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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Antero Peak Group | 7.0% | 28.3% | AAPL, CEG, CP, DHR, ENR.DE, EQIX, GE, ISRG, LIN, LLY, MCO, META, MSFT, MSI, MTD, NDAQ, SAF.PA, SPGI, SPOT, TDG | aerospace, AI, energy, growth, industrials, nuclear, technology | AI is driving structural acceleration in data monetization and enterprise transformation. Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. Digital transformation represents a paradigm shift with major inflection demand for companies enabling transformation through software, services, and AI. | View | |
| 2023 Q3 | Sep 30, 2023 | Torre Financial | 0.6% | 32.9% | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | aerospace, Compounding, concentrated, Consumer Staples, long-term, Quality, software, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | 0GEG LN CDNS |
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| 2025 Q3 | Sep 24, 2025 | Andrew Hill Investment Advisors | - | - | AMSC, COST, EQT, GE, GEV, GLD, GOOGL, META, MSFT, NVDA, NXT, SEDG, SYK, TMO, VRTX, YETI | AI, Energy Transition, equities, Federal Reserve, gold, Rate Cuts, Solar, technology | The AI buildout continues to drive equity market performance with companies like Microsoft and Meta showing strong results from AI products. However, momentum is stalling for first-tier AI companies despite excellent earnings, suggesting the next phase may be led by second-tier companies focused on energy infrastructure for data centers. | YETI |
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| 2025 Q2 | Sep 21, 2025 | Barometer Capital Management | - | - | AEM.TO, BKR, BVN, ERJ, EWA, EWS, FFH.TO, GE, GEV, HWM, IBIT, K.TO, MSFT, NFLX, NVDA, SAN, TMX.TO, TOU.TO, UUP, WSP.TO | aerospace, energy, financials, global, materials, Multi-Strategy, technology, volatility | Strong performance driven by commercial aircraft production disruptions creating demand for aftermarket parts and services. Embraer received largest-ever executive jet order worth up to $7 billion for 182 aircraft. Howmet Aerospace and GE Aerospace benefiting from persistent aircraft production dislocations forcing extended service life. | View | |
| 2025 Q2 | Aug 7, 2025 | Stenham Asset Management | 8.4% | 9.2% | AFG, AIR.PA, AMZN, CME, GE, MA, MSFT, SAF.PA, TMO, TSM, UNP, V | aerospace, AI, Cloud, Exchanges, global, payments, technology | Cloud computing stood out as a bright spot with continued AI adoption driving strength across hyperscalers. Microsoft's Azure business significantly exceeded expectations with AI revenues growing 175% year-over-year. The AI business is already generating $14bn annualized revenue after only 2 years, compared to 8 years for cloud to reach the same milestone. | CME CME GE SAF FP AIR FP MA V AMZN MSFT |
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| 2025 Q2 | Aug 27, 2025 | Antero Peak Group | 20.0% | 17.7% | AAPL, AMZN, APO, AVGO, AXON, CCI, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RYCEY, SMNEY, TSM, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology | The manager provides extensive analysis of the AI infrastructure landscape, expecting robust investment through 2030 to support generative AI growth and agentic AI. Training clusters are getting bigger with mega-scale infrastructure projects having long runways, while agentic AI is driving material spending in inferencing infrastructure. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisors Global Leaders Strategy | 12.6% | 12.4% | AZO, B058TZ, B19NLV, B8FMRX, BKRKY, DB1.DE, GE, GOOGL, HDB, ILMN, INTU, LSEG.L, MA, MRVL, MSFT, ROG, TSM, UL, V, ZTS | aerospace, AI, concentrated, global, Quality, tariffs, technology | The strategy has investments driving the development of generative AI within technical infrastructure, cloud service providers and end-user applications. Microsoft's strategic investments in AI are expected to create significant value through lower cost of compute, AI monetization, and strong non-AI business cash flow growth. | MRVL EXPN.L |
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| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management | 5.1% | 18.6% | AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA | Concentration, large cap, Passive, S&P 500, technology, valuation | The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically. | View | |
| 2025 Q2 | Jul 31, 2025 | Artisan Focus Fund | 19.6% | 17.4% | AMZN, APO, AVGO, AXON, CCI, ENBW.DE, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RR.L, SAF.PA, TSM, VST | AI, alpha, Data centers, growth, infrastructure, Performance, semiconductors, technology | The fund extensively discusses AI infrastructure investment opportunities, particularly around training clusters, inference workloads, and agentic AI systems. They see continued robust investment through 2030 driven by scaling laws and expanding use cases. The transition from predictive models to autonomous agents is creating exponential compute demand. | AVGO NVDA |
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| 2025 Q2 | Jul 29, 2025 | Rivemont | - | - | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into domestic production capacity, particularly in aerospace and defense industries, with provisions in OBBBA incentivizing domestic investment through favorable tax treatment for factory construction and equipment. | GE ROK HWM BA |
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| 2025 Q2 | Jul 28, 2025 | North Sky Capital | - | - | 6902.T, 9962.T, GE, NNE, NVDA, OKLO | AI, Data centers, Energy Transition, impact investing, infrastructure, nuclear, Secondaries, Trade Policy | The OBBB largely retains existing incentives for battery energy storage and maintains federal support for renewables with 30-50% Investment Tax Credits. The renewable energy landscape has evolved driven by surging power demand from data centers and electric vehicle adoption, onshoring of solar panel supply, and supply constraints for traditional energy sources. North Sky's infrastructure team is seeing opportunities in energy storage, community solar, data center-driven power demand and renewable fuels. | View | |
| 2025 Q2 | Jul 24, 2025 | WestEnd Capital | 21.8% | 8.6% | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing across aerospace and defense industries as companies prioritize supply chain visibility and resilience. | GE ROK HWM BA GE ROK HWM BA |
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| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS | AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility | AI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance. | TVK.TO ACN TMO UNH MCK GE AVGO ACN MCK AVGO |
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| 2025 Q2 | Jul 16, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology, volatility | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. | View | |
