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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 25, 2025 | Ironvine Capital Partners | - | 7.7% | AAPL, APH, CAR, CSX, DE, GOOGL, HON, META, NSC, UNH, UNP, WSO | aerospace, AI, Distribution, HVAC, infrastructure, Railroads, technology, value | Union Pacific represents a crown jewel of North American freight transportation with strong positions in heavy commodity and hazardous materials. Under CEO Jim Vena's leadership, the company has achieved record network efficiency with on-time service levels nearing 100%. The operational improvements have enabled strong pricing power and freight revenue growth despite industrial headwinds. | WSO HON UNP DE |
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| 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 |
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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 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 15, 2025 | Madison Dividend Income Fund | 1.1% | 4.4% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, Quality, technology, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The relative yield strategy targets stocks at the high end of their historic dividend yield ranges, with the fund yielding 2.52% versus 1.15% for the S&P 500. | 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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| 2024 Q1 | May 28, 2024 | Bridgewater Associates | 0.0% | 0.0% | AMT, CAT, ETN, FUN, GE, GOOGL, HA, HCA, HON, KO, MAT, MCD, META, MONDEE, MSI, NEE, PFGC, PG, TXRH, WLDN | AI, Capex, Corporate Spending, earnings, Energy Transition, Labor Markets, profitability | The AI build-out is a key tailwind for capex spending during this cycle, with companies across tech and industrials investing in compute capacity and infrastructure. Tech companies like Meta and Alphabet are investing significantly in AI infrastructure, while industrials are responding to growing demand for data centers and electricity driven by AI innovation. | View | |
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Dividend Strategy | - | - | ADP, APO, AVGO, BX, ENB, EQT, HON, LHX, MSFT, NOC, ORCL, OTIS, RTX, TSM, WMB, XOM | AI, defense, dividends, energy, Geopolitical, inflation, semiconductors, software | View | ||
| 2026 Q1 | Apr 29, 2026 | Merion Road Capital | 3.1% | 3.1% | ACNT, BUKS, FEIM, HON | aerospace, defense, industrials, small caps, Space, technology, value | FEIM BUKS HON |
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| 2026 Q1 | Apr 29, 2026 | American Century Equity Income Fund | 3.5% | 3.5% | BKR, EPD, GOOGL, HON, KVUE, MDT, MKC, OC, UL, WFC | Consumer Staples, energy, financials, healthcare, income, Quality, value | 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 | 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 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 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 | Apr 10, 2025 | Aristotle Value Equity Fund | 0.7% | 0.7% | 8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY | AI, Cloud, energy, financials, industrials, technology, Trade Policy, value | Adobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs. | GOOGL APD SONY ADBE |
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| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments Large Cap Value | - | - | AXP, BKNG, CMCSA, COF, DE, DIS, HON, JNJ, MSFT, OTIS, TMUS, XPO | AI, Cyclical, energy, industrials, large cap, Quality, value | HON BKNG TMUS AXP COF MSFT JNJ DE XPO |
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| 2025 Q1 | Mar 31, 2025 | Aristotle/Saul Global Equity Fund | 1.2% | 1.2% | 3064.T, 6367.T, 6758.T, ADBE, AMGN, CCJ, D05.SI, GOOGL, HON, LEN, MCHP, MLM, MSFT, MUV2.DE, NCLH, TTE | AI, energy, global, Quality, Reinsurance, technology, Trade Policy, value | The artificial intelligence theme continued to influence market narratives during the quarter. Chinese startup DeepSeek gained international attention after launching a low-cost rival to leading generative AI models, challenging assumptions around infrastructure demands and potentially reducing the need for GPUs and energy-intensive data centers. This development raised new questions about the durability and configuration of global AI supply chains. | 6367.T GOOGL ADBE CCO SONY MUV2.DE |
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| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER | growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation | Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter. | ABBV CPRT |
