Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 4, 2025 | ClearBridge Investments Large Cap Value | - | - | ADBE, AIR FP, AVGO, ICLR, LIN, MRVL, NOW, TGT, TSM | downside, free cash flow, fundamentals, Mean reversion, Valuation gap | The commentary focuses on valuation dispersion within large-cap equities, with many high-quality franchises trading at discounts due to short-term macro concerns. Management stresses fundamentals, free cash flow generation and capital discipline. Value is positioned as attractive as expectations normalize and multiples mean-revert. | ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM |
View |
| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments All Cap Growth | - | - | ICLR, LLY, PLTR, SNPS, TGT | AI, growth, secular trends, technology, volatility | The commentary highlights a sharp risk-on rebound led by technology, AI, and communication services following tariff fears. ClearBridge emphasizes selective growth investing with attention to valuation, favoring companies with strong execution and secular tailwinds. Volatility is used to upgrade portfolio quality. | TGT ICLR PLTR SNPS LLY |
View |
| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AIR FP, ICLR, LIN, MRVL, NOW, TSM | AI, Balance Sheets, earnings durability, secular growth, valuation | The letter emphasizes sustained earnings growth driven by secular themes such as AI adoption, cloud computing and digital transformation. Management highlights high-quality large-cap companies with strong balance sheets that can compound through macro volatility. The outlook favors disciplined growth investing as leadership broadens beyond a narrow group of mega-cap winners. | ICLR LIN AIR FP NOW MRVL TSM |
View |
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | ALK, ASH, COOP, FCN, ICLR, POST, RRR, RRX, TFX, WCC | fundamentals, margin expansion, Mid Caps, self-help, valuation | The letter emphasizes mid-cap companies with strong fundamentals and mispriced growth prospects. Operational improvement, margin expansion, and self-help initiatives are key sources of value creation. Mid-cap volatility is viewed as an opportunity for active managers. | FCN ALK ASH ICLR RRX WCC RRR |
View |
| 2025 Q2 | Jul 22, 2025 | Harris Associates Concentrated Strategy | 3.9% | 3.7% | COF, COP, CRL, CRM, GOOG, ICLR, IQV, SCHW, WTW | downside protection, fundamentals, Mean reversion, valuation dispersion, Value Investing | The letter centers on intrinsic value investing amid extreme valuation dispersion between popular growth stocks and unloved franchises. Management argues that patience and concentration in discounted, high-quality businesses will be rewarded as fundamentals reassert themselves. The strategy emphasizes downside protection and long-term mean reversion rather than short-term momentum. | IQV COP GOOG COF SCHW |
View |
| 2025 Q2 | Jul 17, 2025 | Polen Capital – International Growth | 6.9% | 6.9% | 8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME | Compounding, earnings, International Growth, Quality, valuation | The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles. | IBN ICLR GLOB AON SAP GR 8035 JP MELI |
View |
| 2025 Q2 | Jul 15, 2025 | Canopy Investors | 9.4% | - | 4194 JP, DOL, EDEN FP, HEI, ICLR, WISE LN | Capital Allocation, Compounding, growth, Management Quality, Patience | The commentary emphasizes long-term compounding through ownership of exceptional businesses. Management focuses on capital allocation, reinvestment, and management quality. Short-term noise is de-emphasized. | EDEN FP DOL CN ICLR 4194 JP HEI WISE |
View |
| 2025 Q2 | Jun 30, 2025 | Brown Capital Management International All Company Fund | 13.5% | 11.7% | AJB LN, AUTO NO, ICLR, MELI, R9C GR, VENDA NO | Compounding, International Equities, marketplaces, Network Effects, profitability | The letter centers on marketplace business models with strong network effects, high profitability, and long runways for growth. Digital marketplaces are framed as durable compounders due to defensible positions and reinvestment capacity. International exposure provides access to underpenetrated markets and structural growth. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | AON, HDB, ICLR, MELI, SAP GR, TEMN SW, TEP FP | - | View | ||
