, 2024 | REQ Global Compounders | - | 17.6% | ADD.ST, ADDT-B.ST, AME, ATCO-A.ST, BERG-B.ST, BRO, BUFAB.ST, CSU.TO, DCC.L, IDUN.ST, IMCD.AS, INDU-A.ST, ITW, LAGR-B.ST, LIFCO-B.ST, MC.PA, MOME.ST | Acquisitions, Capital Allocation, compounders, Decentralization, Industrial, Nordics | Portfolio companies completed 185 acquisitions in Global Compounders and 146 in Nordic Compounders during 2024. The companies focus on small, frequent acquisitions typically ranging from EUR 1-20 million in sales, with 95% under EUR 50 million. This programmatic M&A strategy allows for trial-and-error approaches without material risk while building acquisition expertise over decades. | IDUN.ST VITEC.ST DCC.L AME |
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| 2023 Q4 | Dec 31, 2023 | Zelikovic Investments | - | - | AGO, APO, CSU.TO, EXO.MI, FFH.TO, IAC, KKR, MKL, TASE.TA, TPL, TVK.TO | compounders, global, insurance, Japan, Quality, ROE, small caps, value | Manager focuses on buying stocks of financially stable companies at attractive prices compared to their economic value, staying away from popular and expensive stocks. Emphasizes careful selection based on clear economic measures and purchasing at discount prices. | TVK.TO CSU.TO TASE.TA TPL FFH.TO KKR IAC EXO.MI |
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| 2023 Q4 | Dec 31, 2023 | Zeno | - | - | APH, AZE.BR, CSU.TO, DHR, DSGX.TO, GE, HEI, IPUMP.MI, LIN | Founder Mindset, Investment Criteria, Market Power, Portfolio Transition, Quality | The fund applies three rigorous investment criteria: market power, reinvestment opportunity, and founder mindset. Companies must demonstrate all three characteristics to qualify for investment. This quality-focused approach led to significant portfolio changes as existing holdings were tested against these standards. | View | |
| 2023 Q4 | Dec 31, 2023 | REQ Global Compounders | - | 42.0% | CSU.TO, LUMN | Acquisitions, Capital Allocation, compounders, Decentralization, Nordics, private markets | Portfolio companies completed 260 transactions in 2023 versus 249 in 2022, demonstrating continued robust M&A activity. Companies maintain disciplined acquisition approach while expanding geographically outside the Nordics. The acquisition engine serves as a key growth driver alongside organic growth. | View | |
| 2025 Q3 | Nov 19, 2025 | DKAM Donville Kent Asset Management | - | - | CPH.TO, CSU.TO, E.TO, GRID.TO, GSY.TO, MDA.TO, PRL.TO, TGH.TO, VHI.TO, ZDC.TO | AI, growth, healthcare, Rate Cuts, small caps, software, technology, Valuations | AI creates both opportunities and threats for software companies. While AI enables cheap app development through vibe-coding, this creates security vulnerabilities that make traditional software companies with proper certifications more valuable in regulated industries like healthcare and finance. The fund's software holdings benefit from AI efficiency gains while being protected by regulatory moats. | GSY CT E CT MDA CT CSU CT VHI CT |
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| 2023 Q3 | Nov 10, 2023 | Right Tail Capital | 0.0% | 10.3% | CSU.TO, FERG | Concentration, Distribution, Long Term, Quality, software, value | Ferguson is a leading US distributor of plumbing and HVAC supplies with strong positioning in its value chain. The company benefits from having many suppliers and customers while providing great service and parts availability to guide customers to needed parts in a timely fashion. | CSU.TO FERG |
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| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG | AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation | Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements. | NVDA US MEDP US |
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| 2025 Q3 | Oct 5, 2025 | Right Tail Capital | - | - | AAP, AZO, CSU.TO, ORLY | Auto Aftermarket, Compounding, Culture, Distribution, long-term, Quality | O'Reilly Auto Parts represents a compelling investment in the auto aftermarket sector, benefiting from aging car fleets, necessary product demand, and superior distribution capabilities. The company's balanced DIY/DIFM business model and cultural advantages create sustainable competitive moats that e-commerce cannot easily replicate. | ORLY |
