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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	TCW Concentrated Large Cap Growth Fund	4.1%	12.6%	ADBE, ANET, ETN, GOOG, IT, NOW, NVDA, SHOP.TO, SPOT	AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology	AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings.		View
2025 Q2	Aug 4, 2025	Alpha Wealth Funds – The Insiders Fund	-	5.5%	AMAT, AMD, AMZN, APPF, BRKR, ET, GOOG, GRAL, INBX, LULU, MRVI, ROK, SBGI, ZBRA	AI, Automation, energy, healthcare, insider buying, technology, value	The fund views AI as a transformative force driving investment opportunities, particularly in semiconductors and cloud computing. Google's AI capabilities and AMD's GPU processors are positioned to benefit from the generative AI revolution. The manager sees AI disruption fears around search as overblown, creating value opportunities.	SBGI ZBRA AMD AMZN LULU APPF GRAL ROK ET GOOG	View
2025 Q2	Aug 4, 2025	Hinde Group	19.5%	18.4%	GOOG, IBKR, NFLX, UBER	growth, inflation, large cap, Streaming, technology, Trade Policy	Trump's Liberation Day tariffs threatened to raise average US tariff rates to 22.5%, above Smoot-Hawley levels, before partial retreat. The resulting regime will still harm growth, increase unemployment, and boost inflation by nearly two percentage points according to Yale Budget Lab estimates.	NFLX	View
2024 Q2	Aug 3, 2024	Hinde Group	8.3%	29.2%	AMZN, GOOG, IBKR, NBN, NFLX, UBER	Fed policy, growth, rates, Streaming, technology, value	Netflix is highlighted as a compounder investment with strong global membership growth of 8.0 million in Q2 2024. The company has abundant growth opportunities with only 6% market penetration of its $600 billion serviceable addressable market. Netflix continues to generate strong free cash flow and return capital through share repurchases.	NFLX	View
2024 Q2	Jul 3, 2024	GoodHaven Capital Management	0.0%	18.9%	ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO	Concentration, financials, Long Term, mid cap, value	The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.	BAC GOOGL TVIFF	View
2023 Q2	Jul 24, 2023	RVK	-	-	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Consistency, large cap, Market Leadership, Patience, Quality, technology	Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error.		View
2024 Q2	Jul 23, 2024	Pelican Bay Capital Management	-6.3%	0.8%	ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA	Concentration, Homebuilders, Quality, retail, technology, value	The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time.	ULTA	View
2025 Q2	Jul 22, 2025	Harbor Capital Appreciation Fund	19.5%	7.4%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators.	ORCL TOST AMD BSX SHOP HUBS	View
2025 Q2	Jul 22, 2025	Nightview Capital	-	-	AAPL, AMZN, BABA, GOOG, LVS, TSLA, UBER, WYNN	AI, Automation, China, innovation, Robotics, technology, Tesla, Transformation	AI is described as a general-purpose technology platform shift on the level of electricity or the printing press, with exponential economic upside potential. AI models are now designing proteins, writing software, accelerating scientific discovery, generating art, analyzing legal contracts, and augmenting human intelligence across every industry from agriculture to aerospace. The infrastructure to deploy and monetize AI at scale is being laid with foundational model companies racing ahead.	AMZN TSLA BABA LVS WYNN 9868 HK AMZN TSLA BABA US LVS WYNN	View
2025 Q2	Jul 2, 2025	Tapasya Investment Fund	-	11.7%	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Discipline, Patience, Quality, rates, small caps, technology	The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index.		View
2025 Q2	Jul 19, 2025	Appalaches Capital	7.4%	6.9%	ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC	Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value	Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts.	EXP ASML US LRCX US EXP US	View
2025 Q2	Jul 18, 2025	Mairs & Power – Balanced Fund	-	2.7%	ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC	AI, Balanced, financials, healthcare, long-term, technology, Utilities, value	AI-related stocks have driven 75% of market returns since ChatGPT launch, with 40% of capital expenditures linked to AI. The Fund lacks exposure to mega-cap AI leaders but sees durable momentum in AI infrastructure including data centers, power generation, and components.	WEC AMZN FI UNH	View
2022 Q2	Jul 18, 2022	Springview Capital Management	-8.4%	-7.3%	BRK/A, GOOG, MKL, WRB, WTM	-			View
2025 Q1	Jun 5, 2025	Long Cast Advisers	-20.0%	-20.0%	CCRD, GOOG, META, MTRX, PDEX, PESI, QRHC, RSSS	Concentration, Long Term, Outperformance, Price Discovery, small caps, value	Manager focuses exclusively on small company investing, seeking five-year doubles with 15% annualized returns. Portfolio concentrated in top-five positions representing 70% of holdings, with three stocks at or around 15% weightings.	PESI QRHC MTRX RSSS PDEX CCRD	View
2024 Q2	Jun 30, 2024	Peapack Private	-	-	005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA	AI, global, Media, risk management, semiconductors, value	The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets.	UHAL BOL.PA 005930.KS	View
2024 Q2	Jun 30, 2024	City Different Investments – Global Equity	5.3%	22.5%	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Consistency, large cap, Market Leadership, Patience, Quality, technology	Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error.		View
2025 Q1	May 19, 2025	Hinde Group	-0.9%	-0.9%	AMZN, GOOG, IBKR, NBN, NFLX, UBER	Economic Policy, financials, Portfolio Management, Resilience, tariffs, technology, Trade Policy	Trump's aggressive tariff implementation during Q1 2025 created significant market volatility and economic uncertainty. The manager extensively analyzes the negative economic impacts of tariffs, including reduced living standards, higher prices, and slower growth. Portfolio companies are assessed for their resilience to trade war impacts.	GOOG NBN UBER IBKR	View
2024 Q1	May 10, 2024	Kinsman Oak	0.0%	0.0%	CHDN, GLD, GOOG, NKE, TDW	AI, gold, inflation, rates, Speculation, technology	Alphabet's Gemini AI tool controversy highlighted serious cultural and bias issues that pose risks to the company's search moat. The manager believes AI competitive advantages will depend on perceived bias rather than processing power, with users gravitating toward trusted, unbiased outputs.	GOOG	View
2024 Q1	May 10, 2024	Hinde Group	19.3%	19.3%	AMZN, GOOG, IBKR, NFLX, UBER	AI, Compounding, growth, large cap, technology	Google's leadership in AI research and infrastructure positions it well for the next wave of AI innovation. While advances in AI come with some risks to Google's business, those risks are far outweighed by the opportunities and Google's inherent advantages in realizing those opportunities.	GOOG	View
2025 Q1	May 1, 2025	Mairs & Power – Balanced Fund	0.0%	0.0%	ABT, DIS, FIS, FUL, GOOG, HD, LFUS, MDT, MSI, QCOM, RHHBY, TECH, TTC, TXN, V, WEC	balanced fund, Defensive, healthcare, inflation, technology, Trade Policy, Utilities, value	Tariff uncertainty in March caused equity declines while benefiting fixed income through flight to safety. Prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs function as a tax that businesses must absorb or pass to consumers, likely creating upward pressure on prices and inflation.		View
2025 Q1	Apr 8, 2025	GreensKeeper Value Fund	3.0%	3.0%	AXP, BRK-B, CFR.SW, CHKP, ELV, FI, GOOG, ICE, ICLR, LULU, SPGI, V, VRTX	Buybacks, financials, healthcare, Quality, technology, Trade Policy, value	Trump's tariff announcement has created significant market volatility, erasing over $6 trillion in market value. The manager views the escalating trade war as potentially damaging to all involved but emphasizes the need to evaluate portfolio company impacts objectively rather than making political investment decisions.	ICLR GOOG CHKP VRTX BRK-B	View
2024 Q1	Apr 30, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2025 Q1	Apr 3, 2025	Rodrigo Benedetti	-	-	AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE	AI, banks, defense, Europe, megacaps, Trade Policy, value	AI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure.		View
2026 Q1	Apr 28, 2026	Miller Howard Investments	-	-	AMZN, GOOG, JPM, META, MSFT, XOM	AI, disruption, dividends, energy, growth, infrastructure, software, valuation			View
2026 Q1	Apr 28, 2026	Miller Howard Investments Infrastructure	13.5%	13.5%	AMZN, GOOG, JPM, META, MSFT, XOM	AI, disruption, dividends, growth, HALO, infrastructure, valuation			View
