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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | 26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. | View | |
| 2025 Q2 | Aug 18, 2025 | Baron Partners Fund | 12.1% | -7.5% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, technology | Tesla remains the Fund's largest position at 30.5% after meaningful rebound. The company completed limited commercial rollout of robotaxi business in Austin, introduced refreshed Model Y globally with design and performance upgrades, and is progressing toward scaling humanoid robot production. | View | |
| 2025 Q2 | Jul 6, 2025 | Seeking Winners | 8.2% | - | APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, TOI.TO | AI, cash flow, conviction, Portfolio Management, Position Sizing, Recurring Revenue, software | The fund emphasizes vertical market software companies as core holdings, believing they create enduring competitive advantages through embedded business processes. The emergence of Vertical AI represents an even grander market opportunity than legacy Vertical SaaS, with LLM-native companies achieving strong growth and margins while complementing rather than competing with existing solutions. | CMG.TO APPF |
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| 2023 Q2 | Jul 25, 2023 | Ironvine Capital Partners | - | 14.4% | ADBE, AMZN, CTLT, DHR, DLTR, GOOGL, HEI, MA, MCO, ODFL, SPGI, TMO, UNH, V | aerospace, AI, healthcare, Logistics, M&A, Quality, retail, software | New investment in UnitedHealth Group as the largest managed care organization transitioning from health insurer to vertically integrated service provider. Optum drives over half of company-wide profit with decade-plus lead in comprehensive healthcare delivery. | View | |
| 2023 Q2 | Jul 21, 2023 | REQ Global Compounders | - | 34.6% | ADD.ST, ADDT.ST, BEIJ-B.ST, CSU.TO, DPLM-B.ST, HEI, INDU-A.ST, LAGR-B.ST, LIFCO-B.ST, LUMI.TO, MTUM.ST | Acquisitions, Capital Allocation, compounders, Decentralization, global, Nordic, private markets, Quality | REQ emphasizes acquisition-driven compounders that maintain decentralized structures to preserve entrepreneurial energy. The best performers avoid forced integration and instead give business units high autonomy, treating them as actual owners while sacrificing efficiency gains to maintain vibrant entrepreneurial culture. | View | |
| 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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| 2025 Q2 | Jul 18, 2025 | NZS Capital – Growth | 19.4% | 15.1% | 1211.HK, APH, ARM, CDNS, CPRT, DHR, FI, FND, GLBE, GOOGL, HEI, IR, LRCX, MELI, MRVL, MSFT, NET, NVDA, PGR, PWR, ROP, SAIL, TOST, TSM | growth, Portfolio Management, semiconductors, software, technology, volatility | NZS views the world as a complex adaptive system subject to frequent shocks and disruptions. Their portfolio construction process is designed to handle volatility by sizing positions based on range of outcomes rather than narrow predictions. The resilient head provides ballast during volatility while the optionality tail captures asymmetry. | TOST TOST |
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| 2024 Q2 | Jul 18, 2024 | Ironvine Capital Partners | - | 5.5% | AMZN, DE, GOOGL, HEI, MSFT | Agriculture, AI, Capex, Equipment, infrastructure, technology, value | Infrastructure buildout for low-cost centralized computing is underway, with AI emerging as the next game-changing platform. Hyperscalers are quadrupling capex spending from roughly $100 billion in 2023 to potentially $200 billion by 2026-2027 to provide capacity for training and running data-intensive AI models. | DE |
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| 2025 Q2 | Jul 16, 2025 | Harding Loevner Global Equity | 10.2% | 7.9% | 0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems. | ADBE BKNG ADBE |
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| 2025 Q2 | Jul 15, 2025 | Canopy Investors | 9.4% | - | DOL.TO, EDEN.PA, HEI, ICON, MEDP, TW, WISE.L | global, Quality, small caps, Speculation, Trump, underperformance, value | The Fund maintains strict quality and valuation discipline, investing in high-quality companies with strong competitive advantages. Quality companies are able to weather risk and emerge stronger during market downturns. | EDEN.PA DOL.TO ICLR WISE.L 4390.T HEI EDEN FP DOL CN ICLR 4194 JP HEI WISE |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 12.4% | AAPL, AVGO, BRK-A, GE, GOOGL, HEI, JNJ, MSFT, ORCL, SAP, V | aerospace, AI, Cloud, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with Microsoft benefiting from accelerating demand for AI-related Azure services and robust bookings. Oracle gained momentum with its OCI Gen 2 platform well-suited for generative AI workloads, securing large contracts including one expected to generate over $30 billion annually. The AI-driven rally regained momentum despite earlier concerns about returns on large-scale AI capex investments. | GE BRK-A JNJ AAPL ORCL AVGO MSFT AAPL ORCL AVGO MSFT |
