FWONA

FWONA

FWONA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Sequoia Fund	14.4%	19.7%	CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH	financials, global, Portfolio Management, technology, value			View
2024 Q2	Jul 9, 2024	Sequoia Fund	7.1%	20.8%	CHTR, CSU.TO, ELV, FWONA, GOOGL, ICE, LBRDK, RR.L, SCHW, TSM, UMG.AS, UNH	concentrated, long-term, Quality, value			View
2024 Q1	Apr 24, 2024	Sequoia Fund	7.1%	20.8%	COF, CSU.TO, ELV, FWONA, GOOGL, ICE, RYCEY, SAP, SCHW, TSM, UMG.AS, UNH	financials, healthcare, semiconductors, software, technology			View
2026 Q1	Apr 18, 2026	Madison Mid Cap Fund	-4.3%	-4.3%	BRO, BSY, FWONA, IT, MC, MEDP, MKSI, PCAR, ROST, TDY, THO, TTAN, TYL	AI, mid cap, Quality, semiconductors, software, value		BSY TYL	View
2025 Q1	Apr 10, 2025	Sequoia Fund	4.4%	4.4%	AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH	concentrated, domestic, large cap, mid cap, value			View
2024 Q4	Dec 31, 2024	Diamond Hill Mid Cap	-2.4%	10.6%	ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC	Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value	Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil.		View
2024 Q4	Dec 31, 2024	Artisan Global Discovery	2.7%	16.1%	ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST	AI, Biotechnology, global, growth, healthcare, semiconductors, technology	Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites.		View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2024 Q3	Nov 6, 2024	Artemis US Select Fund	-2.7%	-	AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC	AI, clean energy, energy, large cap, technology, US Equities, Utilities	AI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments.		View
2023 Q3	Oct 15, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, CDW, DLTR, FND, FWONA, KMX, LBRDK, MKSI, PGR	insurance, mid cap, Quality, retail, technology, value	Arch Capital Group benefited from attractive market conditions in P&C and reinsurance markets where pricing has firmed up considerably over the last couple of years. The attractive market conditions are expected to continue for a couple more years.	TREE	View
2025 Q3	Oct 14, 2025	Sequoia Fund	1.6%	21.6%	COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS	financials, healthcare, Media, semiconductors, technology			View
2024 Q3	Oct 14, 2024	Sequoia Fund	7.1%	20.8%	CSU.TO, ELV, FWONA, GOOGL, ICE, RR.L, SAP.DE, SCHW, TSM, UNH	Concentration, financials, healthcare, industrials, technology			View
2025 Q3	Oct 12, 2025	Munro Global Growth Fund	4.9%	-	300750.SZ, AMZN, ARES, AVGO, BSX, CLS.TO, CRH, FWONA, GEV, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, ORCL, TKO, TSM, UBER	AI, Cloud, Energy Storage, growth, technology	AI adoption is showing clear signs among corporates globally, with the Magnificent 7 demonstrating significant operational efficiencies through reduced hiring. Oracle's massive backlog demonstrates insatiable demand for AI computing infrastructure, with companies like OpenAI committing to multi-billion dollar contracts. The AI spending roadmap is expected to continue over the medium term with clear return on investment from billions in capex.	ORCL	View
2025 Q4	Jan 27, 2026	Artisan Global Discovery	1.7%	12.1%	ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD	AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology	AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses.	MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR	View
2024 Q2	Jul 20, 2024	Artisan Global Discovery	7.6%	13.1%	AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING	AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology	AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand.		View
2024 Q2	Jul 17, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT	insurance, mid cap, Quality, technology, value	Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices.	TDY	View
2023 Q1	Mar 31, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY	financials, industrials, mid cap, small cap, value			View
2023 Q4	Jan 31, 2024	Sequoia Strategy	7.1%	20.8%	AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH	Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value	Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue.		View
2024 Q4	Jan 24, 2025	Sequoia Fund	-0.1%	19.8%	CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH	aerospace, Concentration, healthcare, Long/Short, Quality, technology, value	The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters.		View
2024 Q4	Jan 14, 2025	Cooper Investors Global Equities Fund (Unhedged)	11.1%	20.6%	AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V	global, growth, insurance, Sports, Travel, value	BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business.	RYAN AHT ERF FWONK BKNG	View
2023 Q4	Jan 14, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT	Banking, insurance, mid cap, retail, technology, value	The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 6, 2025	Value Investors Club	preyingmantis	Liberty Media Formula One	Communication Services	Movies & Entertainment	Bull	NASDAQ	Formula 1, MotoGP, sports IP, sponsorship, media rights	View Pitch
Sep 1, 2025	Substack	Pillars and Profits	Liberty Media Formula One	Communication Services	Entertainment	Bull		Derek Chang, fan engagement, Formula One, global expansion, John Malone, Liberty Media, MotoGP acquisition, sports entertainment, streaming rights, vertical integration	View Pitch

BSD Shareholders of FWONA

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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