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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2025 Q2 | Jul 17, 2025 | Ariel Global Fund | 7.4% | - | 000660.KS, 1590.TW, 2319.HK, 6361.T, 6920.T, BBVA, DIS, FSLR, JD, LTO.MI, SAN, TSCO.L, ZBH | AI, Banking, energy, global, healthcare, semiconductors, value | Strong AI-driven demand for high bandwidth memory products drove performance at SK Hynix. The company gained market share in high-content server-grade DRAM modules with entire 2025 HBM supply sold out and Nvidia as a key customer. AI power demands are expected to benefit First Solar as the only US-based solar module manufacturer of scale. | ZBH DIS LOTTO.MI FSLR 6361.T BBVA 1590.TW SNY 2319.HK JD 6920.T 000660.KS TSCO.L BBVA SM 6920 JP |
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| 2026 Q1 | Apr 16, 2026 | Ariel Global Fund | -2.5% | -2.5% | 1024 HK, 2454.TW, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, FDX, FITB, FSLR, IFX.DE, INTC, MKS.L, ORA.PA, PUB.PA, SZG.DE | AI, Automation, Energy Transition, financials, Geopolitical, global, semiconductors, value | View | ||
| 2025 Q4 | Mar 6, 2026 | Bumbershoot Holdings | - | 13.0% | CAMT, CF, CTRA, FSLR, Gold, GOOGL, HRI, IPI, KGF.L, LGND, MDGL, MU, NPKI, NTR, ORN, OSIS, OSK, VKTX, VMEO, VPG | Concentration, liquidity, Multi-Strat, Reflation, Selection, semiconductors, technology, value | AI remains a primary market driver but questions emerge about whether it will be hugely deflationary to the job market and SaaS technology ecosystem. The manager notes AI will transform the world and productivity but questions its investability and who wins. The manager expects the next reflation cycle will be substantial, with liquidity flooding the system and searching for places to flow. Money needs to be absorbed and finds its way into financial assets, durable businesses, and anything with credible narratives. Core gains were led by semiconductor-related adjacencies including Micron and Camtek. The fund remains particularly focused on key critical OS platform businesses and semiconductor-related adjacencies. Materials sector exposure to the agricultural-fertilizer industry via Intrepid Potash, Nutrien, and CF Industries was a positive contributor to results. The fund maintains exposure across the fertilizer value chain. Long-standing position in gold and copper miner Barrick Mining finally moved higher as a reflection of gains in the underlying yellow metal. The fund maintains exposure to precious metals mining. Playing on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance. | View | |
| 2025 Q4 | Mar 6, 2026 | Polen Capital – U.S. SMID Company Growth | -0.3% | 27.7% | BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC | aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap | AI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. AI data centers require enormous amounts of power, creating demand for solutions like Bloom Energy's fuel cells. The theme reasserted dominance after NVIDIA's strong earnings in late November. Portfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. Portfolio maintains significant conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates as end-to-end space company developing rocket launch and control systems, with strong earnings results and growing backlog during the quarter. Biotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. Corcept Therapeutics represents exposure to this theme with drugs modulating cortisol activity and expanding pipeline in oncology. | View | |
| 2025 Q3 | Oct 15, 2025 | Ariel Global Fund | 5.0% | - | 009150.KS, 0425.HK, 3436.T, 6460.T, 6981.T, BT-A.L, FDX, FME.DE, FSLR, HUM, INF.L, INTC, MTB, PUB.PA, ROG.SW, SYENS.BR, VT | AI, Energy Transition, global, healthcare, semiconductors, Telecommunications, value | The fund is positioned to benefit from Edge AI adoption through holdings in semiconductor and electronic component companies. Murata Manufacturing is benefiting from rising demand for Edge AI which significantly increases multilayer ceramic capacitor content per device. Samsung Electro-Mechanics is well-positioned to benefit from rising Edge AI adoption and accelerating demand for AI accelerators. | View | |