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| 2024 Q4 | Dec 31, 2024 | Madison Dividend Income Fund | -1.7% | 7.6% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, ROK, TEL, TXN | dividends, income, industrials, large cap, Quality, Relative Yield, technology, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. The portfolio's relative yield of 2.15x the S&P 500 is at the high end of its historical range and 25% higher than at the end of 2022. Portfolio holdings have increased their dividends by nearly 8% on average over the past year, well above inflation rates. | TEL ROK |
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| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY | AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy | Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware. | View | |
| 2025 Q3 | Dec 15, 2025 | Baumann Capital | - | - | 005930.KS, 4188.T, 5401.T, 6701.T, 6723.T, 6758.T, 6967.T, AAPL, AI.PA, BOSCH, DRW3.DE, HLMA.L, HON, IFX.DE, KO, MSA, MU, NVDA, TSM | concentrated, Gas Detection, Japan, Primary Research, Quality, Safety, semiconductors | Semiconductor industry driving demand for gas detection equipment as TSMC builds new fabs globally to meet Nvidia GPU demand. Japan plans over 30 semiconductor projects by 2030, creating multi-decade volume tailwind for safety equipment. Each new fab requires thousands of fixed gas detectors with ongoing maintenance. | 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 | |
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | AAPL, ALB, AU, CRWD, GIVN.SW, GOOGL, HLN.L, HON, IBKR, IFF, JPM, LHX, MELI, MSFT, NFLX, NVDA, ORCL, PFE, SFM, SQM | AI, Asia, cybersecurity, defense, emerging markets, Global Equities, infrastructure, technology | AI continues to dominate headlines and balance sheets, driving productivity gains and entirely new business models. The sector has grown faster than expected, with AI-driven infrastructure stocks leading performance. Oracle announced a $300bn order from OpenAI for compute capacity, while Nvidia unveiled major collaborations worth $100bn. | View | |
| 2025 Q3 | Oct 14, 2025 | Madison Dividend Income Fund | 3.9% | 8.5% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, financials, Quality, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The strategy emphasizes above-average dividend yields as protection against market volatility and inflation. | View | |
| 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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| 2025 Q4 | Jan 30, 2026 | Antipodes Global Fund | - | - | AAPL, AMD, AMZN, ASAI, BEKE, BMRI.JK, CRM, Gold, GOOGL, HON, HYMTF, JCI, LLY, META, MRK, SIEGY, STM, TCEHY | AI, cyclicals, financials, global, healthcare, industrials, materials, technology | Portfolio increased exposure to structural investment trends, namely software, while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI to supply 6 gigawatts of high-performance graphics chips and broader investor rotation into AI infrastructure. Barrick Mining rose sharply underpinned by fresh wave of investor enthusiasm for gold, with record bullion prices boosting revenue, margin and earnings estimates. Portfolio reduced exposure to gold via exiting Valterra Platinum following rapid price moves. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, as the company sees strong demand. Portfolio increased exposure to Amazon partly based on infrastructure business winning market share. STMicroelectronics detracted with sentiment dented by softer demand in key end markets, notably automotive and industrial chips. AMD surged on chipmaker's landmark agreement with OpenAI and broader AI infrastructure rotation. | View | |
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Value Fund | 0.0% | 0.0% | 005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE | consumer, financials, global, healthcare, industrials, materials, technology, value | Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled. | BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B |
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| 2024 Q4 | Jan 23, 2025 | Titan Wealth | - | - | 1211.HK, AMZN, ASML, DIS, EL, EW, FDX, HON, LLY, MSFT, NFLX, NVDA, NVO, TSLA, UNH, V | AI, Energy Transition, healthcare, infrastructure, interest rates, portfolios, technology, Trump | AI-driven assets emerged as top performers with significant holdings in Nvidia and Amazon. Portfolio includes companies positioned to benefit from AI infrastructure expansion while avoiding lofty valuations of the Magnificent 7. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | 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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| 2023 Q4 | Jan 19, 2024 | The Bristol Gate U.S. Equity Strategy | - | 23.9% | AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH | dividends, financials, HVAC, industrials, Quality, technology, value | Bristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth. | CARR |
