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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | YCG Investment | - | - | AAPL, AMZN, BABA, CBRE, CRH, CSGP, EL, GOOGL, MCO, META, MLM, MSFT, NKE, SPGI, VMC | AI, Bubble, Cloud, Data centers, diversification, Quality, risk management, technology | AI is a transformative technology with huge potential to drive global growth and productivity, but the manager warns of bubble-like conditions with excessive concentration in AI-related stocks. The S&P 500's top 8 companies now represent 37.5% of the index, all betting heavily on AI, while 84 AI-related stocks account for 35% of earnings and 50% of market cap. | View | |
| 2024 Q2 | Jul 30, 2024 | Artemis Global Select Fund | 0.5% | - | 7911.T, 7958.T, AAL.L, CPRI.MI, DG.PA, EICHERMOT.NS, EL, FUJIFILM, GFNORTEO.MX, HDB, ICE, META, MTX.DE, MUFG, NKE, RIO, RVTY, RYAAY, TCOM, TMO, TSM | AI, China, consumer, global, healthcare, India, semiconductors, technology | The fund benefited from strong returns across semiconductor holdings as the generative AI demand boom feeds through to the supporting hardware supply chain. Taiwan Semiconductor Manufacturing Company saw meaningful sales and profit growth as clients attempt to meet surging demand for AI chips. | GFNORTEO.MX RYA.L EL EICHERMOT.NS HDB TSM |
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| 2025 Q2 | Jul 2, 2025 | WS Ruffer Total Return Fund | - | - | EL, M | All-Weather, Antifragile, Derivatives, Generational, inflation, risk management, valuation, volatility | Manager expects eventual inflationary outcome driven by wages at generational lows, potential immigration restrictions, and balkanisation of traditional industries reversing globalization's deflationary impact. Views brief deflation as misleading if markets fall. | View | |
| 2024 Q2 | Jul 19, 2024 | Titan Wealth | - | - | 000660.KS, 005930.KS, 0700.HK, AAPL, ADBE, ALNY, DIS, EL, FSLR, NFLX, NKE, NVDA, ORCL, TSM | AI, emerging markets, Energy Transition, Global Equity, healthcare, infrastructure, Multi-Manager, technology | Continued enthusiasm for artificial intelligence helped technology maintain its lead as top performer. Companies involved in chips, cloud computing, and data centres saw strong demand with NVIDIA briefly becoming the most valuable company. AI is viewed as a multi-sector opportunity accessible through various portfolio holdings including renewable developers, power generation suppliers, and battery solutions companies. | View | |
| 2024 Q2 | Jul 10, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | ABT, ACN, AME, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | AI continues to drive market gains with the Magnificent 7 responsible for the majority of S&P 500 returns. Nvidia sees accelerating demand for GPU semiconductors from hyperscalers and enterprises for AI computing. Amphenol benefits from increased spending on AI-enabled data center architectures requiring higher interconnect content. | MCHP BSX APH NSC DAR GOOGL NVDA |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets. | MCHP BSX APH |
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| 2024 Q2 | Jun 30, 2024 | Magellan High Conviction Fund | - | - | AMZN, EL, GME, GOOGL, META, MSFT, NKE, SBUX | AI, China, Energy Transition, global, Long Term, Quality, technology | Technological innovation, particularly Artificial Intelligence and generative AI, has been a key driver of improving fundamentals and revenue growth. The scale of spending by major companies including Microsoft, Amazon, Alphabet and Meta on AI innovation is extraordinary and driving industry rebound. | View | |
| 2024 Q2 | Jun 30, 2024 | YCG Investment | - | - | AMZN, CME, EFX, EL, EXPN.L, FICO, GOOGL, MCO, MSCI, NKE, PGR, TRU | credit, financials, Networks, Pricing Power, Quality, value | FICO owns the dominant credit scoring algorithm used by 90% of large U.S. lenders and 95% of consumer credit securitizations. The company benefits from network effects and institutional risk aversion that create barriers to competition. FICO has significant untapped pricing power, having kept mortgage division prices flat for nearly 30 years until 2018. | FICO |