| 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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| 2024 Q2 | Jul 10, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | ALNY, CI, COHR, CVS, FI, GE, GOOGL, GSK, HPE, HUM, JCI, MCHP, MET, MSFT, OXY, RTX, SCHW, SNY, WFC, ZBH | Concentration, financials, healthcare, large cap, technology, value | The Fund takes a cautious approach towards stocks with very optimistic outlooks for growth and margins, finding more opportunities in companies with lower valuations and less economic sensitivity. The Fund trades at an attractive valuation of 13.9 times forward earnings compared to 21.6 times for the S&P 500. | View | |
| 2025 Q2 | Jun 30, 2025 | Mar Vista Global Equity Fund | - | 13.0% | AAPL, AVGO, BRK-A, COLOB.CO, GE, MSFT, NVDA, ORCL, TDG | aerospace, AI, Cloud, global, large cap, Quality, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2 2025, with NVIDIA benefiting from demand for next-generation Blackwell platform and reasoning-based applications requiring 10x more compute power. Microsoft's Azure AI services accelerated, while Oracle gained market share in hyperscale cloud for generative AI workloads. The AI market remains in early stages of multi-year infrastructure build-out. | GE BRK-A AAPL NVDA ORCL MSFT GE BRK.B AAPL NVDA ORCL MSFT |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 12.4% | AAPL, AVGO, BRK-A, GE, GOOGL, HEI, JNJ, MSFT, ORCL, SAP, V | aerospace, AI, Cloud, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with Microsoft benefiting from accelerating demand for AI-related Azure services and robust bookings. Oracle gained momentum with its OCI Gen 2 platform well-suited for generative AI workloads, securing large contracts including one expected to generate over $30 billion annually. The AI-driven rally regained momentum despite earlier concerns about returns on large-scale AI capex investments. | GE BRK-A JNJ AAPL ORCL AVGO MSFT AAPL ORCL AVGO MSFT |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 14.3% | AAPL, AMZN, AVGO, GE, GOOGL, JNJ, META, MSFT, MTD | AI, growth, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with companies like Broadcom benefiting from accelerating AI semiconductor revenue growth and custom ASIC demand from hyperscalers. Microsoft's Azure AI services showed robust momentum, while the broader AI rally regained strength after earlier volatility. | GE META MSFT AVGO GE JNJ MTD AAPL META MSFT AVGO |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Growth Equity Fund | 19.0% | - | AAPL, ABNB, AMZN, APPF, AVGO, BRO, GE, GOOGL, INSM, INTU, LLY, MSFT, NET, NVDA, SN, TMO, TSM, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology, Trade Policy | AI investments continue to drive growth with increased energy demand from AI technologies benefiting utilities and power infrastructure companies. The fund maintains exposure to AI beneficiaries including hyperscalers, semiconductors and software companies building the computing foundation of the future. | INSM |
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| 2025 Q1 | Jun 30, 2025 | Antero Peak Group | -1.9% | -1.9% | ADI, APO, AXON, CCI, CEG, CME, ENEN.DE, EQIX, GE, HWM, ISRG, KKR, KMI, LIN, LLY, MCO, MSFT, MSI, NDAQ, NVDA, PRMB, RR.L, SAF.PA, SPGI, TDG, TSM, VST, WMB | aerospace, AI, alpha, earnings, energy, growth, large cap, technology | Aerospace normalization theme was a strong contributor in Q1 with General Electric continuing clean execution as a pure play aerospace engine maker and Rolls-Royce seeing positive upward revisions. The team sees aerospace cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. | View | |
| 2025 Q2 | Jun 30, 2025 | Rothschild & Co LongRun Equity Fund | - | - | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | AI, Auto Aftermarket, Compounding, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% with the market pushing their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM ORLY |
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| 2024 Q2 | Jun 30, 2024 | Antero Peak Group | 3.9% | 20.1% | AAPL, AMT, AMZN, AVGO, CP, ETN, GE, GEV, GS, HUBS, ISRG, LLY, MSFT, MSI, NVDA, SAF.PA, SPOT, TDG, TSM, V | aerospace, AI, fundamentals, growth, healthcare, large cap, semiconductors, technology | Generative AI investment universe spans multiple phases from compute and infrastructure to applications. The team sees AI as driving transformation across semiconductors, data centers, and enterprise software. AI proliferation is creating opportunities in robotic surgery with DaVinci 5's 10,000x improvement in computing power. | View | |
| 2024 Q2 | Jun 30, 2024 | Zeno | - | - | AER, AIR.PA, BA, DHR, GE, GEHC, GEV, HEI, HON, PH, SAF.PA, TDG | aerospace, Aftermarket, Concentration, Market Power, value | GE Aerospace represents the global leading provider of jet engines with approximately 70% market share of commercial engines. The business model consists of low margin engine sales followed by high margin aftermarket services that generate 3.5x the revenue of initial engine sales. The aftermarket dynamic creates one of the largest and most defensible profit pools in the aerospace ecosystem. | GE |
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| 2025 Q2 | Jun 26, 2025 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, CEG, DUK, EQT, GE, GRMN, HASI, JPM, MSFT, MSI, NFLX, NVDA, OKE, PGR, SFM, TMO, UBER, VRTX, YETI | AI, Bonds, energy, gold, healthcare, Stablecoins, tariffs, technology | AI infrastructure investment remains strong despite global conflicts and political policies. Approximately one-third of equity holdings are directly involved in AI infrastructure build-out spanning technology, communications, finance, and utilities. AI holdings have largely driven strong equity returns over the past few years, modestly outperforming the S&P 500 in 2025. | View | |
| 2024 Q1 | May 9, 2024 | Rewey Asset Management | 9.8% | 18.5% | 8035.T, AMAT, ARIS, CAT, COLB, GE, LRCX, MKSI, RELL, WAB | Banking, Commercial real estate, energy, semiconductors, small caps, value, water | RELL is suffering from significant investor neglect due to the downcycle in the semiconductor capital equipment cycle. The manager sees substantial recovery potential as the cycle turns, with the CHIPS Act, AI, PC refresh cycle, 5G, EVs and autonomous driving as drivers. RELL's customers like LRCX are trading at all-time highs while RELL trades near multi-year lows. | RELL COLB ARIS |
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| 2024 Q1 | May 8, 2024 | Brookfield Asset Management | - | - | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, AI, defense, Europe, industrials, Onshoring, technology, Trade Policy | The US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow. | GE ROK HWM BA |