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| 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 | |
| 2024 Q3 | Sep 30, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CME, FAST, HD, HON, JNJ, MDT, MS, NEE, TXN | dividends, income, industrials, large cap, Quality, value | Fund employs a relative yield strategy targeting stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings increased dividends by nearly 8% on average over the past year, well above inflation rates. Fund maintains focus on companies with consistent dividend increase records. | HON |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ACN, AON, BLDR, CAT, COP, CVX, FANG, GOOGL, HCA, HON, HUM, NVR, PH, SBAC | energy, healthcare, industrials, large cap, rates, technology, value | The Federal Reserve cut US rates 50 basis points in September and signaled several more rate cuts are on the table. Several other major global central banks cut rates too, including the European Central Bank, Swiss National Bank and People's Bank of China. The apparent end of the higher interest-rate cycle helped spur markets higher in September. | BLDR ACN AON |
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| 2023 Q3 | Sep 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, CRM, ECL, ENTG, GGG, GOOGL, HON, HRL, LLY, MSFT, MSI, TECH, TTC, TXN, USB, XEL | AI, Balanced, fixed income, growth, inflation, rates, technology, value | Artificial intelligence is creating efficiencies and driving investment opportunities, particularly in technology companies. The fund sees AI as crucial for creating workforce efficiencies amid changing labor dynamics. Microsoft's leadership in AI helped propel it to all-time highs this year. | View | |
| 2024 Q2 | Jul 17, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, AMZN, CMCSA, EOG, FAST, HD, HON, MDT, MS, NEE, TSLA, TXN | Concentration, dividends, Quality, technology, value | The fund focuses on high-quality dividend-paying stocks with above-average yields and sustainable competitive advantages. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation rates. The fund's relative dividend yield of 2.20x versus the S&P 500 is at the highest level in 25 years. | View | |
| 2024 Q2 | Jun 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | ACN, BAC, CHTR, COP, CRBG, CSCO, FCNCA, GE, GM, GME, GOOGL, HD, HON, IBM | AI, Buybacks, growth, large cap, momentum, P/E Ratios, technology, value | Oakmark Fund has its lowest Morningstar value score ever at 73, much deeper in value territory than the Russell 1000 Value Index. The fund finds low P/E stocks at barely half the market multiple unusually attractive, with an average forward P/E of 11 times compared to 15 for Russell 1000 Value and 21 for the S&P 500. | GM GOOGL |
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| 2023 Q1 | May 23, 2023 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | AXP, BAC, BDX, COP, CVX, DISH, ELV, GOOGL, HON, JNJ, JPM, MCK, META, MSFT, MSI, PGR, SCHW, TEL, UNH, USB | Banking, financials, healthcare, large cap, Quality, technology, value | The banking crisis in March highlighted risks in less diversified banks with concentrated deposit bases. The strategy's bias toward larger banks with strong deposit bases provided defensive positioning during the selloff. | MCK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO|LLY|MRK|NVDA|ORCL|PGR SCHW |
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| 2025 Q1 | Mar 31, 2025 | Madison Dividend Income Fund | 3.2% | 3.2% | ADP, BLK, CME, EOG, HD, HON, JNJ, MDT, MS, NEE | Defensive, dividends, income, industrials, Quality, Relative Yield, value | The fund employs a relative yield strategy, buying stocks with dividend yields at least 1.1x the S&P 500. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation. The fund maintains an absolute dividend yield of 2.6% compared to 1.34% for the S&P 500. | HON |
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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 | |
| 2024 Q1 | Mar 31, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, DHR, DIS, HON, MSFT, NFLX, NKE, NVDA, TDG | aerospace, AI, Biotechnology, growth, large cap, Quality, Streaming, technology | Artificial intelligence drove significant market gains with AI-related firms leading the surge. Nvidia exemplified this trend with stock price soaring over 82%, adding more than $1 trillion in market value. Microsoft is well-positioned to capture market share as businesses embrace generative AI-driven solutions like ChatGPT. | DHR AAPL NKE ADBE MSFT TDG DIS |