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| 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 |
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| 2025 Q3 | Oct 30, 2025 | Stenham Asset Management | 0.8% | 8.3% | AAPL, AFG, AIR.PA, AMD, AMZN, AVGO, CSU.TO, ENEN.DE, GOOGL, META, MSFT, NVDA, ORCL, SNPS, TSM, UMG.AS | AI, Cloud, energy, infrastructure, Quality, semiconductors, technology, valuation | The AI infrastructure boom remained the dominant theme driving markets to new highs. Oracle reported customer commitments of $455bn, surpassing expectations by over 200%. The fund holds picks and shovels of the AI opportunity including Microsoft, Amazon, and TSMC, focusing on companies with flexibility to reallocate capacity and disciplined approaches to AI infrastructure deployment. | SIE TSM SIE TSM |
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| 2025 Q3 | Oct 30, 2025 | Church House Human Capital | -4.6% | - | 9424.T, BERG-B.ST, CHAP.DE, CICN.SW, CSU.TO, DPLM.L, INDU.ST, JDG.L, KPG.AX, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MGRP.ST, PMS, SIS.TO, TOI.TO | Acquisitive, Decentralised, global, Mid-cap, small caps, value | The fund focuses on entrepreneurial, acquisitive, decentralised businesses that are being overlooked as markets remain fixated on the Magnificent Seven. The manager sees this as creating opportunities in smaller companies with strong fundamentals. | View | |
| 2024 Q3 | Oct 3, 2024 | Seeking Winners | 5.5% | - | APPF, ATD, CMG.TO, CSU.TO, EVO.ST, LMN.TO, ODFL, TOI.TO | Capital Allocation, growth, Quality, small caps, software | The fund acquired two software companies - Computer Modelling Group (CMG) and AppFolio - representing a strategic shift toward high-quality software businesses. CMG operates in a near-monopoly position in reservoir simulation software with 71% recurring revenue, while AppFolio dominates property management software with strong unit economics and margin expansion potential. | APPF CMG.TO |
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| 2025 Q3 | Oct 28, 2025 | Weitz Large Cap Equity Fund | -0.5% | -0.9% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI MELI |
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| 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 | |
| 2025 Q3 | Oct 24, 2025 | Fidelity Freedom 2055 Fund | 7.0% | 19.2% | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, Bonds, diversification, equities, global, retirement, Target-Date | Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a key contributor within the materials sector. | View | |
| 2024 Q3 | Oct 22, 2024 | Longriver Investment Partners | 6.6% | 23.0% | 9435.T, AMZN, BRK-B, CSU.TO, META, PDD, TSM | Asia, Capital Allocation, Japan, long-term, value, volatility | Manager invested in Hikari Tsushin during August panic, describing it as the Berkshire Hathaway of Japan with strong capital allocation discipline. Sees opportunity in transformation of corporate Japan through companies with improved disclosure and governance. | View | |
| 2025 Q3 | Oct 21, 2025 | Fidelity Freedom 2045 Fund | 7.0% | 19.4% | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, Bonds, diversification, equities, retirement, Target-Date | Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a key contributor within the materials sector positioning. | View | |
| 2025 Q3 | Oct 21, 2025 | Zeno | - | - | APH, CSU.TO, CTAS, DHR, EZJ.L, HCSG, LIN, ODFL, RYAAY, SNBR, TPG | Capital Allocation, compensation, execution, management, Ownership, Quality, returns | The fund focuses on companies with exceptional execution and long-term risk assessment capabilities. They seek businesses with owner-operators who demonstrate Founder's Mindset, combining executional urgency with disciplined capital allocation. These quality companies have delivered mid-teens or higher long-term total shareholder returns through superior business models. | View | |
| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA | earnings, growth, Quality, US, value | Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins. | MEDP |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital International Growth Fund | -3.1% | 15.7% | 2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM | AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology | AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance. | View | |
