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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Value | - | - | APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO | industrials, large cap, Quality, semiconductors, technology, Utilities, value | The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets. | PH AVGO SBUX ORLY APD SHW MCK INTC |
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| 2024 Q3 | Sep 30, 2024 | Bailard Technology Strategy | -1.7% | 26.4% | AAPL, AMZN, CRWD, FISV, GOOGL, KLAC, LRCX, META, MSFT, MU, NFLX, NVDA, PANW, PSTG, SHOP.TO, SMAR, SPOT, TSM, UBER, WMT | AI, cybersecurity, growth, large cap, semiconductors, software, technology | The strategy anticipates a shift in IT budgets towards AI-enabled platforms and applications after infrastructure spending peaks. Enterprises are achieving significant productivity gains through AI solutions, with examples like Walmart improving 850 million catalog pieces and Palo Alto Networks reducing support headcount by 50%. The focus is moving from infrastructure hardware to application software as AI adoption becomes more widespread. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum International Technology Fund | -3.0% | - | 8035.T, AAPL, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, META, MSFT, NFLX, NICE, ORCL, SAP, SNPS, TSM, VEEV | AI, Long/Short, semiconductors, software, technology | Market weakness in AI-related stocks due to emerging doubts about the size of the AI opportunity and concerns about excessive capex investment. Consumer AI apps struggling to find viable business models with OpenAI expected to lose $5bn this year. | View | |
| 2024 Q3 | Sep 30, 2024 | Graham and Doddsville | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, global, large cap, rates, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility. | View | |
| 2024 Q2 | Aug 12, 2024 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, AZO, CCO, CNQ.TO, EQIX, FTNT, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, REGN, TOL, VST | AI, Canada, Diversified, infrastructure, large cap, technology | AI continues to dominate market performance with tech and large-cap growth stocks leading gains. The energy demands of generative AI are significantly increasing power consumption, creating infrastructure investment opportunities. Data centers are building closer to power sources and investing in alternative energy solutions. | View | |
| 2023 Q2 | Aug 1, 2023 | Tall Oak Capital Advisors | - | - | ADBE, ASML, ATVI, BRK.A, BSX, CAT, CCO, CDNS, CNQ.TO, EQIX, FERG, IFC.TO, JNJ, LLY, LRCX, MA, MAR, MCD, MSFT, PEP, UNH | AI, diversification, Energy Transition, infrastructure, Quality, rates, value | Artificial Intelligence is garnering significant attention for its potential impact in the near term. The fund holds positions in leading semiconductor equipment companies like LAM Research and ASML Holdings, crucial players in supplying cutting-edge chips needed to drive the AI future. They believe the true core competence lies in the picks and shovels - the companies supplying the essential equipment and software. | CDNS ASML LRCX FERG AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU |
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| 2023 Q2 | Aug 1, 2023 | NZS Capital – Growth | - | - | AMZN, ASML, BALL, CDNS, CGNX, CSTM, DHR, FI, GOOGL, ISRG, LIN, LRCX, MSFT, OKTA, PGR, PYPL, RGEN, SUI, TXN, WDAY | AI, Cloud, Digital Economy, growth, innovation, semiconductors, technology | The manager views AI as creating vast opportunity for change with a wide range of outcomes, similar to the early days of the internet. AI has widened the range of outcomes for all companies and increased disruption risk. The manager believes some AI-themed stocks and large platform companies have become marginally less attractive due to this uncertainty. | View | |
| 2025 Q2 | Jul 8, 2025 | NS Partners | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility. | View | |
| 2023 Q2 | Jul 8, 2023 | Torre Financial | 13.2% | 31.9% | 6367.T, ADYEY, AMD, ANSS, ASML, CDNS, FI, GOOGL, JNJ, LIN, LRCX, LZAGY, MCHP, MEDP, MSFT, NFLX, NOW, NVDA, NVO, ON, PGR, SWAV, TSLA, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble where long-term promise is significant but near-term corrections are expected. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree rather than direct beneficiaries. | View | |
| 2025 Q2 | Jul 3, 2025 | Vltava Fund | - | - | AMAT, ARW, LRCX, URI, WSM | Currency, inflation, long-term, Quality, value, volatility | The fund emphasizes pricing over timing, focusing on buying stocks when they trade below intrinsic value with a margin of safety. They maintain a shopping list of about 100 companies and wait patiently for prices to fall convincingly below fundamental values. | View | |
| 2025 Q2 | Jul 29, 2025 | Tall Oak Capital Advisors | - | - | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy | Aging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. | EHC ISRG EHC ISRG |
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| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX | AI, financials, growth, healthcare, income, large cap, semiconductors, technology | AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund reduced AI exposure to neutral levels after taking profits, citing concerns about market concentration in this single catalyst. AI infrastructure spending by major tech companies continues to rise, supporting companies like Corning, Oracle, and Broadcom. | LRCX ABBV AVGO ORCL GLW ETN |
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| 2025 Q2 | Jul 22, 2025 | Columbia Global Technology Growth Fund | 24.8% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, semiconductors, technology, Trade Policy | AI remained the most significant driver of technology market performance during the quarter. Investors remained hyper-focused on AI infrastructure spending and return on investment across all sectors. Companies like NVIDIA reported extraordinary demand for data-center products driven by generative AI adoption across hyperscalers, enterprise and sovereign customers. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA |
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| 2025 Q2 | Jul 22, 2025 | Columbia Seligman Global Technology Fund | 19.5% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, global, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending by cloud service providers continues to grow, with companies indexed to artificial intelligence infrastructure and cloud being primary drivers of returns in the technology market. | LRCX BE SYNA 6723 JP BE AAPL LRCX |