| 2025 Q4 | Jan 18, 2026 | Ariel Global Fund | 2.9% | 23.3% | 000660.KS, 1024.HK, 4751.T, 6367.T, 6460.T, 6762.T, 6856.T, 7832.T, BIRG.L, BMPS.MI, BMY, FME.DE, FORTUM.HE, FSLR, HPE, LREN3.SA, SAN, T, WBS, WCH.DE | AI, Banking, Data centers, Energy Transition, global, international, semiconductors, value | The fund sees strong opportunities in semiconductor equipment and memory companies. Lasertec is positioned for growth as it transitions toward high-volume manufacturing with its new APMI tool for EUV processes. SK Hynix benefits from accelerating AI inference demand for high-bandwidth memory and NAND solutions, maintaining a commanding lead with Nvidia. European banking presents compelling opportunities through consolidation and operational improvements. BMPS transformed into Italy's third-largest bank through Mediobanca acquisition, while Santander offers efficiency gains and stronger profitability through streamlined operations. Bank of Ireland provides upside through cost restructuring and strategic decisions. Solar and renewable energy infrastructure offer attractive growth prospects. First Solar's new U.S. facility aims to reduce tariff costs and capture domestic tax incentives in an increasingly tight utility-scale solar market. Fortum provides exposure to data center power demand through above-market purchase agreements in the Nordic region. Artificial intelligence drives demand across multiple sectors from memory semiconductors to content platforms. SK Hynix benefits from AI inference workloads requiring high-bandwidth memory, while Kuaishou leverages AI-driven video tools to enhance content recommendation and advertising targeting capabilities. Growing data center demand creates opportunities in power and infrastructure. Fortum is positioned for upward earnings revisions through power purchase agreements with data center operators in the Nordic region, benefiting from low-cost power and favorable climate conditions. | ES WBS WCH GR 1024 HK 6367 JP 4751 JP BMY T 000660 KS 6920 JP FSLR |
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| 2024 Q4 | Mar 31, 2025 | Bumbershoot Holdings | - | 5.7% | AGM, BOX, CAMT, CF, CTRA, FSLR, GOOGL, HERC, IPI, KEX, LGND, MDGL, MOS, NR, NTR, ORN, OSIS, VKTX, VLO, WTTR, ZM | AI, Fertilizers, healthcare, Micro Cap, small caps, technology, value | Manager extensively discusses AI investment narrative driving markets, questioning whether foundational AI layers remain investable versus application layers. Explores AI's transformational potential and market concentration around AI-related mega-cap stocks. | View | |
| 2024 Q4 | Jan 17, 2025 | Driehaus Small/Mid Cap Growth Fund | 0.5% | 31.4% | CALX, FSLR, KNSL, PWR, WSC | Fed policy, growth, inflation, infrastructure, Onshoring, Recession, small cap, Valuations | Manager believes inflation will continue to fall as key drivers like excess money supply (M2 now negative year-over-year), excess savings, and supply chain issues have largely normalized. The Fed remains focused on labor market tightness and wage inflation as the primary remaining concern. | View | |
| 2023 Q4 | Jan 17, 2024 | Driehaus Small/Mid Cap Growth Fund | 3.1% | 24.0% | CALX, FSLR, KNSL, PWR, WSC | Fed policy, growth, industrials, inflation, infrastructure, Onshoring, Recession, small cap | Manager believes inflation will continue to fall as key drivers (excess money supply, excess savings, supply chain issues) normalize. M2 money supply is now negative year-over-year, excess savings are declining, and supply chains have largely recovered. Labor shortages remain the biggest wildcard with tight employment markets. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | First Solar, Inc. | Information Technology | Solar | Bull | NASDAQ | AI Power, America First, Capacity Sold Out, domestic production, Ira, manufacturing, Solar | View Pitch |
| Apr 1, 2026 | Seeking Alpha | Seeking Alpha | First Solar, Inc. | Renewable Energy | Solar Energy | Bull | NASDAQ Stock Market | Energy Sector, First Solar, Inflation Reduction Act, long-term investment, Market Discount, renewable energy, Solar Energy, tax credits, thin-film photovoltaic, U.S. manufacturing | View Pitch |
| Feb 21, 2026 | Substack | Monopolistic Investor | First Solar | Renewable Energy | Solar Energy | Bear | NASDAQ Stock Market | backlog, commodity manufacturer, First Solar, gross margins, IRA tax credits, R&D efficiency, Revenue Growth, solar panels, turnaround story, US protectionism | View Pitch |
| Jan 20, 2026 | Fund Letters | Rupal J. Bhansali | First Solar, Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Incentives, manufacturing, Margins, Solar, tariffs | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | First Solar, Inc. | Renewable Energy | Solar Energy | Neutral | NASDAQ Stock Market | AI boom, CdTe thin-film, data center demand, First Solar, Hold rating, macro overvaluation, policy environment, Section 45X tax credits, Solar Energy, U.S. market | View Pitch |
| Oct 23, 2025 | Value Investors Club | jamal | First Solar, Inc. | Energy | Semiconductors | Bull | NASDAQ | Circular Recycling, Data-Center Power, Grid, Reclycling, Tariff Tailwinds | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Austin Rogers | First Solar, Inc. | Energy | Solar | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Nauman Khan | First Solar, Inc. | Energy | Solar | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Johnny Zhang, CFA | First Solar, Inc. | Energy | Solar | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Juxtaposed Ideas | First Solar, Inc. | Energy | Solar | Neutral | NASDAQ | — | 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. | ||||||||