ISRG Archives

ISRG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Baron Fifth Avenue Growth Fund	5.8%	14.3%	AMZN, CRWD, GOOG, ISRG, KKR, MELI, META, MSFT, NVDA, SHOP, TSLA, TSM, TTD	earnings, growth, innovation, Market share, scalability	The manager highlights long-duration growth investing in competitively advantaged businesses with large addressable markets and strong reinvestment opportunities. Short-term volatility and style rotations are viewed as secondary to sustained revenue growth, innovation, and market share gains. Growth remains anchored in owning exceptional companies through cycles as intrinsic value compounds over time.	META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA	View
2025 Q3	Sep 30, 2025	ACATIS Investment	-	-0.2%	2330 TT, 6920 JP, AMRZ, ANSS, CLS CN, CRM, DWNI GR, HAL, HIMS, HOLX, ICE, ISRG, KGH PW, KRN GR, KVUE, KYGA IR, LRCX, PEP, SNPS, UMI BB, UNH, UPWK, VNA GR, ZAL GR	energy security, fiscal deficits, Global Fragmentation, Industrial Policy, Trade Policy	The report discusses mounting geopolitical fragmentation and policy uncertainty, emphasizing how trade tensions, fiscal imbalances and shifting global alliances are reshaping capital flows and regional growth prospects. Management highlights structural challenges in Europe alongside opportunities tied to industrial policy, energy security and technological sovereignty. In this environment, ACATIS positions portfolios toward globally competitive companies with resilient business models and exposure to long-term structural trends rather than cyclical macro swings.	UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT	View
2025 Q3	Sep 30, 2025	Edgewood Management	-1.2%	5.5%	ASML, BSX, FICO, ISRG, LLY, SNPS	Artificial Intelligence, earnings growth, Large Cap Growth, risk management, Semiconductor Equipment	The presentation emphasizes a concentrated 22-stock large cap growth portfolio with roughly 28% exposure to AI infrastructure buildout, supported by disciplined risk controls including an 8% position limit and 25% sector cap. As shown in the AI framework on page 10, holdings span infrastructure enablers like NVIDIA and ASML, proprietary data platforms such as ServiceNow and Intuit, and productivity beneficiaries including S&P Global and TransDigm. Despite Q3 underperformance versus benchmarks, management added capital personally and redeployed into high-conviction names, underscoring confidence in durable earnings growth and secular AI monetization.	BSX ISRG SNPS ASML LLY FICO	View
2025 Q2	Jul 29, 2025	Tall Oak Capital Advisors	-	-	ISRG	care infrastructure, demographics, healthcare, longevity, medical technology	The thematic focus centers on aging demographics driving long-term demand for healthcare services, medical technology, and care infrastructure. Selectivity favors high-quality businesses with recurring revenue and strong returns on capital. Longevity is framed as a multi-decade structural growth driver.	EHC ISRG	View
2024 Q2	Jun 30, 2024	Andrew Hill Investment Advisors, Inc.	-	-	AAPL, AMZN, ISRG, JNJ, LLY, MSFT, NVDA	-			View
2025 Q1	Mar 31, 2025	PGIM Jennison Global Opportunities Fund	-11.1%	-11.1%	1810 HK, IOT, ISRG, SE, SHOP, UCB BB, VRTX	-			View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ	-			View
2025 Q4	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy	2.0%	7.4%	AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG	AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy	The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act.		View
2025 Q4	Dec 31, 2025	Edgewood Management	1.5%	7.0%	ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, Quality, semiconductors, software, technology	AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends.	APH AXON	View
2022 Q4	Dec 31, 2022	RiverPark Large Growth	3.7%	16.4%	AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW	-			View
2025 Q3	Nov 13, 2025	RiverPark Large Growth	4.7%	11.6%	AAPL, DIS, GOOG, INTU, ISRG, NFLX, NOW, NVDA, SHOP, TSM	AI, Cloud, DataCenters, semiconductors, software	AI and cloud computing remained dominant growth drivers across mega-cap technology, fueling strong results for Alphabet, NVIDIA, TSMC, and others. The letter emphasizes accelerating AI monetization across advertising, hardware, and software ecosystems, sustaining high-margin growth. AI infrastructure demand continues to underpin semiconductor strength and platform engagement.		View