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| 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 19, 2025 | Appalaches Capital | 7.4% | 6.9% | ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC | Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value | Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts. | EXP ASML US LRCX US EXP US |
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| 2025 Q2 | Jul 18, 2025 | Alpine Capital Research | - | - | AMZN, BN, BRK-A, CRM, CWEB, F, GLXY.TO, GM, LRCX, MA, MU, SOXX, TGT, V | AI, Data centers, Dollar, growth, semiconductors, technology, Trade Policy, US Markets | AI is reshaping markets as a present force, not a distant promise. The Magnificent 7 companies are investing $330.7 billion in capex for 2025, primarily for AI infrastructure including data centers and advanced AI models. AI currently handles 30-50% of critical functions at companies like Salesforce, with expectations of further expansion and workforce reductions as AI-driven efficiencies are implemented. | V MU LRCX GLXY.TO V MU LRCX GLXY CN |
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| 2025 Q2 | Jul 18, 2025 | NZS Capital – Growth | 19.4% | 15.1% | 1211.HK, APH, ARM, CDNS, CPRT, DHR, FI, FND, GLBE, GOOGL, HEI, IR, LRCX, MELI, MRVL, MSFT, NET, NVDA, PGR, PWR, ROP, SAIL, TOST, TSM | growth, Portfolio Management, semiconductors, software, technology, volatility | NZS views the world as a complex adaptive system subject to frequent shocks and disruptions. Their portfolio construction process is designed to handle volatility by sizing positions based on range of outcomes rather than narrow predictions. The resilient head provides ballast during volatility while the optionality tail captures asymmetry. | TOST TOST |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum Global Fund (Long Only) | 2.6% | - | 000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Technology Fund | 18.4% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. | KLAC |
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| 2023 Q2 | Jul 12, 2023 | Generation Investment Management Global Equity | - | - | AMAT, ASML, BAX, BDX, HSIC, LRCX, MSFT, NVDA, PANW, TXN | AI, Quality, semiconductors, sustainability, technology | Generative AI has entered public consciousness with ChatGPT usage growing rapidly. The technology holds great promise but economic impact will take time as companies experiment with tools. GPU usage is only 7% of servers globally. AI will benefit semiconductor equipment makers and cybersecurity companies while transforming software development. | AMAT |
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| 2025 Q2 | Jul 11, 2025 | Heartland Mid Cap Value Fund | -0.2% | 0.5% | CNC, DHI, LRCX | AI, cyclicals, fundamentals, Homebuilders, mid cap, Quality, semiconductors, value | The market's ongoing fixation with AI and growing optimism surrounding the AI boom have helped power large- and mid-cap growth stocks to new highs regardless of business model quality or valuation. The managers believe AI is a disruptive technology, but many current perceived winners could fail to live up to the hype, similar to other disruptive technologies like the internal combustion engine and the internet. | CNC LRCX DHI HUBB EG |
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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 | Distillate Capital Fundamental Stability & Value | - | 1.5% | AMGN, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, momentum, Quality, rebalancing, small caps, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. The 20 most expensive stocks account for 40% of S&P 500 capitalization and trade at multiples 106% above the rest of the market. Valuation expansion has contributed 4.6 percentage points to S&P 500 returns since 2017 but could become a headwind going forward. | View | |
| 2025 Q2 | Jun 30, 2025 | Distillate Capital International | - | 22.3% | AMGN, CRM, FERG, GMED, HCA, HII, ICLR, JBL, JNJ, KLAC, LRCX, MOS, PEP, REGN, STRL, TMUS, TPG, UNH, VST, VTRS | free cash flow, large cap, momentum, Quality, rebalancing, small caps, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as starting valuations historically predict future valuation headwinds. | View | |
| 2025 Q2 | Jun 30, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | -6.6% | 000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, large cap, momentum, Quality, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns. | 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 | |
| 2025 Q2 | Jun 30, 2025 | WS Amati Global Innovation Fund | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The manager views AI as having potential to double economic growth by empowering individuals and enterprises to achieve far more. | View | |
| 2024 Q2 | Jun 30, 2024 | Bailard Technology Strategy | 9.8% | 28.5% | AAPL, AMD, AMZN, FISV, KLAC, LRCX, META, MSFT, MU, NFLX, NTAP, NVDA, PANW, PSTG, SHOP, SNOW, SPOT, SPT, TSM, UBER | AI, growth, large cap, semiconductors, software, technology | Spending on AI infrastructure coupled with recovery in cyclical markets underscored improving fundamentals for semiconductors. Demand for high performance chips is spurring order activity for new wafer fabrication equipment, setting up a recovery in the tooling segment and strong upcycle in 2025. Apple unveiled a credible suite of AI-enabled apps and stoked expectations for a sizable iPhone upgrade cycle. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2024 Q2 | Jun 30, 2024 | EQUAM Global Value Fund | 2.0% | 4.0% | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Concentration, Federal Reserve, Global Markets, large cap, rates, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment. | KLXE HEAD LN KWS LN |
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| 2024 Q1 | May 9, 2024 | Rewey Asset Management | 9.8% | 18.5% | 8035.T, AMAT, ARIS, CAT, COLB, GE, LRCX, MKSI, RELL, WAB | Banking, Commercial real estate, energy, semiconductors, small caps, value, water | RELL is suffering from significant investor neglect due to the downcycle in the semiconductor capital equipment cycle. The manager sees substantial recovery potential as the cycle turns, with the CHIPS Act, AI, PC refresh cycle, 5G, EVs and autonomous driving as drivers. RELL's customers like LRCX are trading at all-time highs while RELL trades near multi-year lows. | RELL COLB ARIS |
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| 2026 Q1 | May 8, 2026 | Baron Durable Advantage Fund | -9.1% | -9.1% | AMZN, CME, GOOGL, LRCX, META, MPS, MSCI, MSFT, NVDA, TSM, WELL | AI, Cloud, Data centers, growth, large cap, semiconductors, technology | View | ||