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| 2024 Q1 | May 28, 2024 | Bridgewater Associates | 0.0% | 0.0% | AMT, CAT, ETN, FUN, GE, GOOGL, HA, HCA, HON, KO, MAT, MCD, META, MONDEE, MSI, NEE, PFGC, PG, TXRH, WLDN | AI, Capex, Corporate Spending, earnings, Energy Transition, Labor Markets, profitability | The AI build-out is a key tailwind for capex spending during this cycle, with companies across tech and industrials investing in compute capacity and infrastructure. Tech companies like Meta and Alphabet are investing significantly in AI infrastructure, while industrials are responding to growing demand for data centers and electricity driven by AI innovation. | View | |
| 2025 Q1 | May 22, 2025 | Brown Advisors Global Leaders Strategy | - | -0.4% | ABNB, AMZN, BKNG, EVD.DE, GE, GOOGL, LSEG.L, NFLX, PTON, RTO.L, SHW, WKL, ZM | Capital Allocation, compounders, Concentration, global, narratives, Quality | The strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. These companies have secure franchises with multiple barriers to entry protecting their customer relationships. | View | |
| 2026 Q1 | Apr 8, 2026 | Andrew Hill Investment Advisors, Inc. | - | - | 1211 HK, AAPL, COST, EQT, GE, GEV, GOOGL, GRMN, MSFT, NFGC, NVDA, NXT, OKE, RIVN, TSLA, VRTX, YETI | AI, energy, geopolitics, Iran, Natural Gas, oil, semiconductors, technology | EQT OKE GOOGL AAPL NXT |
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| 2025 Q1 | Apr 7, 2025 | Brasada Focused Equity Strategy | - | - | AMZN, BA, BRK-B, GE, GM, HEI, NKE, PFE | aerospace, Cash Management, Market Volatility, Quality, tariffs, Trade Policy | The Trump Administration is implementing aggressive tariff policies to rebalance trade flows and bring manufacturing jobs back to the US. Countries like Vietnam and Cambodia are already offering to reduce their tariffs on US imports in exchange for reduced US tariffs, while China has raised their tariffs in retaliation. The outcome remains unpredictable with potential for either economic benefit if countries reduce tariffs or recession if trade war escalates. | HEI |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2026 Q1 | Apr 21, 2026 | The Bristol Gate U.S. Equity Strategy | -4.9% | -4.9% | GE, INTU, MCO, MSCI, MSFT, TRGP, TT, VRSK, WMT | AI, dividends, energy, growth, software, valuation, value | View | ||
| 2026 Q1 | Apr 20, 2026 | WestEnd Capital | - | - | AAPL, BA, CAT, GE, GOOGL, LLY, ROK, SNOW | AI, defense, energy, Geopolitical, Industrial, infrastructure, technology | View | ||
| 2023 Q1 | Apr 20, 2023 | African Lions Fund | 2.5% | 2.5% | BA, GE, HWM, ROK | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The fund emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries, with companies prioritizing supply chain visibility and resilience. | 0GEG LN DALN|FND|ROKU|WOSG LN HWM AABA |
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| 2025 Q1 | Apr 16, 2025 | The Bristol Gate U.S. Equity Strategy | -0.5% | -0.5% | AMAT, AVGO, CSX, CTVA, DOL.TO, DPZ, GE, IFC.TO, JWEL.TO, LLY, LOW, MA, MCHP, MCK, MCO, MMC, MSCI, PBH.TO, SJ.TO, TFII.TO, WAB, X.TO | AI, dividends, growth, healthcare, semiconductors, tariffs, value | Bristol Gate focuses on companies with positive dividend growth potential, with eight holdings announcing dividend increases in Q1 averaging approximately 15%. The strategy prioritizes companies capable of sustained high dividend growth over traditional defensive sectors offering higher yields but lower growth potential. | DPZ WAB LLY |
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| 2024 Q1 | Apr 15, 2024 | Artisan Focus Fund | 7.0% | 28.7% | ALL, AMZN, BA, CNM, CRH, DKNG, EADSY, GE, LLY, MRVL, MSFT, NVDA, PGR, SAF.PA, SPOT, TDG, TSM | active management, aerospace, earnings, industrials, insurance, technology | Aerospace theme remains a key driver of positive alpha with events continuing to elongate the cycle. Original equipment manufacturers struggle to ramp production due to supply chain challenges and Boeing's engineering issues, while end-demand continues to march higher. The industry is undersupplied with narrowbody aircraft, causing existing fleets to work harder and necessitating higher service levels. | View | |
| 2024 Q1 | Apr 15, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | AAPL, AEP, CHTR, CI, FI, GE, GILD, GOOGL, MCHP, MET, META, MSFT, NVDA, OXY, RTX, SCHW, SNY, SUI, TSLA, WFC | AI, financials, healthcare, industrials, large cap, technology, valuation, value | Many companies tied to artificial intelligence registered large gains during the quarter. NVIDIA, a world leader in AI computing, rose 82% and accounted for 24% of the S&P 500's performance in the first quarter. The AI theme contributed significantly to market concentration in the top performers. | View | |
| 2026 Q1 | Apr 14, 2026 | Munro Global Growth Fund | -6.2% | -6.2% | 300750.SZ, AMZN, CIEN, GE, MSFT, NVDA | AI, China, defense, energy, growth, semiconductors, technology | 300750.SZ MSFT |
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| 2023 Q1 | Apr 13, 2023 | LVS Advisory – Event Driven | 0.6% | 0.6% | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow. | 0GEG LN DALN|FND|ROKU|WOSG LN HWM AABA |
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| 2024 Q1 | Apr 10, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, ANET, CARR, CEG, CMG, DELL, EQT, GE, GRMN, JPM, KEY, MSFT, NEE, NVDA, OKE | AI, energy, growth, large cap, Natural Gas, semiconductors, technology, Utilities | AI is the dominant investment theme with Nvidia rising 82%, Microsoft advancing 15%, and Dell positioned to benefit from computer upgrades needed for AI applications. The manager views AI as requiring significant electricity to power data centers, leading to investments in utilities like Constellation Energy. | View | |
| 2024 Q1 | Apr 10, 2024 | Pittenger & Anderson | - | - | ABNB, GE, HD, NKE | consumer, Leadership, management, technology, value | The letter extensively discusses CEO leadership changes at Nike and their impact on company culture and performance. It examines how leadership background affects performance, using examples of Bob Nardelli at Home Depot and Brian Chesky at Airbnb to illustrate the importance of cultural fit and mission understanding. | ABNB NKE |
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| 2025 Q1 | Mar 31, 2025 | Artisan Focus Fund | -1.9% | -1.9% | CEG, ENR.DE, GE, MSFT, NDAQ, NVDA, RR.L, SAF.PA, TSM, VST | aerospace, alpha, energy, Focus, fundamentals, Manufacturing, risk management | Aerospace normalization theme was a strong contributor with General Electric continuing clean execution as a pure-play aerospace engine maker and revising earnings higher. Rolls-Royce saw positive upward revisions to free cash flow estimates of nearly 20%. The team remains positive on what they view as a structural shortage of aircraft, leading to an aging fleet and increasing value of engine and aftermarket assets. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2045 Fund | 0.1% | 0.1% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, policy, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2055 Fund | 0.0% | 0.0% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, Policy Uncertainty, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | 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 | |
