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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 21, 2025 | Barometer Capital Management Inc. | - | - | GEV, HWM, NFLX, SAN, TMX | asset allocation, inflation, Market cycles, momentum, policy | The letter discusses navigating market cycles through tactical exposure to growth, momentum, and risk assets. Management highlights regime shifts driven by inflation trends, central bank policy, and market breadth. Active allocation is positioned as critical in adapting to rapidly changing market conditions. | View | |
| 2025 Q2 | Aug 7, 2025 | Fidelity Growth Strategies Fund | 22.7% | 12.9% | AXON, HOOD, HWM, ZS | earnings, growth, innovation, scalability, volatility | The letter emphasizes long-term growth driven by durable earnings expansion, innovation, and secular demand trends across industries. Management highlights that market leadership continues to reward companies with strong competitive advantages, scalable business models, and reinvestment opportunities despite macro volatility. Volatility is viewed as an opportunity to add to high-quality growth franchises at more reasonable valuations. | HOOD AXON |
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| 2025 Q2 | Jul 8, 2025 | Ashva Capital Management | - | -1.6% | CRDO, HOOD, HWM | Discipline, Intrinsic Value, long-term, Patience, volatility | The letter reinforces a long-term, business-first investment philosophy grounded in intrinsic value and patience. Management views volatility as an opportunity rather than a risk and avoids market timing. The outlook favors disciplined ownership of high-quality companies through cycles. | HWM CRDO HOOD |
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| 2025 Q2 | Jul 24, 2025 | Janus Henderson Forty Fund | 19.3% | 8.9% | AVGO, HWM, MA, ORCL, UNH | Artificial Intelligence, capital spending, Cloud, Digitization, semiconductors | The letter focuses on durable secular growth themes led by AI infrastructure, cloud computing, and digitization. Management highlights capital spending by hyperscalers and productivity gains across the AI value chain. Stock selection in technology and industrials is positioned to drive long-term compounding. | HWM AVGO ORCL |
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| 2025 Q2 | Jul 24, 2025 | WestEnd Capital | 21.8% | 8.6% | BA, GE, HWM, ROK | Aerospace and Defense, capital investment, fiscal stimulus, Industrial Automation, reshoring | The quarter marked a rapid recovery following tariff de-escalation, with WestEnd actively redeploying cash into Technology, Industrials, and European leaders :contentReference[oaicite:2]{index=2}. The firm emphasizes aerospace and defense beneficiaries of reshoring, increased global military spending, and AI-enabled manufacturing efficiency, including Boeing, GE Aerospace, Rockwell Automation, and Howmet. Fiscal stimulus through expensing incentives and capital investment provisions is expected to reinforce earnings growth across domestic industrial champions. | GE ROK HWM BA |
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| 2025 Q2 | Jul 22, 2025 | Janes Henderson Strategic Bond Fund | 19.3% | 8.9% | AVGO, HWM, MA, ORCL, UNH | Bonds, flexibility, high yield, monetary policy, Yield | View | ||
| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Global Equity | 16.7% | 17.2% | 6501 JP, BN, CBK GR, ELAN, HWM, LLY, MELI, MRVL, PRX NA, RHM GR, TEAM, TMUS, TSM, UNH, VRTX | AI Demand, Global Growth, industrials, Margins, stock selection | The commentary emphasizes global growth driven by industrial recovery, defense spending, and AI-related demand. Management highlights strong stock selection in companies with margin expansion, pricing power, and visible growth runways. Regional diversification and sector leadership underpin outperformance. | BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Large Cap Equity | 10.6% | 3.4% | CW, HWM, UNH, VRT, VRTX | Capital discipline, innovation, Large Cap Growth, margin expansion, secular demand | The letter focuses on sustained large-cap growth driven by margin expansion, innovation, and secular end markets such as AI infrastructure and global industrial modernization. Management stresses owning companies with visible revenue runways and strong capital discipline rather than chasing cyclical rebounds. Growth is expected to persist despite valuation dispersion across sectors. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Growth Strategies Fund | -8.0% | -8.0% | DECK, HWM, NET, VRSK | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Janus Henderson Forty Fund | -8.7% | -8.7% | DDOG, HWM, ICE, MRVL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Barometer Capital Management Inc. | - | - | AVGO, CRWD, ERJ, HWM, MDA, TMX | - | View | ||
