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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | GROW Funds | - | - | 1179.HK, 1211.HK, 9988.HK, AHT, AMAT, AMZN, ASML, BLK, CB, GOOGL, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, valuation | AI is driving massive infrastructure investments in data centers and cloud computing, with companies like OpenAI committing $300 billion over five years. However, the gap between infrastructure spending and revenue-generating applications remains concerning, creating a dangerous bubble environment with little room for error. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Sep 30, 2025 | ACATIS Investment | - | -0.2% | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVN, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, energy, global, Reform, semiconductors, technology | AI infrastructure continues to drive strong performance in semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI reducing labor requirements, which the manager views positively. | UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT |
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| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum International Fund | 2.0% | - | 005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS | Asia, China, rates, semiconductors, Stimulus, value | Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum Global Fund (Long Only) | 0.0% | - | 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO | China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value | The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd. | View | |
| 2023 Q3 | Sep 30, 2023 | PM Capital Global Companies Fund | 2.5% | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q2 | Aug 7, 2025 | Meridian Hedged Equity Fund | 4.9% | - | ABNB, CVX, DHI, DHR, GEO, GFL, HUN, ICE, JPM, KVUE, MGM, MSFT, V, VST, YOU | energy, Hedged Equity, Options, Quality, risk management, technology, value | The fund benefits from AI-driven electricity demand through Vistra Corp, which is positioned to capitalize on surging power needs from AI data centers. Microsoft's AI monetization potential through OpenAI integration also contributed to performance. | HUN CVX KVUE MGM MSFT VST MGM MSFT VST |
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| 2025 Q2 | Aug 7, 2025 | RIT Capital | - | 3.4% | AMZN, CAE.TO, CEG, CPNG, CRM, GDDY, ICE, IWG.L, MRO.L, MSFT, NFLX, RNR, TEAM, VFC | AI, defense, global, Japan, Multi-polar, Private Investments, Quality, Realisations | Artificial intelligence and digital transformation are accelerating change across traditional industries creating new sources of growth. The portfolio benefitted from AI-driven technologies including investments in Scale AI, OpenAI, and other AI-focused companies. Meta's acquisition of a 49% stake in Scale AI for $14.3 billion demonstrates the value creation potential in this space. | View | |
| 2025 Q2 | Jul 9, 2025 | Sequoia Fund | 14.4% | 19.7% | CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH | financials, global, Portfolio Management, technology, value | View | ||
| 2024 Q2 | Jul 9, 2024 | Sequoia Fund | 7.1% | 20.8% | CHTR, CSU.TO, ELV, FWONA, GOOGL, ICE, LBRDK, RR.L, SCHW, TSM, UMG.AS, UNH | concentrated, long-term, Quality, value | View | ||
| 2024 Q2 | Jul 30, 2024 | Artemis Global Select Fund | 0.5% | - | 7911.T, 7958.T, AAL.L, CPRI.MI, DG.PA, EICHERMOT.NS, EL, FUJIFILM, GFNORTEO.MX, HDB, ICE, META, MTX.DE, MUFG, NKE, RIO, RVTY, RYAAY, TCOM, TMO, TSM | AI, China, consumer, global, healthcare, India, semiconductors, technology | The fund benefited from strong returns across semiconductor holdings as the generative AI demand boom feeds through to the supporting hardware supply chain. Taiwan Semiconductor Manufacturing Company saw meaningful sales and profit growth as clients attempt to meet surging demand for AI chips. | GFNORTEO.MX RYA.L EL EICHERMOT.NS HDB TSM |
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| 2025 Q2 | Jul 22, 2025 | Macquarie Large Cap Growth Fund | 11.2% | 3.6% | AAPL, AMZN, AVGO, DHR, GOOGL, HD, ICE, INTU, LLY, MA, MC.PA, MSFT, NVDA, TSM, UNH, V, WCN | AI, growth, healthcare, large cap, Quality, technology, underperformance | The fund believes companies owning unique and valuable data are poised to play a critical role in the AI ecosystem. While hardware and AI models may eventually become commoditized, proprietary data remain irreplaceable. The portfolio includes many data-rich companies positioned to benefit from AI's long-term potential. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V | AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology | Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users. | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2022 Q2 | Jul 21, 2022 | Kovitz Core Equity | -18.5% | -22.5% | ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR | - | View | ||
| 2025 Q2 | Jul 2, 2025 | Guinness Global Innovators | - | 0.6% | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, global, growth, innovation, Quality, semiconductors, technology, Trade Policy | The fund benefits from exposure to artificial intelligence through holdings like Nvidia and Amphenol. Nvidia delivered strongest quarterly earnings despite US licensing restrictions on China shipments, with strong global demand for its latest AI platform. Amphenol saw record sales growth driven by AI-related data center demand. | View | |
| 2025 Q2 | Jul 15, 2025 | GreensKeeper Value Fund | - | -3.6% | AXP, BRK.B, CFR.SW, ELVN, FI, GOOGL, ICE, LLY, MRK, NVO, V, VRTX | AI, GLP1, Luxury, Market Correction, Pharmaceuticals, Speculation, technology, value | Manager emphasizes value investing approach during speculative market conditions, focusing on capital preservation and buying quality companies when they trade below fair value. The fund trims positions trading above fair value while adding to undervalued opportunities. | NVO BRK.B FI CFR.SW GOOGL AXP CFR SW GOOGL AXP |