| 2024 Q1 | May 7, 2024 | Long Cast Advisers | 6.0% | 16.0% | CCRD, CCRN, CTEK, DAIO, ENVX, LRCX, MTRX, PESI, PSSR, QRHC, RELL, RSSS, SNES | concentrated, Cyclical, Fundamental Analysis, small caps, Turnarounds, value | Manager focuses exclusively on small companies that are barely included in any indices, using fundamental analysis to evaluate financial statements and corporate strategies. The concentrated approach targets well-researched small companies offering compelling opportunities for high returns through long-term cash earnings analysis. | View | |
| 2024 Q1 | May 3, 2024 | Tall Oak Capital Advisors | - | - | ABBV, AMD, AMZN, BSX, CAT, CCO.TO, CDNS, CNQ.TO, CRWD, EHC, EOG, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MSFT, NVO, PANW | AI, Canada, Data centers, Diversified, energy, growth, healthcare, technology | AI adoption is rapidly increasing with 68% of companies reporting AI-related impacts on IT budgets in Q4 2023. Early adopters in software/Internet sectors are experiencing productivity enhancements and margin expansion. The focus is shifting from AI enablers to adopters in 2024, with most companies expecting AI projects in production by late 2024. | View | |
| 2025 Q1 | May 20, 2025 | Tall Oak Capital Advisors | - | - | AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK | Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy | The first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures. | MELI |
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| 2026 Q1 | May 1, 2026 | Bailard Technology Strategy | -11.3% | -11.3% | KLAC, LRCX, META, MRVL, MSFT, TSM | AI, Cloud, Data centers, hardware, semiconductors, software, technology | View | ||
| 2025 Q1 | Apr 4, 2025 | Vltava Fund | - | - | ABG, AMAT, ATD, BMW.DE, BN, BRK-A, CVE, JPM, LRCX, MKL, NVR, OSB.L, QUCO.MX, STLA, URI, WSM | Berkshire, Capital Allocation, Intrinsic Value, long-term, Quality, Speculation, value | Manager emphasizes long-term value investing approach focused on companies trading below intrinsic value with high returns on capital. Portfolio demonstrates value principles through holdings like Berkshire Hathaway purchased at significant discount to book value. | URI BRK-A |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADYEN.AS, ANSS, BALL, BMRN, CSGP, EFX, GWRE, KLAC, LRCX, LULU, MELI, NTR, PGR, PTC, SNPS, SQ, TEAM, TT, WDAY | AI, growth, healthcare, mid cap, semiconductors, software, technology | Artificial Intelligence helped lift earnings, particularly among technology stocks. The revolutionary potential of AI may drive a super-cycle in semiconductors, as AI technology will move from the data center to laptops and smartphones. | View | |
| 2026 Q1 | Apr 25, 2026 | Sands Capital Select Growth Fund | -12.9% | -12.9% | APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM | AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology | View | ||
| 2026 Q1 | Apr 25, 2026 | NZS Capital – Growth | -8.9% | -8.9% | ARM, ASML, CSU.TO, DHR, FROG, ISRG, IT, LIN, LRCX, SYK, TEAM, TSM, TYL, WDAY | AI, disruption, growth, healthcare, semiconductors, software, technology | TYL |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – Focus Growth | -17.3% | -17.3% | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility | CSGP ROL META LRCX |
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| 2026 Q1 | Apr 22, 2026 | Columbia Global Technology Growth Fund | -6.1% | -6.1% | AMAT, ASML, INTU, LITE, LRCX, MSFT, MU, NOW, NVDA, ORCL, TSM, WDC | AI, global, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 22, 2026 | Columbia Seligman Global Technology Fund | 4.8% | 4.8% | AEIS, AMAT, AVGO, BE, COHR, CRM, GDDY, GEN, LRCX, LYFT, MSFT, ORCL, TER, WDC | AI, Data centers, growth, semiconductors, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | Renaissance Investment Management – Large Cap Growth | - | - | AMAT, APP, BSX, CPRT, FIX, INTU, IT, LRCX, MSFT, TJX, ZTS | AI, growth, Iran, large cap, oil, semiconductors, technology, value | View | ||
| 2026 Q1 | Apr 20, 2026 | Hosking Partners | 3.2% | 3.2% | 000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L | AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors | View | ||
| 2026 Q1 | Apr 20, 2026 | Appalaches Capital | -2.2% | -2.2% | ASML, CNI, CP, GOOGL, LRCX, MA, V | AI, payments, Railroads, semiconductors, uncertainty, value | MA V |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NVDA, SMAR, SNAP, TWLO, UBER | AI, growth, large cap, Long/Short, Social Media, Streaming, technology | Performance was largely driven by AI hardware companies selling equipment into the AI space, with NVIDIA gaining 82% in the quarter. The artificial intelligence arms race kicked off by ChatGPT has generated tremendous demand for Nvidia's next generation graphic processors. The fund is excited about AI as a long-term trend and looks forward to valuation gains being more broadly spread through the AI ecosystem. | FIVN AAPL SNAP DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER | AI, growth, large cap, Social Media, Streaming, technology | AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI. | NFLX UBER DIS META NVDA |
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| 2026 Q1 | Mar 31, 2026 | PGIM Jennison Global Opportunities Fund | -11.7% | -11.7% | ASML, AVGO, COST, GEV, GOOGL, HOOD, LRCX, MSFT, PLTR, SHOP.TO, TSM | aerospace, AI, energy, global, growth, semiconductors, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | Columbia Global Technology Growth Fund | -12.3% | -12.3% | AAPL, AMZN, AVGO, BABA, GOOGL, LRCX, MA, META, MRVL, MSFT, NOW, NVDA, TMUS, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, tariffs, technology, Trade Policy | Advances in AI remained the key market theme since ChatGPT's launch in November 2022, but the market took a more critical view in Q1 2025. A Chinese AI startup DeepSeek sent shockwaves through global financial markets after releasing a powerful AI model claimed to be developed at a fraction of the cost of American alternatives. Investors remained hyper-focused on benchmarking return on investment from the massive outlays of capital investment expected across the technology industry to enable more productivity from generative AI. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Seligman Global Technology Fund | -12.7% | -12.7% | 6723.T, AAPL, AVGO, BE, CHKP, EBAY, FFIV, GEN, GOOGL, GPN, LRCX, MRVL, MSFT, NVDA, ON, TER, TMV.DE, V | AI, Cloud, cybersecurity, global, semiconductors, tariffs, technology | AI continues to be the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending from publicly traded cloud service providers including Microsoft, Google, Amazon, Oracle and Meta is continuing to grow. However, concerns emerged about the size of AI-related capital expenditure spending and a slowdown in cloud spending as AI models become cheaper and more efficient. | View | |
| 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 | |