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 2025 Q1 | Mar 31, 2025 | Fortress – Caribbean Growth Fund | 3.5% | 3.5% | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | Global defense spending rose to $2.7 trillion in 2024 (+9.4%) and is expected to continue rising. The U.S. Department of Defense's 2025 budget request totals nearly $850 billion, with meaningful allocations aimed at strengthening industrial capabilities in areas like unmanned systems, hypersonics, and solid rocket motors. | GE ROK HWM BA |
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| 2025 Q1 | Mar 31, 2025 | Rothschild & Co LongRun Equity Fund | - | - | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | Compounding, Consumer Staples, Defensive, long-term, Quality, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | MSCI GE CDS |
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| 2024 Q1 | Mar 31, 2024 | Antero Peak Group | 15.6% | 15.6% | AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM | aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology | Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied. | View | |
| 2024 Q1 | Mar 31, 2024 | City Different Investments – Global Equity | 16.4% | 46.0% | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors | - | - | 1211.HK, AAPL, ACN, AMZN, ANET, CEG, DUK, EQT, GE, GLD, GRMN, JNJ, JPM, MSFT, NFLX, NVDA, PGR, TTEK | AI, Bonds, defense, Electric Vehicles, healthcare, inflation, Natural Gas, tariffs | The Trump Administration is pursuing tariffs, immigration controls, and budget cuts to reshape the US economy from global services-based to domestically focused manufacturing. Tariffs are viewed as generally bad policy that will result in lower margins and less efficient operations. The uncertainty around tariffs is leading to lower business activity and stock prices. | MSFT GRMN DUK AMZN AAPL NFLX JPM PGR JNJ |
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| 2025 Q4 | Feb 8, 2026 | Auxier Asset Management | 2.0% | 15.2% | BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO | AI, Banking, Buybacks, defense, energy, healthcare, technology, value | Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market. | View | |
| 2025 Q4 | Feb 25, 2026 | The D. E. Shaw Group | - | - | AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM | active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology | Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively. | View | |
| 2023 Q4 | Feb 21, 2024 | Eagle Capital Management | 10.2% | 38.1% | AMZN, AON, BAYRY, C, CHTR, CMCSA, COF, COP, ELV, GE, GOOGL, GS, HLT, IAC, LBRDK, MAR, META, MSFT, NFLX, OXY | energy, fiscal policy, inflation, Long Term, technology, value | After prolonged poor industry performance, structural supply/demand dynamics are attractive. Energy stocks trade at historically wide free-cash-flow-yield advantage to overall market. Geopolitical risks may cause energy price spikes, yet sector weighting is near all-time lows as percentage of overall market. | View | |
| 2025 Q4 | Dec 31, 2025 | Green Ash Partners | - | - | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. | View | |
| 2024 Q4 | Dec 31, 2024 | Pzena Investment Management | - | - | AAPL, AMZN, C, CSCO, GE, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA, WMT, XOM | active management, AI, Concentration, growth, large cap, value | Value stocks have significantly underperformed during the current period of market concentration, but historically outperform when concentration levels decline. The firm expects value stocks to benefit from earnings convergence between the Magnificent Seven and the broader market. | View | |
| 2024 Q4 | Dec 31, 2024 | Aristotle Atlantic Core Equity Strategy | 4.0% | 13.8% | AMP, AVMD, AVY, CHG, CI, CRWD, DAR, EXPE, GE, MCHP, NEE, SNOW, SPR, ZTS | aerospace, AI, cybersecurity, earnings, growth, industrials, large cap, technology | Broadcom demonstrated continuing strength in AI networking and custom accelerator semiconductor business with long-term guidance indicating $60-90 billion market opportunity from current three customers. The company exceeded investor expectations for AI semiconductor content and is ahead on VMware integration timeline. | CRWD GE |
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| 2024 Q4 | Dec 31, 2024 | Antero Peak Group | - | 31.9% | AAPL, AMZN, APO, CEG, ENR.DE, EQIX, GE, GEV, ISRG, KKR, KMI, LLY, META, NDAQ, PGR, SPOT, TDG, TSLA, TSM, WMB | aerospace, AI, energy, infrastructure, large cap, Natural Gas, private markets, technology | Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. AI has allowed for enhanced user experiences which leads to customer retention, higher incremental margins, and emerging moats. Digital transformation is a paradigm shift with major inflection demand for companies that enable transformation through software, services, and AI. | View | |
| 2023 Q4 | Dec 31, 2023 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, AMZN, GE, GOOGL, HWM, LIN, META, MSFT, NVDA, PWR, TDG, TSLA, V | aerospace, AI, alpha, Concentration, Quality, semiconductors, technology | AI deployment is driving step-function acceleration in power generation, electrical equipment and cooling technologies. Data centers require upgraded electrical equipment and advanced cooling technologies, with only 5% currently having liquid cooling. AI applications using GPUs draw 2.0X-2.5X the electricity of traditional CPUs. | View | |
| 2023 Q4 | Dec 31, 2023 | Zeno | - | - | APH, AZE.BR, CSU.TO, DHR, DSGX.TO, GE, HEI, IPUMP.MI, LIN | Founder Mindset, Investment Criteria, Market Power, Portfolio Transition, Quality | The fund applies three rigorous investment criteria: market power, reinvestment opportunity, and founder mindset. Companies must demonstrate all three characteristics to qualify for investment. This quality-focused approach led to significant portfolio changes as existing holdings were tested against these standards. | View | |
| 2023 Q4 | Dec 31, 2023 | TMR Partners Long Only | - | - | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The letter emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries, with companies prioritizing supply chain visibility and resilience. | 0GEG LN DALN|FND|ROKU|WOSG LN HWM AABA |
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| 2025 Q4 | Dec 29, 2025 | Andrew Hill Investment Advisors | - | - | CEG, GE, GEV | Allocation, gold, income, Macro, valuation | The client letter reviews a volatile but resilient market environment shaped by tariffs, AI enthusiasm, moderating inflation, and shifting leadership across asset classes. Portfolio positioning emphasizes discipline, valuation awareness, and diversification, with increased focus on income, gold, and selective equity exposure as growth slows. Macro awareness is positioned as essential for navigating late-cycle dynamics and preserving capital. | CEG GE GEV |