2025 Q1	Apr 28, 2025	Advisors Capital	-	-	AAPL, AMZN, AVGO, DUK, GOOG, META, MSFT, NVDA	AI, Defensive, fixed income, global, Recession, tariffs, Trade Policy	The Trump Administration implemented extensive tariff policies in Q1 2025, including reciprocal tariffs on 90 countries ranging from 10% to 125% rates. While markets initially reacted negatively, the firm believes adaptation mechanisms and potential negotiations will mitigate worst-case scenarios. The policy creates both challenges through higher costs and opportunities through domestic production shifts.		View
2024 Q1	Apr 25, 2024	Pelican Bay Capital Management	7.6%	7.6%	BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ	Concentration, energy, gold, Homebuilders, Quality, value	Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left.	Gold	View
2026 Q1	Apr 21, 2026	Smead Value Fund	8.5%	8.5%	AMZN, APA, AXP, CVE, GOOG, LEN, META, MSFT, OXY, QCOM	cash flow, Concentration, energy, Geopolitical, oil, technology, value			View
2025 Q1	Apr 21, 2025	Kovitz Core Equity	-2.3%	-2.3%	ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS	AI, financials, Quality, Resilience, technology, Trade Policy, volatility	New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions.	MSFT ASHTY ADBE	View
2024 Q1	Apr 15, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	AAPL, BRK-B, CHTR, CSGP, GOOG, IT, LBRDA, LBTYK, LH, LICT, LILAK, LKQ, META, MKL, MLM, PRM, VMC, VRSN	Broadband, infrastructure, materials, Multi Cap, technology, value	Aggregates companies Martin Marietta Materials and Vulcan Materials benefited from continued healthy price increases and strong demand from public infrastructure projects. These companies were top contributors to performance during the quarter.	VRSN	View
2024 Q1	Apr 15, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AAPL, AMZN, BRK-B, CCRD, CHTR, FIS, GOOG, GS, LBRDA, LBTYK, META, MKL, MSFT, PRM, SPY	Broadband, Long/Short, Magnificent Seven, multi-cap, technology, value	The fund focuses on valuation-driven investment decisions, trimming positions like Meta Platforms, Microsoft and Amazon based on valuation considerations. The managers emphasize their multi-cap approach to finding undervalued businesses across all market capitalizations.		View
2025 Q1	Apr 15, 2024	The London Company Large Cap	2.3%	2.3%	BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG	Defensive, financials, large cap, Quality, semiconductors, technology, value	The portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years.	ENTG	View
2023 Q1	Apr 15, 2023	Torre Financial	16.7%	16.7%	7741.T, ADSK, ADYEN.AS, AMZN, APH, ASML, BALL, CCJ, CDNS, CMG, DHR, DOXI, FAST, FISV, GOOG, HXGN, LIN, MCHP, MELI, MSFT, NEE, OKTA, PGR, RGEN, WDAY	Adaptability, AI, global, growth, innovation, semiconductors, technology	AI marks a new wave of productivity advances, potentially more impactful than the last 40 years. The infrastructure for AI is mostly in place, unlike previous innovation cycles. AI will bring substantial changes to business models and could be an important driver for deflation.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2026 Q1	Apr 13, 2026	The London Company Large Cap	2.4%	2.4%	APD, D, ENTG, EQH, FDX, GOOG, MLM, SBUX, SCHW, V	broadening, downside protection, energy, Geopolitical, large cap, Quality, technology		MLM D GOOG V APD FDX ENTG	View
2023 Q1	Apr 12, 2023	Pelican Bay Capital Management	2.2%	2.2%	BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL	Banking, energy, healthcare, Homebuilders, technology, value, volatility	Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital.		View
2026 Q1	Apr 10, 2026	Alpha Wealth Funds – The Insiders Fund	-7.1%	-7.1%	ABT, ADPT, AMAT, BA, BSM, CME, DXCM, ET, GOOG, INTC, KKR, LSCC, MSCI, NVDA, PODD, POOL, ROK, TPC, TREX, TTD	AI, Automation, defense, energy, Geopolitical, healthcare, Onshoring, semiconductors			View
2025 Q4	Mar 5, 2026	RGA Investment Advisors	-	-	AMZN, CELH, GOOG, LSCC	AI, Cloud, Investment Strategy, Portfolio Management, semiconductors, software, technology	AI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. RGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. Amazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics.		View
2025 Q1	Mar 31, 2025	FPA Crescent Fund	-0.2%	-0.2%	ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL	energy, global, Natural Gas, Valuations, value	The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly.		View
2025 Q1	Mar 31, 2025	GoodHaven Capital Management	-0.6%	-0.6%	BAC, BLDR, BRK-B, CB, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO	Concentration, energy, financials, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2022 Q1	Mar 31, 2022	Farrer 36 Asset Management	-	-	AMZN, ATTOF, BFIT NA, GOOG, META, PAR, SE, VZIO, XYZ	-			View
2025 Q4	Mar 10, 2026	Peterson Investment Fund	-	-	BABA, BRK.B, DJCO, GOOG, NPSNY	AI, Capital Allocation, China, Compounding, Concentration, technology, Value Investing	AI is viewed as economically consequential and transformative, improving product quality and expanding monetizable surfaces across platforms like Alphabet's ecosystem. However, adoption is constrained by computing economics, implementation friction, and infrastructure limits. The manager emphasizes that profits will accrue where unit economics are defensible and workflow integration is structural. Google Cloud is highlighted as scaling into enterprise infrastructure with improving profitability and durable growth potential. The manager tracks Cloud for margin expansion and conversion of contracted demand into revenue, viewing it as a key component of Alphabet's multi-platform compounding story. Share repurchases are emphasized as a key capital allocation tool across multiple holdings. Alibaba returned $12 billion in buybacks reducing share count by 5%, while Naspers' buyback program has reduced free float by 28% and driven NAV accretion. The manager evaluates buybacks based on accretion to per-share intrinsic value. Alibaba is positioned as a structural toll bridge inside digital commerce where merchant supply, consumer demand, and logistics throughput reinforce each other. The manager focuses on scale-based unit economics and market share stability in core commerce platforms.		View
2023 Q4	Feb 8, 2024	Appalaches Capital	3.9%	-	GOOG, MKL, SAFT, VSTS	Cash, insurance, Patience, small caps, Spin-Offs, value	Manager focuses on purchasing securities at significant discounts to intrinsic value, emphasizing patience and waiting for attractive valuations rather than following market momentum. The strategy involves identifying mispriced securities where non-economic factors drive undervaluation.	VSTS SAFT	View
2025 Q4	Feb 18, 2026	The Gabelli Dividend Growth Fund	5.2%	18.8%	AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC	AI, dividends, financials, gold, healthcare, value	AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty.	NEM MS GOOG	View
2025 Q4	Feb 18, 2026	The Gabelli Global Content & Connectivity Fund	0.2%	27.6%	9984.T, DTEGY, GOOG, META, MILCF, MSFT, PROSF, RCI, SATS, TDS, TMUS	AI, Communication, global, Media, technology, Telecom	AI capital expenditures communicated by company management teams again surprised to the upside over the latest earnings cycle. Analyst expectations for 2026 capex aggregated across the five largest cloud computing platforms now exceed half a trillion dollars, and these estimates have been revised 80% higher in total over the last year. Use cases for AI technology across digital media, e-commerce, infrastructure software and knowledge work are now well-established, and adoption is increasingly spreading into new, labor-intensive sectors. Global equity markets rose in the quarter, with the MSCI AC World Index up 3.4%, driven by solid corporate earnings, expectations for lower interest rates, and moderating inflation. Communication Services was among the best performing sectors (+3.4%, primarily led by strong performance in Alphabet shares). The fund focuses on global content and connectivity companies. The fund invests in companies providing connectivity infrastructure and services. Holdings include T-Mobile US, Deutsche Telekom, Rogers Communications, and other telecommunications infrastructure providers. The sector benefited from improving wireless competitive environment and continued investment in network infrastructure.		View
