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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 12, 2023 | Generation Investment Management Global Equity | - | - | AMAT, ASML, BAX, BDX, HSIC, LRCX, MSFT, NVDA, PANW, TXN | AI, Quality, semiconductors, sustainability, technology | Generative AI has entered public consciousness with ChatGPT usage growing rapidly. The technology holds great promise but economic impact will take time as companies experiment with tools. GPU usage is only 7% of servers globally. AI will benefit semiconductor equipment makers and cybersecurity companies while transforming software development. | AMAT |
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| 2023 Q1 | Apr 14, 2023 | Generation Investment Management Global Equity | - | - | ADSY, AMZN, BABA, BAX, HSIC, MSFT, SCHW, SIKA.SW, TT, VWS.CO, ZAL.DE | AI, Esg, global, healthcare, Long Term, Quality, sustainability, technology | Generation focuses on healthcare companies that reduce costs, drive efficiency, improve clinical outcomes, and improve access to care. They highlight Henry Schein as an example of a company addressing growing healthcare costs and labor shortages while benefiting from digitalization trends in dental offices and the shift of care to more affordable settings. | HSIC |
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| 2024 Q1 | Apr 11, 2024 | Generation Investment Management Global Equity | - | - | AMAT, AMZN, HSIC, MSFT, SCHW, TT | AI, Biotechnology, global, Quality, sustainability, technology | Manager notes AI boom appears fragile with supply side growing faster than demand, lacking a killer app. However, believes companies involved in AI, especially semiconductor manufacturing, will benefit as processing moves from cloud to edge devices. | NVZMY |
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| 2024 Q4 | Dec 31, 2024 | FMI Small Cap Equity | -7.0% | 11.0% | ARMK, ARW, BJ, G, GTES, HAYW, HLI, HSIC, IPG, RHI, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | IPG HAYW |
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| 2023 Q4 | Dec 31, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ALIT, CARG, CHDN, EEFT, FOXF, GOOS, HSIC, MATX, RBA, ST, STE, TRMB, ZD | growth, industrials, Quality, small caps, technology | The Fund's investment approach focuses on high-quality companies with recurring revenue and sustainable competitive advantages. The strategy emphasizes building an enduring portfolio that can mitigate capital losses during turbulent bear market environments. | MATX EEFT CARG HSIC FOXF GOOS.TO |
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| 2023 Q3 | Oct 11, 2023 | Generation Investment Management Global Equity | - | - | AMZN, CSL, DHR, HSIC, LR.PA, MELI, RIVN, SCHW, SU.PA, TMO, TT | AI, Climate, Electrification, Energy Transition, Esg, Global Equity, sustainability, technology | Generative AI entered public consciousness in Q2 2023 but public interest faded in Q3. Generation is ramping up research efforts to understand generative AI, having robust discussions about pros and cons, and exploring use cases internally including helping understand company earnings calls. | SU.PA |
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| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
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| 2023 Q4 | Jan 14, 2024 | Generation Investment Management Global Equity | - | - | A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT | AI, Climate, Global Equity, healthcare, real estate, sustainability, technology | The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2025 Q4 | Jan 13, 2026 | Upslope Capital Management | 2.0% | 14.8% | 6954.T, 8697.T, BAH, BIO, CCK, CME, DPLM.L, FCN, GOOGL, HOLN.SW, HSIC, HSY, INTC, MKTX, SAND.ST, SMIN.L, STE, TDY | AI, Automation, defense, healthcare, industrials, Japan, Long/Short, mid cap | Manager exited European defense stocks for the first time since early 2022, citing full valuations and expectations that the Ukraine conflict may wind down. However, maintains exposure through Booz Allen Hamilton and Korea Defense ETF, noting long-term secular tailwinds from rising geopolitical risks and defense spending. AI is described as everywhere, particularly on buyside analyst desktops, contributing to faster market pace and gambling-like behavior. Manager sees AI moving into the physical world as a catalyst for industrial automation companies like Fanuc, which is positioned to benefit from AI's expansion beyond digital applications. Fanuc holds ~50% market share in CNCs and is a leading factory robotics player, positioned to benefit from AI moving into the physical world and rising trade barriers boosting global reshoring. The company serves general industrial, automotive, electronics, and aerospace end markets with global diversification. Portfolio includes Japan Exchange Group benefiting from ongoing Japanese equity market structure reforms and corporate governance improvements. Fanuc represents exposure to leading Japanese industrials with fortress balance sheets and global market leadership in automation. | HSIC 6954 JP CCK BAH |