2025 Q3	Nov 13, 2025	RiverPark Long/Short Opportunity Fund	4.2%	8.3%	APPL, GOOG, ISRG, NFLX, NOW, NVDA	AI, Cloud, megacaps, semiconductors, software	AI-driven momentum shaped both long and short performance, with mega-cap AI beneficiaries leading gains and software names experiencing sentiment-driven compression. The strategy highlights AI as the key secular theme influencing both portfolio construction and market leadership. AI hardware and cloud infrastructure continue to dominate capital flows and equity dispersion.		View
2025 Q3	Oct 20, 2025	Sands Capital Global Growth Fund	-2.0%	12.2%	AXON, CVNA, DXCM, GALD SW, GOOG, III LN, IMCD NA, ISRG, NFLX, NVDA, RGEN, SHOP, SIKA SW, TEAM, TSM	Artificial Intelligence, E-Commerce, Global Growth, healthcare, semiconductors	The fund emphasizes durable global growth from AI infrastructure, digital platforms, and healthcare innovation. NVIDIA, Alphabet, and TSMC lead performance as AI capital investment accelerates worldwide. Managers added new positions in Galderma and 3i Group to balance cyclical risk while maintaining exposure to long-term technology and consumer adoption trends.	TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA	View
2025 Q3	Oct 16, 2025	Platinum International Technology Fund	6.0%	-	GOOG, ISRG, META	Artificial Intelligence, Big tech, Cloud Computing, disruption, infrastructure	The funds AI infrastructure holdings such as Nvidia, TSMC, and Broadcom drove performance, while it reduced exposure to overvalued mega-cap techs. Platinum warns of structural disruption to Alphabet and Meta from ChatGPT and highlights agentic commerce as the next advertising frontier. The manager remains invested in AI and diversified secular growth areas like medtech, fintech, and defense tech.		View
2025 Q3	Oct 16, 2025	Brown Advisory Large-Cap Growth Strategy	-0.9%	6.5%	CDNS, FICO, GOOG, INTU, IOT, ISRG, MRVL, NFLX, NVDA, TTD, WDAY, WST	Artificial Intelligence, Large Caps, quality growth, semiconductors, software	The letter discusses how AI-driven enthusiasm has concentrated market returns among a few Magnificent Seven stocks, raising valuation risks. Brown Advisory focuses on owning durable growth companies that integrate AI productively while avoiding speculative momentum plays. The strategy emphasizes quality growth, diversification, and resilience across technology, industrials, and healthcare sectors.		View
2025 Q3	Oct 14, 2025	Alger Spectra Fund	16.0%	31.0%	APP, ISRG, JHX, NBIS, NFLX, NVDA	Advertising, Artificial Intelligence, Cloud, healthcare, Streaming	The Spectra Fund outperformed on strong AI exposure through Nvidia and Nebius, both central to global compute infrastructure. AppLovins AI-driven ad platform reinforced the dominance of machine learning in monetization models. Despite near-term weakness in Netflix and healthcare names, the fund sees AI integration across sectors as a durable growth driver.	NVDA APP	View
2025 Q3	Oct 14, 2025	Ithaka US Growth Strategy	1.0%	-	CMG, HOOD, ISRG, NOW, NVDA, SHOP	Artificial Intelligence, infrastructure, monetary policy, technology, valuation	The letter frames the U.S. market rally around an unprecedented AI-driven capital expenditure boom comparable to the Internet buildout, with AI infrastructure spending expected to reach up to $600B in 2025. While supportive of growth and equity valuations, it also raises concerns about potential overvaluation and circular funding structures. The Feds rate cuts and fiscal stimulus have further fueled liquidity, reinforcing equity momentum but leaving markets vulnerable to policy shifts.		View
2025 Q4	Jan 7, 2026	ClearBridge Investments Large Cap Growth Strategy	1.2%	0.0%	ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY	AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance	AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher.		View
2025 Q4	Jan 30, 2026	Artisan Focus Fund	-0.5%	19.9%	AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC	aerospace, AI, energy, financials, growth, industrials, semiconductors, technology	AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing.	GE	View
2025 Q4	Jan 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