| 2025 Q1 | Mar 31, 2025 | RVK | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | 0700.HK AVGO NVO LSEG.L LRCX GOOGL |
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| 2024 Q1 | Mar 31, 2024 | Platinum International Technology Fund | 15.2% | 15.2% | ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V | AI, Cloud, semiconductors, software, technology, value | Fund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%. | View | |
| 2023 Q1 | Mar 31, 2023 | Evolve Private Wealth | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns. | 000700.HK AVGO AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT LSEG.L LRCX GOOGL |
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| 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 | Mar 1, 2025 | Columbia Global Technology Growth Fund | 6.1% | 31.7% | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. | View | |
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | AI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. | View | |
| 2025 Q4 | Feb 9, 2026 | Shelton Equity Income Strategy | 4.4% | 18.5% | CAH, FAST, GM, GOOGL, HPQ, LRCX, MRK, PYPL, TMUS, VICI | dividends, financials, healthcare, income, Options, technology, volatility | The market experienced turbulence in November marked by concerns about the sustainability of AI-driven investment. Looking ahead to 2026, the AI trade will be in focus as investors may start to expect companies to show returns on the capital being invested in AI infrastructure. The fourth quarter delivered continuation of upside since April, with the market hitting new all-time highs in October before experiencing a shaky November. The Equity Income strategy is positioned to capitalize on volatility and buffer any pullbacks in the near term. | View | |
| 2025 Q4 | Feb 23, 2026 | Bailard Technology Strategy | -2.2% | 19.2% | ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD | AI, growth, infrastructure, positioning, semiconductors, software, technology | The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements. | View | |
| 2025 Q4 | Feb 23, 2026 | Barometer Capital Management | 0.0% | 0.0% | AEM.TO, BBD-B.TO, BVN, CAT, CLS.TO, CPX.TO, FTT.TO, GOOGL, HWM, K.TO, LRCX, MS, NA.TO, POW.TO, RTX, RY.TO, SAN, SE, TTWO, TVE.TO | AI, Canada, Copper, defense, energy, financials, Precious Metals, semiconductors | AI infrastructure remained a pillar of market leadership despite some consolidation in December. The market continued to distinguish between AI-enablers where demand remained strong and more cyclical parts of the chip complex, reinforcing the durability of the infrastructure buildout theme. Semiconductors exposed to AI maintained strength as semiconductor capital spending remained supported by AI-driven demand for advanced chips. Defense spending stayed elevated amid ongoing geopolitical uncertainty, supporting backlog strength and long-cycle earnings durability for aerospace and defense companies. RTX and Howmet extended gains as commercial aerospace demand remained strong and defense spending supported long-cycle revenue visibility through backlogs. Precious metals experienced renewed volatility during the quarter, with gold and silver weakening sharply into the end of October after an extended run higher. The pullback created opportunity as the manager re-engaged at lower levels when the market stabilized and the broader macro backdrop remained supportive for hard assets. Gold miners delivered strong returns throughout the year despite some weakness in final days of December. Copper prices surged into year-end amid rising demand tied to electrification, infrastructure, and data-center buildouts, alongside persistent supply constraints. This supported miners levered to the copper theme, with materials exposure contributing positively through companies like Hudbay Minerals and Rio Tinto benefiting from strength in copper and base metals. The portfolio benefited from exposure to global power demand themes, with Caterpillar continuing to benefit from robust demand in its energy & transportation business increasingly tied to expanding global power needs, particularly the build-out of AI data centers requiring reliable on-site generation capacity. Nuclear energy remained supported by structural tailwinds including rising global demand for reliable baseload power. Financials added to returns with banks demonstrating strong earnings power and shareholder return capacity. Morgan Stanley benefited from a supportive backdrop for capital markets activity and wealth management momentum, while Canadian banks continued to demonstrate resilient profitability and capital strength supporting shareholder return expectations. | TVE CN LRCX CAT |
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| 2023 Q4 | Feb 20, 2024 | Tall Oak Capital Advisors | - | - | AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO | Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology | The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution. | PANW |
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| 2024 Q4 | Feb 13, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, ANET, AR, CCO.TO, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, PLTR, REGN, TOU.TO, VST | AI, Data centers, energy, growth, infrastructure, Quality, technology | AI's rapid expansion is driving unprecedented demand for high-performance data centres, with AI workloads requiring vast computing power and significantly increased energy consumption. Hyperscalers are rapidly expanding infrastructure, pushing AI data centre power demand projected four times higher by 2030. | ANET GEV |
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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 | |
| 2025 Q4 | Dec 31, 2025 | ACATIS Investment | 0.0% | 0.3% | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM |
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| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – Large Cap Growth | - | - | ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX | AI, defense, growth, healthcare, large cap, technology | Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets. | PINS BAH HCA AVGO APP |
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| 2024 Q4 | Dec 31, 2024 | Baron Health Care Fund | -9.6% | 1.3% | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, large cap, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while strengthening fundamentals of mega-cap companies. The technology holds potential to double economic growth by empowering individuals and enterprises to achieve far more. | View | |
| 2023 Q4 | Dec 31, 2023 | Bailard Technology Strategy | 20.0% | 68.2% | AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI | AI, growth, semiconductors, software, technology | Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries. | View | |