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| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity | 7.9% | 5.4% | ADI, AHT.L, AMZN, BDX, DLTR, FI, FND, HAS, ICE, J, META, MSFT, MSI, ORCL, PM, SCHW, TMO, UMG.AS, V | Cloud, financials, healthcare, tariffs, technology, value | AI sentiment turned negative in Q1 but quickly positive in Q2, with Information Technology sector accounting for 65% of S&P500 returns. The AI theme continues to drive significant market volatility and performance. | FND ADI TMO FI BDX META MSFT ORCL |
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| 2025 Q2 | Jul 14, 2025 | L1 Capital International Fund | 4.5% | - | AER, AMZN, BKNG, CRH, HCA, ICE, J, MA, MSFT, V | AI, financials, global, healthcare, infrastructure, Quality, technology, Trade Policy | President Trump's Liberation Day Reciprocal Tariffs policy announced on April 2, 2025 created maximum uncertainty. The manager expects the U.S. and world economies will be in a worse position than before the trade war, with higher inflation in the U.S. and lower economic growth globally. | J UNH HCA EXP UNH J |
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| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V | Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value | AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management. | AER |
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| 2024 Q2 | Jul 10, 2024 | Mountain Vista Wealth Management | - | - | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, Energy Transition, global, healthcare, semiconductors, technology, value | AI infrastructure continues driving strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI reducing labor requirements, viewed positively by the manager. | View | |
| 2025 Q2 | Jul 1, 2025 | Kingdom Capital Advisors | - | - | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, Dollar, global, innovation, semiconductors, tariffs, technology | Strong demand for AI-driven technologies supported portfolio performance, particularly in data centers and semiconductors. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust demand for AI-related data center technologies. | View | |
| 2025 Q2 | Jun 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | 15.9% | 6.3% | ABNB, ABT, BWXT, CHTR, ICE, ISRG, LLY, NOW, NVDA, NVO, SNOW, TDG, UBER | AI, defense, growth, nuclear, Pharmaceuticals, regulation, technology, Trade Policy | The AI revolution continues to drive significant opportunities and challenges, with Nvidia facing regulatory threats from government restrictions on chip exports while maintaining dominance in global AI infrastructure. Snowflake is positioning itself as a critical platform for real-time AI-powered data analytics through AI agents and secure third-party applications. | UBER BWXT SNOW NVDA |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Core Equity Fund | 9.8% | - | AAPL, AMZN, AVGO, BRO, DE, DHR, FERG, FIS, GOOGL, ICE, INTU, LIN, MA, MSFT, NVDA, ORCL, SPGI, TMO, VRTX, WM | AI, defensives, financials, large cap, Quality, technology | AI is viewed as a durable long-term trend that will transform the economy, with U.S. companies at the forefront. The fund has taken advantage of market volatility to lean into secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and certain areas of software. Second-quarter performance of the Information Technology sector confirmed that investments in AI are propelling growth. | View | |
| 2025 Q2 | Jun 30, 2025 | Magellan High Conviction Fund | - | - | AMZN, ASML, CRM, EL.PA, GOOGL, ICE, MELI, META, MSFT, NFLX, NVDA, TSLA, TSM, UBER, V | AI, Automation, Cloud, growth, innovation, large cap, semiconductors, technology | AI is rapidly advancing from LLMs to reasoning models and agentic AI, with corporate adoption accelerating across all business functions. The technology is progressing faster than mobile or internet eras, with AI likely to reach 50% US household penetration in under three years. Companies are investing over $300B in AI infrastructure in 2025 alone. | View | |
| 2025 Q2 | Jun 30, 2025 | Airlie Australian Share Fund | - | - | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMC.PA, UNH, UPWK, VNA.DE, ZAL.DE | AI, China, energy, Germany, healthcare, semiconductors, value | AI infrastructure continues driving strong performance across semiconductor equipment manufacturers and data center suppliers. Companies like Lam Research, TSMC, and Bloom Energy are benefiting from continued AI expansion, with Bloom Energy securing potentially its largest project for a 900 MW power plant to supply AI data centers. | View | |
| 2023 Q2 | Jun 30, 2023 | Magellan High Conviction Fund | 10.0% | - | AMZN, BABA, BKNG, BN, CMG, CRM, DEO, GOOGL, ICE, META, MSFT, NFLX, SAF.PA, V, WEC, YUM | AI, Cloud, Energy Transition, payments, Quality, Restaurants, technology, Travel | Generative AI represents a transformative step forward in technology that will open up new, exciting possibilities. The technology itself is rapidly evolving and companies are working to understand, invest and adapt to maximize beneficial outcomes. Amazon, Microsoft and Alphabet are all seen as enablers of the acceleration of computing as Generative AI takes hold. | AMZN |
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| 2025 Q1 | Apr 9, 2025 | Mawer International Equity Fund | 9.9% | 9.9% | AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO | AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy | Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages. | View | |
