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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Small Cap Strategy | 12.7% | - | APH, ASGTF, BROS, CBZ, CHH, CIGI, CTAS, DFH, ENTG, ESAB, FSV, FTDR, LSTR, MCHP, PNFP, POOL, SITE, SSB, TT, VRSK | AI, interest rates, Quality, real estate, small caps, value | Increasing enthusiasm surrounding AI and considerable capital investments in its infrastructure have helped propel positive stock market returns this year. While no one knows exactly what the future of this technology holds, it's likely to help businesses improve efficiency by allowing them to organize and analyze data faster than ever before. | View | |
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | 26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. | View | |
| 2023 Q3 | Sep 30, 2023 | Fenimore Small Cap Strategy | -4.0% | - | AVY, BIP, BOC, CDW, CIGI, CSV, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK | dividends, Quality, rates, semiconductors, small caps, value | Rising interest rates weighed on the market throughout the quarter, with the Fed raising rates by 0.25% in July and signaling potential additional increases. The Fed's higher for longer stance pressured stocks and created headwinds for companies with significant debt. | View | |
| 2023 Q3 | Sep 30, 2023 | Fenimore Dividend Focus Strategy | -2.6% | - | AVY, BIP, BOC, CDW, CIGI, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK | dividends, mid cap, Quality, rates, semiconductors, value | Rising interest rates weighed on the market in Q3, with the Fed signaling another rate increase possible before year-end. The Fed's target rate ended between 5.25% and 5.5%, the highest since 2001. Higher rates are filtering through the economy with 30-year mortgage rates well over 7%. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisory Large-Cap Growth Strategy | 16.4% | 7.6% | AAPL, AMZN, AVGO, COST, CTAS, DKNG, FICO, META, MRVL, MSFT, NFLX, NOW, NVDA, PGR, SPGI, TDG, TTD, UBER, WST, ZTS | AI, growth, large cap, Performance, Streaming, technology, volatility | AI infrastructure stocks experienced volatility in Q1 2025 but rebounded strongly in Q2. NVIDIA recovered after production complexities with Blackwell chips, while The Trade Desk's AI-powered advertising platform reached 65% client adoption. AI demand remains strong with improving production of next-generation chips. | FICO DKNG TTD NFLX |
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| 2024 Q2 | Jul 16, 2024 | The Bristol Gate U.S. Equity Strategy | -0.4% | 6.1% | AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS | Concentration, dividends, growth, Quality, technology, value | Bristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential. | ODFL GE |
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| 2025 Q2 | Jun 30, 2025 | Fenimore Dividend Focus Strategy | 5.7% | - | ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA | AI, Quality, rates, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels. | GEHC ENTG |
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| 2025 Q2 | Jun 30, 2025 | Fenimore Small Cap Strategy | 2.6% | - | APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT | AI, dividends, mid cap, Quality, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2. | View | |
| 2025 Q2 | Jun 30, 2025 | Fenimore Value Strategy | 5.8% | - | APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT | AI, dividends, insurance, Quality, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2. | View | |
| 2024 Q2 | Jun 30, 2024 | Fenimore Dividend Focus Strategy | -2.6% | - | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, mid cap, technology, value | Artificial intelligence investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. | ESAB OSW HLI |
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| 2024 Q2 | Jun 30, 2024 | Fenimore Value Strategy | -4.7% | - | ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK | AI, dividends, industrials, Manufacturing, mid cap, technology, value | AI investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward. | View | |
| 2026 Q1 | May 5, 2026 | Aoris International Fund | -13.6% | -13.6% | CTAS, IBM, TLS.AX | competition, concentrated, international, Quality, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Fenimore Small Cap Strategy | -5.3% | -5.3% | AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK | insurance, Quality, small cap, tariffs, Trade Policy, value | The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID. | BWIN |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX | AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology | Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability. | ARES APP |