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| 2025 Q2 | Jun 30, 2025 | Fenimore Dividend Focus Strategy | 5.7% | - | ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA | AI, Quality, rates, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels. | GEHC ENTG |
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| 2025 Q2 | Jun 30, 2025 | Fenimore Small Cap Strategy | 2.6% | - | APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT | AI, dividends, mid cap, Quality, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2. | View | |
| 2025 Q2 | Jun 30, 2025 | Fenimore Value Strategy | 5.8% | - | APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT | AI, dividends, insurance, Quality, small cap, tariffs, value | Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2. | View | |
| 2024 Q2 | Jun 30, 2024 | Zeno | - | - | AER, AIR.PA, BA, DHR, GE, GEHC, GEV, HEI, HON, PH, SAF.PA, TDG | aerospace, Aftermarket, Concentration, Market Power, value | GE Aerospace represents the global leading provider of jet engines with approximately 70% market share of commercial engines. The business model consists of low margin engine sales followed by high margin aftermarket services that generate 3.5x the revenue of initial engine sales. The aftermarket dynamic creates one of the largest and most defensible profit pools in the aerospace ecosystem. | GE |
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| 2025 Q1 | Apr 7, 2025 | Brasada Focused Equity Strategy | - | - | AMZN, BA, BRK-B, GE, GM, HEI, NKE, PFE | aerospace, Cash Management, Market Volatility, Quality, tariffs, Trade Policy | The Trump Administration is implementing aggressive tariff policies to rebalance trade flows and bring manufacturing jobs back to the US. Countries like Vietnam and Cambodia are already offering to reduce their tariffs on US imports in exchange for reduced US tariffs, while China has raised their tariffs in retaliation. The outcome remains unpredictable with potential for either economic benefit if countries reduce tariffs or recession if trade war escalates. | HEI |
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| 2025 Q1 | Apr 6, 2025 | Seeking Winners | -0.5% | -0.5% | APPF, BRO, CMG.TO, CPRT, CSU.TO, HEI, IT, LMN.V, TOI.V | Acquisitions, aerospace, cash flow, insurance, Quality, software | The portfolio is heavily concentrated in software companies, particularly those that acquire and develop smaller software businesses. The Constellation family operates as a highly efficient reinvestment engine leveraging VMS acquisitions with a decentralized M&A framework. Computer Modelling Group is positioned to benefit from the oil and gas industry's shift towards software solutions and is expanding into carbon capture and storage software markets. | View | |
| 2024 Q1 | Apr 3, 2024 | Seeking Winners | 14.5% | 14.5% | AMZN, CSU.TO, EVO.ST, GOOGL, HEI, LMN.TO, META, MSFT, NVDA, TOI.TO | AI, Capital Allocation, Concentration, long-term, semiconductors, software, value | Manager expresses caution about AI hype, noting expensive development costs and unclear path to profitability outside of established players like Microsoft, Nvidia, and Amazon. Discusses concerns about speculative trading around AI and semiconductor stocks, with particular skepticism about Nvidia's revenue growth potentially being inflated through closed-loop investments in AI startups. | TOI.TO CSU.TO |
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| 2026 Q1 | Apr 29, 2026 | Weitz Multi Cap Equity Fund | -8.3% | -8.3% | CSGP, DHR, GOOGL, HEI, IR, IT, MSFT, ODFL, RGEN, SIRI, TXN, V | AI, energy, fundamentals, Geopolitical, multi-cap, Portfolio Management, value | View | ||
| 2026 Q1 | Apr 29, 2026 | Weitz Large Cap Equity Fund | -12.1% | -12.1% | ADI, ASML, CRM, CSGP, DHR, HEI, IEX, IR, MSFT, NVDA, ODFL, TMO, TSM | AI, Concentration, Industrial, large cap, Life Sciences, semiconductors, technology, value | View | ||
| 2025 Q1 | Apr 24, 2025 | NZS Capital – Growth | -3.6% | -3.6% | 1211.HK, AMT, APH, CDNS, GLBE, GOOGL, HEI, LIN, LMND, MCHP, MRVL, NVDA, PCOR, PGR, RDDT, TEAM, TSM, TT | aerospace, AI, growth, optionality, Resilience, technology, volatility | Markets experienced volatility with particular weakness in AI-related stocks. Alphabet was weak due to larger-than-expected capital expenditure outlook and perceived widening range of outcomes for AI, though the manager remains optimistic about Alphabet's positioning in AI. The portfolio was intentionally ringfenced for AI exposure in 2024 due to valuation concerns. | HEI |
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| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2025 Q1 | Apr 22, 2025 | Ironvine Capital Partners | - | 0.1% | ADI, AHT.L, AMAT, APH, ENTG, GOOGL, HEI, HON, ODFL, TSM, UNP, URI | activism, aerospace, AI, Onshoring, semiconductors, tariffs, technology, Trade Policy | The United States enacted tariffs on essentially all global trading partners, with the magnitude and scope surprising markets. The Liberation Day announcement on April 2nd suggests significant structural change to global trade is possible for the first time in decades. Trade negotiations remain volatile, creating uncertainty for businesses and consumers about manufacturing costs and pricing. | AHT.L HON APH |