2025 Q4	Jan 26, 2026	NZS Capital – Growth	-1.4%	17.9%	AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI	AI, growth, positioning, semiconductors, software, technology, valuation	The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered.	ISRG TSM LRCX FISV DHR GOOGL	View
2025 Q4	Jan 23, 2026	Baron Health Care Fund	13.1%	10.3%	ABBV, ACLX, ARGX, ARQT, AZN, BSX, DHR, DSXY, EHC, ELAN, INSM, ISRG, LLY, MASI, MTD, PEN, RDNT, RGEN, SYK, TEVA, TMO, WELL	Biotechnology, GLP1, healthcare, Life Sciences, M&A, Medical Devices, Pharmaceuticals	Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being Cidara Therapeutics and Abivax. Biotechnology funding surged 94% year-over-year in December, making it the strongest month in the last three years. The Fund maintains 33.2% allocation to biotechnology companies. Eli Lilly's Mounjaro and Zepbound GLP-1/GIP therapies are viewed as transformational for diabetic and non-diabetic obese patients. The manager expects this drug class to become the standard of care for both diabetes and obesity, ultimately representing a $150 billion-plus market opportunity. M&A activity has been accelerating, with notable deals including Cidara Therapeutics acquired by Merck for $9.2 billion and Penumbra acquired by Boston Scientific for $14.5 billion. Large pharmaceutical companies will lose patent protection on products generating $400 billion of sales over the next eight years. The Fund maintains 14.2% allocation to life sciences tools & services. End markets are improving with strong biotechnology funding, stable biopharmaceutical R&D investment, and reduced risk of industry disruption following drug pricing agreements with the Trump Administration.	RGEN ELAN WELL ARQT TMO EHC DOCS ARQQ TEVA ARGX LLY	View
2025 Q4	Jan 22, 2026	Sands Capital Global Growth Fund	6.2%	10.2%	6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V	AI, defense, energy, global, growth, Robotics, Space, technology	AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are 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. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions.	ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL	View
2025 Q4	Jan 21, 2026	Platinum International Technology Fund	0.0%	13.0%	AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT	AI, Capex, Data centers, defense, energy, growth, semiconductors, technology	AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms.	2330 TT VEEV TSM UBER J	View
2025 Q4	Jan 18, 2026	Ithaka US Growth Strategy	-6.1%	4.5%	AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV	AI, concentrated, growth, large cap, technology	The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute.	VEEV NOW GOOG AMD ISRG	View
2025 Q4	Jan 18, 2026	BNY Mellon Appreciation Fund	1.3%	10.2%	AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V	AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility	Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk.		View
2025 Q4	Jan 18, 2026	Davenport Core Leaders Fund	0.1%	10.7%	AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX	AI, diversification, large cap, Quality, risk management, technology, value	AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios.	MRVL CTAS GOOG	View
2025 Q4	Jan 18, 2026	The Davenport Value & Income Fund	1.5%	13.7%	ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX	AI, Buybacks, dividends, large cap, technology, value	Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Growth Fund	2.7%	10.5%	FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS	AI, growth, healthcare, large cap, technology, valuation	AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare.		View
2025 Q4	Jan 12, 2026	Polen Capital – Focus Growth	-1.5%	3.9%	AAPL, ABT, AMZN, GOOGL, ISRG, LLY, META, MSFT, NFLX, NOW, ORCL, SHOP, WDAY, ZTS	AI, Concentration, growth, healthcare, large cap, Quality, software	Despite market concerns about an AI bubble and infrastructure investment circularity, the managers believe the datacenter capex cycle should continue driven by rapid revenue and earnings growth, increasing demand, and supportive policy. They maintain exposure while diversifying beyond AI themes for portfolio resilience. The portfolio faces headwinds as quality factors continue to underperform while high-beta factors outperform in the current market environment. The managers remain focused on competitive advantages and long-term business fundamentals despite near-term performance challenges. Initiated position in Intuitive Surgical, which maintains a de facto monopoly in soft tissue robotic surgery globally. The company has become standard of care in many surgical modalities with large barriers to entry and continues to innovate with its next generation platform driving accelerating procedure growth. Eli Lilly rallied over 40% in Q4 driven by strong financial results and reaching agreement with the White House that lowering GLP-1 drug prices will greatly increase the addressable market in the US and provide a long runway for future growth.	NFLX WDAY ISRG ORCL LLY	View