| 2025 Q3 | Oct 20, 2025 | NZS Capital – Growth | 3.9% | 19.6% | ADSK, AMT, APH, ASML, CMG, CSU.TO, DHR, FI, GOOGL, IT, LRCX, MCHP, MPWR, NOW, ROP, SNPS, TEAM, TSM, URI, WDAY | AI, cybersecurity, growth, Identity, semiconductors, software, technology | NZS discusses AI as the largest platform shift yet, threatening business models while promising productivity advances. They emphasize the widening range of outcomes and the need to avoid narrow predictions in AI investing. The firm highlights AI's expansion of the total addressable market for identity governance and security software. | SAIL SAIL |
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| 2023 Q3 | Oct 19, 2023 | Akre Focus Fund | 11.8% | 18.6% | ADBE, AMT, BN, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Concentration, financials, interest rates, Quality, real estate, technology, value | The second quarter narrative abruptly changed to bullishness on artificial intelligence, giving rise to the Magnificent 7 market darlings. These seven companies were largely responsible for the S&P 500's 13.07% year-to-date return through September, while the S&P 493 excluding them only returned 3.18%. | View | |
| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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| 2023 Q3 | Oct 16, 2023 | Avenue Investment Management | - | - | AAPL, ATKR, CNQ.TO, CSU.TO, EME, ENB.TO, META, MSFT, MUSA | Canada, Defensive, rates, Recession, value, volatility | Manager expects return to higher volatility periods similar to mid-1960s to mid-1970s where portfolios could swing from up 20% one year to down 15% the next. Recent 15-year period of mostly positive returns with only occasional bad years is viewed as abnormal. | View | |
| 2025 Q3 | Oct 14, 2025 | Alger Mid Cap Focus Fund | 14.5% | 19.0% | ALAB, AXON, CSU.TO, HOOD, TLN, WING | AI, Cloud, Data centers, financials, growth, mid cap, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Strong demand for AI infrastructure is driving business spending acceleration. Companies like Astera Labs are well positioned in AI computing markets, providing critical connectivity solutions for AI accelerators and data movement. | ALAB HOOD |
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| 2025 Q3 | Oct 14, 2025 | Sequoia Fund | 1.6% | 21.6% | COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS | financials, healthcare, Media, semiconductors, technology | View | ||
| 2024 Q3 | Oct 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V | Compounding, Focus, long-term, Patience, Quality, returns | The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors. | View | |
| 2024 Q3 | Oct 14, 2024 | Sequoia Fund | 7.1% | 20.8% | CSU.TO, ELV, FWONA, GOOGL, ICE, RR.L, SAP.DE, SCHW, TSM, UNH | Concentration, financials, healthcare, industrials, technology | View | ||
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua International Growth Fund | 5.2% | 19.0% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations | The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs. | View | |
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua Global Growth Fund | 6.8% | 17.2% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | AI, China, Cloud, growth, international, technology, Trade Policy, Valuations | The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs. | BABA |
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| 2024 Q3 | Oct 13, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, CSU.TO, LMN.TO, ROL, TOI.TO | Capital Allocation, insurance, M&A, Serial Acquirers, software, value creation | The fund owns three serial acquirers of vertical market software companies: Constellation Software, Topicus.com, and Lumine Group. This trio acquired another 22 software businesses in just the prior quarter. The manager views this group as a semi-permanent holding still capable of outperforming the market over the long term. | ROL AJG CSU.TO |
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| 2025 Q3 | Oct 10, 2025 | Thornburg International Equity Fund | 5.5% | 28.5% | 0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE | Bottom-up, Diversified, fundamentals, international, value | Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter. | View | |