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| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG | Buybacks, Concentration, energy, Media, Quality, value | The fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples. | 0GEG LN NWBD.L IAC AMAT WMG CNX |
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| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG | Concentration, discount, global, Quality, value | The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations. | NWBD.L DHER.DE IAC AMAT CNX |
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| 2025 Q3 | Nov 8, 2025 | Brown Advisors Global Leaders Strategy | 0.5% | 13.0% | ALLE, ASML, BBCA.JK, DB1.DE, EVD.DE, GE, GOOG, INTU, LSEG.L, MA, MSFT, SCHW, TSM, UL, V, WDAY, XP | AI, financials, global, growth, Quality, technology, value | The manager discusses AI's impact on their portfolio, noting underperformance from not owning AI winners like NVIDIA, Oracle, and Broadcom. They analyze AI risks to London Stock Exchange Group's data assets and explore opportunities in AI-enabled SaaS companies like Workday that can harness AI to improve customer outcomes. | WDAY BBCA IJ TSLA |
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| 2025 Q3 | Oct 28, 2025 | Artisan Focus Fund | 2.7% | 20.5% | AAPL, AMZN, AVGO, BX, CEG, GE, GOOGL, GS, JPM, KKR, META, MSFT, NFLX, NVDA, ORCL, RYCEY, SIEGY, TSLA, TSM, VST, WMB | AI, energy, financials, infrastructure, semiconductors, technology, value | AI infrastructure complex including power demand from data centers driving structural growth. Portfolio includes AI beneficiaries like NVIDIA, Taiwan Semiconductor, and power infrastructure companies. AI monetization models for frontier model builders remain uncertain but could drive future ROIC expansion. | View | |
| 2025 Q3 | Oct 24, 2025 | The Bristol Gate U.S. Equity Strategy | -0.6% | 4.6% | ACN, APH, AVGO, CARR, GE, INTU, MMC, NVDA, ORCL, TMO, UNH | AI, defensives, dividends, fundamentals, healthcare, Quality, technology, value | AI continues to drive market concentration with 41 companies providing 75% of S&P 500 returns since ChatGPT launch. Broadcom benefits from hyperscaler demand for custom AI accelerators with fourth major customer placing $10B+ orders. Management expects 2026 AI revenue growth to exceed fiscal 2025's 50-60% rate. | UNH MMC APH INTU ACN CARR GE TMO AVGO CARR GE TMO AVGO |
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| 2025 Q3 | Oct 20, 2025 | Antero Peak Group | 2.7% | 20.5% | AXON, CEG, COF, DASH, EVR, GE, GS, HWM, ISRG, JPM, MSFT, NDAQ, NFLX, NVDA, RHM.DE, RYCEY, SIEGY, TSM, VST, WELL | aerospace, AI, energy, financials, growth, large cap, semiconductors, technology | AI infrastructure buildout driving massive capital deployment across data centers, power generation, and semiconductor supply chains. Current data center power draw of 17 GW projected to reach 50 GW by 2028, equivalent to California's entire power grid. Oracle's backlog up $400B entirely from GPU demand, while hyperscale data centers require 100-200 MW each. | TSM RR GE NVDA MSFT TSM RR GE NVDA MSFT |
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| 2025 Q3 | Oct 16, 2025 | Bridgewater Associates | - | - | AAPL, BASFY, DOW, GE, MP, MSFT, TSLA, XOM | AI, China, energy, geopolitics, Grid, Industrial Policy, Renewables, Self-sufficiency | The world is shifting toward modern mercantilism where governments prioritize energy self-sufficiency for national competitiveness, especially given the critical role of energy in the AI race. Climate considerations are becoming less important in directly shaping energy and industrial policy, lowering the probability of achieving the massive systems overhaul needed for decarbonization. | View | |
| 2024 Q3 | Oct 13, 2024 | GDS Investments | - | - | ABNB, GE, HD, NKE | consumer, Leadership, management, technology, value | The letter extensively discusses CEO leadership changes at Nike and their impact on company performance. It analyzes how cultural fit and understanding of company mission affects CEO success, contrasting insider versus outsider leadership appointments. The discussion emphasizes the importance of leaders who understand the fabric of their brands beyond spreadsheet metrics. | ABNB NKE ABNB NKE |
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| 2024 Q3 | Oct 1, 2024 | QuadCap Wealth Management | - | - | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The manager emphasizes the US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This trend is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow. | GE ROK HWM BA |
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| 2024 Q4 | Jan 8, 2025 | Tapasya Investment Fund | - | 17.8% | AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements. | View | |
| 2023 Q4 | Jan 6, 2024 | Torre Financial | 14.0% | 51.4% | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | Auto Parts, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% as the market pushed their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2024 Q4 | Jan 5, 2025 | MPD Partners | - | - | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy | The US government's increasing focus on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. Major capital investment is flowing into aerospace and defense industries as companies prioritize supply chain visibility and resilience. | GE ROK HWM BA |
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| 2025 Q4 | Jan 30, 2026 | Artisan Focus Fund | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC | aerospace, AI, energy, financials, growth, industrials, semiconductors, technology | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing. | GE |
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| 2025 Q4 | Jan 27, 2026 | Buckley Capital | 2.6% | 21.4% | ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC | aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value | Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability. | LQDA DAVE IWG LN LNW PRTH WLFC |