| 2025 Q4 | Feb 3, 2026 | Fidelity Growth Strategies Fund | -3.4% | 12.6% | ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL | aerospace, AI, growth, industrials, mid cap, technology | The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026. | IDXX AXON LITE ATI COHR |
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| 2025 Q4 | Feb 23, 2026 | Barometer Capital Management Inc. | 0.0% | 0.0% | AEM.TO, BBD-B.TO, BVN, CAT, CLS.TO, CPX.TO, FTT.TO, GOOGL, HWM, K.TO, LRCX, MS, NA.TO, POW.TO, RTX, RY.TO, SAN, SE, TTWO, TVE.TO | AI, Canada, Copper, defense, energy, financials, Precious Metals, semiconductors | AI infrastructure remained a pillar of market leadership despite some consolidation in December. The market continued to distinguish between AI-enablers where demand remained strong and more cyclical parts of the chip complex, reinforcing the durability of the infrastructure buildout theme. Semiconductors exposed to AI maintained strength as semiconductor capital spending remained supported by AI-driven demand for advanced chips. Defense spending stayed elevated amid ongoing geopolitical uncertainty, supporting backlog strength and long-cycle earnings durability for aerospace and defense companies. RTX and Howmet extended gains as commercial aerospace demand remained strong and defense spending supported long-cycle revenue visibility through backlogs. Precious metals experienced renewed volatility during the quarter, with gold and silver weakening sharply into the end of October after an extended run higher. The pullback created opportunity as the manager re-engaged at lower levels when the market stabilized and the broader macro backdrop remained supportive for hard assets. Gold miners delivered strong returns throughout the year despite some weakness in final days of December. Copper prices surged into year-end amid rising demand tied to electrification, infrastructure, and data-center buildouts, alongside persistent supply constraints. This supported miners levered to the copper theme, with materials exposure contributing positively through companies like Hudbay Minerals and Rio Tinto benefiting from strength in copper and base metals. The portfolio benefited from exposure to global power demand themes, with Caterpillar continuing to benefit from robust demand in its energy & transportation business increasingly tied to expanding global power needs, particularly the build-out of AI data centers requiring reliable on-site generation capacity. Nuclear energy remained supported by structural tailwinds including rising global demand for reliable baseload power. Financials added to returns with banks demonstrating strong earnings power and shareholder return capacity. Morgan Stanley benefited from a supportive backdrop for capital markets activity and wealth management momentum, while Canadian banks continued to demonstrate resilient profitability and capital strength supporting shareholder return expectations. | TVE CN LRCX CAT |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | BAC, CTVA, ELAN, HWM, IQV, LEN, MELI, OLED, SCHW, TEAM, UBER, VRT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Barometer Capital Management Inc. | - | - | AAPL, ATRL CN, AXON, BMO, CCO CN, FFH CN, HWM, JPM, MSI, NEE, NVDA, TECK/B CN, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Orbis Global Equity | - | - | CPAY, HWM | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Artisan Focus Fund | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC | aerospace, AI, energy, financials, growth, industrials, semiconductors, technology | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing. | GE |
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| 2025 Q4 | Jan 27, 2026 | Buckley Capital | 2.6% | 21.4% | ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC | aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value | Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability. | LQDA DAVE IWG LN LNW PRTH WLFC |