| 2025 Q3 | Oct 10, 2025 | Akre Focus Fund | -3.4% | 3.9% | BN, CSGP, CSU.TO, FICO, KKR, MA, MC.PA, MCO, ORLY, ROP, TOI.TO, V | AI, Compounding, ETF Conversion, software, tax efficiency, technology, Vertical Markets | The fund addresses concerns about AI disruption to vertical market software companies, particularly through AI-native competitors using large language models. However, they believe Constellation Software can navigate this technological shift due to customer intimacy and access to the same AI tools as competitors. | CSU CN |
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| 2025 Q3 | Oct 10, 2025 | Ennismore Global Equity Fund | 0.9% | 8.4% | 4478.T, ACP.WA, AUTO.L, AZE.BR, BCG.L, CRDA.L, CSU.TO, DIE.BR, GD.TO, GNS.L, PDX.ST, SPX.L, TIGO, WISE.L | AI, Chemicals, Fintech, global, Long/Short, software, Specialty Retail, technology | The AI boom continued with greater fervour over the summer and September. OpenAI has signed roughly 20GW of data centre capacity deals in 2025, almost 20% of the world's installed base. The rush to build is pushing supply chains to breaking point, creating price pressure along the value chain and benefiting picks and shovels players. | WISE LN |
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| 2023 Q2 | Oct 7, 2023 | Sequoia Strategy | 7.1% | 20.8% | CACC, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, J, KMX, LBRDK, LMCA, META, MU, NFLX, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, Portfolio Management, value | View | ||
| 2023 Q4 | Oct 1, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, V | financials, long-term, Quality, technology, value | The fund emphasizes investing in great businesses with quality standards and valuation discipline. They focus on business quality and value as primary drivers of investment decisions, maintaining these standards even when faced with compelling new themes that capture investor imagination. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 2025 Q4 | Jan 5, 2026 | Right Tail Capital | 0.0% | 0.3% | CSU.TO, GOOGL | AI, long-term, Patience, Quality, technology, underperformance, value | Manager acknowledges AI's dominance in driving market returns over the past 3 years, with 5 stocks making up ~40% of S&P 500's 2025 return. However, expresses uncertainty about Nvidia's long-term advantage and normalized earnings, while noting discomfort with circularity in AI business arrangements that rhyme with past investment bubbles. Right Tail focuses on investing in understandable, high-quality businesses with a longer-term mindset rather than chasing themes. The manager believes markets will eventually reward businesses with durable advantages, predictable earnings, and strong capital allocation, which aligns with their value-oriented approach. | GOOG |
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| 2025 Q4 | Jan 5, 2026 | Greenfield Investment Management | 0.0% | 0.0% | BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC | Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value | Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. McKesson investment viewed as similar to a royalty on Americans taking more pharmaceuticals over time. The pharmaceutical distribution company operates mainly in the United States and has climbed steadily despite earlier opioid crisis concerns. Manager follows value investing approach, buying companies at attractive valuations relative to earnings. Multiple examples given of purchasing stocks at low price-to-earnings multiples when they were out of favor. | View | |
| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, AMD, ASML, BRZE, CRWD, CSU.TO, GOOGL, HOOD, KPG.AX, KSI.TO, MELI, MU, NVDA, SPGI, TEAM, V, WDAY | AI, Cloud, compounders, Concentration, growth, semiconductors, technology, value | Manager discusses AI as a key investment theme, highlighting Alphabet's decades of AI research leadership and Sergey's return to work on AI. Notes that AI-enabled search over Jira and Confluence represents perfect GenAI use cases for B2B settings. Views Adobe's video generation capabilities and AI tooling as underappreciated by the market. | View | |
| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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| 2025 Q4 | Jan 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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| 2025 Q4 | Jan 26, 2026 | NZS Capital – Growth | -1.4% | 17.9% | AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI | AI, growth, positioning, semiconductors, software, technology, valuation | The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered. | ISRG TSM LRCX FISV DHR GOOGL |
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| 2025 Q4 | Jan 2, 2026 | Diranko Capital | 3.0% | 19.9% | CSU.TO, ERD.NZ, MAT.NZ | Cyclical, deep value, growth, Microcaps, small caps, special situations, Telematics, value | Manager focuses on deep value investments trading below five times sustainable earnings or less than half of replacement cost. These capital-intensive businesses with uncertain growth prospects are being sold off as capital flows to large-cap tech, creating opportunities to buy at vastly discounted prices. Portfolio focuses exclusively on small businesses with average market cap of €150 million. Manager believes this creates persistent opportunities due to limited institutional coverage and research, with fewer sophisticated investors competing in this space. | ERD NZ |
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| 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 14, 2026 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L | Asia, Concentration, gaming, global, long-term, payments, semiconductors, value | Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years. | WISE LN |
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| 2025 Q4 | Jan 14, 2026 | Lakehouse Global Growth Fund | 0.0% | -8.5% | 4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK | global, growth, Networks, software, technology | The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs. | View | |
| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | View | |
| 2025 Q4 | Jan 13, 2026 | Mawer International Equity Fund | -1.8% | 18.4% | 000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT | AI, defense, equities, global, gold, Quality, semiconductors, Valuations | AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors. | View | |
| 2025 Q4 | Jan 12, 2026 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2025 Q4 | Jan 12, 2026 | REQ Global Compounders | 0.0% | 0.0% | ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO | Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software | AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific. | CSU CN BRO JDG LN |
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| 2024 Q4 | Jan 11, 2025 | Akre Focus Fund | -0.5% | 18.0% | AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V | Compounding, Concentration, large cap, Long Term, Quality, value | The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods. | View | |
| 2024 Q4 | Jan 11, 2025 | Seeking Winners | - | 26.6% | APPF, BRK-B, CMG.TO, CRM, CSGP, CSU.TO, HEI, IT, LMN.TO, NVDA, TOI.TO, TWLO | Capital Allocation, cash flow, Concentration, Quality, Research, software, technology | The manager acknowledges AI will fundamentally revolutionize numerous industries but maintains a cautious perspective on current AI-focused investments. They note the overwhelming market momentum concentrated in select AI stocks like Nvidia and express skepticism about long-term terminal values of AI ecosystem companies despite significant stock price appreciation. | IT |
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| 2024 Q3 | Sep 30, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. | View | |
| 2024 Q3 | Sep 30, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CSU.TO, GOOGL, MELI, NOW, SE, SPOT, WIX | E-Commerce, global, growth, Networks, software, technology | The fund holds significant positions in e-commerce leaders including MercadoLibre and Amazon. Sea Limited showed strong performance with a 17.8% gain during the month, capitalizing on leading market share and increasing take rates across Southeast Asian e-commerce markets. The ongoing increases in industry take rates may signal a more favorable industry structure ahead. | View | |
| 2023 Q4 | Sep 3, 2024 | Concentrated Compounding | 0.0% | 0.0% | AMZN, BRK-B, CHTR, CRM, CSU.TO, DHR, EPD, GOOGL, MA, MSFT, SPGI, SRT3.DE, TDG, TMO, V | Concentration, long-term, Quality, risk management, Treasuries, Valuations | Manager extensively discusses how stock valuations have moved from undervalued to fair value throughout 2023, leading to position trimming. Current market valuations are described as high relative to historical levels, with P/E ratios at 20-year highs excluding 2021. | SRT3.DE ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DHR |