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| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
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| 2024 Q1 | Apr 15, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, insurance, Leverage, mid cap, technology, Tesla | Tesla remains the fund's largest position despite Q1 underperformance. Management believes investor concerns about Chinese competition and pricing pressure are overblown, citing Tesla's superior technology and manufacturing expertise. The fund maintains conviction in Tesla's mission to accelerate sustainable energy transition. | TSLA |
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| 2026 Q1 | Apr 14, 2026 | Fenimore Dividend Focus Strategy | -4.0% | -4.0% | AJG, APH, BR, ENTG, GIL, HEI, ROST, TT | AI, dividends, earnings, insurance, mid cap, Quality, software | View | ||
| 2026 Q1 | Apr 13, 2026 | Harding Loevner Global Equity | -5.6% | -5.6% | 0700.HK, ADBE, ASML, BKNG, CME, HDFCBANK.NS, HEI, RYA.L, SAF.PA, SAP.DE, SHEL, SLB, SONY, SU.PA, TSM, TW | aerospace, AI, energy, Geopolitical, infrastructure, Quality, Resilience, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | Fenimore Small Cap Strategy | -5.3% | -5.3% | AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK | insurance, Quality, small cap, tariffs, Trade Policy, value | The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID. | BWIN |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | Fenimore Value Strategy | -1.1% | -1.1% | AJG, APH, AZO, BN, BR, BRK.B, BRO, CDW, FAST, HEI, IEX, KEYS, MKL, PAYX, PGR, ROST, RSG, SYK, TT, ZBRA | financials, insurance, mid cap, Quality, tariffs, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. Fenimore's portfolio companies have diversified their supplier bases and are more prepared for tariff impacts than in previous years. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Partners Fund | -17.4% | -17.4% | ACGL, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, technology, volatility | Tesla faces near-term headwinds from Model Y refresh, political controversy around Elon Musk, and regulatory changes, but the manager remains confident in long-term growth driven by secular EV adoption trends, compelling product line, leading cost structure, and cutting-edge technology including robotaxi service and humanoid programs. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Growth Strategies Fund | -8.0% | -8.0% | AMP, APP, AXON, CASY, COH, COR, CTAS, DECK, FAST, FICO, GWW, HEI, HWM, IDXX, NET, PLTR, RBLX, TDG, VRSK, WIX | aerospace, AI, growth, industrials, mid cap, tariffs, technology, Trade Policy | Fund maintains largest sector overweight in industrials at 23.89% vs 17.41% benchmark. Manager believes these companies generate positive free cash flow with stock-specific catalysts driving earnings growth. Many have conservative balance sheets providing ballast in volatile markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Alger Mid Cap Focus Fund | -13.3% | -13.3% | ALAB, APP, HEI, MRVL, PLTR, SPOT | aerospace, AI, growth, mid cap, semiconductors, Streaming, technology, volatility | AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI Platform continues to gain adoption across various industries. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine. | ALAB MRVL APP PLTR SPOT HEI |
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| 2025 Q1 | Mar 31, 2025 | Weitz Multi Cap Equity Fund | 0.8% | 0.8% | ACN, BRK-A, CMCSA, DHR, GOOGL, HEI, IDXX, IEX, LBRDA, LICT, LKQ, META, PRM, TECH, V | aerospace, AI, healthcare, Multi Cap, technology, Trade Policy, value | The AI Trade was dealt a setback in late January after Chinese firm DeepSeek announced its advanced AI model had been developed at a fraction of the cost of U.S. competitors. This led to greater investor scrutiny of U.S. firms' spending plans. Alphabet's Google unit is on the front lines of the Traditional Search vs. GenAI battle. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Small Cap Strategy | 6.1% | 6.1% | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | consumer, financials, Quality, small cap, value | The FAM Small Cap Fund rose 6.06% in the first quarter, outperforming the Russell 2000 Index by 88 basis points. The fund continues to focus on small and midsize businesses that meet strict investment criteria, with outperformance attributed to strength in financial and consumer holdings. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Dividend Focus Strategy | 10.3% | 10.3% | APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK | dividends, healthcare, industrials, mid cap, Quality, technology, value | The fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%. | View | |