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| 2025 Q1 | Mar 31, 2025 | Fidelity Growth Strategies Fund | -8.0% | -8.0% | AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX | aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy | Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Small Cap Strategy | 6.1% | 6.1% | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | consumer, financials, Quality, small cap, value | The FAM Small Cap Fund rose 6.06% in the first quarter, outperforming the Russell 2000 Index by 88 basis points. The fund continues to focus on small and midsize businesses that meet strict investment criteria, with outperformance attributed to strength in financial and consumer holdings. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Dividend Focus Strategy | 10.3% | 10.3% | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | dividends, healthcare, industrials, mid cap, Quality, technology, value | The fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%. | 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 Q4 | Dec 31, 2024 | Third Avenue Small-Cap Value Fund | -4.4% | 3.3% | AMBC, BATRA, COLL, CTAS, ECPG, FPH, FRPH, ICFI, ITIC, IVT, KALU, LXU, MYRG, OCFC, PB, PBF, PRAA, SEB, SSKN, SUPN, TPH, UMBF, UNF | Buybacks, private equity, Regional Banks, Resource Conversion, small caps, value | The portfolio trades at a historically large discount to estimated net asset value, with Fund Management believing considerable potential exists for attractive absolute returns. The fund focuses on underpriced assets trading below intrinsic value. | FPH AMBC OCFC |
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| 2024 Q4 | Dec 31, 2024 | Fenimore Small Cap Strategy | -1.1% | 12.5% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, STE, TRRSF, VRSK | Homebuilders, Outsourcing, Quality, small cap, technology, value | Fenimore focuses on finding quality companies with strong leadership that can push through changes and continue driving profits higher over the medium and long term. They seek robust businesses that make their own luck through hiring producers, creating new products, and taking market share from fragile competitors. | View | |
| 2024 Q4 | Dec 31, 2024 | Fenimore Dividend Focus Strategy | -5.2% | 7.6% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, ENTG, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, TRRSF, VRSK | dividends, mid cap, Quality, technology, value | 26 out of 27 names in the fund increased their dividend in the past 12 months with an average year-over-year increase of 9.7%. The top three dividend growers were Amphenol Corp at 50%, Cintas Corp at 16%, and Verisk Analytics at 15%. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, CTAS, IDXX, IT, MLM, PANW, RNR, VEEV, VRSK | cybersecurity, growth, healthcare, industrials, infrastructure, mid cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | VEEV ABC ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK KMLM CHE CTAS PANW 1ITCI IM AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2023 Q4 | Dec 31, 2023 | Fenimore Dividend Focus Strategy | 10.8% | 19.7% | A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK | AI, dividends, mid cap, Quality, value | The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%). | View | |
| 2025 Q3 | Nov 3, 2025 | Aoris International Fund | -2.6% | - | ACN, APH, CDW, CPRT, CTAS, EXPN.L, GWW, HLMA.L, IHG, JKHY, NKE, OR.PA, RELX, SAP, SPGI | AI, Cloud, international, portfolio, Quality, technology, valuation | AI presents significant opportunities for portfolio companies like RELX, Accenture, and SAP. RELX leverages proprietary data to create AI-powered tools for legal and professional markets, with rapid customer adoption driving revenue acceleration. Accenture helps clients implement AI solutions and generated $2.7 billion in generative AI revenue. SAP's AI tools are seeing strong customer interest as part of cloud transitions. | SAP REL ACN IHG SAP REL ACN |
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| 2023 Q3 | Nov 10, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO | concentrated, global, Quality, value | View | ||
| 2025 Q3 | Oct 9, 2025 | Fenimore Dividend Focus Strategy | -0.7% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, MCHP, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. Portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | FSV CN VRSK US ROST US APH US |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Small Cap Strategy | -5.1% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. Portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | CWST US |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Value Strategy | 1.4% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, small caps, US, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving much of the gains. Many portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | LSTR US A US ROST US APH US |
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| 2024 Q3 | Oct 23, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CPG.L, CPRT, CTAS, DPLM.L, FAST, MSCI, MSFT | Distribution, healthcare, international, Labor, Quality, technology, Utilities | Aoris focuses on high-quality, wealth-creating businesses with durable competitive advantages, conservative balance sheets, and strong customer value propositions. The manager emphasizes companies that continuously invest to enhance customer offerings and operate in industries with limited regulatory impact. | DPLM.L FAST |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Small-Cap Value Fund | 7.2% | - | ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO | Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value | The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers. | ROG BOISE AMBC AMBC |