| 2025 Q1 | Apr 8, 2025 | GreensKeeper Value Fund | 3.0% | 3.0% | AXP, BRK/B, CHKP. ELV, GOOG, ICLR, VRTX | - | View | ||
| 2025 Q1 | Apr 2, 2025 | LVS Advisory – Growth | 0.3% | 0.3% | ICLR | - | View | ||
| 2025 Q1 | Apr 19, 2025 | Polen Capital – International Growth | 0.0% | 0.0% | ADYEN NA, AON, GLOB, ICLR, LONN SW, MELI, NVO, SAP GR, TCEHY, TME, TSM, ULVR | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Brown Capital Management International All Company Fund | -1.5% | -1.5% | AFX GR, AJB LN, COH AU, GIVN SW, ICLR, MELI, NVO, NVX AU | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Baron Small Cap Fund | -1.6% | -0.7% | CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT | AI, Data centers, defense, growth, Quality, small caps, technology | AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance. | View | |
| 2024 Q4 | Feb 11, 2025 | Invesco Small Cap Value Fund | 4.3% | 24.5% | HUN, ICLR, LITE, MSM, MXL, ONTO, TECK, VST | - | View | ||
| 2025 Q4 | Dec 31, 2025 | Orbis International Equity | 0.0% | 0.0% | GMAB, ICLR, IMX, J36.SI, PRU.L | Biotech, Bottom-up, Entertainment, global, international, value | Biotech has become an especially fruitful hunting ground following the epic bust after COVID boom. The sector typically suffers from structural overvaluation but rising rates, geopolitical noise around drug pricing, and capital draw towards AI has created opportunities to acquire innovative businesses at less than present value of marketed drugs. The theatrical window remains key to maximizing IP value as content gains powerful halo effect from theatre runs while being cash-flow generative. Recent bidding war for Warner Bros Discovery highlights immense value placed on scarce content and platforms for developing high-value IP. Portfolio has naturally shifted to more typical collection of idiosyncratic bottom-up investments as post-pandemic dislocations normalized. Focus remains on finding businesses priced significantly less than intrinsic worth through deep fundamental analysis. | View | |
| 2024 Q4 | Dec 31, 2024 | FMI International Equity | -7.0% | 3.0% | ACGL, ICLR | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments All Cap Growth | - | - | BIIB, CMCSA, CMG, ICLR | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ASH, CUBE, ICLR, LPLA, RRR, SOLV, TDY, WCC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ASH, CUBE, ICLR, INFA, REXR, RRR, SOLV, TDY, WBS, WCC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Small Cap Fund | -1.1% | 13.3% | BWIN, FROG, GTLS, IBP, ICLR, INTA, NPO, VRT | - | View | ||
| 2022 Q3 | Oct 26, 2022 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADP, ADS, ADSK, AMZN, ICLR, OR | - | View | ||
| 2022 Q3 | Oct 26, 2022 | Polen Capital – International Growth | 3.3% | 3.9% | ADS GR, EPM, GLOB, ICLR, J2B GR, KER FP, MELI, SAP, TME | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | View | ||
| 2024 Q3 | Oct 17, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 8035 JP, AON, ASML, ICLR, MELI, ONON, SAP GR | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Polen Capital – International Growth | -4.5% | 2.1% | ASM NA, ASML, DSY FP, ICLR, MNDY, SAP, SGE LN, SHOP, TCEHY | Artificial Intelligence, emerging markets, healthcare, semiconductors, software | The fund underperformed due to volatility in software and IT sectors but reinforced its conviction in AI-driven semiconductor and automation growth. Polen initiated positions in Disco Corp and ASM International to capture the AI semiconductor supply chain, while maintaining exposure to Tencent for emerging-market digital expansion. Managers expect AI and healthcare innovation to drive future international growth returns. | ASM NA 6902 JP SAP GR MNDY US SAGE LN ICON IE ASML NA SHOP CN |
View |
| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, GWW, HOOD, ICLR, JBHT, KLA GR, MELI, MORN, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | Artificial Intelligence, industrials, Nearshoring, semiconductors, software | The fund attributes outperformance to AI-related semiconductor and software positions, emphasizing the ongoing megatrend driving system-on-chip, testing, and storage demand. Managers highlight new exposure to industrial distributors like W.W. Grainger, reflecting conviction in nearshoring and manufacturing recovery themes. They maintain selective positioning across AI and cyclical sectors to capture both structural growth and economic normalization. | View | |
| 2025 Q3 | Oct 13, 2025 | GreensKeeper Value Fund | 4.0% | 0.2% | ADBE, CBOE, FI, GD, GOOG, ICLR, NVO CN | Canada Economy, Capitalism, Free Trade, innovation, Protectionism | GreensKeeper defends capitalism and free-trade principles amid rising nationalism and protectionism. It argues that open markets and creative destruction remain the foundation of prosperity and peace, contrasting with Europes state-directed inefficiencies. In Canada, the fund calls for dismantling oligopolies and embracing competition to unlock economic potential. | ADBE NVO FI GD ICLR GOOG |
View |
| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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 |
View |
| 2025 Q4 | Jan 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
View |
| 2022 Q3 | Sep 30, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | AVNT, AXNX, AZPN, CAKE, CLVT, GDYN, HLLY, ICLR, IT, KNSL, MRCY, RPAY, TTD | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Asset Fund | 8.3% | 10.6% | ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Asset Fund | 8.3% | 10.6% | ANSS, CSGP, FRC, GWRE, ICLR, IDXX, IT, LPLA, MKTX, PWR, RGEN, TECH, WST | - | View | ||
| 2022 Q4 | Mar 2, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGLN, AZPN, FICO, FIS, HUBS, ICLR, IDXX, IT, MTD, RIVN, TTD, WIX, WST, ZI | - | View | ||
| 2024 Q4 | Jan 24, 2025 | Sequoia Fund | -0.1% | 19.8% | CHTR, ICLR, KMX, LMN CN, RR/ LN, SAP GR, TSM, UMG NA | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Global SMID Company Growth | 2.3% | 12.0% | ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, CSL AU, EVO SS, ICLR, KER FP, MELI, MNDY, NU, SAP GR, SGE LN, SHOP, SPOT, SU FP, TEMN SW, WTW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Michael McCloskey | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | backlog, Biotech, Clinical research, Outsourcing, recovery | View Pitch |
| Jan 27, 2026 | Fund Letters | Timo Smuts | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, Cyclicality, Demographics, healthcare, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Todd Morris | ICON plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Clinical_Research, Drug_Development, Life_Sciences_Services, Pharma_Outsourcing | View Pitch |
| Jan 8, 2026 | Value Investors Club | deleuze | ICON plc | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Clinical research, drug development, healthcare, life sciences, pharmaceuticals | View Pitch |
| Dec 5, 2025 | Fund Letters | Chris Welch | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Bookings, growth, Outsourcing, Pipelines, Trials | View Pitch |
| Dec 5, 2025 | Fund Letters | Robert Feitler | ICON plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Funding, Normalization, Outsourcing, Pipelines, visibility | View Pitch |
| Dec 5, 2025 | Fund Letters | Peter Bourbeau | ICON plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Funding, Normalization, Outsourcing, Pipelines, visibility | View Pitch |
| Dec 5, 2025 | Fund Letters | Evan Bauman | ICON, plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Funding, Outsourcing, Pipelines, valuation, visibility | View Pitch |
| Dec 4, 2025 | Fund Letters | Jack McManus | Icon plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | healthcare, Outsourcing, research, Trials, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael McCloskey | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical trials, Cro, growth, pharma, Pricing, R&D, tariffs | 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. | ||||||||