| 2025 Q1 | Apr 8, 2025 | GreensKeeper Value Fund | 3.0% | 3.0% | AXP, BRK-B, CFR.SW, CHKP, ELV, FI, GOOG, ICE, ICLR, LULU, SPGI, V, VRTX | Buybacks, financials, healthcare, Quality, technology, Trade Policy, value | Trump's tariff announcement has created significant market volatility, erasing over $6 trillion in market value. The manager views the escalating trade war as potentially damaging to all involved but emphasizes the need to evaluate portfolio company impacts objectively rather than making political investment decisions. | ICLR GOOG CHKP VRTX BRK-B |
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| 2025 Q1 | Apr 8, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ALC, AMZN, GOOGL, ICE, INTU, META, MMC, MNST, MSFT, NVDA, RTX, SBUX, SHW, SNPS, SPGI, TSLA, UBER, V | AI, growth, large cap, Magnificent Seven, semiconductors, tariffs, technology | The emergence of DeepSeek, a Chinese large language model with capabilities similar to the best LLMs but built with inferior chips and at lower cost, caused investors to question whether massive capex devoted to Gen AI would continue. Nvidia fell sharply despite delivering record financial results amid strong rollout for its newest Blackwell GPU system. | View | |
| 2025 Q1 | Apr 30, 2025 | Third Point Partners | -3.7% | -3.7% | AMZN, APO, CSGP, CVNA, DHR, ICE, META, PCG, PHNX, RYCEY, TDS, TSM, X | activism, credit, Event Driven, real estate, tariffs | The administration's tariff policies created significant market volatility, with the Liberation Day tariff announcement causing the most violent selloff since Covid. While some aggressive tariff objectives have been mitigated, uncertainty continues around individual trade deals and their economic impact. | CSGP |
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| 2024 Q1 | Apr 24, 2024 | Sequoia Fund | 7.1% | 20.8% | COF, CSU.TO, ELV, FWONA, GOOGL, ICE, RYCEY, SAP, SCHW, TSM, UMG.AS, UNH | financials, healthcare, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 23, 2026 | Montaka Global Investments | - | - | BA.L, CRM, ICE, KKR, META, MSFT, SPGI, TSM, UBER | AI, Cloud, defense, geopolitics, semiconductors, software, Valuations | ICE UBER TSM BA.L |
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| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity | -2.3% | -2.3% | ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS | AI, financials, Quality, Resilience, technology, Trade Policy, volatility | New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions. | MSFT ASHTY ADBE |
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| 2024 Q1 | Apr 15, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH | AI, global, healthcare, inflation, materials, Quality, rates, technology | Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities. | View | |
| 2026 Q1 | Apr 14, 2026 | L1 Capital International Fund | -13.1% | -13.1% | AMZN, BKNG, CRH, CRM, GOOGL, HCA, ICE, INTU, J, MA, MSFT, TSM, V, WEIR.L | AI, Cloud, energy, Geopolitical, payments, Quality, software, valuation | View | ||
| 2025 Q1 | Apr 12, 2025 | Torre Financial | -2.0% | -2.0% | ABT, ADBE, ADC, AMZN, CRM, EW, FDS, GOOGL, ICE, INTU, MCO, MELI, META, MSCI, PYPL, SPGI, TMO, UNH, V, WDAY | AI, healthcare, payments, Quality, technology, Trade Policy, volatility | AI is driving significant changes in how people work, automating functions across sales, marketing, customer service, and software development. There is opportunity for new leaders in this space, though concerns exist about potential disruption to companies like Adobe and Alphabet. However, both companies are at the leading edge of AI solutions within enterprise contexts. | View | |
| 2025 Q1 | Apr 10, 2025 | Sequoia Fund | 4.4% | 4.4% | AHT.L, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, RR.L, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, mid cap, value | View | ||
| 2025 Q1 | Mar 31, 2025 | The Davenport Core Leaders Fund | -3.5% | -3.5% | AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX | AI, growth, large cap, Quality, risk management, technology | The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector. | View | |
| 2025 Q1 | Mar 31, 2025 | Harris Associates Concentrated Strategy | -0.1% | -0.1% | COP, CRM, DE, FCNCA, FI, GOOGL, ICE, IQV, MOH | AI, Buybacks, Cloud, energy, financials, healthcare, large cap, value | The manager argues that despite recent outperformance of value over growth, a large valuation imbalance still exists between value and growth equities. They believe this imbalance will fuel better long-term performance for value equities going forward. | MOH FCNCA IQV GOOGL COP DE ICE |
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| 2025 Q1 | Mar 31, 2025 | Meridian Hedged Equity Fund | -0.2% | -0.2% | ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU | Hedging, Options, Quality, tariffs, value, volatility | The first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers. | AMZN ACVA MGM GEO V ICE |
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| 2025 Q1 | Mar 31, 2025 | Aristotle Core Equity Fund | -6.1% | -6.1% | AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX | AI, growth, large cap, semiconductors, tariffs, technology, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased. | ADI |
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| 2025 Q1 | Mar 31, 2025 | Burke Wealth Managament The Focused Growth Strategy | -8.1% | -8.1% | ABT, AMZN, CHTR, CRM, ICE, MA, META, NOW, NVDA, TDG, UNH, V | AI, growth, semiconductors, software, tariffs, technology, Trump, volatility | Manager discusses AI revolution's productivity benefits and efficiency gains through DeepSeek's breakthrough. Notes AI capabilities growing rapidly at ServiceNow and Salesforce with hybrid consumption models. Emphasizes AI efficiency gains will increase demand through Jevon's Paradox rather than reduce compute needs. | TDG CRM NOW NVDA |