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| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ANET, APP, CTAS, FI, FIX, GOOGL, INTU, IT, NFLX, TPR, TW | AI, Data centers, earnings, Fed policy, growth, large cap, Luxury, technology | Data-driven improvements are powering exponential increases in data accumulation integral to AI model development and refinement at companies like AppLovin. Despite increasing AI investments, Alphabet has demonstrated the ability to monetize AI applications. There are increasing concerns about Generative AI potentially disintermediating the value of proprietary technology research. | 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 | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | AI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. | 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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| 2024 Q4 | Jan 21, 2025 | The Bristol Gate U.S. Equity Strategy | -5.2% | 9.1% | AMAT, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS | AI, Concentration, dividends, semiconductors, underperformance, value | Bristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index. | View | |
| 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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| 2023 Q4 | Jan 19, 2024 | The Bristol Gate U.S. Equity Strategy | - | 23.9% | AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH | dividends, financials, HVAC, industrials, Quality, technology, value | Bristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth. | CARR |
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| 2025 Q4 | Jan 18, 2026 | The 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. Mid Cap Growth Strategy | 4.8% | 0.0% | ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic affects Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, BJ, CHE, CRWD, CTAS, ORLY, RNR, TER, VEEV, VRSK | AI, consumer, cybersecurity, Data centers, growth, healthcare, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic is affecting Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF | AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value | AI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows. | View | |
| 2024 Q2 | Jul 20, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, CMPGY, CTAS, MC.PA, MSCI, MSFT, NVDA, OR.PA, V | Concentration, international, management, Quality, technology, value | NVIDIA dominated markets with share price rising 33% in the quarter and 255% year-to-date, driven by generative AI applications. The company became the third largest globally by market value, adding $4.3 trillion since early 2023. Market concentration has increased significantly due to AI-driven performance. | V MSCI |
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| 2023 Q2 | Jun 30, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO | concentrated, global, Quality, value | View | ||
| 2024 Q2 | Jun 21, 2024 | Bireme Capital | - | - | AAPL, AMC, ARKK, CMCSA, COST, CTAS, DIS, FSR, GME, NFLX, NKLA, NVDA, TSLA | AI, Bubble, Concentration, inflation, Japan, Short Selling, Streaming, value | Manager emphasizes value-conscious investing approach, noting that value stocks have given back all relative gains from 2022 resurgence and are back near record lows set at 2000 market peak. Believes current era will reward disciplined, discerning and value-conscious investors. | DIS |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2023 Q1 | Mar 31, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO | concentrated, Conservative, growth, international, long-term, Quality, ROIC | Aoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions. | GGG MC.PA |
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| 2022 Q4 | Feb 24, 2023 | Aoris International Fund | 3.1% | 0.0% | ACN, CTAS, HLMA LN, NKE | - | View | ||
| 2024 Q4 | Jan 28, 2025 | Aoris International Fund | - | 22.9% | APH, CDW, CMPGY, COST, CTAS, DPLM.L, HLMA.L, MC.PA, MSCI, OR.PA, RELX.L, SHW, TSCO, V | global, Intrinsic Value, large cap, Long Term, Quality, value | Manager focuses on owning 15 high-quality, growing, wealth-creating businesses that are market leaders in established industries. Portfolio companies are selected for their strong competitive positions, consistent growth records, and ability to control their own destiny without being subject to government policy changes. | View | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD | diversification, growth, large cap, software, technology, volatility | AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks. | 0CUN LN AIR FP|ICLR|LIN|MRVL|NOW|TSM CTAS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | Cintas Corporation | Commercial & Professional Services | Commercial Services & Supplies | Bull | NASDAQ | Commercial Services, Facilities Services, margin expansion, market leader, Route Density, Scale Economics, Uniform Rental | View Pitch |
| Apr 28, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | Cintas Corp. | Commercial & Professional Services | Commercial Services & Supplies | Bull | NASDAQ | business services, Commercial Services, Facility Services, recurring revenue, Uniform Rental | View Pitch |
| 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. | ||||||||