IBM

IBM

IBM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Aug 15, 2023	VH Standard Asset Management	-	-	ATVI, AVGO, CYBR, FORG, FREE, IBM, MSFT, OKTA, ORCL	gaming, Merger Arbitrage, Regulatory, risk management, Spreads, technology	The fund operates as a merger arbitrage strategy focused on definitive merger agreements across sectors. The manager describes building a portfolio of DMAs similar to an insurance operation with written premiums and catastrophe losses. The regulatory environment has made spreads more attractive than usual.	FREE BHARATFORG.NS ATVI	View
2025 Q2	Jul 22, 2025	Columbia Dividend Opportunity Fund	2.7%	-	ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM	AI, dividends, financials, healthcare, technology, value	The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection.	MCHP	View
2025 Q2	Jul 16, 2025	Apis Deep Value Fund	23.2%	-	4403.T, 7013.T, GEO, GOOGL, IBM, INTC, MGNI, MSFT, NFLX, NVDA	Ad Tech, defense, gold, infrastructure, Korea, nuclear, Space, value	Defense remains one of the most structurally supported sectors globally following decades of underinvestment, with defense budgets expanding meaningfully across regions. The emergence of next-generation technologies including drones, counter-drone systems, directed-energy weapons, and space-based defense applications is creating new markets for smaller, specialized companies. Korean defense holdings Poongsan and Hyundai Rotem were among the top performers in Q2.	4403.T MGNI 4403 JP MGNI US	View
2025 Q2	Jul 16, 2025	Pittenger & Anderson	-	-	AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM	AI, diversification, long-term, Quality, tariffs, technology, volatility	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings.		View
2025 Q2	Jul 14, 2025	Emeth Value Capital	-	5.0%	ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW	Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology	Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage.	SWON.SW SWON SE	View
2024 Q2	Jul 10, 2024	Brasada Focused Equity Strategy	0.0%	0.0%	AMD, AMZN, CCCS, COST, CPRT, GWRE, IBM, INTC, META, MSFT, NFLX, NVDA, PGR, TSLA	Concentration, insurance, Monopoly, software, technology, value	Manager discusses AI as the current investment fad, comparing it to previous technology bubbles. Notes that while ChatGPT demonstrated AI utility, markets tend to get ahead of themselves in bidding up potential winners. Emphasizes that early winners in technology revolutions are rarely the same winners a decade later.	CCCS	View
2026 Q1	May 5, 2026	Aoris International Fund	-13.6%	-13.6%	CTAS, IBM, TLS.AX	competition, concentrated, international, Quality, value			View
2026 Q1	May 11, 2026	Greenalpha Investment	-	-	BEPC, HASI, IBM, LRCX, TSM	AI Infrastructure, clean energy, Data centers, Energy Transition, Geopolitical, Iran War, semiconductors, Supply Chain		HASI IBM BEPC LRCX TSM	View
2026 Q1	Apr 22, 2026	Columbia Dividend Opportunity Fund	5.2%	5.2%	APO, ARES, BG, BX, CVX, GLW, IBM, NTR, STX, T, VLO, VZ, XOM	dividends, energy, income, large cap, Quality, value			View
2026 Q1	Apr 18, 2026	Carillon Eagle Growth & Income Fund	-	-	ABT, ACN, ADI, AVGO, CVX, GLW, IBM, MSFT, T, WMB	AI, energy, Geopolitical, growth, inflation, large cap, semiconductors, technology		ADI WMB CVX GLW	View
2025 Q1	Apr 13, 2025	Richie Capital Group	-	-	ADM, DE, IBM, KO, X	Economic Outlook, Onshoring, Recession, Resilience, stock picking, tariffs, Trade Policy	The Trump Administration's tariff policies have created significant market uncertainty and economic disruption. The manager views the implementation strategy as flawed despite some worthy end goals, noting that unwinding three decades of globalization cannot be achieved in weeks or months.		View
2025 Q1	Mar 31, 2025	Columbia Dividend Opportunity Fund	3.4%	3.4%	ABBV, AFG, ALL, AVGO, CSCO, CVS, CVX, DLR, EIX, HD, HPE, IBM, JNJ, JPM, KO, MRK, PEG, PM, TGT, XOM	defensives, dividends, energy, large cap, Trade Policy, Utilities, value	The fund focuses on companies with historically consistent and increasing dividends. Dividend-paying stocks held up reasonably well in Q1 despite broader market weakness, benefiting from rotation into defensive areas. The fund maintains positions in core dividend-paying holdings across sectors.		View
2025 Q1	Mar 31, 2025	Pantera Capital	-	-	BEN, BLK, COIN, HOOD, IBM, SOFI	AI, Blockchain, Capital markets, crypto, Digital assets, regulation, Tokenization, venture	Blockchain represents a paradigm shift in how value is created, stored, and transferred, offering one of the most asymmetric investment opportunities available today. The asset class features unique capital structures through tokens rather than traditional equity, with early liquidity through token generation events creating venture-style returns in public markets.		View