| 2025 Q4 | Feb 8, 2026 | Baron Partners Fund | 19.1% | 24.9% | ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA | AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology | The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier. | RRR IDXX SCHW FDS IT GWRE SPOT CSGP H |
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| 2024 Q4 | Dec 31, 2024 | Alger Mid Cap Focus Fund | 4.9% | 24.5% | AMZN, APP, AXON, CEG, HEI, MPWR, NVDA, PLTR, TLN | AI, Cloud, growth, industrials, mid cap, nuclear, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI platform (AIP) leverages generative AI to optimize business operations and has driven significant growth. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine. | HEI CEG MPWR AXON APP PLTR |
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| 2024 Q4 | Dec 31, 2024 | Baron Partners Fund | 27.0% | 32.7% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, SpaceX, technology, Tesla | Tesla appreciated more than 50% in the quarter driven by upcoming product launches, improvements in autonomous driving software, and expectations of regulatory approval under the new administration. The energy business continued to grow with higher margins, and new mass market vehicles are expected to launch in 2025. | View | |
| 2022 Q4 | Dec 31, 2023 | Zelikovic Investments | - | - | BAM, EXO NA, HEI, IAC, KKR, MSFT, ODFL, TPL | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Zeno | - | - | APH, AZE.BR, CSU.TO, DHR, DSGX.TO, GE, HEI, IPUMP.MI, LIN | Founder Mindset, Investment Criteria, Market Power, Portfolio Transition, Quality | The fund applies three rigorous investment criteria: market power, reinvestment opportunity, and founder mindset. Companies must demonstrate all three characteristics to qualify for investment. This quality-focused approach led to significant portfolio changes as existing holdings were tested against these standards. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Partners Fund | 13.1% | 4.7% | ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, technology, Tesla | Tesla remains the fund's largest position with strong quarterly performance driven by renewed automotive demand, improved manufacturing efficiencies, and expansion into robotaxi services. The company is transitioning from hardware sales to high-margin recurring software revenue through Full Self-Driving capabilities. | ANET |
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| 2024 Q3 | Nov 1, 2024 | Ironvine Capital Partners | - | 10.7% | HEI | aerospace, Concentration, Election, inflation, rates, value | HEICO represents their second largest investment, acquired during pandemic-driven market volatility in March 2020 following a 45% decline. The firm continues to research airplane engines and aerospace components as part of their investment focus. | View | |
| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG | AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation | Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements. | NVDA US MEDP US |
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| 2025 Q3 | Oct 28, 2025 | Canopy Investors | -4.1% | - | AZO, BVI.PA, EDEN.PA, HEI, MCO.PA, MEDP, ROL, SBAC, STE, SXS.L, TREX, TW | AI, Biotechnology, Construction, Defensive, global, Quality, semiconductors, small caps | Small biotechs are the engine of innovation in the pharma industry and are expected to grow at high-single-digit rates over the medium term. Biotech funding levels and Pfizer's agreement with the Trump Administration on drug pricing have been cautiously positive developments. | TREX MEDP TREX US MEDP US TREX US MEDP US |
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| 2023 Q3 | Oct 26, 2023 | Seeking Winners | -2.0% | - | AMZN, BRK-B, CPRT, CSGP, CSU.TO, GOOGL, HEI, LMN.TO, MSFT, TOI.TO | Long Term, Quality, software, technology, value | The manager emphasizes owning enduring quality businesses and expresses satisfaction with the portfolio companies' quality. The strategy focuses on fractional ownership of great businesses, particularly when available at attractive valuations during potential recessions. | View | |
| 2025 Q3 | Oct 21, 2025 | Third Avenue Value Fund | 11.9% | - | 7270.T, AC.TO, BCC, BIRG, BMW.DE, BZU.MI, CBG.L, CSTCF, DB, EZJ.L, HCC, HEI, IFP.TO, LUN.TO, MBG.DE, ORI, ROG, S4C.L, UGPA3.SA | Banking, contrarian, Copper, Europe, Forecasting, Mining, value | Copper prices have benefited from increasingly tight global supplies, a weak U.S. dollar, breakdown of trust in global trading norms, and operational disruptions at several large copper mines. These dynamics have benefited holdings like Capstone Copper and Lundin Mining, with rising gold prices also helping copper miners that produce gold as a byproduct. | AC ROG BOISE DBK OR HBR LUN CS |
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| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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| 2025 Q3 | Oct 14, 2025 | Harding Loevner Global Equity | 2.5% | 10.6% | 0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, diversification, global, healthcare, momentum, technology, valuation | AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative. | TCEHY US GOOGL US TMO US ELV US VRTX US ACN US |