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| 2023 Q2 | Jun 30, 2023 | YCG Investment | - | - | 0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM | Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management | Canadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases. | CME CNI CP.TO RSG BRWM.L |
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| 2025 Q1 | Apr 17, 2025 | Titan Wealth | - | - | AAPL, ADBE, AMD, AMZN, AVGO, BIO, BMW.DE, EBAY, EL, EOAN.DE, ETSY, HEIA.AS, JPM, LLY, MT, NKE, NVDA, RWE.DE, STLA, V | AI, ETFs, Europe, infrastructure, tariffs, technology, Utilities | The ongoing rise of Exchange Traded Funds has significantly altered equity market structure, with the top 10 companies now accounting for around 20% of the MSCI World Index. This dominance is driven by passive investment flows, creating both challenges and opportunities for active managers. | View | |
| 2026 Q1 | Apr 12, 2026 | Hardman Johnston Global Equity | -6.5% | -6.5% | AIR.PA, ALB, ASML, AVGO, EL, FTI, PRX, SLB, TSM, VRT | AI, energy, Geopolitical, global, Oil Services, semiconductors, technology | View | ||
| 2026 Q1 | Apr 12, 2026 | Hardman Johnston Large Cap Equity | 0.6% | 0.6% | AEIS, CW, EL, EOG, IQV, OLED, VRT | aerospace, AI, energy, Geopolitical, infrastructure, large cap, value | View | ||
| 2025 Q1 | Mar 31, 2025 | BNY Mellon Global Equity Income Fund | 7.8% | 7.8% | 1299.HK, AZN, B3SA3.SA, BAE.L, CME, CSCO, DEO, DPSGY, EL, JNJ, MDT, PUB.PA, SIEGY, SNY, STLA, TAP, UMG.AS | defense, dividends, Equity, global, income, inflation, rates, value | NATO members' pledges to significantly increase defense spending due to US pressure boosted defense stocks like BAE Systems, which reported record annual profits for 2024 and huge increase in sales guidance for 2025. | View | |
| 2025 Q1 | Mar 31, 2025 | Eagle Capital Management | 0.7% | 0.7% | AA, AER, AMZN, AON, BAYRY, CHTR, CMCSA, COF, COP, DFS, EL, ELV, GE, GEV, GOOGL, HLT, HUM, INTU, LBRDK, LEN | AI, diversification, Geopolitical, long-term, Recession, tariffs, uncertainty, value | The administration is serious about changing trade flows and will implement significant tariffs, though ultimate levies expected to come down from headline rates. Tariffs are a form of consumption tax shared by consumers and foreign exporters, with corporate profits expected to be somewhat lower. Manufacturing capacity additions to the U.S. will be limited to quick-cycle projects with good returns on capital. | View | |
| 2024 Q1 | Mar 31, 2024 | YCG Investment | - | - | EL, FICO, MCO, NKE | Behavioral, Conservative, Diversified, Networks, Pricing Power, Quality | YCG focuses on high-quality businesses that can maintain or increase future returns on capital. They believe high-quality businesses are likely to outperform the stock market based on their study of historical investment drivers. The strategy centers on owning a diversified collection of high-quality companies with strong profitability and conservative leverage. | View | |
| 2024 Q4 | Feb 11, 2025 | Artemis Global Select Fund | 2.7% | 10.1% | 6861.T, AENA.MC, AMZN, AVGO, AXP, DG.PA, DGE.L, EL, ELV, FI, GOOGL, NVO, OTIS, TSLA, TSM, UBER, VMC, WFC | financials, global, industrials, infrastructure, payments, tariffs, technology | American Express was purchased based on its strong brand positioning and network effects with high-income customers. The company benefits from reward benefits funded by partners and membership fees creating customer stickiness. Card network revenues, membership and spend per card continue growing while higher rewards appear to increase usage. | OTIS WFC VMC AXP |
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| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors | The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. | RTO.L AZO ZTS ILMN |
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| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 2024 Q4 | Dec 31, 2024 | Magellan Global Fund | - | - | AMZN, EL, GME, GOOGL, META, MSFT, NKE, SBUX | AI, China, consumer, Energy Transition, Global Equities, Quality, technology | Artificial Intelligence and generative AI are driving improving fundamentals and technological innovation across portfolio companies. The scale of spending by major companies like Microsoft, Amazon, Alphabet and Meta is extraordinary and driving a rebound in activity across many industries. The investment to drive this new era is real with enormous benefits to be realized. | View | |
