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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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 |
| 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. | ||||||||