2025 Q4	Feb 13, 2026	Hinde Group	-4.0%	29.5%	BDX, GOOG, IBKR, NBN, NFLX, UBER	AI, Brokerage, Compounding, growth, technology, value	The AI investment boom continues to be an important source of strength for the U.S. economy. Big Tech companies announced plans to spend more than $660 billion on capital expenditures in 2026, mostly for AI chips and data centers, up almost 80% from 2025. The AI investment boom stimulates economic growth through both direct impact of AI-related investments and the wealth effect of soaring values for public and private AI-related equities. Interactive Brokers delivered stellar operating results with total customer accounts and customer equity growing 32% and 37% respectively. Commission revenue grew 26% and net interest income grew 13.2% despite multiple Fed rate cuts. Higher market volatility typically drives increased trading activity among IB's customers, with the VIX averaging 18.97 for 2025.	IBKR	View
2024 Q4	Feb 12, 2025	Hinde Group	15.2%	57.9%	AMZN, GOOG, IBKR, NBN, NFLX, UBER	Concentration, financials, growth, technology, value	Interactive Brokers delivered strong operating results with 30.3% customer account growth and 25% commission revenue growth despite subdued market volatility. The company benefited from accelerating commission growth as pandemic-related distortions faded and concerns about Fed rate cuts dissipated. Net interest margin remained stable at 2.35% while margin loan balances grew 45%.	IBKR	View
2025 Q4	Feb 11, 2026	Pershing Square Holdings	-5.4%	20.9%	AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS	AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation	AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users globally, while AWS benefits from AI-driven compute demand requiring datacenter capacity doubling through 2027. Meta leverages AI for content recommendation and ad targeting improvements. AWS operates as the leading cloud hyperscaler in a highly concentrated market, growing 20% annually at $140 billion run-rate despite capacity constraints. The planned doubling of datacenter capacity through 2027 is expected to be rapidly absorbed by scaling AI inference workloads. Amazon operates the largest global e-commerce platform enabled by a unique logistics network fulfilling over $700 billion in gross merchandise value annually. The retail business has significant margin expansion opportunity through increasing advertising revenue mix, network density, and automation initiatives. Digital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. Universal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. Uber demonstrates strong momentum with 19% bookings growth and accelerating user engagement reaching new all-time highs. The company is positioned for continued teens-plus bookings growth and 30%+ earnings growth while expanding autonomous vehicle operations across 10+ cities by end of 2026.	CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN	View
2024 Q4	Feb 11, 2025	Pershing Square Holdings	-	10.2%	BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS	activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation	Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries.		View
2024 Q4	Dec 31, 2024	Conestoga SMid Cap Composite	-0.7%	11.4%	AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL	AI, infrastructure, small cap, SMID Cap, software, valuation	Enthusiasm for all things related to Artificial Intelligence created what the firm believes to be a more speculative investing environment, which proved challenging for Conestoga's investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on enthusiasm surrounding demand for AI-related hardware, was a key source of underperformance.		View
2024 Q4	Dec 31, 2024	Conestoga Mid Cap Composite	-4.6%	4.4%	AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL	AI, growth, mid cap, small cap, technology, valuation	Enthusiasm for Artificial Intelligence created a speculative investing environment that proved challenging for Conestoga's strategies. AI-related hardware demand drove computer hardware industry surge over 100% in Russell 2000 Growth Index. Conestoga's lack of exposure to AI hardware was a key source of underperformance.		View
2024 Q4	Dec 31, 2024	Conestoga Micro Cap Composite	9.9%	13.5%	AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, NEOG, NOVT, NVDA, QTWO, ROAD, SITE, SSD, TRNS, TSLA, VCEL, VERX, WK	Attribution, growth, healthcare, industrials, Micro Cap, Performance, technology	Enthusiasm for Artificial Intelligence created a more speculative investing environment that proved challenging for Conestoga's investment strategies. AI is a key technology unlocking the true potential of Planet Labs and its vast data engine.		View
2024 Q4	Dec 31, 2024	Conestoga Small Cap Composite	1.7%	9.6%	AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL	AI, growth, infrastructure, small cap, software, technology, valuation	Enthusiasm for all things related to Artificial Intelligence created what Conestoga believes to be a more speculative investing environment, which proved challenging for their investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on AI-related hardware enthusiasm, was a key source of underperformance.		View
2024 Q4	Dec 31, 2024	AMG Yacktman Fund	-4.0%	4.9%	005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS	Buybacks, Capital Allocation, energy, large cap, Media, technology, value	The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation.	BOL.PA 005930.KS	View
2024 Q4	Dec 31, 2024	SoftBank Group	-	-	AAPL, AMZN, ARM, AURO, AUTO, BABA, CPNG, DASH, DIDI, DTEGY, GKBW, GOOG, GOTO.JK, MSFT, NVDA, SYM, TMUS, UBER, WE, ZOMATO.NS	AI, Arm, growth, innovation, Investment, semiconductors, technology, Vision Funds	SoftBank positions AI as the core of the Information Revolution and their investment strategy. The company believes AI will redefine all industries and is investing heavily in AI-powered companies across their portfolio. They anticipate the realization of artificial super intelligence (ASI) within ten years, which they view as a turning point in human history.		View
2024 Q4	Dec 31, 2024	The Gabelli Global Content & Connectivity Fund	0.1%	22.6%	9984.T, AMZN, ATEX, DTE.DE, FYBR, GOOG, META, MSFT, PRX.AS, RCI, T, TDS, TMUS, USM	Connectivity, content, global, Media, technology, Telecommunications	Fund holds significant positions in telecommunications companies including T-Mobile, Deutsche Telekom, and Telephone & Data Systems. UScellular's wireless operations sale to T-Mobile and spectrum deals with Verizon and AT&T drove strong performance.		View
2024 Q4	Dec 31, 2024	Peterson Investment Fund	8.8%	8.8%	BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH	AI, China, dividends, long-term, Options, technology, value	Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries.		View
2022 Q3	Dec 31, 2022	Alger Spectra Fund	3.2%	32.4%	AMZN, GOOG, MSFT, NTRA, TSLA	-			View
2022 Q4	Dec 31, 2022	Alphyn Capital Management	8.9%	13.5%	ALVO, BN, EXO GR, FFX GR, GOOG, W, WAND LN	-			View
2022 Q4	Dec 31, 2022	RiverPark Large Growth	3.7%	16.4%	AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW	-			View
2022 Q4	Dec 31, 2022	Diamond Hill Large Cap Strategy	12.1%	-13.1%	ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP	-			View
2022 Q4	Dec 31, 2022	Aquamarine	-	-21.0%	1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA	-			View
2022 Q4	Dec 31, 2022	Harry Qelm Baabsman	-	-	BIRD, GOOG, HFG GR, TPIC, ZAL GR	-			View
2021 Q4	Dec 31, 2021	Aquamarine	-	23.8%	1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM	-			View
2018 Q4	Dec 31, 2018	Aquamarine	-	-13.3%	AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA	-			View
2014 Q4	Dec 31, 2014	Aquamarine	-	5.5%	AXP, BRK/A, C, ENLC, GOOG, META, NTRS, UBSG SW	-			View
2022 Q4	Dec 1, 2023	Concentrated Compounding	0.0%	0.0%	AMZN, BRK/A, CHTR, CSU CN, EPD, FRC, GOOG, MA, RADI, TDG, V	-			View
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	View
2024 Q3	Nov 14, 2024	Hinde Group	6.1%	37.1%	AMZN, GOOG, IBKR, JPM, NBN, NFLX, UBER	Banking, Commercial real estate, interest rates, Regional Banks, SBA Lending	Northeast Bank executed significant loan purchases totaling $808 million in Q3, nearly double their entire fiscal 2024 volume. The bank's partnership with Newity for SBA 7(a) loans is gaining meaningful traction, with originations accelerating and now contributing over 10% of combined net interest and non-interest income.	NBN	View