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| 2025 Q1 | Mar 31, 2025 | Janus Henderson Forty Fund | -8.7% | -8.7% | AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM | AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility | Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services. | DDOG MRVL ICE HWM |
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| 2025 Q1 | Mar 31, 2025 | Sands Capital Select Growth Fund | -10.1% | -10.1% | AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V | AI, Concentration, growth, large cap, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are materializing across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Macquarie Large Cap Growth Fund | -7.0% | -7.0% | AAPL, AMZN, AVGO, CRM, EA, GOOGL, ICE, IDXX, KO, LLY, META, MSFT, NVDA, TSLA, TSM, UNH, V, WCN | AI, financials, growth, large cap, Quality, risk management, technology, volatility | The fund emphasizes investing in stable high-quality growth businesses that can maintain strong fundamentals during uncertain periods. These companies command a premium for consistency and should favor their investment style as market conditions become more challenging. | IDXX EA V ICE |
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| 2025 Q1 | Mar 31, 2025 | Emerald Wealth Partners – Focused Equity Strategy | -3.6% | -3.6% | 300750.SZ, 6920.T, BABA, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMC.PA, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, Germany, global, semiconductors, value | AI infrastructure driving strong performance in wafer equipment manufacturers and data center suppliers. Companies like Lam Research, TSMC, and Bloom Energy benefiting from AI expansion. Salesforce reducing workforce due to AI efficiency gains. | View | |
| 2023 Q1 | Mar 31, 2023 | Fenimore Value Strategy | 2.7% | 2.7% | ADI, APH, BKI, FBIN, FIS, ICE, MBC, MCHP, MTB, PNFP, ROST, TROW, ZBRA | Banking, financials, mid cap, semiconductors, technology, value | Technology stocks, particularly semiconductors, benefited from expectations of Fed rate cuts and capital flows into the sector. Microchip Technology and Analog Devices were top performers, with ADI beating earnings expectations and providing strong 2023 guidance. | View | |
| 2023 Q1 | Mar 31, 2023 | Oakmark Global Select Fund | 9.1% | 9.1% | AIG, BKNG, GOOGL, ICE, NFLX | AI, Exchanges, Financial Services, global, insurance, technology, value | Alphabet positioned as AI-first company at inflection point with management expressing excitement about AI developments in search and other areas. AI expected to drive higher revenue and profits similar to mobile computing impact. Management pushed back on concerns about AI computing costs pressuring profitability. | DICE AIG GOOGL ICE AIG GOOGL ICE AIG GOOGL |
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| 2023 Q1 | Mar 31, 2023 | Platinum International Fund | 5.4% | 5.4% | 000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L | Banking Crisis, China, contrarian, global, interest rates, value | Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter. | View | |
| 2023 Q1 | Mar 31, 2023 | PM Capital Global Companies Fund | 4.6% | 4.6% | 300750.SZ, 6920.T, 981.HK, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KRN.DE, KVUE, LRCX, PEP, TSM, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, Banking, Germany, Reform, semiconductors, technology | AI infrastructure continues to drive strong performance across semiconductor equipment manufacturers and data center companies. Lam Research, Lasertec, and TSMC all benefited from AI-driven demand, with TSMC maintaining technological leadership and pricing power in the AI supply chain. The fund added positions in companies benefiting from AI expansion including Bloom Energy for data center power supply and Celestica for AI infrastructure development. | View | |
| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities | Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. | PCG ENR.DE LYV BN |
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| 2024 Q1 | Feb 4, 2024 | TPG Angelo Gordon | - | - | AMGN, ATVI, AVGO, BLK, HZNP, ICE, MSFT, PFE, SGEN, VMW | Clos, CMBS, credit, high yield, interest rates, Leveraged Loans, private credit, real estate | Default rates for leveraged loans increased to 3.15% in the U.S. as of Q4, with J.P. Morgan forecasting a rise to 3.25% in 2024. High yield default activity totaled $83.7 billion in 2023, a 75% increase from 2022. Interest coverage ratios for borrowers continue to reflect the impact of rising interest rates and are expected to continue eroding. | View | |
| 2025 Q4 | Feb 11, 2026 | Latitude Global Fund | 0.0% | 21.0% | AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V | AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value | Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years. | ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR |
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| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | View | |
| 2024 Q4 | Dec 31, 2024 | L1 Capital International Fund | 11.4% | 29.0% | AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V | AI, global, healthcare, interest rates, large cap, Quality, technology | AI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements. | HCA MSFT |
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| 2024 Q4 | Dec 31, 2024 | Sands Capital Select Growth Fund | 8.8% | 24.3% | AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V | AI, growth, innovation, long-term, software, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader. | View | |
| 2023 Q4 | Dec 31, 2023 | L1 Capital International Fund | 4.7% | 0.0% | ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH | healthcare, inflation, infrastructure, Quality, technology, value | Manager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky. | HCA |