| 2024 Q4 | Dec 31, 2024 | YCG Investment | - | - | AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA | AI, diversification, global, Luxury, Quality, technology | The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders. | View | |
| 2024 Q4 | Dec 31, 2024 | Castlebay Investments | - | - | CL, EL, IHG.L, NXT.L, RKT.L, UL | Compounding, Consumer Goods, Counter-positioning, Quality, Resilience, United Kingdom, value | The fund focuses on owning businesses robust enough to survive unforecastable surprises, emphasizing preparedness over prediction. Many portfolio companies have net cash on balance sheets and lower debt levels compared to the market, preparing for recessions and potential business model disruption. This approach prioritizes staying in the game through compounding rather than seeking spectacular but ephemeral returns. | EL NXT.L UL.L IHG.L |
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| 2023 Q4 | Dec 1, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ABT, ADP, ALGN, AMZN, AON, EL, MSFT, NESN.SW, NVO, SAP, WDAY | global, growth, healthcare, Quality, technology | SAP's transition to the cloud continues at pace with robust cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Workday operates in the $100bn+ global HCM market and is expected to generate 20%+ annualized earnings growth over the next three to five years. | ABT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT SAP AMZN WDAY |
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| 2025 Q3 | Nov 17, 2025 | Appleseed Fund | - | - | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. | View | |
| 2024 Q3 | Nov 13, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC | commodities, defensives, energy, inflation, Mining, nuclear, uranium, value | The fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls. | SRUUF CCJ |
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| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V | AI, China, consumer, growth, healthcare, large cap, technology | Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI. | View | |
| 2024 Q3 | Oct 8, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | 3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO | AI, China, consumer, international, Japan, rates, real estate | Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates. | View | |
| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2024 Q3 | Oct 20, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, ORCL, PYPL, SPGI, TKO, TROW, V | Asset Management, Concentration, dividends, financials, technology, value | T. Rowe Price represents the only asset manager holding in the portfolio, facing industry headwinds from the shift to passive investing and fee pressures. Despite these challenges, the manager believes T. Rowe's scale, brand strength, and US equity expertise position it well for long-term resilience and potential double-digit shareholder returns. | TROW |
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| 2024 Q3 | Oct 18, 2024 | Titan Wealth | - | - | 1972.HK, 300750.SZ, 3690.HK, ABNB, BIO, BMW.DE, CRM, DEO, DIS, EBAY, EL, EW, GOOGL, HEIA.AS, HLN.L, LVMH.PA, MA, META, MSFT, NFLX, NVDA, ORCL, PYPL, SNY, STLA, TMO, UL | emerging markets, global, healthcare, income, Multi-Manager, Rate Cuts, technology | Long-term theme of emerging global middle class remains intact despite recent underperformance. Emerging economies outpacing developed world on output-per capita basis with faster earnings expansion, better margins, less debt, and cheaper valuations. Chinese stimulus measures helping lift emerging market positions. | View | |
| 2023 Q3 | Oct 15, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | ADI, BMY, COST, DIS, EL, GOOGL, HD, J, LLY, NEE, ORCL, PEP, TEL, TGT, TXN, UNH | growth, healthcare, infrastructure, large cap, Quality, semiconductors, sustainability, technology | Eli Lilly's diabetes franchise, particularly Mounjaro, continues to drive performance with approval for diabetes and expected approval for obesity treatment later this year. The company is also awaiting approval of donanemab for Alzheimer's by year end. | TXN GOOGL 0JZ0 LN ALLY |