2025 Q3	Nov 11, 2025	Hinde Group	13.9%	34.9%	AMZN, BDX, GOOG, GOOGL, IBKR, META, MSFT, NFLX, NVDA, UBER, WAT	AI, Buybacks, Capital Allocation, healthcare, Medical Devices, special situations, technology, value	The generative AI investment boom is keeping the economy afloat and stock market ebullient amid political and economic turmoil. Big tech companies like Google, Microsoft, Amazon and Meta plan to spend over $300 billion on AI data centers in 2025, up $100 billion from 2024. Venture capital firms invested $192.7 billion into AI startups through the first nine months of 2025.	BDX	View
2025 Q3	Oct 31, 2025	GoodHaven Capital Management	-	6.8%	BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO	concentrated, energy, financials, industrials, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2024 Q3	Oct 31, 2024	Rewey Asset Management	9.8%	18.5%	AAPL, AMZN, GOOG, INTT, KD, LWAY, META, MSFT, NVDA, ORCL, SAP, TSLA, VMW	active management, rates, small caps, technology, value	Manager believes small and smid-cap value stocks are experiencing a rotation driven by Fed rate cuts and investor neglect. The Russell 2500 Value outperformed the S&P 500 in Q3, and the manager sees this as the beginning of a broader trend supported by undervaluation, Fed rate cuts, and soft economic landing expectations.	KD INTT LWAY	View
2023 Q3	Oct 31, 2023	The London Company Large Cap	8.1%	14.6%	ALB, GOOG, MLM, NEU, NSC, ODFL	Buybacks, large cap, Logistics, materials, Quality, technology, value	The manager emphasizes investing in companies with sustainably high returns on capital and low leverage ratios. Quality factors posted the best results in Q3, though their relative advantage was most pronounced down the market cap spectrum. The portfolio focuses on profitable, financially stable companies that consistently generate free cash flow.	NSC KMLM AALB.AS GOOG ODFL AER\|AWI\|MUSA\|NEU\|SAIA\|WTM	View
2024 Q3	Oct 30, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM	Concentration, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value.		View
2025 Q3	Oct 28, 2025	The London Company Large Cap	6.2%	8.1%	BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL	AI, Buybacks, financials, large cap, Quality, technology, value	AI enthusiasm fueled market advance in Q3, with companies like Alphabet benefiting from accelerated adoption of AI offerings. However, momentum and sustainability of AI and the capex behind it have been questioned more frequently.	EQH GOOG EQH GOOG	View
2024 Q3	Oct 28, 2024	Kinsman Oak	0.0%	0.0%	AMZN, DG, DLTR, GOOG, MSFT, RACE, RMS.PA, TGT, WMT	Bifurcated Economy, Dollar Stores, Hidden Segments, Luxury, nuclear, uranium, value	Mega-cap technology companies are turning to nuclear power to meet electricity demand for AI and data centers. Alphabet, Amazon, and Microsoft have all signed agreements for small modular reactors, indicating a dramatic shift in sentiment towards nuclear energy.		View
2022 Q3	Oct 26, 2022	Diamond Hill Large Cap Strategy	7.9%	14.7%	ABT, AIG, COP, DE, GOOG, NDAQ, PFE, SYK, VFC	-			View
2025 Q3	Oct 24, 2025	Mairs & Power – Balanced Fund	-	6.5%	ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC	AI, Balanced, financials, healthcare, technology, underperformance, Utilities, value	AI-related stocks have dominated market performance since ChatGPT's 2022 launch, with 40 AI-related S&P 500 stocks accounting for 75% of market returns. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, and thermal management components. However, the Fund largely lacks exposure to these high-performing AI companies, contributing to underperformance.		View
2024 Q3	Oct 21, 2024	Giverny Capital Asset Management	7.0%	20.2%	AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA	earnings, growth, Quality, US, value	Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins.	MEDP	View
2022 Q3	Oct 21, 2022	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V	-			View
2025 Q3	Oct 20, 2025	Alpha Wealth Funds – The Insiders Fund	-	14.8%	AMAT, AMD, APPF, AXON, ET, GOOG, INTC, LLY, LRCX, MRVL, ROK	AI, energy, growth, healthcare, insider buying, semiconductors, technology, value	The fund attributes its biggest gains to heavy concentration in the AI technology investment boom. Several key positions were supported by insider buying in semiconductor companies like AMD, Applied Materials, and Marvell Technologies. The manager views AI as driving secular demand for chips, advanced packaging, and memory capex globally.	MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG	View
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM	AI, buyouts, insurance, semiconductors, technology, value	Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2025 Q3	Oct 2, 2025	Pittenger & Anderson	-	-	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Consistency, Discipline, large cap, Patience, Quality, technology	The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index.		View
2024 Q3	Oct 2, 2024	The London Company Large Cap	8.1%	14.6%	BLK, BRK.B, CB, CSCO, FDX, FI, GOOG, MO, ORLY, PGR, SCHW, TEL, UPS	financials, large cap, Quality, rates, technology, value	The fund focuses on profitable, financially stable, quality large-cap companies that consistently generate free cash flow and high returns on unleveraged operating capital. Management emphasizes their focus on quality, diversification, and valuation as their margin of safety in uncertain market conditions.	CB FI BLK PGR	View
2025 Q3	Oct 17, 2025	Harbor Capital Appreciation Fund	5.0%	12.7%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally.	ORCL US TOST US AMD US	View
2025 Q3	Oct 16, 2025	White Brook Capital	-	-	AMS, BLDR, BOF, CCLDO, CVEO, FND, GOOG, INFU, JAKK, MSFT, NVDA, PAYS, PTLO, QIPT, RGTI, RPID, TGT, TSM, TTSH	AI, Bubble, cash flow, growth, Homebuilders, small caps, value	Manager views AI spending as creating a bubble with mixture of substance and hype. Compares to fiber optic cable overinvestment but notes silicon processors have much shorter lifespans. Sees problematic warrant and share issuances in AI ecosystem deals.	TGT US PTLO US	View
2025 Q3	Oct 16, 2025	Brown Advisory Large-Cap Growth Strategy	-0.9%	6.5%	AAPL, AMZN, CDNS, CSGP, FICO, GNRC, GOOG, GOOGL, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, TTD, WDAY, WST	AI, Cloud, growth, large cap, Quality, semiconductors, software, technology	The market became increasingly concentrated around the AI theme, driving a sharp rebound in growth indices. Brown Advisory has meaningful AI exposure through three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies well-positioned within the AI ecosystem or leveraging AI for competitive advantage.		View
2025 Q3	Oct 13, 2025	GreensKeeper Value Fund	4.0%	0.2%	ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V	AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value	Alphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite.	ADBE NVO FI GD ICLR GOOG	View
2022 Q3	Oct 13, 2022	Mayar Capital	7.7%	9.6%	GOOG	-			View
2024 Q3	Oct 10, 2023	NZS Capital – Growth	4.0%	22.0%	ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI	AI, Automation, Digital, growth, insurance, semiconductors, technology	The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift.	PGR	View
2022 Q3	Oct 10, 2022	Merion Road Capital	5.4%	11.2%	CRMT, FERG, GOOG, PTON, SIX	-			View
2022 Q3	Oct 10, 2022	RiverPark Large Growth	3.7%	16.4%	BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY	-			View
2022 Q3	Oct 10, 2022	Wedgewood Partners	5.8%	22.4%	AAPL, CPRT, EW, FB2A, GOOG, MSI, PYPL, TPL, TSM, V	-			View
2025 Q4	Jan 9, 2026	Middle Coast Investing	2.7%	16.9%	AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS	Bottom-up, Cash, Defensive, Office Furniture, risk management, value	Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players.		View
2024 Q4	Jan 7, 2025	The London Company Large Cap	0.6%	15.3%	AAPL, APD, BLK, BRK-B, FI, GOOG, HD, NSC, PGR, V	downside protection, financials, large cap, Quality, technology, value	The fund focuses on high-quality companies with sustainably high returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 25.2% pre-tax ROC versus 14.7% for the Russell 1000. The strategy emphasizes companies that consistently generate free cash flow and maintain strong financial stability.		View
2025 Q4	Jan 6, 2026	Tapasya Investment Fund	0.0%	23.5%	0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS	AI, Concentration, global, Homebuilders, long-term, Quality, technology, value	The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession.		View
2025 Q4	Jan 31, 2026	White Brook Capital	0.0%	0.0%	BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM	AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value	The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave.		View
