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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Orbis Global Equity | - | - | GXO, QXO, RXO, URI, XPO | Capital Allocation, Distribution, Logistics, M&A, Value Investing | The fund has significant exposure to logistics companies through the XO family of companies (QXO, XPO, RXO, GXO), representing nearly 15% of the portfolio. QXO is targeting the building products distribution industry, which has enormous scope to leverage technology to improve customer experience, similar to how XPO transformed truck brokerage from 6% digital to 96% digital. | QXO |
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| 2025 Q2 | Jul 20, 2025 | BBH Select Series – Mid Cap Fund | 5.4% | -0.9% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO | healthcare, industrials, mid cap, payments, software, tariffs, technology | Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks. | GLOB WSO FOUR GWRE |
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| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMZN, DHR, DIS, EFX, GXO, HON, JNJ, MTD, NFLX, NKE, NVDA, SBUX, TDG | AI, E-Commerce, growth, large cap, Streaming, technology | AI-related firms led the market surge with Nvidia's stock soaring over 82%, adding more than $1 trillion in market value. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. | EFX GXO NKE ADBE AMZN TDG DIS |
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| 2024 Q1 | Apr 15, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, DIS, GOOGL, GXO, HON, NESN.SW, NFLX, NVDA, RKT.L, TDG, UL | AI, consumer, global, growth, Quality, Streaming, technology | The AI boom has fueled market gains, with chip designer Nvidia adding more than $1 trillion in market value after rising 82% during the first quarter. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. This puts them ahead of the curve, attracting both creative professionals and marketing teams within corporations. | NVZMY AAPL GXO ADBE AMZN TDG DIS |
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| 2025 Q1 | Mar 31, 2025 | BBH Select Series – Mid Cap Fund | -6.0% | -6.0% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA | industrials, insurance, mid cap, software, technology, Testing, value | The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity. | KEYS ULS |
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| 2024 Q1 | Mar 31, 2024 | Orbis Global Equity | - | - | CPAY, ELV, GOOGL, GPN, GXO, HUM, IBKR, UNH | Bottom-up, healthcare, Managed Care, US, valuation, value | MCOs benefit from aging population and increased outsourcing of Medicare and Medicaid administration. UnitedHealth and Elevance have grown earnings 15-17% annually over ten years with strong moats and growth runways. Current pessimism around political risk, Medicare Advantage cost pressure, and UnitedHealth's cyberattack creates attractive entry points. | ELV UNH |
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| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AAPL, AME, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, GXO, INTU, MCHP, META, MSFT, MTD, NVDA, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, technology, Valuations | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager sees AI as one of two key catalysts driving expected mid-teens S&P 500 earnings growth for 2025. | MCHP GXO DIS DHR MTD AMT AMZN CRM AVGO |
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| 2024 Q4 | Dec 31, 2024 | Orbis Global Equity | - | - | CPAY, GXO, HWM, IBKR, MSFT, MSI, NVDA, QXO, RXO, V, XPO | aerospace, CEO, Concentration, payments, Quality, US, value | The fund focuses on investing alongside top 1% CEOs with meaningful ownership stakes who can drive extraordinary shareholder value creation. Examples include John Plant at Howmet Aerospace and Ron Clarke at Corpay, who have delivered exceptional long-term results through operational excellence and capital allocation discipline. | CPAY HWM |
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| 2025 Q3 | Nov 17, 2025 | Appleseed Fund | - | - | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. | View | |
| 2024 Q3 | Oct 8, 2024 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO | compounders, long-term, Quality, small caps, Underperformers, valuation, value | Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses. | PLAY QXO |
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| 2025 Q3 | Oct 28, 2025 | BBH Select Series – Mid Cap Fund | -0.9% | -1.8% | ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST | AI, healthcare, mid cap, Quality, tariffs, technology, value | The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments. | BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN |
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| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AMT, AMZN, GOOGL, GXO, LIN, MCHP, META, MSFT, NKE, NVDA, ORCL, TSLA, V | AI, Buybacks, Cloud, growth, large cap, rates, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Microsoft faces investor concerns about rising capital intensity from generative AI investments, though the company is well-positioned to capture market share with AI-driven productivity tools like ChatGPT and Copilot applications. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Mar Vista Strategic Growth Fund | GXO Logistics, Inc. | Industrials | Air Freight & Logistics | Bull | NYSE | Bull, Cyclical, Logistics, omnichannel retail, supply chain, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | GXO Logistics | Industrials | Air Freight & Logistics | Bull | NYSE | Cyclical Recovery, Distribution, E-commerce Fulfillment, Logistics, omnichannel retail, supply chain, Warehousing | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality | GXO Logistics, Inc. | Industrials | Air Freight & Logistics | Bear | NYSE | E-commerce Fulfillment, Logistics Services, Management Transition, Operational Execution, supply chain, Warehousing | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||