2024 Q4	Jan 10, 2025	Sandhill Investment Management	-	-	ANET, CDNS, HUBB, ISRG, JPM, NOW, PANW, SPXC, TT	Inflation Risk, Investment Grade Bonds, Market Concentration, quality growth, Valuation discipline	The newsletter underscores a continued focus on high-quality U.S. equities with durable competitive advantages, while acknowledging elevated market concentration and valuations near historical extremes that warrant caution. Sandhill highlights disciplined positioning with increased cash levels, short-duration investment grade bonds, and selective rotation into companies such as J.P. Morgan, Arista Networks and Trane Technologies amid volatility. Looking into 2025, inflation risks, fiscal imbalances and expensive equity multiples frame a backdrop of heightened volatility, reinforcing an emphasis on balance sheet strength and valuation discipline.	JPM	View
2022 Q3	Sep 30, 2022	Baron Opportunity Fund	4.0%	25.1%	ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI	-			View
2023 Q2	Jun 30, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AMZN, COST, DIS, ILMN, ISRG, META, NKE, PYPL, SHOP, UBER, XHB, ZTS	-			View
2023 Q1	Apr 18, 2023	Ithaka US Growth Strategy	0.2%	0.0%	CRM, DXCM, ISRG, MSFT, NVDA, SNOW	-			View
2023 Q1	Mar 31, 2023	RiverPark Large Growth	3.7%	16.4%	AAPL, DDOG, ISRG, LULU, META, NVDA, SCHW, SHOP, UBER, UHN	-			View
2023 Q4	Jan 31, 2024	Harding Loevner Global Equity	5.2%	15.6%	AMZN, ISRG, NOW, SAP, SND GR, VERX	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Alan Breed	Intuitive Surgical, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Installed base, Margins, Medical devices, Procedure Growth, recurring revenue, robotics, Surgical Systems	View Pitch
Jan 29, 2026	Fund Letters	Brad Slingerlend	Intuitive Surgical Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Medtech, Procedures, recurring revenue, robotics, Surgery	View Pitch
Jan 28, 2026	Fund Letters	KEN STUZI	Intuitive Surgical Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Medtech, Procedures, recurring revenue, robotics, Surgery	View Pitch
Jan 24, 2026	Fund Letters	Brian A. Christiansen	Intuitive Surgical, Inc.	Health Care	Health Care Equipment & Supplies	Bull	NASDAQ	buybacks, healthcare, Procedures, robotics, Surgery	View Pitch
Jan 23, 2026	Fund Letters	Scott O'Gorman	Intuitive Surgical, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	healthcare, Margins, Recurringrevenue, robotics, Surgery	View Pitch
Jan 16, 2026	Fund Letters	Dan Davidowitz	Intuitive Surgical, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	innovation, Monopoly, Procedures, robotics, Surgery	View Pitch
Jan 8, 2026	Fund Letters	Shawn Jakupi	Intuitive Surgical, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Automation, Demographics, healthcare, robotics, Surgery	View Pitch
Jan 8, 2026	Substack	Winter Gems	Intuitive Surgical	Healthcare	Medical Devices	Bear	NASDAQ Stock Market	capital gains tax, capital reallocation, growth prospects, high valuation, Intuitive Surgical, market performance, Medical devices, portfolio strategy, robotic-assisted surgery	View Pitch
Jan 8, 2026	Fund Letters	Alex Umansky	Intuitive Surgical, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Hospitals, Procedures, Reimbursement, robotics, Surgery	View Pitch
Aug 8, 2025	Seeking Alpha	Rafa F. Oliver, CFA	Intuitive Surgical, Inc.	Health Care	Medical Instruments & Supplies	Bear	NASDAQ	—	View Pitch

BSD Shareholders of ISRG

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

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

ISRG

ISRG

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BSD Shareholders of ISRG

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