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| 2024 Q3 | Oct 11, 2024 | Driehaus Small/Mid Cap Growth Fund | 3.1% | 24.0% | AXON, CRNX, CYBR, HEI, TMDX | AI, Biotechnology, earnings, growth, healthcare, industrials, rates, small caps | AI remains a powerful transformational theme with robust capex spending on data centers and infrastructure. Hyperscalers view AI as an existential threat to their business models and are increasing AI GPU cluster intelligence from current IQ levels of 100-120 to genius levels of 160+ and potentially 1,000. While 40% capex increases may decelerate in 2025-2026, AI infrastructure spending will remain strong. | View | |
| 2023 Q2 | Oct 7, 2023 | SVN Capital Fund | 0.0% | 29.4% | CPRT, HEI, KNSL, ODFL | aerospace, Concentration, India, insurance, long-term, Luxury, Owner-Operators, Quality | Added Hermès International as new position. Luxury market expected to hit $600 billion by 2030, driven by Chinese customers and younger generations. Hermès unique artisan production model creates scarcity with wait times of years for iconic bags. | View | |
| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY | AI, growth, portfolio, semiconductors, software, technology, Valuations | AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction. | TSM |
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| 2024 Q4 | Jan 8, 2025 | SVN Capital Fund | - | 11.8% | BAJFINANCE.NS, CPRT, DNP.WA, HEI, KKR, KNSL, RMS.PA | Alternative Assets, India, management, Owner Operators, Quality, Specialty Finance, value creation | India presents compelling long-term investment opportunities driven by demographic trends, infrastructure improvements, and economic formalization. The country's digital infrastructure revolution, including Aadhaar cards and unified payments interface, combined with banking system cleanup and tax reforms, has created significant tailwinds for economic growth and consumer spending. | BAJFINANCE.NS DNP.WA KKR |
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| 2025 Q4 | Jan 5, 2026 | The Compounding Tortoise | 0.0% | -2.9% | BRO, HEI, TJX, TVK.TO | earnings, growth, long-term, Quality, Roiic, value | The manager focuses on companies with high returns on incremental invested capital, good growth, and embedded optionality. Portfolio-weighted NOPAT per share growth has been 12.5% per annum over the past two years. The challenge is finding companies that tick all quality growth boxes, especially when attractively priced. Portfolio-weighted earnings growth (NOPAT per share) has been 12.5% per annum over two years. For 2026, the manager estimates portfolio-weighted earnings growth will be about 16%, supported by low-30s percent ROIIC. Focus is on investments that pay off quickly with meaningful management ownership. | View | |
| 2022 Q4 | Jan 31, 2023 | REQ Global Compounders | - | -22.5% | HEI, TDY | Capital Allocation, CashFlow, Compounding, Decentralization, M&A | Capital allocation: The letter highlights that the fund focuses on companies capable of redeploying cash at high returns, especially through serial small acquisitions. These firms maintain disciplined investment frameworks and sustain value creation across cycles. Decentralization: Portfolio companies operate with autonomous business units, enabling entrepreneurial cultures that reduce bureaucracy and increase responsiveness. This structure enhances long-term resilience by distributing decision-making closer to operations. Compounding: The strategy hinges on long-duration reinvestment runways, supported by large global SME deal pipelines. Consistent bolt-on acquisition activity and recurring cash flows drive multi-decade compounding. | View | |
| 2025 Q4 | Jan 30, 2026 | Flattery Wealth Management | 0.0% | 0.0% | ASTS, CASY, CEF, CPRT, DE, GRMN, HEI, MSTR, RACE, RMS, SEB | AI, Bitcoin, contrarian, crypto, gold, Multi-baggers, Quality, Space | Bitcoin functions as scarce, portable, digital gold gaining institutional traction as a hedge against currency debasement. MicroStrategy operates as the leader in pioneering corporate bitcoin strategy with the largest corporate bitcoin stash. The manager views bitcoin's institutional narrative advancing through maturing spot ETFs and growing corporate interest. AI represents a gunpowder moment that is flattening the playing field, allowing solo entrepreneurs to compete with enterprises and small businesses to compete with larger ones. The manager notes institutional investors have zero interest in non-AI deals currently. However, AI may also make people dumber and risks losing habits of attention and deep learning. AST SpaceMobile represents a bet on eliminating cellular dead zones through space-based broadband to unmodified smartphones. The company has partnerships with major carriers and is building what could become a massive subscription business. The space economy narrative is gaining attention with potential SpaceX IPO catalysts. Gold surged 65% in 2025, its best year since 1979, while most people forgot about it. Sprott Physical Gold and Silver Trust provides exposure to physical metals without counterparty risk or financial engineering. The position serves as insurance when fiat currencies inflate over long time horizons. | CEF HEI ASTS MSTR |