2025 Q4	Jan 29, 2026	Merion Road Capital	8.5%	9.2%	ACNT, AMZN, BELFA, BUKS, GOOG, JHG, MSFT	aerospace, AI, arbitrage, Chemicals, Long/Short, small cap, value	Manager maintains 22% AI exposure through GOOG, MSFT, and AMZN, though feels this is large but remains underweight relative to the S&P 500 where Magnificent Seven account for 34%. Acknowledges elevated S&P returns were concentrated among largest AI-exposed companies. Built position in Ascent Industries, a specialty chemicals company transforming from over-levered conglomerate to pure-play with pristine balance sheet. New management from Dow Chemical and turnaround experience addressing poor operations, with facilities at 50% utilization offering significant operating leverage potential. Butler National showed strong performance with EBITDA increasing from $6.5m to $8.8m, with aerospace revenue, margins, and backlog all moving up meaningfully. Company, management, and board continue buying stock despite higher share price.	ACNT BELFB JHG	View
2025 Q4	Jan 26, 2026	Impax US Sustainable Economy Fund	4.2%	16.0%	AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS	AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology	AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed.		View
2025 Q4	Jan 26, 2026	First Eagle Global Fund	5.4%	31.6%	005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS	AI, defense, Geopolitical, global, gold, Resilience, technology	Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues.	BA LN BABA META ORCL CHRW 005930 KS GOOG	View
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 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
2025 Q4	Jan 24, 2026	Miller Howard Investments	-	-	AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM	Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value	The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields.		View
2025 Q4	Jan 23, 2026	GreensKeeper Value Fund	0.0%	0.0%	ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX	AI, Concentration, Discipline, financials, Luxury, technology, value	The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige.	ADBE ICLR NVO LULU FISV CFRUY AXP GOOG	View
2025 Q4	Jan 22, 2026	Pelican Bay Capital Management	8.5%	20.6%	ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS	AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value	Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL.	GOOGL ONON ZTS FDS ACM	View
2024 Q4	Jan 22, 2025	Pelican Bay Capital Management	-5.5%	6.6%	CBOE, CPRI, CSCO, EXPE, GNRC, GOOG, KNSL, MU, TPR, ULTA	AI, Concentration, insurance, Quality, semiconductors, technology, value	Artificial intelligence is driving demand for High Bandwidth Memory (HBM), with market projections suggesting HBM demand could surge to over $100 billion by 2028 from $16 billion in 2024. AI agents require specialized memory systems, positioning companies like Micron as technological leaders in this space.	KNSL MU	View
2025 Q4	Jan 21, 2026	Harbor Capital Appreciation Fund	0.8%	14.0%	AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM	AI, growth, healthcare, large cap, semiconductors, technology	AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector.	MRK APH	View
2025 Q4	Jan 21, 2026	The London Company Large Cap	0.2%	8.3%	BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG	dividends, financials, healthcare, large cap, Quality, technology, value	The manager emphasizes investing in profitable, financially stable, quality large-cap companies with high returns on unleveraged operating capital, strong cash generation, and conservative leverage. Quality factors were headwinds during Q4 as volatility factors outperformed, but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during Q4, with value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager sees growing value in true active share and diversified exposure to high-quality businesses in a market defined by elevated valuations and concentration risk. The manager focuses on companies with strong capital allocation and dividend-paying capabilities. Several portfolio holdings like Chubb and BlackRock are highlighted for their steady capital returns and aggressive buyback programs, reinforcing the emphasis on shareholder-oriented management and consistent dividend policies.	RSG NSC BLK NEU FI CB FDX GOOG	View
2024 Q4	Jan 21, 2025	Kovitz Core Equity	2.4%	19.9%	AMAT, AMD, AMTM, AMZN, CRM, GOOG, GOOGL, LVS, NVDA, TMO, TSLA	AI, large cap, semiconductors, technology, US, value	AI enthusiasm is driving massive capital spending by hyperscale cloud providers, with semiconductor stocks returning 76% in 2024. However, the manager notes that investments are being made before returns are proven, creating potential risk if reality doesn't match expectations. The portfolio includes AI-exposed holdings like AMD, Arista Networks, and Applied Materials.	LVS TMO AMAT AMD AMTM GOOGL CRM AMZN	View
2025 Q4	Jan 18, 2026	Ithaka US Growth Strategy	-6.1%	4.5%	AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV	AI, concentrated, growth, large cap, technology	The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute.	VEEV NOW GOOG AMD ISRG	View
2025 Q4	Jan 18, 2026	The Davenport Core Leaders Fund	0.1%	10.7%	AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX	AI, diversification, large cap, Quality, risk management, technology, value	AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios.	MRVL CTAS GOOG	View
2025 Q4	Jan 18, 2026	The Davenport Value & Income Fund	1.5%	13.7%	ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX	AI, Buybacks, dividends, large cap, technology, value	Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Balanced Fund	0.0%	6.6%	AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC	AI, Balanced, earnings, financials, healthcare, rates, technology	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence.		View
2025 Q4	Jan 14, 2026	ARK Invest	0.0%	0.0%	ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST	AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology	ARK believes convergences among major platforms like AI, robotics, energy storage, public blockchain technology, and multiomics sequencing should accelerate non-farm productivity growth to 4–6% on a year-over-year basis. AI-related spending boom on data centers and power plants began in late 2022. Strong demand for AI-related chip testing and semiconductor testing across compute, networking, and memory. Robotics is identified as one of the major transformative innovation platforms that should converge with AI and other technologies to drive productivity gains. The ARK Autonomous Technology and Robotics ETF focuses on companies developing autonomous mobility, humanoid robots, and intelligent devices. Energy storage is highlighted as one of the key transformative innovation platforms that will converge with AI, robotics, blockchain, and multiomics sequencing to accelerate productivity growth and economic transformation in the coming years. ARK sees favorable policy shifts around crypto as supportive headwinds shifting into structural tailwinds for innovation. Coinbase faced challenges from weakness in crypto market trading activity, with quarterly spot trading volumes declining 9% quarter-over-quarter. The firm maintains exposure through Bitcoin ETFs and crypto-related companies. Multiomics sequencing is identified as one of the major transformative platforms. The genomics space benefited from increasingly positive sentiment following Abbott's acquisition of Exact Sciences. Companies like Guardant Health and Natera showed strong performance with significant revenue growth and clinical trial successes. Defense spending represents a significant opportunity with the U.S. Army announcing plans to purchase at least one million drones in the next 2–3 years. Companies like Kratos Defense, AeroVironment, and Rocket Lab are positioned in this space, though innovation-based defense stocks experienced broad sell-offs during the quarter.		View
2025 Q4	Jan 14, 2026	Horos Asset Management	0.0%	0.0%	0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA	AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value	The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels.	TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER	View