| 2023 Q4 | Dec 31, 2023 | Peapack Private | - | - | GLXY.TO, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, global, large cap, rates, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The manager sees AI as having potential to double economic growth by empowering individuals and enterprises to achieve far more. | View | |
| 2024 Q3 | Nov 8, 2024 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, AZO, CAT, CCO.TO, DLR, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, TOL, VRT, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology, Utilities | AI's explosive growth is driving unprecedented demand for high-performance computing infrastructure, creating massive investment opportunities in data centers, semiconductors, and power management systems. The technology requires vast amounts of data processing, storage, and analysis, leading to significant capital investments from tech companies. AI-driven workloads demand cutting-edge hardware including GPUs, ASICs, and accelerators for high-speed data processing. | DLR VST |
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| 2023 Q3 | Nov 30, 2023 | Spear Advisors | -3.5% | 0.0% | APLD, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF | AI, Automation, energy, Industrial, semiconductors, Space, technology | The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is highlighted as a key breakthrough trend in industrial technology that the fund targets. | View | |
| 2025 Q3 | Nov 17, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology | AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. | TW META MSFT GS JPM NVDA ASML NA BABA US |
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| 2025 Q3 | Oct 9, 2025 | Heartland Mid Cap Value Fund | 1.6% | 2.1% | CNC, DHI, LRCX | AI, healthcare, Homebuilders, mid cap, Recession, semiconductors, Unemployment, value | Growing optimism surrounding the AI boom and corresponding surge in electricity demand have helped power large- and mid-cap growth stocks to new highs regardless of business model quality or valuation. The manager believes AI is disruptive technology but many current perceived winners could fail to live up to the hype, similar to other disruptive technologies like the internal combustion engine and internet. | LRCX DHI |
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| 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 | |
| 2025 Q3 | Oct 30, 2025 | Guinness Global Innovators | - | 8.1% | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | View | |
| 2025 Q3 | Oct 28, 2025 | Columbia Global Technology Growth Fund | 12.1% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, innovation, semiconductors, technology | AI remained the most significant driver of technology market performance during the quarter. The fund benefited from AI infrastructure investments, with companies like NVIDIA reporting extraordinary demand for data-center products and Broadcom seeing AI semiconductor chips become a majority of revenue. The transformative potential of AI continues to drive investor enthusiasm across all sectors of the economy. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AVGO US NVDA US ALAB US AVGO US NVDA US ALAB US |
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| 2025 Q3 | Oct 28, 2025 | Alpine Capital Research | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, global, growth, rates, semiconductors, South Africa, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility for companies to pivot if needed. | View | |
| 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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| 2025 Q3 | Oct 21, 2025 | Columbia Seligman Global Technology Fund | 23.7% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, energy, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. The primary driver of returns has been companies indexed to artificial intelligence infrastructure and the cloud. AI workloads require more advanced chips, driving demand for semiconductor equipment solutions. | ORCL AVGO WDC BE AVGO WDC LRCX BE |
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| 2025 Q3 | Oct 21, 2025 | Bailard Technology Strategy | 9.4% | 21.9% | AAPL, AMZN, APP, CDNS, CYBR, FI, GOOGL, HUBS, INTU, KLAC, LRCX, META, MSFT, NSIT, NVDA, PSTG, SHOP, SPOT, TSM | AI, Data centers, energy, growth, infrastructure, semiconductors, software, technology | AI-driven demand continues to anchor sector fundamentals with surging investment in compute capacity and infrastructure. The focus has shifted to operational scalability, energy efficiency, and maturing economics of AI deployment. Computing efficiency now hinges on tokens per watt rather than simply low-cost silicon, making energy the binding constraint in modern AI data centers. | View | |
| 2025 Q3 | Oct 20, 2025 | Appalaches Capital | 7.0% | 14.4% | ACGL, AMZN, AZO, BRK-B, CME, COST, CP, CSX, GOOGL, LRCX, PGR | Concentration, insurance, long-term, Railroads, semiconductors, value | Progressive represents a scale economies shared model where the company maintains a 96% combined ratio target, passing scale efficiencies to customers through lower premiums. This creates a flywheel effect attracting more customers and enabling further cost reductions through better data and economies of scale. | LRCX CSX PGR LRCX CSX PGR |
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| 2025 Q3 | Oct 20, 2025 | Alpha Wealth Funds – The Insiders Fund | - | 14.8% | AMAT, AMD, APPF, AXON, ET, GOOG, INTC, LLY, LRCX, MRVL, ROK | AI, energy, growth, healthcare, insider buying, semiconductors, technology, value | The fund attributes its biggest gains to heavy concentration in the AI technology investment boom. Several key positions were supported by insider buying in semiconductor companies like AMD, Applied Materials, and Marvell Technologies. The manager views AI as driving secular demand for chips, advanced packaging, and memory capex globally. | MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG MRVL AMD INTC AMAT LLY APPF ROK AXON ET GOOG |
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| 2025 Q3 | Oct 20, 2025 | NZS Capital – Growth | 3.9% | 19.6% | ADSK, AMT, APH, ASML, CMG, CSU.TO, DHR, FI, GOOGL, IT, LRCX, MCHP, MPWR, NOW, ROP, SNPS, TEAM, TSM, URI, WDAY | AI, cybersecurity, growth, Identity, semiconductors, software, technology | NZS discusses AI as the largest platform shift yet, threatening business models while promising productivity advances. They emphasize the widening range of outcomes and the need to avoid narrow predictions in AI investing. The firm highlights AI's expansion of the total addressable market for identity governance and security software. | SAIL SAIL |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner International Small Companies Equity | -1.1% | 17.3% | AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN | AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap | The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery. | MEDI NO AFX GR 6869 JP |