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| 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 29, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY | AI, Cloud, E-Commerce, global, growth, long-term, technology | Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out. | CSGP MELI SPOT AMZN |
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| 2024 Q2 | Jul 28, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value | AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. | ODFL CSU.TO IEX |
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| 2024 Q2 | Jul 18, 2022 | DKAM Donville Kent Asset Management | 0.0% | 68.1% | CSU.TO, VHI.V | Bull Market, Canada, Cash, inflation, interest rates, small caps, Valuations | Manager believes small caps hit record low valuations in October 2023 and are now entering a 5-6 year bull market cycle. Small caps are trading at extremely attractive valuations, more attractive than the 2009 market bottom, and offer better value versus large caps currently. | View | |
| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2024 Q2 | Jul 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | AAPL, AMT, BN, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, MSFT, NVDA, ORLY, ROP, V | Concentration, financials, large cap, Mega Cap, technology, value | The manager extensively discusses the unprecedented concentration in mega-cap stocks, particularly Apple, Microsoft, and Nvidia with $3+ trillion market caps each. He questions whether these companies can continue compounding at historic rates given the law of large numbers, noting their combined value approaches 36% of US GDP under 15% annual growth assumptions. | View | |
| 2023 Q1 | Apr 30, 2023 | MCJ Capital Partners | 10.6% | 11.7% | CSU.TO, JDG.L, KPG.AX, LIFCO-B.ST | Banking, Business Models, Distribution, global, Housing, international, value | Manager provides extensive analysis of the distributor business model, explaining how distributors thrive in fragmented markets with low purchasing power customers. Discusses threats and defensive strategies, highlighting the model's longevity and transferability across industries. Notes portfolio exposure through Lifco's dental distribution business. | View | |
| 2025 Q1 | Apr 16, 2025 | DKAM Donville Kent Asset Management | - | - | CPH.TO, CSU.TO, E.TO, FORA.TO, GAMB, GSY.TO, MDA.TO, PRL.TO, VHI.TO, ZDC.TO | Canada, growth, Quality, Sentiment, small caps, tariffs, Trade Policy, value | The manager discusses the significant market impact of tariffs and trade war policies, noting that the market has shifted focus entirely to trade concerns. They believe the worst of tariff uncertainty has peaked and expect countries to come to the bargaining table for new trade deals. | E.TO CSU.TO MDA.TO FORA.TO CPH.TO GAMB VHI.TO ZDC.TO PRL.TO GSY.TO |
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| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG | Construction, insurance, Quality, technology, Trade Policy, value | Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment. | BLDR AAON TWFG |
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| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | View | |
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2023 Q4 | Jan 31, 2024 | MCJ Capital Partners | 10.6% | 11.7% | CSU.TO, JDG.L, LIFCO.B.ST | Capital Allocation, international, Serial Acquirers, small caps, value | Manager notes persistent disconnect between large and small company valuations, and international securities relative to S&P 500 counterparts. This valuation gap represents an ongoing opportunity for value-oriented investors. | View | |
| 2023 Q4 | Jan 29, 2024 | DKAM Donville Kent Asset Management | 0.0% | 68.1% | CSU.TO, CTS.TO, DE.TO, GSY.TO, KUT.TO, NVEI.TO, PAY.TO, PRL.TO, SECU.TO, VHI.TO | AI, Buybacks, Canada, growth, small caps, technology, value | Technology infrastructure investments are experiencing massive budget increases, with some jumping 10x in 2024. There is currently a bottleneck in compute power driving these investments. Converge Technology benefits from this trend, with Nvidia gear sales topping $120m in the first 9 months of 2023, up from $12m the year prior. | CSU.TO VHI.V PAY.TO NVEI.TO KUT.TO SECU.V GSY.TO DE.TO PRL.TO CTS.TO |