2025 Q1	Mar 31, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH	AI, Defensive, dividends, financials, healthcare, Quality, technology	The quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years.		View
2024 Q1	Mar 31, 2024	City Different Investments – Global Equity	16.4%	46.0%	AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM	AI, diversification, long-term, tariffs, technology	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities.		View
2024 Q4	Mar 1, 2025	Columbia Dividend Opportunity Fund	-1.6%	15.5%	ABBV, APO, AVGO, BAC, CSCO, CVS, CVX, GRMN, GS, HD, IBM, JNJ, JPM, KO, MRK, SWK, TPG, VST, WFC, XOM	AI, dividends, financials, large cap, semiconductors, value	The fund invests in companies that have historically paid consistent and increasing dividends. Dividend-paying companies lagged considerably in Q4 due to missing out on growth stock rallies and pressure from rising bond yields. The fund's dividend focus creates compelling relative values across the investment universe.		View
2025 Q4	Feb 25, 2026	The D. E. Shaw Group	-	-	AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM	active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology	Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively.		View
2024 Q4	Dec 31, 2024	Pzena Investment Management	-	-	AAPL, AMZN, C, CSCO, GE, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA, WMT, XOM	active management, AI, Concentration, growth, large cap, value	Value stocks have significantly underperformed during the current period of market concentration, but historically outperform when concentration levels decline. The firm expects value stocks to benefit from earnings convergence between the Magnificent Seven and the broader market.		View
2024 Q4	Dec 31, 2024	YCG Investment	-	-	AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA	AI, diversification, global, Luxury, Quality, technology	The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders.		View
2024 Q4	Dec 18, 2024	Ninepoint	-	-	AAPL, AMD, AMZN, BLK, COIN, CSCO, GOOGL, IBM, INTC, META, NVDA, PYPL, UBS, V	AI, crypto, energy, gold, infrastructure, private credit, Silver, Trump	Infrastructure positioned to benefit from electrification of the U.S. economy and energy transition. Electricity demand expected to accelerate dramatically led by AI-focused data centers, onshoring of industrial manufacturing, and continued growth of electrified transportation. Despite popular narrative that energy is a sunset industry, demand for oil, natural gas and coal expected to grow longer and stronger than consensus belief.		View
2024 Q3	Oct 8, 2024	Patient Capital Management	5.6%	15.8%	AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO	compounders, long-term, Quality, small caps, Underperformers, valuation, value	Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses.	PLAY QXO	View
2025 Q3	Oct 20, 2025	Templeton & Phillips Capital Management	-	-	AAPL, AMD, AMZN, AVGO, BB, BKS, GOOGL, IBM, META, MRVL, MSFT, NOK, NVDA	AI, Capex, credit, industrials, productivity, small caps, technology, value	Managers see AI capex boom creating boom-bust cycle similar to dotcom era, with hyperscalers locked in arms race for AGI. Despite risks, AI investments driving economic growth through multiplier effects and productivity gains.		View
2025 Q3	Oct 19, 2025	Harding Loevner International Small Companies Equity	-1.1%	17.3%	AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN	AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap	The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery.	MEDI NO AFX GR 6869 JP	View
2025 Q3	Oct 14, 2025	Columbia Dividend Opportunity Fund	6.1%	-	ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM	AI, dividends, financials, healthcare, technology, value	Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors.		View
2025 Q3	Oct 1, 2025	Manole Capital Management	-	-	AAPL, GM, IBM, NVDA, ORCL	AI, Federal Reserve, Fintech, fundamentals, inflation, interest rates, technology	AI is especially powerful because it is self-improving, but adoption takes time with 95% of organizations reporting zero returns so far from generative AI investments. The manager believes AI will ultimately have a profound impact on the economy, but timing and scale of returns will vary widely.		View
2023 Q4	Jan 9, 2024	Resilient Asset Management	-	-	AAPL, AMZN, CSCO, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA	Equity Markets, long-term, Magnificent 7, Market Commentary, technology			View
2024 Q4	Jan 8, 2025	Tapasya Investment Fund	-	17.8%	AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM	AI, diversification, long-term, Quality, tariffs, technology	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements.		View