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| 2023 Q4 | Dec 31, 2023 | Platinum International Fund | 0.0% | 4.2% | 6479.T, AIR.PA, CATL, GJET.NS, ICE, IFX.DE, PDD, SSNLF, SUZB3.SA, TM, TU, UBS, UPM.HE, ZTO | China, defensives, Electric Vehicles, semiconductors, technology, value | Chinese EV producers have gained competitive advantage by focusing on lower-cost EVs. BYD and CATL are seen as drivers of continuous improvement across the supply chain. While politics may restrict Chinese companies' ability to export to US and European markets, their home market continues to grow strongly. | View | |
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AAPL, AMZN, ASML, BN, CCI, CMG, DEO, GOOGL, HCA, ICE, INTU, LOW, MSFT, NFLX, SAP, TT, UNH, USB, V, YUM | AI, global, growth, inflation, Quality, Recession, technology | Generative AI represents a period of extraordinary progress with lasting impacts. The managers are focused on understanding how AI will create new addressable markets and earning streams while being thoughtful about disruption risks. They see clear commercial applications for some portfolio holdings as enablers of the new AI era. | AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q3 | Nov 16, 2025 | Aristotle Atlantic Core Equity Strategy | 7.1% | 15.1% | ADPT, AMP, AR, AVGO, BDX, BKR, CEG, DAR, DXCM, GH, GOOGL, HAL, ICE, NOW, ORCL | AI, energy, growth, healthcare, large cap, nuclear, technology, Trade Policy | Oracle's transformative growth in cloud infrastructure driven by AI demand, with Oracle Cloud Infrastructure revenue expected to grow through fiscal 2030. The company closed multiple multi-billion-dollar deals including the $30 billion Stargate contract with OpenAI. Natural gas demand is increasing for AI data center power generation, benefiting companies like Antero Resources. | BDX BKR CEG DXCM ADPT ORCL AR DAR |
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| 2024 Q3 | Oct 8, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | 3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO | AI, China, consumer, international, Japan, rates, real estate | Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates. | View | |
| 2025 Q3 | Oct 31, 2025 | Fairtree Wild Fig Multi Strategy Hedge Fund | 1.4% | - | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, energy, global, Reform, semiconductors, technology, value | AI infrastructure companies like Lam Research, TSMC, and Palantir benefited from continued strong expansion. Bloom Energy supports data center expansion with reliable power supply for AI infrastructure. Salesforce reduced workforce as artificial intelligence reduces labor requirements. | View | |
| 2023 Q3 | Oct 31, 2023 | The London Company SMID Cap | 9.2% | 9.2% | AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA | Automation, Quality, SMID Cap, Travel, value, Waste management | Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure. | ZBRA WAT ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CWST |
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| 2025 Q3 | Oct 28, 2025 | AGT Partners | - | - | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KKR, KRN.DE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, Energy Transition, Germany, global, semiconductors, value | AI infrastructure continues to drive strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI efficiency gains, viewed positively by the manager. | 6088 HK 6601 HK KKR APO |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | ADBE, AMAT, AMZN, BALL, CHTR, CRM, DE, DHI, GOOGL, ICE, INTC, MA, MSFT, MU, NVDA, O, SHW, SNPS, SYK, WM | AI, financials, large cap, materials, Quality, semiconductors, technology | The fund maintains exposure to companies benefiting from the shift away from legacy computing infrastructure to AI infrastructure, including accelerated and cloud computing, semiconductors, software and other companies benefiting from these capabilities. They have a portfolio theme around companies with hyperscale exposure and are monitoring for overinvestment and excessive valuations. | View | |
| 2025 Q3 | Oct 24, 2025 | Meridian Hedged Equity Fund | 1.6% | - | ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU | AI, healthcare, Hedged Equity, inflation, Options, technology, value | The AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards. | JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V | AI, E-Commerce, global, growth, semiconductors, Streaming, technology | Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats. | TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | View | |
| 2025 Q3 | Oct 20, 2025 | L1 Capital International Fund | 2.6% | - | AAPL, AERCF, AMZN, BKNG, CRH, DHR, GOOGL, HCA, ICE, INTU, J, MA, META, MSFT, NVDA, TSLA, TSM, UBER, V, WEIR.L | AI, global, gold, Quality, tariffs, technology, Trump, value | AI development is accelerating with significant investment in datacenter infrastructure and companies incorporating AI into products and services. Leading AI models are approaching parity with industry experts across multiple sectors. However, uncertainty remains around development costs, power requirements, and whether current valuations are justified. | View | |
| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2025 Q3 | Oct 17, 2025 | Harbor Mid Cap Value Fund | 4.1% | 0.3% | AL, AMAT, ANSS, ARW, CBRE, CHX, COLD, CTRA, DRI, GPN, HP, ICE, MAS, MUR, RGA, RJF, RSG, SF, SMG, ST, SWKS, ULTA, WWD | aerospace, AI, Commercial real estate, fundamentals, mid cap, Quality, Trade Policy, value | Trade tensions dominated headlines with Liberation Day tariffs affecting imports from China, Europe, and Canada causing significant market volatility. Markets initially dropped 19% following tariff announcements before recovering as policy reversals and bilateral negotiations helped stabilize conditions. Long-term implications of trade policy changes remain uncertain for supply chains and corporate profitability. | WWD US |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL | AI, China, healthcare, Outperformance, semiconductors, stock selection, technology | Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | Investment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. | IQV UN |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Core Equity Fund | 2.6% | - | AAPL, AMD, AVGO, AZO, BRO, BSX, CRM, DE, FI, GOOGL, GWW, ICE, INTU, KLAC, LLY, NVDA, ORCL, SYK, TMO, WDAY | AI, Defensive, financials, industrials, large cap, Quality, semiconductors, technology | The Fund maintains offensive positions in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested and scaled the technology to drive massive infrastructure transformation. However, rising AI infrastructure investments require greater monetization to avoid overheating. | GWW US BSX US |
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| 2024 Q3 | Oct 14, 2024 | Sequoia Fund | 7.1% | 20.8% | CSU.TO, ELV, FWONA, GOOGL, ICE, RR.L, SAP.DE, SCHW, TSM, UNH | Concentration, financials, healthcare, industrials, technology | View | ||
| 2025 Q3 | Oct 13, 2025 | GreensKeeper Value Fund | 4.0% | 0.2% | ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V | AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value | Alphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite. | ADBE NVO FI GD ICLR GOOG |
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| 2025 Q3 | Oct 12, 2025 | Macquarie Large Cap Growth Fund | 4.7% | 8.4% | AAPL, AMD, AMZN, DHR, EQIX, GOOGL, ICE, IDXX, INTC, INTU, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, TSM, V, VMC | AI, growth, large cap, Quality, semiconductors, technology | AI stocks have been the primary driver of market returns, accounting for roughly 75% of market gains. The fund has significant exposure to companies already benefiting from AI, as well as future beneficiaries. However, many aspects remain uncertain including business models, applications, regulation, power consumption, and hardware requirements. | EQIX AMD VMC INTU ICE |
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| 2024 Q3 | Oct 12, 2024 | Torre Financial | 8.0% | 16.5% | ABNB, ABT, ADBE, ADC, AMT, AMZN, CRWD, DHR, EW, FDS, GOOGL, ICE, MCO, MELI, PYPL, SPGI, TMO, TTD, UNH, ZS | diversification, healthcare, Quality, REITs, Resilience, technology, value | Manager has systematically diversified portfolio beyond technology into healthcare, real estate, and risk management companies over the past two years. This diversification has helped decrease volatility and provided better downside protection when markets declined. | View | |
| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2023 Q2 | Oct 7, 2023 | Sequoia Strategy | 7.1% | 20.8% | CACC, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, J, KMX, LBRDK, LMCA, META, MU, NFLX, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, Portfolio Management, value | View | ||
| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2023 Q4 | Jan 9, 2024 | The Wolf of Harcourt Street | - | 34.3% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations | The dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2023 Q4 | Jan 28, 2024 | Highwood Value Partners | - | - | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, energy, global, healthcare, semiconductors, technology, value | AI infrastructure continues driving strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain, while data center infrastructure providers like Celestica are gaining from cloud and AI infrastructure growth. | View | |
| 2025 Q4 | Jan 23, 2026 | GreensKeeper Value Fund | 0.0% | 0.0% | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value | The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige. | ADBE ICLR NVO LULU FISV CFRUY AXP GOOG |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 21, 2026 | Platinum International Fund | 3.0% | 13.0% | AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V | AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology | Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Global Fund (Long Only) | 3.0% | 16.0% | AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V | Diversified, global, large cap, payments, technology | Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads. | View | |
| 2024 Q4 | Jan 16, 2025 | RVK | - | - | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, Dollar, global, growth, innovation, semiconductors, tariffs, technology | Strong demand for AI-driven technologies supported performance across data center and semiconductor holdings. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust AI-related data center demand. | View | |
| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
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| 2025 Q4 | Jan 14, 2026 | L1 Capital International Fund | 2.2% | 9.8% | AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V | AI, consumer, Global Equities, Macro, Quality, technology, valuation | AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers. | ICE LSEG LN INTU CRM TSM AER UBER J |
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| 2024 Q4 | Jan 12, 2025 | GreensKeeper Value Fund | - | 23.6% | AXP, BRK.B, CBOE, CFR.SW, CHKP, CSCO, ELV, FI, GD, GOOGL, HSY, ICE, LMT, LULU, MC.PA, MRK, SHVA.TA, SPGI, V, VRTX | global, healthcare, insurance, payments, Quality, technology, value | Manager emphasizes purchasing high-quality companies with large margin of safety at material discounts to intrinsic value. Focuses on companies with sustainable competitive advantages and strong economics while avoiding overpriced securities. | View | |
| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View | |
| 2024 Q3 | Sep 30, 2024 | Oakmark Select Fund | 8.1% | 0.0% | APA, CBRE, GOOGL, ICE, LAD, SCHW | financials, large cap, real estate, US, value | CBRE Group was the top contributor with strong second-quarter results exceeding expectations. Management expressed enthusiasm about prospects and outlined growth avenues including expansion of cyclically resilient business lines. | GOOGL CBRE |
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| 2024 Q3 | Sep 30, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AMAT, AR, EL, GH, GOOGL, HAL, HD, ICE, NEE, NSC, TT | energy, industrials, large cap, technology, Utilities, value | Applied Materials faced investor pullback in AI-related semiconductor names due to concerns about AI market growth and profitability of massive capex investments. The company continues to benefit from secular shift to highly complex semiconductors design and manufacturing, but faces weakness in NAND manufacturing and potential trade restrictions on Chinese equipment purchases. | ICE TT HAL AMAT |
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| 2024 Q3 | Sep 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU | Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel | Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets. | AMZN MGM PGNY YOU SBH VST |
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| 2024 Q3 | Sep 30, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM | AI, large cap, Quality, rates, technology, US, value | The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT | energy, HVAC, large cap, semiconductors, technology, value | Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing. | EL HAL ICE TT AMAT |
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| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2023 Q3 | Aug 11, 2023 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI | Broadband, Media, Multi Cap, Quality, technology, value | The fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns. | EFX |
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| 2022 Q4 | Aug 2, 2023 | Sequoia Strategy | 7.1% | 20.8% | BATRA, CACC, CSU CN, ELV, ERF FP, GOOG, ICE, SCHW, UMG, UNH | - | View | ||
| 2023 Q4 | Jun 1, 2024 | East72 Holdings | 6.3% | 0.0% | 0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX | Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value | Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation. | MFG.AX MANU |
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| 2023 Q4 | May 3, 2024 | RIT Capital | 0.0% | 8.8% | BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L | credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value | The fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model. | TPG TALEN |
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| 2023 Q1 | Apr 17, 2023 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, ALS.TO, AMZN, CNQ.TO, FNV.TO, GLEN.L, ICE, LIN, MEG.TO, OR.TO, PGR, ROP, SU.TO, WPM.TO | Banking Crisis, Critical Minerals, Energy Transition, gold, inflation, oil, royalties | High demand for copper, lithium, cobalt and nickel driven by electric vehicle production and renewable energy infrastructure. Copper demand expected to nearly double to 50M metric tons by 2035. Supply shortages likely as new mines take years to develop. | ALS.TO |
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| 2025 Q1 | Apr 14, 2025 | L1 Capital International Fund | 0.1% | 0.1% | AER, AMZN, BKNG, CRH, GOOGL, HCA, ICE, MA, MMC, MSFT, V, VIE.PA | AI, global, healthcare, Quality, tariffs, Trade Policy, valuation | Trump's Reciprocal Tariffs framework is deeply flawed, based on trade deficits rather than actual tariffs or unfair practices. The policy creates significant economic uncertainty and potential for global trade disruption. Liberation Day policies have been partially paused but tensions with China remain at unprecedented levels. | VIE.PA GOOGL MSFT AMZN HCA |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Core Equity Fund | -2.4% | -2.4% | AMD, AMZN, AZO, BCOM, BRO, CI, CRM, DE, DHI, GOOGL, ICE, MA, MAR, MSFT, NOW, NVDA, O, SNPS, VZ, WM | AI, Defensive, financials, industrials, large cap, Quality, semiconductors | The portfolio maintains positioning in AI beneficiaries including hyperscalers, semiconductor companies, and software companies that are building the computing foundation of the future. The fund added AMD and ServiceNow during the quarter to strengthen its AI theme exposure. Despite near-term volatility, the managers remain optimistic about long-term opportunities in AI infrastructure providers. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Select Fund | -1.2% | -1.2% | CRM, DE, FI, GOOGL, HWM, ICE, IQV, KDP, LAD, MOH, PHM | financials, healthcare, industrials, large cap, technology, US, value | Intercontinental Exchange reported solid fourth-quarter results with 16% growth in energy futures business. After paying down debt from mortgage acquisitions, management resumed large share repurchases in Q1 2025, which the fund views as attractive capital allocation. | MOH |
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| 2025 Q1 | Mar 31, 2025 | Aristotle Atlantic Core Equity Strategy | -6.0% | -6.0% | ADI, AR, AVGO, CHI, GH, ICE, NOW, ORCL, ORLY, TECH, VRTX | AI, large cap, semiconductors, technology, Trade Policy, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements. Intercontinental Exchange highlighted new AI solutions in its Mortgage Technology product suite to improve and digitize workflows. | ADI |