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| 2025 Q4 | Jan 27, 2026 | WestEnd Capital | 0.0% | 0.0% | BA, CAT, CCJ, CENX, FCX, GE, KGS, LLY, PLTR | AI, Aluminum, defense, energy, healthcare, industrials, Natural Gas, technology | WestEnd committed to the AI trade early and captured outsized gains by actively investing in key players driving AI innovation and infrastructure buildout. The AI boom continues with debt financing becoming more important for funding buildout as capital intensity rises. AI data centers require massive amounts of metals including aluminum and copper. Portfolio includes exposure to aerospace/defense supply chains and companies positioned for defense spending. Century Aluminum's high-purity primary aluminum is essential for military aircraft, armor plate, drones, and advanced weapons systems, tying into national security needs. Eli Lilly stands out as a dominant franchise in the GLP-1 obesity and diabetes market, actively reducing friction through direct-to-consumer and direct-to-employer pricing strategies. The company is diversifying into next-generation oral GLP-1s with orforglipron expected to generate $13 billion in annual sales by 2031. The Trump administration has signaled intent to dial-up fiscal stimulus in various forms, with policies encouraging capital formation and business investment. This includes benefits from the OBBBA providing meaningful financial/tax benefits for businesses and households. Kodiak Gas Services provides mission-critical large-horsepower compression infrastructure upstream of LNG exports and downstream power demand from AI-driven data centers. The company benefits from robust demand in the Permian and other basins through long-term, take-or-pay style contracts. Century Aluminum sits at the intersection of AI data-center buildout and defense/energy security needs. The boom in data centers, EVs, and clean-energy infrastructure is tightening the U.S. aluminum market, pushing up the Midwest premium and incentivizing domestic smelting capacity to restart. | CENX CAT LLY KGS |
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| 2025 Q4 | Jan 27, 2026 | Antero Peak Group | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RYCEY, SHOP, SMNEY, TSM, WELL, WFC | aerospace, AI, Capital markets, Data centers, energy, productivity, ROIC, semiconductors | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025, with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with Caterpillar positioned for multi-year upcycle as power demand creates new secular growth at a cyclical trough. Data center reaches deep into Caterpillar's portfolio with co-located power capability. Analog Devices represents the premium analog compounder as the cycle turns, with best economics in analog including 70%+ gross margins and 45-50% EBIT target. The team believes 2Q25 marked the restart with pricing and margin inflection underway. Data monetization theme involves machine learning, AI, and cloud causing the economic value of data to structurally accelerate through new products and applications. Companies include financial services firms like Capital One, JPMorgan Chase, Goldman Sachs, Wells Fargo, and Nasdaq. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies include Constellation Energy, GE Vernova, Siemens Energy, and Vistra Corp. | ADI CAT |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 21, 2026 | Zeno | 0.0% | 0.0% | BRK-A, DHR, FTV, GE, ITW, JCI, NVST, VRLT | Biotechnology, Capital Allocation, Conglomerates, Ownership, Spin-Offs, value creation | Danaher has transformed into a pure play Bioprocessing, Life Sciences and Diagnostics business through strategic acquisitions and spin-offs. The company acquired Pall Systems for $14 billion to gain foothold in bioprocessing space and later acquired GE Biopharma, focusing on manufacturing and sales of consumables and equipment used in production of biotech drugs. The letter discusses how executives typically monetize stock options regularly in the market through stock ownership programs, contrasting this with founder-owners who maintain substantial long-term shareholdings. This highlights different approaches to capital allocation and ownership alignment. | DHR |
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| 2025 Q4 | Jan 21, 2026 | NCG Large Cap Growth Strategy | 1.0% | 15.3% | AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT | active management, growth, Outperformance, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas. | 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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| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston International Equity | 4.3% | 0.0% | 0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L | AI, Asia, defense, Europe, financials, healthcare, international, Mining | The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory. | DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW |
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| 2025 Q4 | Jan 14, 2026 | Greenalpha Investment | - | - | 002594.SZ, 006400.KS, 300274.SZ, 300750.SZ, 373220.KS, 601012.SS, 601766.SS, GE, QS, TM, WOLF | AI, Batteries, China, Energy Transition, geopolitics, infrastructure, Manufacturing, technology | Wind and solar have grown from under 2% to 17% of global power generation in fifteen years. Electric vehicles are approaching 25% of new car sales globally. The cost curves are working and the physics is on our side, but the transition is being won in manufacturing terms by China. AI capabilities are real and consequential, with models now reasoning through complex problems. However, AI operates under constraints and cannot transcend the physical systems in which it must be embedded to create value. The true value lies in System Orchestration rather than generating text. China controls approximately 75% of global lithium-ion battery production, manufactures 90% of the world's neodymium magnets, and dominates solar panels, wind turbines, and grid equipment. China has become the first electrostate while the US remains the world's largest petrostate. China controls the Electric Stack including batteries, magnets, power electronics, and embedded compute. These four technologies show a composite 99% cost decline since 1990. The West's strategic advantage may lie in mastering molecular re-manufacturing and recycling. Power electronics and silicon carbide represent contestable leadership opportunities. Wolfspeed leads globally in silicon carbide substrates with 33.7% market share. The shift to SiC is early enough that leadership remains contestable despite Chinese dominance in other areas. | View | |
| 2024 Q3 | Sep 30, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | Barometer Capital Management | - | - | AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO | AI, banks, energy, gold, insurance, nuclear, Pipelines, technology | Artificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion. | View | |
| 2023 Q3 | Sep 30, 2023 | Stenham Asset Management | -4.8% | 9.5% | ADYEN.AS, ASML, DHR, GE, GOOGL, MC.PA, SAF.PA, UMG.AS | aerospace, AI, global, Luxury, Music, payments, technology | The fund discusses AI disruption threats to portfolio companies like Universal Music Group and Alphabet. Music generative-AI was seen as a potential threat to UMG but legal and adoption hurdles were deemed high enough to prevent structural disruption. Alphabet faced ChatGPT competition but responded with AI products including Bard, driving share price recovery. | 0GEG LN MC.PA ADYEN GOOGL UMG.AS |