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| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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| 2025 Q4 | Jan 29, 2026 | Ironvine Capital Partners | 0.0% | 0.0% | ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V | aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology | Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy. | BRK.B AON MSFT V MCO HEI AMZN |
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| 2025 Q4 | Jan 29, 2026 | Weitz Multi Cap Equity Fund | -1.5% | 3.2% | ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH | healthcare, multi-cap, technology, Telecom, underperformance, value | Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure. | CHTR KMX PRM |
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| 2025 Q4 | Jan 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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| 2022 Q4 | Jan 27, 2023 | Ironvine Capital Partners | - | -20.4% | ADBE, CSGP, HEI | - | View | ||
| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Value Strategy | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
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| 2025 Q4 | Jan 12, 2026 | SVN Capital Fund | 0.0% | -5.7% | 532978.NS, 533655.NS, COHR, HEI, KKR, KNSL, RML.PA | aerospace, AI, Alternative Asset Managers, Concentration, India, insurance, Quality, value | India combines sustained economic growth, rising formalization, deepening capital markets, and a growing pool of well-run, founder-led businesses with long reinvestment runways. The economy has grown from about $1 trillion to around $4 trillion over roughly 17 years, with credible estimates suggesting it could roughly quadruple over the next 15-20 years. India has moved from the periphery to the center of global equity markets as the fourth-largest listed market in the world. AI represents a new layer of software and automation that is already changing how work is done, how products are built, and how decisions are made. It has triggered a significant investment cycle across the physical stack including chips, servers, networking equipment, power generation, cooling, and data centers. Several businesses in the portfolio are already using these tools to improve efficiency, decision-making, and service quality. The alternative-asset industry is still in the early stages of moving from the margins into the mainstream, both for institutions and particularly for private-wealth clients. KKR's three-engine model is designed for this structural shift, with management aiming to build a business that can double and then double again, taking adjusted net income per share from $3.42 in 2023 to more than $15 within roughly 10 years. HEICO operates in the unglamorous world of replacement parts and mission-critical components, serving as the world's largest independent supplier of FAA-approved PMA replacement parts. The business benefits from structural tailwinds including Americans driving more, an aging vehicle fleet, and rising repair complexity that means more vehicles are totaled rather than repaired. The excess and surplus (E&S) segment has grown steadily for years, with AM Best estimating that direct premiums written are approaching $130 billion, accounting for more than a quarter of all U.S. commercial-lines premium. Kinsale has built a focused underwriting business designed for speed, discipline, and cost efficiency with consistently low expense ratios in the low-20s. | HEI KKR KNSL CPRT TRIV IN BAF IN |
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| 2025 Q4 | Jan 12, 2026 | REQ Global Compounders | 0.0% | 0.0% | ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO | Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software | AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific. | CSU CN BRO JDG LN |
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| 2024 Q4 | Jan 11, 2025 | Seeking Winners | - | 26.6% | APPF, BRK-B, CMG.TO, CRM, CSGP, CSU.TO, HEI, IT, LMN.TO, NVDA, TOI.TO, TWLO | Capital Allocation, cash flow, Concentration, Quality, Research, software, technology | The manager acknowledges AI will fundamentally revolutionize numerous industries but maintains a cautious perspective on current AI-focused investments. They note the overwhelming market momentum concentrated in select AI stocks like Nvidia and express skepticism about long-term terminal values of AI ecosystem companies despite significant stock price appreciation. | IT |