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| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2024 Q4 | Jan 24, 2025 | Sequoia Fund | -0.1% | 19.8% | CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | aerospace, Concentration, healthcare, Long/Short, Quality, technology, value | The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters. | View | |
| 2024 Q4 | Jan 24, 2025 | Giverny Capital Asset Management | 0.8% | 21.1% | AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Concentration, growth, mid cap, technology, value | Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment. | MEDP ALGN KNSL FERG FI IBP AHT MTB |
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| 2023 Q4 | Jan 24, 2023 | Stenham Asset Management | 11.1% | 21.8% | ADBE, ADYEN.AS, AMAT, ASML, CSU.TO, MSFT, NVDA, PYPL, TMO | AI, Biotech, Cloud, large cap, payments, semiconductors, technology | Artificial Intelligence became the year's favourite buzzword, with the mere use of the term helping boost stock prices. Microsoft's cloud computing (Azure) and enterprise software stack firmly positions the company in this category as a picks and shovels company. Microsoft Azure's OpenAI services grew from ~250 entering the year to ~18,000 by Q3 2023. | ADYEN ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| 2023 Q4 | Jan 20, 2024 | Andvari Associates | 0.0% | 20.3% | CSU.TO, LMN.TO, MLAB, TOI.TO | Acquisitions, Capital Allocation, Compounding, Concentration, software | Constellation Software's acquisition strategy focuses on niche, vertical market software businesses with high margins and mission-critical applications. The company acquired over 100 such businesses in 2023, demonstrating the continued opportunity in this space. These businesses typically have low organic growth but generate substantial free cash flows that can be reinvested at high rates of return. | CSU.TO |
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| 2023 Q1 | Jan 5, 2023 | DKAM Donville Kent Asset Management | 0.0% | 68.1% | CSU.TO, CTS.TO, GSY.TO, KUT.TO, NVEI, RET.V, TC.TO, VHI.V | Canada, growth, inflation, interest rates, small cap, technology, value | The fund focuses on small cap growth stocks which have been beaten down by rising interest rates despite posting record revenues and earnings. Management believes this segment is at the cheapest valuation in history and poised for high returns as the interest rate headwind reverses. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | Giverny Capital Asset Management | Constellation Software Inc. | Software - Application | Systems Software | Bull | New York Stock Exchange | AI disruption, Canada, Data Repositories, ERP systems, Free Cash Flow, Mission-Critical Software, Small Business Software, switching costs, vertical market software | View Pitch |
| Apr 28, 2026 | Fund Letters | Andvari Associates | Constellation Software Inc. | Information Technology | Systems Software | Bull | Toronto Stock Exchange | Acquisitions, Canada, compounding, Decentralized, Free Cash Flow, growth, Mission-Critical, Software, Vertical Markets | View Pitch |
| Apr 28, 2026 | Fund Letters | DKAM Donville Kent Asset Management | Constellation Software Inc | Information Technology | Systems Software | Bull | TSX | Acquisitions, capital allocation, Long-term compounder, M&A, Spin-outs, Value Compounding, vertical market software | View Pitch |
| Apr 28, 2026 | Fund Letters | MCJ Capital Partners | Constellation Software Inc | Information Technology | Systems Software | Bull | Toronto Stock Exchange | Canada, capital allocation, growth, serial acquirer, Software, technology, Vertical Markets | View Pitch |
| Apr 28, 2026 | Fund Letters | Right Tail Capital | Constellation Software Inc. | Information Technology | Systems Software | Bull | TSX | Canadian, capital allocation, customer retention, M&A, Mission-Critical, Niche markets, Software, vertical market | View Pitch |
| Apr 28, 2026 | Fund Letters | Zelikovic Investments | Constellation Software Inc. | Information Technology | Systems Software | Bull | Toronto Stock Exchange | 100-bagger, acquisition strategy, Canada, compounder, Free Cash Flow Growth, Mark Leonard, serial acquirer, vertical market software | View Pitch |