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| 2025 Q4 | Jan 27, 2026 | Antero Peak Group | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RYCEY, SHOP, SMNEY, TSM, WELL, WFC | aerospace, AI, Capital markets, Data centers, energy, productivity, ROIC, semiconductors | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025, with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with Caterpillar positioned for multi-year upcycle as power demand creates new secular growth at a cyclical trough. Data center reaches deep into Caterpillar's portfolio with co-located power capability. Analog Devices represents the premium analog compounder as the cycle turns, with best economics in analog including 70%+ gross margins and 45-50% EBIT target. The team believes 2Q25 marked the restart with pricing and margin inflection underway. Data monetization theme involves machine learning, AI, and cloud causing the economic value of data to structurally accelerate through new products and applications. Companies include financial services firms like Capital One, JPMorgan Chase, Goldman Sachs, Wells Fargo, and Nasdaq. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies include Constellation Energy, GE Vernova, Siemens Energy, and Vistra Corp. | ADI CAT |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisors Mid-Cap Growth strategy | -4.7% | 12.5% | AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS | AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology | Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform. | View | |
| 2025 Q4 | Jan 18, 2026 | Ithaka US Growth Strategy | -6.1% | 4.5% | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology | The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute. | VEEV NOW GOOG AMD ISRG |
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| 2024 Q3 | Sep 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | CRWD, DOCS, HWM, PLTR, RMD | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | ASML, HWM, MELI, META, PRX NA, SAF FP, TEAM, VRTX | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Barometer Capital Management Inc. | - | - | AVGO, BWXT, CCO, CIBC, GE, HWM, NEE, NVDA, PGR, QCOM, TRP, VLO | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Global Equity | 0.4% | 0.4% | HWM, IFX GR, MELI, MRVL, PRX NA, RHM GR, TSM, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Large Cap Equity | -6.5% | -6.5% | HWM, MRVL, VRT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | George Bolton | Howmet Aerospace Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | aerospace suppliers, Components, Defense, manufacturing, materials, supply chain | View Pitch |
| Jan 8, 2026 | Fund Letters | Nick Schommer | Howmet Aerospace Inc. | Industrials | Systems Software | Bull | New York Stock Exchange | Aerospace, aftermarket, Gas turbines, market share, Power generation | View Pitch |
| Jan 8, 2026 | Fund Letters | Cassandra A. Hardman | Howmet Aerospace, Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Margins, Pricing power, Production | View Pitch |
| Dec 3, 2025 | Fund Letters | Ankur Shah | Howmet Aerospace Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Defense, Free_cash_flow, Margin_expansion, Switching_costs | View Pitch |
| Aug 31, 2025 | Seeking Alpha | Seeking Alpha | Howmet Aerospace Inc. | Aerospace & Defense | Bull | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $25.6M | 0.05% | 124,900 | -115,100 | -78.62% | 0.0257% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $30.5M | 0.04% | 148,800 | +148,800 | +100.00% | 0.0306% |
| Ray Dalio | Bridgewater Associates | $27.4B | $13.4M | 0.05% | 65,179 | +30,549 | +88.22% | 0.0134% |
| David Burrows | Barometer Capital Management | $415.3M | $572,730 | 0.14% | 52,100 | -18,530 | -26.24% | 0.0006% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $53.2M | 0.07% | 259,642 | +257,931 | +15074.87% | 0.0534% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.0M | 0.00% | 34,000 | -4,800 | -24.87% | 0.0070% |
| Jeremy Grantham | GMO LLC | $39.1B | $805,524 | 0.00% | 3,929 | +1,581 | +67.33% | 0.0008% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $152.2M | 0.12% | 742,521 | +85,622 | +13.03% | 0.1527% |
| Cliff Asness | AQR Capital Management | $190.6B | $231.9M | 0.12% | 1,131,188 | -96,985 | -7.90% | 0.2326% |
| Mario Gabelli | GAMCO Investors | $10.4B | $15.5M | 0.15% | 75,742 | +20,699 | +37.61% | 0.0156% |
| Bret Barakett | Tremblant Capital | $3.9B | $76.7M | 1.96% | 374,175 | +374,175 | +100.00% | 0.0770% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $1.5M | 0.03% | 7,207 | +303 | +4.39% | 0.0015% |
| Rich Handler | Jefferies | $19.3B | $311,426 | 0.00% | 1,519 | +1,519 | +100.00% | 0.0003% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $798,167 | 0.00% | 3,893 | +1,359 | +53.63% | 0.0008% |