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| 2024 Q4 | Jan 5, 2025 | Palm Valley Capital Management | -0.1% | 4.2% | 0288.HK, CHD, CRD-A, CRI, DOX, EL, FPI, HELE, HTLD, KELYA, LAS.TO, MAN, NVDA, NWN, PHYS, PLTR, PSLV, SEB, SSRM, STT, TBI | Cash, crypto, Cyclical, gold, small caps, Staffing, Valuations, value | Bitcoin rocketed 50% after the election to exceed $100,000, with crypto enthusiasts rejoicing at the pro-crypto stance of the incoming administration. The fund discusses various cryptocurrencies including Dogecoin with a $50 billion market cap and Tronix equal in size to major corporations, questioning the existence and value of hundreds of digital assets. | HTLD SEB KELYA |
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| 2022 Q4 | Jan 26, 2023 | ClearBridge Investments All Cap Growth | 2.7% | -6.5% | AMZN, AVGO, CRWD, DIS, EL, IMGN, MMC, NFLX, NKE, TEAM, TSLA, UNH, V, WOLF | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Titan Wealth | - | - | 1211.HK, AMZN, ASML, DIS, EL, EW, FDX, HON, LLY, MSFT, NFLX, NVDA, NVO, TSLA, UNH, V | AI, Energy Transition, healthcare, infrastructure, interest rates, portfolios, technology, Trump | AI-driven assets emerged as top performers with significant holdings in Nvidia and Amazon. Portfolio includes companies positioned to benefit from AI infrastructure expansion while avoiding lofty valuations of the Magnificent 7. | View | |
| 2023 Q4 | Jan 18, 2024 | Titan Wealth | - | - | EBAY, EL, HEIA.AS, META, NKE, NVDA, ORCL, PTC, SNY | AI, Energy Transition, global, inflation, interest rates, Multi-Asset, technology, thematic | AI is described as the 4th industrial revolution and the most important investment theme for coming years. The firm is working to identify second and third-round beneficiaries of the AI boom with modest valuations. They plan to increase exposure to technology and innovation themes embracing AI in early 2024. | View | |
| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Global Equity | 2.9% | 0.0% | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology | The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy. | VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Large Cap Equity | 4.3% | 0.0% | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology | AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. | OLED AEIS ILMN ALB |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, CMG, EL, EQIX, GOOGL, META, MMC, MSFT, NEE, NVDA, PYPL, RTX, SBUX, SHW, TEAM, TSLA, UNH | AI, diversification, growth, healthcare, large cap, technology, valuation | The Strategy manages exposure to AI-driven growth stocks including NVIDIA, which has been trimmed due to valuation concerns despite belief in its 10-year trajectory as hyperscaler and enterprise customers invest in GPU architecture. The managers acknowledge AI momentum has driven market leadership but are selective about valuations. | APTV TEAM EL SBUX |
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| 2024 Q3 | Sep 30, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AMAT, AR, EL, GH, GOOGL, HAL, HD, ICE, NEE, NSC, TT | energy, industrials, large cap, technology, Utilities, value | Applied Materials faced investor pullback in AI-related semiconductor names due to concerns about AI market growth and profitability of massive capex investments. The company continues to benefit from secular shift to highly complex semiconductors design and manufacturing, but faces weakness in NAND manufacturing and potential trade restrictions on Chinese equipment purchases. | ICE TT HAL AMAT |
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| 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 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT | energy, HVAC, large cap, semiconductors, technology, value | Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing. | EL HAL ICE TT AMAT |
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| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA | AI, global, large cap, Pharmaceuticals, Quality, technology, value | Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance. | View | |
| 2024 Q2 | Jul 31, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS | AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology | AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets. | IDXX ELF |
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| 2023 Q2 | Jul 28, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | ADPT, AVGO, CTLT, DIS, EL, GH, NFLX, SNPS | - | View | ||
