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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
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	View
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	View
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	View
2023 Q1	Apr 18, 2023	Kovitz Core Equity	9.1%	9.1%	ANET, AXP, GOOGL, J, KEYS, LVS, META, PM, PPG, PWR, V	AI, Banking, compounders, long-term, Quality, value	Rapid innovation in AI, particularly Microsoft's partnership with ChatGPT creator OpenAI to enhance Bing's search capabilities, is creating intensifying competition in search. This may lead to a period of change in how people interact with search and the Internet, potentially affecting Alphabet's dominant position.	0PMJ LN KEYS 0JZ0 LN AXP PPG ^VIX	View
2022 Q1	Apr 15, 2022	Kovitz Core Equity	-4.9%	-4.9%	HAYW, J, SPOT	-			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
2023 Q2	Dec 7, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging AI threats and expect management to make appropriate strategic choices for the long term.	SCHW USB	View
2023 Q3	Nov 14, 2023	Third Point Partners	3.9%	14.0%	BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST	credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit	The market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications.		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
2022 Q3	Oct 17, 2022	Kovitz Core Equity	-5.4%	-26.7%	ADI, BKNG, J, JPM, KMX, NTRS, PWR	-			View
2023 Q3	Oct 15, 2023	Madison Investors Fund	7.8%	17.0%	A, ACGL, ADBE, ADI, ALC, DLTR, FI, GOOGL, J, LBRDK, LOW, TEL, TJX, TXN	growth, healthcare, insurance, retail, semiconductors, technology, value	Alphabet is rapidly incorporating artificial intelligence technology into its suite of products and services, which will drive additional opportunities for growth rather than threaten its existing market position. Early signs are positive, with Alphabet maintaining its global search engine market share and announcing new products.	0A53LN TXN	View
2023 Q3	Oct 15, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	ADI, BMY, COST, DIS, EL, GOOGL, HD, J, LLY, NEE, ORCL, PEP, TEL, TGT, TXN, UNH	growth, healthcare, infrastructure, large cap, Quality, semiconductors, sustainability, technology	Eli Lilly's diabetes franchise, particularly Mounjaro, continues to drive performance with approval for diabetes and expected approval for obesity treatment later this year. The company is also awaiting approval of donanemab for Alzheimer's by year end.	TXN GOOGL 0JZ0 LN ALLY	View
2025 Q3	Oct 14, 2025	Sequoia Fund	1.6%	21.6%	COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS	financials, healthcare, Media, semiconductors, technology			View
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
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 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	View
2023 Q1	Apr 14, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology, value	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging threats and expect management to make sound strategic choices for the long term.	SCHW USB	View
2024 Q4	Feb 19, 2025	Voss Value Offshore Fund	9.6%	19.2%	AMTM, CTS.TO, EEFT, FUJHY, J, MBGYY, PLYA, SWI, TM, TSLA	buyouts, Long/Short, M&A, small caps, special situations, value	The fund's main theme for 2025 focuses on small cap M&A and special situations after two years of dismal deal flow. Three quick wins from acquisitions occurred year-to-date: SWI, CTS CN, and PLYA. The manager expects several additional portfolio companies to be acquired as the year progresses.	AMTM FUJHY MBGYY EEFT	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
2024 Q4	Jan 23, 2025	Aristotle Small Cap Equity Fund	-0.5%	9.4%	ACHC, AMTM, ASC, AXTA, AZPN, COLD, DY, EMR, GTLS, HASI, HURN, HXL, INFN, J, KBH, LQDT, MTSI, NOK, SUM, TROX	healthcare, industrials, M&A, materials, small caps, technology, value	Manager remains optimistic about long-term potential for small-cap segment. Valuations within small-cap segment remain compelling relative to large caps, with Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, increased M&A activity, continued decline in interest rates, continued reshoring of U.S. manufacturing, and infrastructure-related spending.	TROX HXL AXTA COLD AMTM ASC ACHC GTLS	View
2023 Q4	Jan 14, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO	financials, healthcare, inflation, large cap, rates, Sustainable, technology	Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	L1 Capital International Fund	Jacobs Solutions	Industrials	Construction & Engineering	Bull	NYSE	AI infrastructure, Bull, CHIPS Act, Construction & Engineering, infrastructure, margin expansion, market leadership, secular growth	View Pitch
Jan 24, 2026	Fund Letters	Ted Alexander	Jacobs Solutions Inc.	Industrials	Engineering & Construction	Bull	New York Stock Exchange	AI, efficiency, engineering, infrastructure, services	View Pitch
Jan 16, 2026	Fund Letters	David Steinthal	Jacobs Solutions Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	AI, backlog, Consulting, engineering, infrastructure	View Pitch
Jan 8, 2026	Fund Letters	David Steinthal	Jacobs Solutions Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	Advanced Manufacturing, Engineering services, infrastructure, margin expansion, spin-off, valuation re-rating, Water	View Pitch

BSD Shareholders of J

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
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