2025 Q4	Jan 13, 2026	Mar Vista US Quality Select	0.2%	12.8%	AAPL, AMZN, APH, AVGO, CRM, DHR, EFX, GOOG, JNJ, LIN, META, MSFT, NFLX, NVDA, ORCL, ROP, SAP, TSM, V	AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology	The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors. Companies deploying AI infrastructure are seeing tangible improvements in ROIC through more efficient ad targeting and premium AI cloud services. Cloud computing continues to be a key beneficiary of AI infrastructure deployment. Google Cloud emerged as a standout performer with 34% revenue growth and $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth and increasing adoption of Copilot offerings. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Netflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel.		View
2025 Q4	Jan 13, 2026	Mar Vista US Quality Select	1.8%	18.2%	AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO	AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology	The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse.	ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG	View
2025 Q4	Jan 13, 2026	GoodHaven Capital Management	0.0%	7.1%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers. Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	MKL	View
2023 Q3	Sep 30, 2023	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	Concentration, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2022 Q3	Sep 30, 2022	Baron Opportunity Fund	4.0%	25.1%	ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI	-			View
2023 Q2	Sep 14, 2023	Spear Advisors	-3.5%	0.0%	AMD, AMZN, CFLT, CRWD, GOOG, GOOGL, HUBS, META, MRVL, MSFT, NET, NVDA, S, SHOP, SNOW, SPRX, ZS	AI, Cloud, cybersecurity, Data centers, growth, semiconductors, technology	AI is a core theme driving strong performance through hardware and software infrastructure opportunities. The fund focuses on uncovering opportunities across the AI value chain including hardware and related software infrastructure rather than just applications. Strong demand for AI hardware continued in Q2 with cloud service providers allocating significant capex to AI.	CFLT ^FTSE	View
2022 Q2	Aug 25, 2022	Bretton Fund	10.0%	0.0%	GOOG	-			View
2023 Q3	Aug 11, 2023	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC	Concentration, large cap, Quality, Resilience, technology, value	The manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts.	EFX MCHP	View
2023 Q3	Aug 11, 2023	Weitz Multi Cap Equity Fund	10.4%	16.3%	BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI	Broadband, Media, Multi Cap, Quality, technology, value	The fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns.	EFX	View
2023 Q3	Aug 11, 2023	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI	efficiency, Media, Quality, technology, Tracking Stocks, value	The managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value.		View
2022 Q4	Aug 2, 2023	Sequoia Strategy	7.1%	20.8%	BATRA, CACC, CSU CN, ELV, ERF FP, GOOG, ICE, SCHW, UMG, UNH	-			View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMZN, GOOG, MSFT, TDG	-			View
2024 Q2	Jul 28, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN	Logistics, multi-cap, Quality, technology, value	The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth.	ODFL	View
2024 Q2	Jul 28, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN	Long/Short, Mega Cap, Multi Cap, technology, value	AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow.		View
2024 Q2	Jul 28, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC	AI, Capital Allocation, large cap, Quality, technology, value	AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market.	ODFL CSU.TO IEX	View
2024 Q2	Jul 22, 2024	The London Company Large Cap	8.1%	14.6%	ALB, APD, GOOG, MLM, NEU, NSC, NSRGY, ODFL, TEL, TXN	dividends, industrials, large cap, Quality, technology, value	The London Company emphasizes quality factors in their investment approach, seeking profitable, financially stable companies with consistent free cash flow generation and high returns on capital. They note that Quality factors had mixed impact during the quarter but remain central to their long-term strategy.	TEL GOOG	View
2024 Q2	Jul 16, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT	-			View
2023 Q2	Jul 14, 2023	Silver Beech Capital	0.0%	22.3%	ABG, ABR, FIZN, GOOG, PLYA	-			View
2022 Q2	Jul 14, 2022	Tourlite Capital Management	4.5%	13.8%	AMZN, GOOG, IS, PRM, U	-			View
2023 Q2	Jul 13, 2023	Giverny Capital Asset Management	7.0%	20.2%	AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR	-			View
2022 Q1	Jul 11, 2022	Alger Spectra Fund	3.2%	32.4%	AMZN, GOOG, MSFT, NTRA, TSLA	-			View
2024 Q2	Jun 30, 2024	RiverPark Large Growth	3.7%	16.4%	AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER	AI, Cloud, E-Commerce, growth, large cap, Streaming, technology	The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant.		View
2024 Q2	Jun 30, 2024	Harbor Capital Appreciation Fund	6.4%	20.9%	AAPL, ADI, AMD, AMZN, AVGO, CRM, DIS, GOOG, GOOGL, LLY, LULU, MA, MDB, META, MSFT, NFLX, NKE, NVDA, SNOW, V	AI, consumer, growth, large cap, semiconductors, technology	Accelerated spending on artificial intelligence infrastructure among hyperscalers continued during the quarter. Near-term disappointment with the pace of developing applications to monetize AI spending weighed on SaaS company valuations, though the fund remains encouraged by AI initiatives that will improve current offerings and drive revenue growth over their investment time horizon.		View
2022 Q2	Jun 30, 2022	Baron Opportunity Fund	4.0%	25.1%	AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA	-			View
2022 Q4	May 1, 2023	Vltava Fund	0.0%	0.0%	ARW, GOOG	-			View
2025 Q1	Apr 21, 2025	Appalaches Capital	0.5%	0.5%	ACGL, ASML, AZO, CME, CNI, CSX, GOOG, LAD, LRCX, SGOV	Cyclical, insurance, Quality, Railroads, semiconductors, tariffs, Trade Policy, value	New tariff policies announced in February and March have created market volatility, with reciprocal tariffs causing the S&P 500 to drop 20% below recent highs. The manager draws parallels to historical trade restrictions but believes current policies will not end American hegemony due to strong institutional foundations.	LRCX ASML ACGL	View
2025 Q1	Apr 21, 2025	Alluvial Capital Management	6.5%	6.5%	AAPL, CBL, CUWI, FTLF, GOOG, GTX, MCEM, SENEA, TLN	international, materials, real estate, small caps, Trade Policy, value	The fund continues to execute well in deeply discounted real estate across struggling sectors including office properties and malls. Net Lease Office Properties is marketing buildings for sale including the Binoculars Building leased to Google through 2030, while Peakstone Realty is diversifying into industrial properties. CBL properties is improving its mall portfolio by selling marginal assets and reinvesting in stronger properties.	NLOP MCB.L ZEG.L	View
2023 Q1	Apr 20, 2023	The London Company Large Cap	8.1%	14.6%	BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR	Banking, energy, large cap, Quality, Recession, technology, Transportation	The manager emphasizes owning lower beta, higher quality holdings with durable profitability, strong free cash flow, and balance sheet flexibility. They believe quality portfolios provide a tangible advantage in an unpredictable world with greater economic volatility.	CVX BLK NSC SCHW GOOG ODFL FDX	View
2023 Q1	Apr 19, 2023	Mairs & Power - Growth Fund	0.0%	19.0%	ECL, GOOG, HRL, JPM, LFUS, MSFT, NVDA, SCHW, TECH, UNH, USB, WFC	AI, Banking, growth, large cap, technology	The fund benefited from artificial intelligence exposure through NVIDIA, Alphabet, and Microsoft, which all gained from ChatGPT headlines and AI enthusiasm. In the current tight labor market, there is significant enthusiasm around the efficiency this technology could bring to many industries.		View
2022 Q2	Mar 31, 2022	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	ADYE AV, AMZN, BX, GOOG, KKR, META, NKE, TWLO, UBER	-			View
2023 Q4	Mar 22, 2024	Pershing Square Holdings	0.0%	6.3%	CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS	Concentration, Engagement, Long Term, Quality, value	Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps.		View
2022 Q4	Feb 14, 2023	Bretton Fund	10.0%	0.0%	AXP, BRK/A, GOOG, JPM, MSFT, TJX, UNH	-			View
2024 Q4	Jan 31, 2025	Merion Road Capital	5.5%	17.4%	AMZN, BELFB, CLH, CRH, GOOG, IBKR, MCEM, UBAB, VCTR	Banking, Buybacks, Cement, defense, small caps, technology, value	Manager holds two cement positions - Clean Harbors and Monarch Cement. Clean Harbors benefits from structural improvements to specialty waste sector with multi-year runway for organic growth and margin expansion. Monarch Cement offers opportunity to own fantastic asset at reasonable price due to illiquidity and dual shareholder structure.	BELFB MCEM UBAB GOOG VCTR CLH	View