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| 2025 Q3 | Oct 19, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX | AI, financials, growth, healthcare, income, large cap, semiconductors, technology | AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund maintains exposure to AI infrastructure leaders like Corning, Oracle, and Broadcom, though managers reduced AI exposure to neutral levels after taking profits due to concentration concerns. | View | |
| 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 16, 2025 | Distillate Capital Fundamental Stability & Value | - | 6.5% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | Benchmarks, Concentration, large cap, Quality, technology, valuation, value | Manager emphasizes systematic value investing approach focused on free cash flow valuation rather than book value. Strategy trades at 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. Systematic quarterly rebalancing allows proceeds from expensive stocks to flow into cheaper names with higher underlying cash flows. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital International | - | 33.3% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, Quality, valuation, value | The manager emphasizes that while the Russell 1000 Value benchmark is intended to offer a counter to valuation risk, it suffers from being demarcated on book value which inadequately measures valuation in today's economy. Their U.S. FSV strategy offers substantially better valuation at 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. | CMCL LN |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | 3.4% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Large Cap Value | - | 9.0% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership. | IT US ACN US ADBE US CRM US |
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| 2025 Q3 | Oct 13, 2025 | Greenalpha Investment | - | - | ACHR, ANET, AVGO, CRWD, LRCX, MU, NET, RBRK, STX, XPEV | AI, China, cybersecurity, Electric Vehicles, Energy Transition, infrastructure, semiconductors, technology | AI infrastructure buildout is creating massive power demands that are forcing the energy transition. Microsoft and Google have committed over $100 billion in combined data center capex through 2026. The fund is positioning ahead of the infrastructure bottleneck in grid-scale storage, power management semiconductors, and modular nuclear solutions. | XPEV RBRK AVGO NET XPEV RBRK AVGO NET |
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| 2025 Q3 | Oct 12, 2025 | Rewey Asset Management | - | 9.3% | AMAT, III, KD, LRCX, UCTT, VREX, WMT | AI, Cyclical, Fed Rates, Labor Market, semiconductors, small caps, value | Manager sees rotation from large-cap to small and smid-cap stocks beginning, with smaller cap indices outperforming in 3Q25. A modest 1% reallocation from S&P 500 to Russell 2500 Value would equate to buying 11% of that index, creating potential for significant outperformance as Fed cuts rates and economic conditions improve. | UCTT KD VREX |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | Concentration, discount, healthcare, Hotels, Quality, semiconductors, Spirits, value | Vulcan focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value. The firm emphasizes companies with sustainable competitive advantages and superior returns on capital. Price-to-value ratios are at historically attractive levels across their strategies. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | healthcare, Hospitality, large cap, Quality, semiconductors, Spirits, value | The firm focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value with sustainable competitive advantages. They target companies with pricing power, strong margins, and high returns on invested capital across multiple strategies. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | Competitive Advantage, large cap, Margin Of Safety, Quality, value | The firm focuses on purchasing securities with substantial margin of safety in terms of value over price, targeting companies trading well below fair value. They emphasize reducing portfolio price-to-value ratios through disciplined buying and selling decisions. | DEEPSEEK AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH | concentrated, discount, large cap, Quality, small cap, value | Vulcan focuses on purchasing high-quality businesses at substantial discounts to intrinsic value with sustainable competitive advantages. The firm emphasizes price-to-value ratios and margin of safety as key investment criteria. They recently reopened Small Cap and All Cap strategies due to historically attractive price-to-value ratios. | DEEPSEEK SMRT EDELWEISS ITRN MLKN AAPL|MSFT|NFLX|NVDA|UNH TXN AMAR DEO |
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| 2024 Q3 | Oct 10, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI | AI, Automation, Digital, growth, insurance, semiconductors, technology | The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift. | PGR |
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| 2025 Q3 | Oct 1, 2025 | Infuse Partners | 33.2% | - | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, international, Quality, small caps, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | TMDX US |
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| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY | AI, growth, portfolio, semiconductors, software, technology, Valuations | AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction. | TSM |
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| 2023 Q4 | Jan 9, 2024 | Carrington Wealth Management | - | - | GLXY.TO, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, large cap, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility. | View | |
| 2024 Q4 | Jan 6, 2025 | Vltava Fund | 0.0% | 0.0% | 000660.KS, 005930.KS, 8035.T, AMAT, ASML, BRK-A, KLAC, LRCX, MU, TSM, WSM | Concentration, Equipment, semiconductors, technology, value | The fund added Applied Materials and Lam Research to join existing holding KLA Corporation, creating exposure to three companies that operate as oligopolies in semiconductor equipment manufacturing. These companies have dominant global positions with net margins around 27% and ROCE of 30%, manufacturing equipment essential for advanced chip production. The manager views this as one collective investment into a critical segment of the global economy with high barriers to entry and sustainable competitive advantages. | LRCX AMAT |