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| 2024 Q3 | Sep 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ARMK, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | FN ARMK |
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| 2024 Q3 | Sep 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS | AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value | The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks. | QDEL RMBS BECN |
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| 2024 Q2 | Jun 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, healthcare, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL | AI, growth, healthcare, Japan, Quality, small caps, Speculation, value | Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, growth, healthcare, Japan, Quality, small caps, technology, value | The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI International Equity | -7.4% | 2.7% | AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL | AI, healthcare, international, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments. | RYAAY DGX HSIC |
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| 2023 Q4 | Jan 14, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BJ, BME.L, CARR, DGE.L, G, HSIC, RHI, ROG.SW, RYAAY, SAP.DE, SKX, SSD, UL | Concentration, Debt, international, Quality, small caps, technology, Valuations, value | FMI emphasizes their value discipline and business quality focus, noting that Quality Compounders were up only 8% in 2023 while speculative themes dominated. They believe this dichotomy is unsustainable and that their approach of owning quality businesses at discount valuations will be rewarded. | DGE.L CARR BJ |
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| 2023 Q4 | Jan 14, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value | FMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. | DGE.L CARR BJ |
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| 2024 Q4 | Jan 13, 2025 | Heartland Value Fund | 2.0% | 15.7% | AAPL, AMZN, DK, GOOGL, HSIC, PDCO, SEE, TSLA, XRAY | active management, contrarian, materials, Refiners, small caps, value | The fund focuses on attractively priced, well-managed businesses guided by their 10 Principles of Value Investing. They seek companies with earnings yields approaching 8% or more based on low price/earnings ratios. The manager believes value investing will outperform in the current environment where valuation is being ignored. | XRAY PDCO DK SEE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Meridian Growth Fund | Henry Schein, Inc. | Health Care | Health Care Distributors | Bear | NASDAQ | Cyberattack, Dental Supplies, Healthcare Distribution, market recovery, Medical Supplies, Operational Disruption, Promotional Pressure | View Pitch |
| Apr 27, 2026 | Fund Letters | Generation Investment Management Global Equity | Henry Schein Inc | Health Care | Health Care Distributors | Bull | NASDAQ | Dental Products, Digitalization, distribution network, Healthcare Distribution, Healthcare Efficiency, market consolidation, medical equipment, Small Business Services, software solutions, Sustainability | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Small Cap Equity | Henry Schein Inc. | Health Care Equipment & Services | Health Care Distributors | Bull | NASDAQ | Aging demographics, Cyber Recovery, Dental, Healthcare Distribution, Medical Distribution, Practice Management Software, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI All Cap Equity | Henry Schein Inc. | Health Care Equipment & Services | Health Care Distributors | Bull | NASDAQ | Aging demographics, Cyber Recovery, Dental, Healthcare services, Medical Distribution, Practice Management Software, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Large Cap Equity | Henry Schein Inc. | Health Care Equipment & Services | Health Care Distributors | Bull | NASDAQ | Aging Population, Cyber-attack Recovery, Dental, Healthcare Distribution, Medical Distribution, Practice Management Software, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI International Equity | Henry Schein Inc. | Health Care Equipment & Services | Health Care Distributors | Bull | NASDAQ | Aging demographics, Cyber Recovery, defensive, Dental, Healthcare Distribution, market leader, medical equipment, Software | View Pitch |
| Jan 27, 2026 | Fund Letters | George K. Livadas | Henry Schein, Inc. | Health Care | Health Care Supplies | Bull | NASDAQ | Dentistry, Distribution, efficiency, Margins, Privateequity | View Pitch |
| Jan 24, 2026 | Fund Letters | David Einhorn | Henry Schein, Inc. | Health Care | Health Care Distributors | Bull | NASDAQ | Activism, Distribution, healthcare, Margins, turnaround | 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. | ||||||||