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| 2024 Q3 | Sep 30, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, Electric Vehicles, financials, growth, long-term, mid cap, technology | Tesla appreciated 32% in the quarter as investors focused on the company's potential rather than near-term macro impacts. The company has improved vehicle deliveries, particularly in China, and is expected to launch new models next year. Tesla has also made significant advances in autonomous driving, robotics, and energy storage products. | View | |
| 2024 Q3 | Sep 30, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | APP, CDNS, CEG, HEI, MSFT, MU, PINS | AI, energy, growth, industrials, mid cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. AppLovin's AI-powered software engine drives 60% of company revenue through recommendation and targeting. AI workloads are projected to significantly increase energy demand from data centers over the next few years. | CDNS MU PINS APP CEG HEI |
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| 2023 Q3 | Sep 30, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MRNA, MSCI, MTN, NVDA, RRR, SCHW, SPOT, TSLA, VAC | diversification, financials, growth, Leverage, mid cap, technology, Tesla | Tesla remains the Fund's largest holding at 41% despite quarterly decline due to macroeconomic pressures and price reductions. The manager expects Tesla to benefit from Cybertruck deliveries, next platform development, and AI investments in Dojo supercomputer for full self-driving capabilities. | View | |
| 2023 Q3 | Sep 30, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMT, BRK-B, DHR, DIS, GOOGL, HEI, INTU, MCO, MKL, MSFT, MTD, NKE, ORCL, TDG | AI, Cloud, growth, large cap, rates, technology, value | Alphabet benefits from one of the most disruptive trends in technology as a leader in generative AI. Oracle's OCI Gen 2 solution is particularly well-suited for generative AI workloads. Microsoft is effectively executing its strategy by offering businesses cutting-edge AI-driven solutions like ChatGPT. | DHR GOOGL INTU AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL AMT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 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 |
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| 2024 Q2 | Jul 28, 2024 | Driehaus Small/Mid Cap Growth Fund | 3.1% | 24.0% | AXON, CCJ, HEI, NTRA, ONTO | AI, Biotech, growth, healthcare, industrials, semiconductors, small cap, technology | Portfolio increased semiconductor exposure from 0.9% to 4.0% overweight as holdings benefited from AI infrastructure buildout. Semiconductor holdings appreciated 31.6% versus 5.0% for the index, driven by companies supplying data centers and AI hardware infrastructure. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, Long Term, mid cap, technology, Tesla | Tesla demonstrated better-than-expected margins despite operational complexities and manufacturing shutdowns. The company continued to drive manufacturing costs lower, accelerate new model launches, and invest heavily in AI initiatives. Tesla expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth and increased factory utilization. | CSGP SPACEX TSLA |
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| 2024 Q2 | Jul 25, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT | growth, healthcare, industrials, mid cap, technology | View | ||
| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2023 Q2 | Jul 7, 2023 | Saga Partners | 22.6% | 39.4% | AAPL, ADBE, AMZN, CMG, CPRT, CRM, GOOGL, HD, HEI, MA, META, MSFT, NFLX, NOW, ORLY, ROKU, TDG, TJX, TSCO, V | Concentration, innovation, long-term, Streaming, technology, volatility | Connected TV has moved into the transitional phase where the market has chosen winners who are scaling products with rising barriers to entry. The real value will move to TV operating system aggregators rather than content suppliers, with Roku positioned to benefit from its growing market share approaching half of US households. | View | |
| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, BAH, CACI, CNMD, DECK, FIVE, FND, FSS, GKOS, HEI, INSP, ITCI, JNJ, LGIH, LII, MANH, MEDP, NBIX, PODD, POOL, PRCT, RBC, RGEN, RXST, SPSC, SSD, TARS, TREX, TXRH, VERX, XPEL, ZBRA | AI, Defense Spending, growth, healthcare, small caps, software, technology | Artificial intelligence continues to drive outperformance in technology-related businesses. The portfolio benefits from AI tailwinds through utilities and telecommunications sectors. AAON's recent BASX Solutions acquisition provides exposure to datacenter infrastructure builds driven by AI needs. | View | |
| 2023 Q1 | May 4, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMC, AMD, AMZN, BAC, BBBY, BP, CRM, GE, GOOGL, HEI, META, MKL, MSFT, NVDA, TSLA | Market cycles, Patience, risk management, Speculation, Valuations, Value Investing | The manager extensively discusses elevated market valuations, comparing current market cap to GDP ratio at 155% to historical peaks in 2000 and 2008. They argue that starting valuations are critical to long-term success and current levels suggest poor future returns of only 3-5% annually. | View | |
| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG | Construction, insurance, Quality, technology, Trade Policy, value | Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment. | BLDR AAON TWFG |