2025 Q4	Jan 20, 2026	Harding Loevner Global Small Companies	0.4%	8.5%	AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN	global, healthcare, momentum, Quality, small caps, technology, value	The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns.	2344 TT DIA IM 298380 KS	View
2025 Q4	Jan 15, 2026	Columbia Dividend Opportunity Fund	2.8%	15.9%	ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM	AI, Banking, dividends, financials, Lithium, technology, value, Yield	The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications.		View
2024 Q3	Sep 30, 2024	Columbia Dividend Opportunity Fund	9.5%	0.0%	ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM	AI, dividends, large cap, rates, Utilities, value	The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates.		View
2023 Q4	Sep 1, 2024	Fundsmith Equity Fund	-2.0%	7.1%	AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA	AI, global, large cap, Pharmaceuticals, Quality, technology, value	Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance.		View
2024 Q2	Jul 18, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	1347.HK, AAPL, ACNB, ADVT.TW, ALTN.PA, AMZN, AWS, BCHT.DE, CYBR, GLOB, IBM, KIN.TO, LEM.SW, MSFT, NMET.DE, REP.MI, RMV.L, TMV.DE, VAIS.HE	competition, E-Commerce, international, Quality, small caps, underperformance	Allegro's success in defending against Amazon's entry into Poland demonstrates the opportunity for small-cap investors to identify situations where market fears about large new entrants are overestimated. Allegro leveraged smart parcel distribution strategy and network effects to maintain market position despite Amazon's significant resources.		View
2024 Q2	Jul 18, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	AAPL, ACN, AMZN, ATKR, BECG.DE, BWA, ENS, FIVE, GOOGL, IBM, KWS.L, LLY, MSFT, OLLI, PFE, PLUS, RHHBY, RMV.L, XPEL, YOUGV.L	AI, barriers to entry, competition, global, Quality, small caps, technology	Global small caps underperformed large caps due to fewer AI-related stocks in the segment. The portfolio focuses on high-quality small companies with competitive advantages in growing, profitable niches that can withstand competition from larger, well-funded competitors.		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	View
2023 Q2	Jun 7, 2023	St. James Investment Company	0.0%	0.0%	AAPL, AMZN, AVP, BRK.A, DIS, G, GOOGL, IBM, KO, MCD, META, MSFT, NVDA, TSLA, XRX	AI, Historical Parallels, inflation, Market Concentration, Speculation, technology, Valuations, Value Investing	AI is described as the new pixie dust driving excessive hype and speculation in technology stocks. The manager views AI as justification for absurd valuations, comparing current AI enthusiasm to historical bubbles. Every Wall Street analyst claims tech giants will benefit disproportionately from AI boom, but this follows the same pattern as previous cycles.		View
2023 Q1	Mar 4, 2023	Boyar Value Group	0.0%	0.0%	AAPL, AMZN, BAC, IBM, JPM, MSFT, NVDA, T	Banking, Crisis, growth, interest rates, opportunity, value	Regional banks experienced massive withdrawals and stress due to asset-liability mismatches between short-term deposits and long-term securities. SVB, Signature Bank, and First Republic faced solvency concerns as uninsured depositors withdrew funds en masse following unrealized losses on investment portfolios.		View
2023 Q4	Jan 24, 2024	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM	Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value	Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 12, 2026	Fund Letters	Greenalpha Investment	IBM	Information Technology Services	IT Services	Bull	New York Stock Exchange	AI infrastructure, Data Streaming, Enterprise software, Equity, Hybrid Cloud, Quantum Computing, Red Hat OpenShift, Scientific Computing	View Pitch
Sep 29, 2025	Seeking Alpha	Seeking Alpha	International Business Machines Corporation		Information Technology Services	Bear		AI, bearish outlook, capital expenditure, IBM, investment strategy, market leadership, Quantum Computing, speculative optimism, stock rally, technology	View Pitch
Sep 28, 2025	Seeking Alpha	Seeking Alpha	International Business Machines Corporation		Information Technology Services	Neutral		AI, cloud services, consulting business, dividend yield, Fair Valuation, IBM, investment thesis, market performance, premium valuation, single-digit growth	View Pitch
Aug 7, 2025	Seeking Alpha	Joseph Parrish	International Business Machines Corporation	Information Technology	Information Technology Services	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Envision Research	International Business Machines Corporation	Information Technology	Information Technology Services	Bull	NYSE	—	View Pitch

BSD Shareholders of IBM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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