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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Fenimore Dividend Focus Strategy | -2.6% | - | AVY, CDW, CTAS, MCHP, THG, TT | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Stewart Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, 2379.TW, 2454.TW, 6503.T, ALC, BABA, BAJAJHLDNG.NS, BAP, BOSCHLTD.NS, CARTRADE.NS, CTAS, KEI.NS, KOTAK.NS, M&M.NS, NU, PRX.AS, QUAL3.MX, SE, TARSONS.NS, TECHM.NS, TOTVS3.SA, TSM, TUBEINVEST.NS, WEG3.SA | AI, Asia, China, emerging markets, India, long-term, Quality, semiconductors | The team maintains a conservative approach to AI-driven market themes, avoiding flavour-of-the-month AI investments while selectively benefiting from AI demand through quality holdings like Samsung and TSMC. They emphasize disciplined AI capex spending and focus on companies with sustainable competitive advantages rather than chasing AI hype. The team is adding to Chinese holdings where they find leading businesses with strong competitive advantages and attractive growth at reasonable valuations, particularly Tencent. They view China as offering better opportunities despite some headwinds in specific sectors like property and chemicals. The team is reducing exposure to India, mainly in cyclical businesses where valuations are expensive and growth outlook has deteriorated. However, they remain excited about high-quality Indian companies positioned to benefit from structural tailwinds including urbanization, demographics, and digital infrastructure. Semiconductor holdings like Samsung and TSMC are key contributors, benefiting from AI-related demand for memory chips and leading-edge processors. The team focuses on companies with strong competitive positions and visibility into future earnings growth through 2026-2027. The investment philosophy centers on identifying quality companies with exceptional cultures, strong franchises, resilient financials, and sustainable competitive advantages. The team seeks companies that can deliver attractive returns over much longer periods than the market expects. The team is optimistic about emerging market opportunities, noting that the global economy is increasingly being led by emerging markets. They see attractive valuations compared to developed markets and expect this trend to accelerate as investors seek alternatives to US markets. | View | |
| 2024 Q3 | Oct 23, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | APP, CTAS, FI, FIX, GOOG, IT, TPR, TW | AI, diversification, Large Caps, technology, valuation | U.S. large caps hit new highs as tech and AI continue to lead performance. Companies like Alphabet and AppLovin benefit from AI monetization, while investors face valuation concerns as mega-caps dominate indices. The managers emphasize diversification and quality growth selection amid elevated valuations. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CTAS, CWRD, EME, IT, MLM, ORLY, VRSK | AI, Automation, consumer, growth, industrials | AI investment remains a dominant but maturing theme, with rising skepticism about sustainability. The fund highlights strong performance in industrial automation and select consumer names benefiting from cyclical recovery. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 5.3% | - | APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST | AI, Automation, Fintech, healthcare, industrials | TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Small-Cap Value Fund | 4.6% | 14.0% | ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF | Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value | The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization. | FLG UNF ECPG COLL KALU |
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| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
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| 2025 Q4 | Jan 18, 2026 | Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, BJ, CHE, CTAS, ORLY, RNR, TER, VEEV, VRSK | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, CTAS, FAST, GGG, LOR GR, LVMH SW, NKE | - | View | ||
| 2022 Q4 | Feb 24, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, CTAS, HLMA LN, NKE | - | View | ||
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | CTAS, NOW, U | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | George L. Smith III | Cintas Corporation | Industrials | Diversified Support Services | Bull | NASDAQ | buybacks, dividends, Execution, recurring revenue, services | View Pitch |
| Nov 29, 2025 | Fund Letters | Cameron McKendry | Cintas Corporation | Industrials | Commercial Services & Supplies | Bull | NASDAQ | compounder, dividends, growth, leadership, Margins, recurring revenue, scale, services, Uniforms | View Pitch |
| Nov 29, 2025 | Fund Letters | Cameron McKendry | Cintas Corporation | Industrials | Commercial Services & Supplies | Bull | NASDAQ | compounder, dividends, growth, leadership, Margins, recurring revenue, scale, services, Uniforms | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||