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| 2025 Q1 | Mar 31, 2025 | Alger Spectra Fund | -17.2% | -17.2% | AMZN, GFL, HEI, MSFT, NVDA, SPOT | AI, Cloud, growth, semiconductors, Streaming, technology, Trade Policy | AI is at an inflection point with potential for significant productivity increases. However, concerns emerged about advanced AI models from China developed at lower costs, raising doubts about U.S. technology dominance. Future AI models will require substantially more computational resources, driving continued demand for high-performance infrastructure. | AMZN MSFT NVDA GFL SPOT HEI |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Equity | -2.1% | -2.1% | 002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY | AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy | The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MRNA, MSCI, MTN, NVDA, RRR, SCHW, SPOT, TSLA, VAC | diversification, growth, Leverage, technology, Tesla, volatility | Tesla remains the largest position at 38.1% of assets despite near-term automotive pressures from macroeconomic headwinds and price reductions. The company delivered its highly anticipated Cybertruck and refreshed Model 3 while continuing robust product development. Management anticipates introducing a new lower-priced vehicle next year to address a much larger market segment. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Multi Cap Equity Fund | -0.6% | 15.6% | AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN | inflation, Multi Cap, rates, small caps, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | 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 | ||
| 2023 Q4 | Jan 14, 2024 | FMI International Equity | -7.4% | 2.7% | 005930.KS, ACGL, ARW, BJ, CARR, DG, DGE.L, G, HEI, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, technology, Travel, value | FMI emphasizes value investing discipline amid elevated U.S. market valuations. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, particularly in international markets where valuations are more reasonable than U.S. Large Cap. | DGE.L CARR BJ |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Canopy Investors | Heico Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Aircraft Parts, Commercial Airlines, Defense, market share gains, OEM Alternative | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aftermarket Parts, Commercial Aviation, Defense, electronics, FAA Approved, Flight Support, Replacement Parts | View Pitch |
| Apr 13, 2026 | Fund Letters | NZS Capital - Growth | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Acquisitions, Aerospace, Aftermarket Parts, Airlines, cost savings, Decentralized, Defense, FAA Approved, manufacturing, market leader, PMA Parts, Quality Track Record | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Mid Cap Focus Fund | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aftermarket Parts, Commercial Aviation, Defense, electronics, FAA Approved, Flight Support, manufacturing | View Pitch |
| Apr 13, 2026 | Fund Letters | Brasada Focused Equity Strategy | Heico Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Acquisitions, Aerospace, Aircraft Components, Berkshire Investment, Cost advantage, Defense, FAA Approved, market leader, Military Opportunity, PMA Parts, Replacement Parts, Travel Recovery | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Mid Cap Focus Fund | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace Aftermarket, Aircraft Parts, Commercial Aviation, defense electronics, FAA Approved, Fleet Aging, Maintenance | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Mid Cap Focus Fund | HEICO Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Aftermarket Parts, Commercial Aviation, Defense, FAA Approved, Fleet Aging, manufacturing, Oem | View Pitch |
| Feb 4, 2026 | Fund Letters | Andrew Flattery | HEICO Corporation | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Acquisitions, Aerospace, compounder, Defense, Margins | View Pitch |
| Jan 30, 2026 | Fund Letters | Matt Barnes | HEICO Corp. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Decentralization, Free Cash Flow, Pricing power | View Pitch |
| Jan 30, 2026 | Fund Letters | Daniel Bellehsen | HEICO Corporation | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace Aftermarket, Antifragile, compounding, Decentralization, ROIC | View Pitch |
| Jan 27, 2026 | Fund Letters | Shreekkanth Viswanathan | HEICO Corporation | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Acquisitions, Aerospace, aftermarket, compounding, Margins | View Pitch |
| Jan 8, 2026 | Fund Letters | Wally Weitz | HEICO Corporation | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Acquisitions, Aerospace, aftermarket, compounding, Defense | View Pitch |
| Dec 4, 2025 | Fund Letters | Jack McManus | Heico Corp. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, compounding, Defense, Margins | 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. | ||||||||