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| 2025 Q4 | Jan 30, 2026 | Alpha Wealth Funds – The Insiders Fund | -0.4% | 30.8% | AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK | AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology | Geopolitical events and government incentives like the U.S. CHIPS Act are driving monumental investment to localize advanced semiconductor manufacturing in the U.S. and allied nations. This builds resilience and meets future demand from AI, 5G/6G, and advanced auto. The fund seeks direct beneficiaries of this capital expenditure cycle. Focus expands beyond Generative AI and LLMs to Physical AI—the integration of AI/ML into autonomous physical systems and advanced robotics. The next wave of productivity will come from intelligent machines executing complex real-world tasks. This includes foundational AI infrastructure, Edge AI hardware, and advanced Industrial/Service Robotics. The fund is positioned around the thesis that the U.S. Government will spend whatever amount necessary to assist the government-private industry partnership to reshore the semiconductor industry. Companies like Applied Materials dominate wafer fabrication equipment as AI, advanced packaging, and memory capex ramp globally. Broader echo of the semiconductor trend covering other critical industries like rare earth metals, batteries, and pharmaceuticals where focus is shifting from lowest-cost sourcing to supply chain resilience. The fund targets companies establishing highly automated, next-generation domestic production capabilities. | NSC INTC MRVL NUE ROK AMAT APPF ET GOOG |
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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 27, 2026 | Fawkes Capital Management | 5.4% | 35.5% | 000660.KS, 0300.HK, AMAT, AMD, INTC, LRCX, TSM | AI, Asia, Bubble, Equipment, infrastructure, semiconductors, technology | AI infrastructure investment could reach $400 billion in 2026, equivalent to 1.5% of US GDP, potentially doubling economic growth. Unlike the dotcom bubble, AI infrastructure must scale dynamically with usage as demand is real and immediate. However, AI remains largely uneconomic with only 5% of ChatGPT users paying for services. Global chip shortage driven by accelerating AI demand has caused memory chip prices to triple in 2025. Intel and AMD are flagging logic chip supply constraints while leading foundries like TSMC and SK Hynix announced double-digit capex increases, pointing to significant equipment demand. | 8637 HK |
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| 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 |
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| 2025 Q4 | Jan 21, 2026 | Columbia Global Technology Growth Fund | 2.0% | 25.1% | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology | The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies. | NOW MU TSM GOOGL |
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| 2025 Q4 | Jan 21, 2026 | Columbia Seligman Global Technology Fund | 5.0% | 35.4% | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology | AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption. | AMAT TER WDC BE LRCX NVDA |
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| 2025 Q4 | Jan 21, 2026 | Renaissance Investment Management – Large Cap Growth | 0.0% | 0.0% | AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM | AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation | AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies. | NFLX AMAT GOOG |
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| 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 |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Growth & Income Fund | 0.0% | 0.0% | ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS | AI, Capital markets, earnings, growth, large cap, semiconductors, technology | AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance. | 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 | |
| 2024 Q3 | Sep 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, AMAT, AMZN, ASML, AVGO, CRWD, GOOGL, INTC, LRCX, MA, META, MSFT, NVDA, ORCL, SNPS, TSM | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with investors taking a more nuanced approach, focusing on return on investment from elevated generative AI spending. Groundbreaking advances in AI have reignited interest across technology and strengthened secular growth trends. The fund continues to monitor new opportunities from continued advances in AI. | ORCL AVGO AAPL |
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| 2024 Q3 | Sep 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | AI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. | View | |
| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2024 Q2 | Jun 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, ACN, AMD, AMZN, ASML, AVGO, CRM, GOOGL, INTC, LRCX, MA, MSFT, NVDA, SNPS, TSM | AI, global, growth, large cap, semiconductors, technology | AI remains the key market driver since OpenAI introduced ChatGPT in late 2022. Ground-breaking advances in AI reignited interest across technology and strengthened secular growth trends. The AI theme broadened out as investors pondered ramifications of the steadily evolving AI economy, with companies looking to become more productive from this transformative technology. | INTC CRM AMD AAPL AVGO NVDA |
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| 2024 Q2 | Jun 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG | AI, Cloud, growth, semiconductors, technology | AI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Advantage Global Fund | 5.3% | 19.5% | AAPL, AMZN, CMCSA, GOOGL, JNJ, LRCX, MSFT, NVDA, QCOM, SPGI | AI, global, growth, large cap, momentum, technology | The fund successfully captured the dominant artificial intelligence theme through sentiment and macro-thematic insights. AI leaders drove strong earnings in May, igniting another rally as investor focus shifted to earnings momentum. The AI theme continued its persistent returns throughout the quarter. | View | |
| 2025 Q1 | Apr 21, 2025 | Appalaches Capital | 0.5% | 0.5% | ACGL, ASML, AZO, CME, CNI, CSX, GOOG, LAD, LRCX, SGOV | Cyclical, insurance, Quality, Railroads, semiconductors, tariffs, Trade Policy, value | New tariff policies announced in February and March have created market volatility, with reciprocal tariffs causing the S&P 500 to drop 20% below recent highs. The manager draws parallels to historical trade restrictions but believes current policies will not end American hegemony due to strong institutional foundations. | LRCX ASML ACGL |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Small Companies Equity | -10.5% | -10.5% | AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN | emerging markets, Europe, growth, international, Japan, Quality, small cap | The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets. | View | |