| Apr 23, 2026 | Fund Letters | Rowan Street Capital | Constellation Software | Software - Application | Application Software | Bull | Toronto Stock Exchange | Acquisitions, capital allocation, compounder, Mission-Critical, Software, technology, Value, vertical market software | View Pitch |
| Apr 14, 2026 | Fund Letters | Akre Focus Fund | Constellation Software Inc. | Software - Application | Systems Software | Bull | New York Stock Exchange | AI Concerns, Canada, Free Cash Flow Growth, Mission-Critical, Software, valuation disconnect, Vertical Markets | View Pitch |
| Apr 13, 2026 | Fund Letters | DKAM Donville Kent Asset Management | Constellation Software Inc. | Software | Application Software | Bull | TSX | capital allocation, high margins, M&A, serial acquirer, Software, vertical market software | View Pitch |
| Apr 13, 2026 | Fund Letters | Weitz Large Cap Equity Fund | Constellation Software, Inc. | Information Technology | Systems Software | Bull | TSX | Acquisitions, Canadian, capital deployment, Decentralized operations, Mission-Critical Software, Niche markets, SaaS, vertical market software | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Mid Cap Focus Fund | Constellation Software Inc. | Information Technology | Software | Neutral | TSX | AI impact, capital allocation, decentralized model, leadership transition, Mission-Critical Software, Niche Software, Software Acquisitions, vertical market software | View Pitch |
| Apr 13, 2026 | Fund Letters | Avenue Investment Management | Constellation Software Inc. | Information Technology | Systems Software | Bull | Toronto Stock Exchange | Acquisitions, asset-light, capital efficiency, Inflation-Resistant, Mission-Critical, Software, technology, Vertical Markets | View Pitch |
| Apr 13, 2026 | Fund Letters | Seeking Winners | Constellation Software Inc. | Information Technology | Systems Software | Bull | Toronto Stock Exchange | Acquisitions, Canada, cash flow, growth, organic growth, Software, technology, vertical market software | View Pitch |
| Apr 13, 2026 | Fund Letters | Andvari Associates | Constellation Software Inc. | Information Technology | Systems Software | Bull | Toronto Stock Exchange | Canada, Decentralized, M&A, serial acquirer, Software, technology, Value Arbitrage, VMS | View Pitch |
| Apr 13, 2026 | Fund Letters | Torghatten Capital | Constellation Software Inc. | Information Technology | Systems Software | Bull | TSX | Canada, capital allocation, Decentralization, M&A Integration, ROIC, serial acquirer, Software, vertical market software | View Pitch |
| Apr 9, 2026 | Fund Letters | DKAM Donville Kent Asset Management | Constellation Software Inc. | Software - Application | Systems Software | Bear | Toronto Stock Exchange | Ai Risk, capital allocation, exit strategy, leadership transition, serial acquirer, Software, Vertical Markets | View Pitch |
| Feb 4, 2026 | Twitter / X | @BradoCapital | Constellation Software Inc. | Software | Application Software | Bull | TSX | Acquisitions, Application Software, Canada, capital allocation, Enterprise software, Rollup, vertical software | View Pitch |
| Jan 24, 2026 | Substack | Coughlin Capital | Constellation Software Inc. | Software | Vertical Market Software | Bull | Toronto Stock Exchange | AI disruption, Constellation Software, diversification, High retention, Mission-critical systems, Niche markets, Software Acquisition, Toronto Stock Exchange, valuation, vertical market software | View Pitch |
| Nov 2, 2025 | Substack | Compound and Fire | Constellation Software | Information Technology | Software - Application | Bull | acquisition, CAGR, Constellation Software, growth potential, investment choice, market position, serial acquirer, Software, strategic capabilities, vertical market | View Pitch | |
| Oct 5, 2025 | Substack | Compound and Fire | Constellation Software Inc. | Bull | acquisition model, capital allocation, Constellation Software, diversification, growth potential, leadership transition, software industry, valuation, vertical market software | View Pitch | |||
| Aug 7, 2025 | Substack | Compound and Fire | Constellation Software Inc. | Information Technology | Software - Application | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||