| 2023 Q2 | Jul 7, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, ADP, AMS.MC, AMZN, COLOB.CO, EL, GOOGL, IDXX, MC.PA, META, MKC, MSFT, MTD, NVO, OR.PA, PEP, PG, PM, SYK, WAT | consumer, fundamentals, global, healthcare, Quality, technology | L'Oréal continues to impress with execution particularly in China and online channels, contrasting sharply with Estée Lauder's struggles. Estée Lauder fell due to poor figures from inventory build-up and write-offs in anticipation of Chinese reopening, revealing severe supply chain weaknesses with no manufacturing capability in Asia. | View | |
| 2024 Q2 | Jun 30, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, NKE, ORCL, PYPL, SPGI, TKO, V, VRSK | AI, Athleisure, Concentration, consumer discretionary, large cap, North America, technology, valuation | Adobe's AI capabilities are expanding their addressable market by bringing in more users while upselling existing ones. The company has been able to monetize its AI investments, which is only possible for businesses with differentiated products and genuine moats. Adobe credits AI with assisting and amplifying human ingenuity and enhancing productivity. | NKE ADBE |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, ALC, AMZN, EL, ETN, INTU, ISRG, LLY, META, MSFT, NFLX, NKE, NVDA, PYPL, SE, SYK, TMO, UBER | AI, growth, large cap, Medical Devices, semiconductors, stock selection, technology | Generative AI enthusiasm drove mega cap performance with Nvidia as a key beneficiary. The manager views AI as transforming from a perceived risk into an opportunity, with companies like Adobe moving quickly into generative AI and license protection. | INTU AAPL|MSFT|NFLX|NVDA|UNH |
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| 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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| 2023 Q1 | Mar 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADBE, ADP, BF-B, EL, IDXX, MC.PA, META, MKC, MSFT, NVO, OR.PA, PM, SYK, V, WAT | Concentration, consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses with stringent investment criteria including high return on operating capital, difficult-to-replicate advantages, and resilience to technological change. The portfolio consists of 27 holdings concentrated in businesses that can sustain high returns without significant leverage. | View | |
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS | AI, diversification, growth, large cap, Magnificent Seven, technology | Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO | financials, healthcare, inflation, large cap, rates, Sustainable, technology | Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Artemis Global Select Fund | Estée Lauder Companies | Consumer Staples | Personal Care Products | Bull | NYSE | Beauty, China, Cosmetics, cost-cutting, margin expansion, premium brands, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Large Cap Growth Strategy | The Estée Lauder Companies Inc. | Consumer Staples | Personal Products | Bear | NYSE | China exposure, consumer staples, Cosmetics, exit strategy, Skincare, Travel Retail, Turnaround Failure | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Core Equity Fund | Estée Lauder | Consumer Staples | Personal Care Products | Bear | NYSE | Chinese Consumers, Cost Reduction, Management Transition, Premium Beauty, Travel Retail, Volume Recovery | View Pitch |
| Apr 13, 2026 | Fund Letters | Castlebay Investments | The Estée Lauder Companies Inc. | Consumer Staples | Personal Products | Bull | New York Stock Exchange | Beauty, brand strength, contrarian, Destocking, personal care, Prestige Brands, supply chain | View Pitch |
| Feb 19, 2026 | Seeking Alpha | Seeking Alpha | The Estée Lauder Companies Inc. | Consumer Goods | Personal Products | Bull | New York Stock Exchange | consumer goods, Estée Lauder, gross margin improvement, long-term investment, market volatility, Personal Products, premium products, Profit Recovery and Growth Plan, skincare growth, stock recovery | View Pitch |
| Jan 16, 2026 | Fund Letters | Cassandra A. Hardman | Estée Lauder Companies Inc. | Consumer Staples | Personal Products | Bull | New York Stock Exchange | Demand, Luxury, Margins, Stabilization, Travel, turnaround | 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. | ||||||||