2023 Q4	Jan 29, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Mid-cap, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2023 Q4	Jan 27, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	AAPL, ACIW, AMZN, AON, DHR, GOOG, GWRE, IT, LBRDA, META, MLM, MSFT, NVDA, SCHW, TSLA, VLTO, VMC	Building Materials, Multi Cap, Quality, small caps, technology, value	The fund employs a Quality at a Discount framework applicable to businesses of all sizes. They seek high-quality businesses trading at attractive discounts to business value, with the portfolio collectively trading at an estimated price-to-value ratio in the mid 80s.		View
2023 Q4	Jan 27, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V	large cap, Long/Short, Media, payments, technology, value	The fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation.	CGPN.L LBRDA 4IMPRINT CCRD	View
2023 Q4	Jan 27, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, AMZN, AON, CHTR, CRM, DHR, EFX, FIS, GOOG, GPN, IT, LBRDK, LLYVK, META, ORCL, ROP, SCHW, TMO, VLTO	Concentration, growth, large cap, Rotation, technology, value	The letter emphasizes value investing principles, citing Benjamin Graham and David Dodd's Security Analysis and Horace's quote about fallen stocks being restored. The manager discusses how previously fallen growth companies became top performers in 2023, demonstrating the value investing principle that controversy often leads to outsized returns.	CGPN.L VLTO	View
2022 Q4	Jan 25, 2023	RGA Investment Advisors	0.0%	0.0%	AZO, FEVR LN, GOOG, MTCH, PYPL	-			View
2024 Q4	Jan 24, 2025	Tsai Capital	-	23.0%	AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS	AI, Compounding, disruption, growth, long-term, technology, Tesla, value	The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI.		View
2022 Q4	Jan 23, 2023	Giverny Capital Asset Management	8.5%	-22.7%	COHR, ERF FP, FD, FIVE, FRCB, GOOG, HEI, JPM, KMX, KO, MA, META, PGR, SCHW	-			View
2022 Q4	Jan 19, 2023	Merion Road Capital	5.4%	11.2%	CPRT, CRMT, FERG, GOOG, MHH, MWA, UBAB, WHG	-			View
2022 Q4	Jan 19, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, EW, GOOG, META, MSI, PYPL, TPL, TSCO, V	-			View
2024 Q4	Jan 18, 2025	Appalaches Capital	0.7%	7.9%	AZO, CME, CNI, CPNG, CSX, GOOG, LAD, MKL, SAFT, SGOV	Concentration, insurance, Railroads, small caps, technology, value	Manager observes excessive risk-seeking behavior in markets, with crypto currencies obtaining market capitalizations large enough for S&P 600 inclusion and quantum computing stocks inflating to unbelievable valuations despite minimal revenues. This frothy environment makes the manager uneasy despite being wrong about pessimism last year.		View
2022 Q4	Jan 17, 2023	Ensemble Capital	0.0%	8.0%	CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX	-			View
2022 Q4	Jan 2, 2023	GoodHaven Capital Management	0.0%	18.9%	BRK/B, DVN, GOOG, GS, KKR, PGR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 3, 2026	Seeking Alpha	Seeking Alpha	Alphabet Inc.	Technology	Internet Services & Infrastructure	Bull	NASDAQ Stock Market	AI market, Alphabet, CapEx, capital efficiency, Cloud computing, Enterprise AI, Google Cloud, growth, hyperscaler, OpenAI	View Pitch
Apr 30, 2026	Substack	Alpha Seeker 84	Alphabet Inc.	Technology	Internet Content & Information	Bull	Nasdaq Stock Market	AI solutions, CapEx increase, Cloud growth, competitive moat, Contracted Backlog, Free Cash Flow, operating margins, revenue diversification, technology leadership, TPU hardware sales	View Pitch
Apr 29, 2026	Fund Letters	The London Company Large Cap	Alphabet Inc.	Internet Content & Information	Interactive Media & Services	Bull	NASDAQ	advertising, AI, CapEx, cash generation, Cloud computing, innovation, market leadership, Search	View Pitch
Apr 28, 2026	Fund Letters	The London Company Large Cap	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, buybacks, capital allocation, cloud, Digital, market share, Search, technology	View Pitch
Apr 28, 2026	Seeking Alpha	Seeking Alpha	Alphabet Inc.	Technology	Internet Content & Information	Bull	NASDAQ Stock Market	Alphabet Inc., Artificial Intelligence, Cloud computing, earnings surprise, Google, Investment in AI, Revenue Growth, stock valuation, tech sector, Waymo	View Pitch
Apr 27, 2026	Fund Letters	The London Company Large Cap	Alphabet Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, Cloud computing, digital advertising, Ecosystem, market leadership, search engine, share repurchases, technology	View Pitch
Apr 13, 2026	Fund Letters	GreensKeeper Value Fund	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, autonomous vehicles, Cloud computing, cybersecurity, digital advertising, search engine, technology infrastructure	View Pitch
Apr 13, 2026	Fund Letters	Middle Coast Investing	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, autonomous vehicles, Large-cap tech, Regulatory Breakup, Search, Value, Waymo, YouTube	View Pitch
Apr 13, 2026	Fund Letters	The London Company Large Cap	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI technology, Cloud computing, digital advertising, Dividend initiation, margin expansion, search engine, technology, YouTube	View Pitch
Apr 13, 2026	Fund Letters	Kinsman Oak	Alphabet Inc.	Communication Services	Interactive Media & Services	Neutral	NASDAQ	Artificial Intelligence, Content moderation, Corporate culture, economic moat, Reputational Risk, search engine, technology	View Pitch
Apr 13, 2026	Fund Letters	Hinde Group	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, attractive valuation, cash generation, Dominant platform, Global, Search, technology, Trade War Exposed	View Pitch
Apr 13, 2026	Fund Letters	Hinde Group	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, Cloud computing, compounder, Cost Reduction, digital advertising, operating leverage, Revenue Growth, search engine, technology platform	View Pitch
Apr 13, 2026	Fund Letters	Merion Road Capital	Alphabet	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, autonomous vehicles, Gemini, Google Cloud, Quantum Computing, search engine, technology, Waymo	View Pitch
Feb 27, 2026	Fund Letters	Glenn D. Surowiec	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI Enhancement, cloud, competitive moat, Search Dominance, YouTube	View Pitch
Feb 26, 2026	Fund Letters	Paul Schofield	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, compounder, platform	View Pitch
Feb 26, 2026	Fund Letters	Dr. Hendrik Leber	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, cloud, Competitive Advantage, innovation, Quantum Computing, R&D	View Pitch
Feb 21, 2026	Fund Letters	Aziz V. Hamzaogullari	Alphabet Inc.	Communication Services	Internet Services & Infrastructure	Bull	NASDAQ	advertising, Artificial Intelligence, CapEx, cloud, Free Cash Flow, Search	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	Artificial Intelligence, Cloud computing, digital advertising, Margins, Search	View Pitch
Feb 21, 2026	Fund Letters	Tucker Brown	Alphabet Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Margins, monetization	View Pitch
Feb 21, 2026	Fund Letters	Bill Ackman	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, cloud, monetization, scale, Search	View Pitch
Feb 21, 2026	Fund Letters	Stephen Dodson	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, Autonomy, cloud, datacenter, monetization, Search	View Pitch
Feb 21, 2026	Fund Letters	Justin Bergner	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, CapEx, cloud, Optionality, Search	View Pitch
Feb 4, 2026	Fund Letters	Jacob Mitchell	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Data, scale	View Pitch
Feb 4, 2026	Fund Letters	Harvey Warren Sax	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, Artificial Intelligence, Cloud computing, Moonshots, Search	View Pitch
Feb 4, 2026	Fund Letters	Jacob Mitchell	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, earnings, scale	View Pitch
Feb 4, 2026	Fund Letters	Arman Gokgol-Kline	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, cloud, Platforms, Regulation, Search	View Pitch
Feb 4, 2026	Fund Letters	Alex Umansky	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, monetization, Search	View Pitch
Feb 2, 2026	Seeking Alpha	Seeking Alpha	Alphabet Inc.	Technology	Internet Content & Information	Bull	NASDAQ Stock Market	AI integration, Alphabet, antitrust ruling, CapEx, Cloud computing, digital advertising, Gemini chatbot, geopolitical risks, Growth Opportunities, market leadership	View Pitch
Jan 28, 2026	Fund Letters	KEN STUZI	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Margins, Search	View Pitch
Jan 28, 2026	Fund Letters	Julien Albertini	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, buybacks, cashflow, cloud, Platforms	View Pitch