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| 2023 Q1 | Mar 31, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL | Banking, financials, global, Opportunistic, value | Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff. | NVST DICE COP COF CAP FP AIG |
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| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS | AI, diversification, growth, large cap, Magnificent Seven, technology | Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward. | View | |
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2023 Q4 | Jan 28, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 005930.KS, AIG, BAC, CHTR, CNHI, COF, FI, GOOGL, ICE, LLOY.L | financials, global, large cap, technology, value | View | ||
| 2024 Q4 | Jan 24, 2025 | Sequoia Fund | -0.1% | 19.8% | CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | aerospace, Concentration, healthcare, Long/Short, Quality, technology, value | The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters. | View | |
| 2023 Q4 | Jan 23, 2024 | ROCKLINC Partners Fund | 3.8% | 12.2% | AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM | Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value | Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others. | SU.PA FNV |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 26, 2026 | Fund Letters | Montaka Global Investments | Intercontinental Exchange Inc | Financial Data & Stock Exchanges | Capital Markets | Bull | New York Stock Exchange | Clearing Houses, countercyclical, Energy Futures, Equity, Financial infrastructure, geopolitical, market volatility, NYSE, risk management, trading volumes | View Pitch |
| Apr 23, 2026 | Fund Letters | Oakmark Global Select Fund | Intercontinental Exchange Inc. | Financial Data & Stock Exchanges | Capital Markets | Bull | New York Stock Exchange | capital allocation, Capital markets, Data Services, Financial Exchange, GDP growth, Mortgage Technology, valuation discount | View Pitch |
| Apr 23, 2026 | Fund Letters | Oakmark Global Select Fund | Intercontinental Exchange Inc. | Financial Data & Stock Exchanges | Capital Markets | Bull | New York Stock Exchange | capital allocation, Capital markets, Data Services, Financial Exchange, GDP growth, Mortgage Technology, valuation discount | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates Concentrated Strategy | Intercontinental Exchange | Financials | Financial Exchanges & Data | Bull | NYSE | capital allocation, cash flow generation, Data Services, Energy Futures, Financial Exchange, Mortgage Technology, share repurchase | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Hedged Equity Fund | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | Digitization, Energy Markets, Financial Exchanges, Free Cash Flow, market volatility, Mortgage Technology, recurring revenue | View Pitch |
| Apr 13, 2026 | Fund Letters | Janus Henderson Forty Fund | Intercontinental Exchange Inc | Financials | Financial Exchanges & Data | Bull | NYSE | Clearing Houses, Energy Trading, Financial Exchanges, Fixed Income Data, Interest Rate Volatility, Mortgage Technology, natural gas | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Point Partners | Intercontinental Exchange Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | Artificial Intelligence, Automation, Data Services, Energy Futures, Financial Exchanges, LNG Trading, Market Infrastructure, Mortgage Technology, natural gas | View Pitch |
| Apr 13, 2026 | Fund Letters | Macquarie Large Cap Growth Fund | Intercontinental Exchange Inc. | Financials | Capital Markets | Bull | NYSE | Data Provider, Diversified, Energy Futures, ETF, Financial Exchange, fixed income, Monopoly, Mortgage Technology, NYSE | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Atlantic Core Equity Strategy | Intercontinental Exchange | Financials | Financial Exchanges & Data | Bull | NYSE | data centers, electricity demand, Energy Futures, Financial Exchanges, Housing recovery, Interest Rate Futures, Mortgage Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Core Equity Fund | Intercontinental Exchange | Financials | Financial Exchanges & Data | Bull | NYSE | data centers, Energy Futures, Financial Exchanges, Interest Rate Derivatives, Mortgage Technology, trading volumes | View Pitch |
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bear | New York Stock Exchange | Artificial Intelligence, Data, Exchanges, Market Infrastructure, Pricing | View Pitch |
| Feb 21, 2026 | Fund Letters | Freddie Lait | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | Data, Electronification, Exchanges, oligopoly, valuation | View Pitch |
| Jan 28, 2026 | Fund Letters | Murray Stahl | Intercontinental Exchange Inc. | Financials | Financial Exchanges | Bull | New York Stock Exchange | compounding, consolidation, Exchanges, scale, Tollbooth | View Pitch |
| Jan 20, 2026 | Fund Letters | David Steinthal | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | Clearing, Data, Exchanges, Networks, Regulation | View Pitch |
| Nov 29, 2025 | Fund Letters | Clayton Freeman | Intercontinental Exchange Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | buybacks, Data, deleveraging, Exchanges, recurring revenue, Volatility | View Pitch |
| Nov 29, 2025 | Fund Letters | Bradley Klapmeyer | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | Data, Derivatives, Exchanges, Mortgage-tech, operating leverage, Pricing power, Volumes | View Pitch |
| Nov 29, 2025 | Fund Letters | Clayton Freeman | Intercontinental Exchange Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | buybacks, Data, deleveraging, Exchanges, recurring revenue, Volatility | View Pitch |
| Oct 23, 2025 | Value Investors Club | FishTaco | Intercontinental Exchange | Financials | Financial Exchanges & Data | Bull | NYSE | Brent, energy, WTI | 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. | ||||||||