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| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNHI, CNX, DEI, GE, IAC, LUMEN SS, PVH, WBD | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, GE, IAC, LUMN, TIGO, WBD | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | ABM, AMAT, AMZN, GE, META, NICE, SPLK, TDG | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, GE, MA, TDG, V | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | ABT, AMAT, AMZN, BALL, GE, META, NICE, SPLK, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, large cap, payments, technology, value | Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions. | CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV |
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| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value | AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage. | View | |
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG | concentrated, consumer discretionary, Media, Mega Cap, technology, value | Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount. | NWBD.L IAC LLYVA |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG | Buybacks, concentrated, discount, global, Media, value | The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023. | NWBD.L TIGO IAC LLYVA |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | ACN, BAC, CHTR, COP, CRBG, CSCO, FCNCA, GE, GM, GME, GOOGL, HD, HON, IBM | AI, Buybacks, growth, large cap, momentum, P/E Ratios, technology, value | Oakmark Fund has its lowest Morningstar value score ever at 73, much deeper in value territory than the Russell 1000 Value Index. The fund finds low P/E stocks at barely half the market multiple unusually attractive, with an average forward P/E of 11 times compared to 15 for Russell 1000 Value and 21 for the S&P 500. | GM GOOGL |
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| 2024 Q2 | Jun 30, 2024 | Stenham Asset Management | -3.3% | 12.3% | AAPL, ADYEN.AS, AIR.PA, AMAT, AMZN, ASML, GE, GOOGL, MC.PA, META, MSFT, NVDA, TSLA, TSM | Concentration, earnings, fundamentals, long-term, technology, valuation | The momentum factor is having the best start to the year in the last 30 years, with technical factors driving markets rather than fundamental factors. This dynamic has become more pronounced over time due to shrinking timelines for market participants. | AIR.PA ADYEN.AS |
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| 2023 Q1 | May 4, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMC, AMD, AMZN, BAC, BBBY, BP, CRM, GE, GOOGL, HEI, META, MKL, MSFT, NVDA, TSLA | Market cycles, Patience, risk management, Speculation, Valuations, Value Investing | The manager extensively discusses elevated market valuations, comparing current market cap to GDP ratio at 155% to historical peaks in 2000 and 2008. They argue that starting valuations are critical to long-term success and current levels suggest poor future returns of only 3-5% annually. | View | |
| 2024 Q1 | Apr 29, 2024 | Stenham Asset Management | 13.9% | 13.9% | 005930.KS, AAPL, AIR.PA, ALK, AMAT, ASML, BA, CLNX.MC, GE, NVDA, SAF.PA, TSM, UAL | aerospace, AI, semiconductors, technology, Travel | Semiconductor equipment providers ASML and Applied Materials benefited from long-term secular growth in chip manufacturing costs, rising from $1bn facilities a decade ago to $20bn today. The industry is supported by geopolitical tensions driving semiconductor sovereignty initiatives, with Samsung and TSMC committing $69bn in new US investments. AI demand is driving exponentially more advanced chips, with Nvidia's latest GPU processing 600x more operations than an iPhone chip. | CLNX.MC AIR.PA SAF.PA GE AMAT ASML |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | FDX, GE, LUMN, MGM, PVH, WBD | concentrated, consumer discretionary, financials, industrials, Media, value | Warner Bros Discovery was the top contributor as management executes integration plan with strong track record of growing free cash flow per share. Industry price rationality emerging across streaming world. | LUMN PVH FDX MGM 0GEG LN NWBD.L |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG | concentrated, discount, global, industrials, Logistics, Media, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value. | LUMN MGM FDX TIGO 0GEG LN NWBD.L |
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| 2023 Q3 | Apr 10, 2023 | Artisan Focus Fund | 7.0% | 28.7% | CP, GE, LIN, META, MSFT | aerospace, De-globalization, Enterprise, Focus, industrials, large cap, technology, Themes | The fund has significant exposure to the transformation of the enterprise theme, with Microsoft as the largest holding at 12.1% of net assets. This positioning reflects the team's view on artificial intelligence and digital transformation driving multi-year earnings power differentiation. | View | |
| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMZN, ARES, CRM, GE, MSFT, SWKS, TDG | aerospace, Alternative Assets, Cloud, defense, energy, infrastructure, technology, value | Microsoft's cloud business showed mixed results with Azure growth decelerating, though the company is managing expenses to preserve margins and benefits from product bundling during economic stress. | ARES DEEPSEEK CNM AYI ACWI UPS IHG |
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| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GEHC, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SNBR, SWKS, TDG, UPS | aerospace, Hotels, infrastructure, large cap, semiconductors, small cap, technology, value | Microsoft's Azure growth decelerated during the quarter and is expected to decelerate further next quarter. The company is managing expenses to preserve margins amid headwinds. Microsoft's partnership with OpenAI and ChatGPT announcements represent a complex and rapidly developing opportunity. | ARES DEEPSEEK CNM AYI ACWI UPS IHG.L |
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| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CRM, GE, GOOGL, KKR, MSFT, SWKS, TDG | aerospace, Alternative Assets, Concentration, long-term, Margin Safety, Quality, technology, value | Microsoft's Azure growth decelerated during the quarter with further deceleration expected next quarter. The company is managing expenses to preserve margins while benefiting from bundling advantages during economic stress. Microsoft's partnership with OpenAI represents a complex and rapidly developing opportunity. | ARES DEEPSEEK CNM AYI ACWI UPS IHG |
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| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SWKS, TDG, UPS | aerospace, Hotels, large cap, Logistics, semiconductors, technology, value | Purchased InterContinental Hotels Group, benefiting from long-term consolidation around large hotel brands and rising global middle class travel demand. Asset-light model with 99% of profits from managed and franchised hotels provides attractive economics. | ARES DEEPSEEK CNM AYI ACWI GEHC UPS IHG |