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| 2023 Q4 | Jan 2, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | Honeywell International Inc | Conglomerates | Industrial Conglomerates | Bull | NASDAQ | Aerospace, Automation, Corporate Transformation, industrial conglomerate, Quantum Computing | View Pitch |
| Apr 30, 2026 | Fund Letters | Merion Road Capital | Honeywell International Inc. | Conglomerates | Industrial Conglomerates | Bull | NASDAQ | Aerospace, aftermarket services, Defense, industrial conglomerate, Military, Portfolio simplification, Quantum Computing, spin-off, Value Realization | View Pitch |
| Apr 13, 2026 | Fund Letters | Ironvine Capital Partners | Honeywell | Capital Goods | Aerospace & Defense | Bull | NASDAQ | Aerospace, aftermarket, Aviation, conglomerate discount, Defense, spin-off, Sum-of-parts, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Dividend Income Fund | Honeywell International Inc | Industrials | Industrial Conglomerates | Bull | NASDAQ | Activist Investment, Aerospace, aftermarket services, Building Automation, Corporate Spinoff, Dividend Growth, industrial conglomerates, recurring revenue, Relative Yield, Safety Solutions, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ironvine Capital Partners | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | NASDAQ | Activist Catalyst, Aerospace Aftermarket, conglomerate discount, Elliott Management, industrial conglomerate, Regulatory Moat, spin-off, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Dividend Income Fund | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | NASDAQ | Aerospace, Automation, Building Technologies, Cyclical Recovery, dividend aristocrat, high switching costs, industrial conglomerate, recurring revenue, Software, Value | View Pitch |
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | CapEx, Industrial automation, Margins, Portfolio simplification, Spin-offs | View Pitch |
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | NASDAQ | Aerospace, Automation, Focus, Margins, restructuring | View Pitch |
| Jan 15, 2026 | Seeking Alpha | Seeking Alpha | Honeywell International Inc. | Conglomerate | Conglomerate | Bull | NASDAQ Stock Market | Aerospace, Automation, Capital Raise, conglomerate discount, Honeywell International Inc., IPO, Quantinuum, Quantum Computing, sum-of-the-parts valuation, Vimal Kapur | View Pitch |
| Oct 6, 2025 | Substack | Toff Cap Monday Monitor | Honeywell | Industrials | Conglomerates | Bull | Honeywell, industrial conglomerates, Quantinuum, refrigerants, semiconductor materials, shareholder value, Solstice Advanced Materials, specialty materials, spin-off | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $1.6M | 0.00% | 8,019 | +0 | +0.00% | 0.0010% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $61.9M | 0.12% | 317,379 | -131,501 | -29.30% | 0.0381% |
| Steven Halverson | Private Capital Management | $1.0B | $399,169 | 0.04% | 2,046 | +0 | +0.00% | 0.0002% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $14.6M | 0.02% | 74,700 | +57,900 | +344.64% | 0.0090% |
| Ray Dalio | Bridgewater Associates | $27.4B | $10.7M | 0.04% | 54,816 | +1,082 | +2.01% | 0.0066% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.5M | 0.00% | 7,500 | -25,400 | -77.20% | 0.0009% |
| Israel Englander | Millennium Management LLC | $233.2B | $19.5M | 0.01% | 100,100 | -142,300 | -58.70% | 0.0120% |
| Jeremy Grantham | GMO LLC | $39.1B | $12.8M | 0.03% | 65,378 | +25,790 | +65.15% | 0.0079% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $198.8M | 0.16% | 1,019,189 | -397,961 | -28.08% | 0.1224% |
| Murray Stahl | Horizon Kinetics | $7.4B | $1.2M | 0.02% | 6,095 | -486 | -7.38% | 0.0007% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $113.3M | 0.17% | 580,750 | -573,004 | -49.66% | 0.0698% |
| Cliff Asness | AQR Capital Management | $190.6B | $70.0M | 0.04% | 358,598 | +239,819 | +201.90% | 0.0431% |
| Bruce Kovner | Caxton Associates | $3.2B | $370,460 | 0.01% | 1,640 | -3,289 | -66.73% | 0.0002% |
| Mario Gabelli | GAMCO Investors | $10.4B | $38.8M | 0.37% | 198,902 | -2,708 | -1.34% | 0.0239% |
| Louis Bacon | Moore Capital Management | $6.8B | $39.7M | 0.59% | 203,700 | -59,464 | -22.60% | 0.0245% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $1.6M | 0.03% | 8,157 | +30 | +0.37% | 0.0010% |
| George Soros | Soros Fund Management | $6.8B | $13.9M | 0.20% | 71,055 | -28,945 | -28.95% | 0.0085% |
| Rich Handler | Jefferies | $19.3B | $74.6M | 0.39% | 382,273 | +377,839 | +8521.40% | 0.0459% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $32,447 | 0.00% | 166 | +6 | +3.75% | 0.0000% |