Jan 27, 2026	Fund Letters	Stuart Pearce	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, cloud, infrastructure, Platforms, valuation	View Pitch
Jan 27, 2026	Fund Letters	Christopher P. Bloomstran	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Moonshots, Search	View Pitch
Jan 27, 2026	Fund Letters	Silas Myers	Alphabet Inc.	Interactive Media & Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, leverage, Margins, Search	View Pitch
Jan 27, 2026	Fund Letters	Michael McCloskey	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, cash flow, scale, Search, semiconductors	View Pitch
Jan 27, 2026	Fund Letters	Brian Campbell	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, capital allocation, cloud, Margins	View Pitch
Jan 27, 2026	Fund Letters	Silas Myers	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, backlog, cloud, leverage	View Pitch
Jan 24, 2026	Fund Letters	Michael E. Schroer	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Search, semiconductors	View Pitch
Jan 23, 2026	Fund Letters	Peter Baughan	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Margins, Search	View Pitch
Jan 23, 2026	Fund Letters	Scott O'Gorman	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Networkeffects, Platforms	View Pitch
Jan 23, 2026	Fund Letters	Jake Keys	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, Largecap, mispricing, Search	View Pitch
Jan 21, 2026	Fund Letters	C.T. Fitzpatrick	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, Artificial Intelligence, Cloud computing, Platform Scale, Search	View Pitch
Jan 21, 2026	Fund Letters	George L. Smith III	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, scale, Search	View Pitch
Jan 21, 2026	Fund Letters	Alan Pullen	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Monetisation, Search	View Pitch
Jan 21, 2026	Fund Letters	Arvid Streimann	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Monetisation, Search	View Pitch
Jan 21, 2026	Fund Letters	Kirsty Gibson	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Artificial Intelligence, cloud, Data, Distribution, Search	View Pitch
Jan 17, 2026	Seeking Alpha	Seeking Alpha	Alphabet Inc.	Technology	Internet Content & Information	Bull	NASDAQ Stock Market	AI, AI chip market, Alphabet Inc., Apple collaboration, bullish sentiment, GARP, GOOG, search market share, tensor processing units, valuation	View Pitch
Jan 16, 2026	Fund Letters	David A. Rolfe	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, scale, Search	View Pitch
Jan 9, 2026	Fund Letters	Pratik Kodial	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Moats, Regulation	View Pitch
Jan 8, 2026	Fund Letters	Tony Coniaris	Alphabet Inc. Class C	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, buybacks, cloud, Margins, Search	View Pitch
Jan 8, 2026	Fund Letters	Nick Thomson	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, Competitive Advantage, Distribution, Search, tech giants, valuation	View Pitch
Jan 8, 2026	Fund Letters	Jeremy Kokemor	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Regulation, Search	View Pitch
Jan 8, 2026	Seeking Alpha	Seeking Alpha	Alphabet Inc.	Technology	Internet Content & Information	Bull	NASDAQ Stock Market	advertising, AI, Alphabet, Cloud computing, Competitive Advantage, Google, Long-term holding, Search business, technology, Waymo	View Pitch
Dec 6, 2025	Fund Letters	David M. Poppe	Alphabet Inc. Class C	Communication Services	Internet Content & Information	Bull	NASDAQ	advertising, AI, cloud, innovation, Search	View Pitch
Dec 3, 2025	Fund Letters	Harvey Warren Sax	Alphabet, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, buybacks, cloud, Free Cash Flow	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Cost control, diversification, growth, innovation	View Pitch
Nov 29, 2025	Fund Letters	Cornelius Zeeman	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cashflow, cloud, growth, innovation, Margins, Regulation, Search, YouTube	View Pitch
Nov 29, 2025	Fund Letters	Harvey Warren Sax	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, buybacks, cloud, Dominance, Margins, recurring revenue	View Pitch
Nov 29, 2025	Fund Letters	Jay Hill	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, cloud, digital advertising, FCF, growth, profitability, Reinvestment, Scalability	View Pitch
Nov 29, 2025	Fund Letters	Michael McCloskey	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, buybacks, cloud, growth, innovation, Regulation, Search	View Pitch
Nov 29, 2025	Fund Letters	Julien Albertini	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, buybacks, cloud, Legal, Margins, monetization	View Pitch
Nov 29, 2025	Fund Letters	Tyler Hardt	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, Chips, cloud, diversification, FCF, platform, productivity	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Cost control, diversification, growth, innovation	View Pitch
Nov 28, 2025	Fund Letters	Harvey Warren Sax	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, buybacks, cloud, Dominance, Margins, recurring revenue	View Pitch
Nov 28, 2025	Fund Letters	Julien Albertini	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, buybacks, cloud, Legal, Margins, monetization	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI, Alphabet, antitrust case, CapEx, Cloud computing, digital advertising, innovation, Regulatory Risks, Revenue Growth	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI, Alphabet, buybacks, Department of Justice, dividends, Google, growth, Regulatory, technology, valuation	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI solutions, Alphabet, DOJ rulings, financial strength, Google, innovation, market dominance, regulatory outcomes, shareholder returns, technology	View Pitch
Nov 8, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI monetization, AI revolution, Alphabet Inc., Cloud computing, data centers, Google Cloud, investment strategy, market share, operating income, technology	View Pitch
Nov 4, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Neutral		AI, Alphabet Inc., CapEx, Cloud computing, Google, investment strategy, operating margins, PEG ratio, Revenue Growth, valuation	View Pitch
Oct 30, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI investments, Alphabet Inc., Free Cash Flow, Google Cloud, Google Search, growth, Q3 earnings, technology, valuation, YouTube ads	View Pitch
Oct 30, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI, Alphabet Inc., autonomous vehicles, Gemini, Google Cloud, profitability, Streaming, technology, Waymo, YouTube	View Pitch
Oct 30, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		advertising, AI integration, Alphabet, autonomous vehicles, Cloud computing, Google Cloud, Google Search, Streaming, Waymo, YouTube	View Pitch
Oct 15, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI innovation, Diverse Portfolio, investment potential, Stable Growth, technology	View Pitch
Sep 30, 2025	Seeking Alpha	Seeking Alpha	Alphabet Inc.		Internet Content & Information	Bull		AI leadership, AI market share, Alphabet Inc., cloud computing growth, Gemini models, Google, Google Cloud, investment opportunity, mega-cap tech, Undervalued Stock	View Pitch
Sep 1, 2025	Substack	Alpha Seeker 84	Alphabet Inc.	Communication Services	Internet Content & Information	Bull		AI infrastructure, Alphabet Inc., CapEx, digital advertising, Free Cash Flow, Google, Google Cloud, search engine, technology, YouTube growth	View Pitch
Aug 13, 2025	Seeking Alpha	Oakoff Investments	Alphabet Inc.	Communication Services	Internet Content & Information	Bear	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Hawkinvest	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Finance Flash	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Michael B Howard	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Aseity Research	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Shubhm Mitessh Thakkar	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Victor Dergunov	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Juxtaposed Ideas	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	Michael Del Monte	Alphabet Inc.	Communication Services	Internet Content & Information	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Rick Orford	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Mikhail Fedorov	Alphabet Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch

BSD Shareholders of GOOG

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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BSD Shareholders of GOOG

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