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| 2024 Q4 | Jan 30, 2025 | Aristotle Core Equity Fund | 3.9% | 26.0% | AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS | aerospace, AI, cybersecurity, growth, large cap, technology | Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products. | CRWD GE |
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| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD | Buybacks, financials, Logistics, Quality, Travel, value | Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs. | ^HSI MGM FFH FDX PVH NWBD.L |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD | Banking, Buybacks, global, portfolio, Quality, returns, value | Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 22, 2026 | Substack | Alpha Seeker 84 | GE Aerospace | Aerospace & Defense | Commercial Aerospace | Bear | New York Stock Exchange | Commercial Aerospace, defense segment, Departures Outlook, Fuel Costs, GE Aerospace, Jet Engines, Middle East, Order Backlog, Share Buyback, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista US Quality | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, Aviation Growth, Defense, recurring revenue, Turbofan Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista US Quality Select | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, Aviation Growth, Defense, recurring revenue, Turbofan Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aviation Services, cash flow, Commercial Aviation, Engine Orders, manufacturing, operational excellence | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, Commercial Aviation, Defense, recurring revenue, Turbofan Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, capital allocation, Defense, Dividend Growth, Free Cash Flow, oligopoly, services | View Pitch |
| Apr 13, 2026 | Fund Letters | Stenham Asset Management | General Electric Company | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Aircraft engines, Maintenance, oligopoly, Pure-Play, spin-off, Travel | View Pitch |
| Apr 13, 2026 | Fund Letters | Rivemont | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Defense, Engine Manufacturing, Joint venture, MRO services, Reshoring | View Pitch |
| Apr 13, 2026 | Fund Letters | WestEnd Capital | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Defense, Engine Manufacturing, Joint venture, market dominance, MRO services, Predictive Maintenance, Reshoring | View Pitch |
| Apr 13, 2026 | Fund Letters | Fortress - Caribbean Growth Fund | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aircraft engines, Artificial Intelligence, Defense, Joint venture, MRO services, Predictive Maintenance, Reshoring | View Pitch |
| Apr 13, 2026 | Fund Letters | Zeno | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Commercial Aviation, Defense, Jet Engines, lean manufacturing, market share, Pricing power, secular growth, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Brookfield Asset Management | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Commercial Aviation, Defense, Engine Manufacturing, MRO services, Predictive Maintenance, Reshoring | View Pitch |
| Apr 13, 2026 | Fund Letters | Rothschild & Co LongRun Equity Fund | General Electric Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, barriers to entry, Industrial, Joint venture, Pricing power | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Atlantic Core Equity Strategy | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Aircraft engines, capital allocation, Defense, High Barriers, restructuring, services | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Core Equity Fund | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, capital return, Defense, duopoly, High Barriers, restructuring | View Pitch |
| Apr 13, 2026 | Fund Letters | Stenham Asset Management | General Electric | Industrials | Industrial Conglomerates | Bull | NYSE | Aerospace, aftermarket, Air Travel Demand, Aircraft Lifecycles, Engine Maintenance, supply chain constraints | View Pitch |
| Apr 13, 2026 | Fund Letters | MPD Partners | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Commercial Aviation, Defense, Engine Manufacturing, Joint venture, MRO services, Reshoring | View Pitch |
| Apr 13, 2026 | Fund Letters | QuadCap wealth management | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Artificial Intelligence, Commercial Aviation, Defense, Engine Manufacturing, Joint venture, MRO services, Predictive Maintenance, Reshoring | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Aviation, backlog, Margins, MRO, Recurring, services | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Aviation, Defense, Jet Engines, MRO, Reshoring | View Pitch |
| Feb 4, 2026 | Seeking Alpha | Seeking Alpha | GE Aerospace | Aerospace & Defense | Aerospace | Bull | New York Stock Exchange | Aftermarket sales, bullish outlook, commercial engines, defense segment, GE Aerospace, order intake, profit-taking, Q4 2025, Revenue Growth, target price | View Pitch |
| Feb 4, 2026 | Fund Letters | Christopher Smith | General Electric Company | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Earnings_Revisions, ROIC, Structural_Growth | View Pitch |
| Jan 27, 2026 | Fund Letters | Andrew D.W. Hill | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Aviation, cashflow, Engines | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Engines, market share, recurring revenue | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Engines, market share, recurring revenue | View Pitch |
| Jan 8, 2026 | Fund Letters | Kevin Arenson | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, backlog, cashflow, services | View Pitch |
| Nov 29, 2025 | Fund Letters | Achilleas Taxildaris | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, cashflow, Defense, Engines, growth, services | View Pitch |
| Nov 29, 2025 | Fund Letters | Christopher Smith | General Electric Co. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Cyclicality, Engines, Margins, ROIC, travel demand | View Pitch |
| Nov 29, 2025 | Fund Letters | Achilleas Taxildaris | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, cashflow, Defense, Engines, growth, services | View Pitch |
| Nov 29, 2025 | Fund Letters | Christopher Smith | General Electric Co. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Cyclicality, Engines, Margins, ROIC, travel demand | View Pitch |
| Sep 9, 2025 | Substack | Monopolistic Investor | GE Aerospace | Industrials | Aerospace & Defense | Bull | aerospace industry, barriers to entry, financial health, GE Aerospace, investment opportunity, market position, R&D spending, safety and innovation, service-based revenue, undervalued | View Pitch | |
| Aug 7, 2025 | Seeking Alpha | Leo Nelissen | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | ABI Invest | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Excelsior Capital | General Electric Company | Industrials | Aerospace & Defense | Bull | NYSE | — | 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. | ||||||||