| 2023 Q1 | Mar 5, 2023 | Spear Advisors | -3.5% | 0.0% | ALAB, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF | AI, Automation, energy, Industrial, semiconductors, Space, technology | The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is listed as a primary investment focus area for the fund's industrial technology strategy. | View | |
| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, CDAY, CRWD, CSGP, DT, GOOGL, GTOS, GWRE, HUBS, ILMN, INDY, IT, LEGN, LRCX, META, MRVL, MSFT, NOW, NVDA, RIVN, SHOP, SWAV, TSLA, TTD, V, VKTX, WDAY | AI, Cloud, growth, innovation, semiconductors, software, technology | AI is described as real and transformative, not hype, with the fund positioned across the AI stack from semiconductors to cloud services to applications. The manager emphasizes they have been investing in AI for years, predicting it will forever change human-computer interaction through natural language processing. | LRCX AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Jan 24, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, selectivity, valuation, value | The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | 6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM | Concentration, free cash flow, international, Mega-caps, Quality, value | The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, valuation, value | The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 30, 2026 | Substack | Rijnberk Invest Insights | Lam Research | Semiconductors & Semiconductor Equipment | Semiconductor Equipment | Bull | NASDAQ Stock Market | AI boom, Deposition, Etching, financial health, geopolitical risks, innovation, market share, semiconductor equipment, shareholder returns, Wafer Cleaning | View Pitch |
| Apr 28, 2026 | Fund Letters | Baron Opportunity Fund | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Deposition, DRAM, Etch, Nand, semiconductor equipment, technology, WFE | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Focus Growth | Lam Research Corporation | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, datacenters, Deposition, Etch, Hardware, Memory, semiconductor equipment, software integration, Vendor Lock-in | View Pitch |
| Apr 28, 2026 | Fund Letters | Tall Oak Capital Advisors | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Chip Manufacturing, Leading-edge Equipment, Picks and shovels, semiconductor equipment, technology hardware | View Pitch |
| Apr 27, 2026 | Fund Letters | Evolve Private Wealth | Lam Research Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Packaging, AI chips, China Demand, Etch Processes, High-Bandwidth Memory, NAND flash, semiconductor equipment, Wafer Fabrication | View Pitch |
| Apr 13, 2026 | Fund Letters | Columbia Seligman Global Technology Fund | Lam Research | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Chips, AI infrastructure, Deposition, Etch Solutions, Memory Manufacturing, NAND flash, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Appalaches Capital | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Capital equipment, Cyclical, Deposition, Etch Equipment, Memory, Nand, patents, semiconductors, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Ai Memory, bookings growth, Capital equipment, manufacturing, semiconductor equipment, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Mid Cap Value Fund | Lam Research | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Cyclical Upcycle, Etch Process, industry consolidation, market share gains, Memory Customers, Quality Value, recurring revenue, Semicap, semiconductor equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Alpine Capital Research | Lam Research Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Attractive Valuations, Fabrication Machinery, Modern Utility, Semiconductor Ecosystem, semiconductor equipment, Technology Enabler | View Pitch |
| Apr 13, 2026 | Fund Letters | RVK | Lam Research Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Packaging, AI chips, China Demand, Deposition, Etch Technology, High-Bandwidth Memory, NAND flash, semiconductor equipment, Wafer Fabrication | View Pitch |
| Apr 13, 2026 | Fund Letters | Vltava Fund | Lam Research | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Cyclical, high barriers to entry, oligopoly, Plasma Etching, Roce, semiconductor equipment, Share Buybacks, technology, Wafer Fabrication | View Pitch |
| Feb 26, 2026 | Fund Letters | David Burrows | Lam Research Corporation | Information Technology | Semiconductor Materials & Equipment | Bull | NASDAQ | AI, CapEx, Cyclicals, Fabrication, infrastructure, semiconductors | View Pitch |
| Jan 29, 2026 | Fund Letters | Brad Slingerlend | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Complexity, Margins, semiconductor equipment | View Pitch |
| Jan 24, 2026 | Fund Letters | Vimal Patel | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CapEx, Deposition, Etch, HBM, Memory, Semicap | View Pitch |
| Dec 5, 2025 | Fund Letters | Vimal Patel | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Equipment, Memory, Packaging, R&D, semiconductors | View Pitch |
| Dec 3, 2025 | Fund Letters | Nick Tompras | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, Cycles, Equipment, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Colin McWey | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CapEx, consolidation, Etch, market share, Semicap, services, Upcycle | View Pitch |
| Nov 29, 2025 | Fund Letters | Jake Keys | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bear | NASDAQ | capital intensity, Cycle risk, Export controls, multiple expansion, valuation, Wafer fab equipment | View Pitch |
| Nov 28, 2025 | Fund Letters | Jake Keys | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bear | NASDAQ | capital intensity, Cycle risk, Export controls, multiple expansion, valuation, Wafer fab equipment | View Pitch |
| Nov 28, 2025 | Fund Letters | Vimal Patel | Lam Research Corp. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cycle recovery, Margins, Nand, ROIC, semiconductors, Wafer fab | View Pitch |
| Oct 28, 2025 | Substack | Rijnberk Invest Insights | Lam Research | Information Technology | Semiconductor Equipment & Materials | Bull | Advanced computing, AI, China exposure, EPS growth, Export restrictions, Free Cash Flow, R&D investment, Revenue Growth, semiconductor equipment, shareholder returns | View Pitch | |
| Oct 12, 2025 | Substack | Rijnberk Invest Insights | Lam Research | Information Technology | Semiconductor Equipment & Materials | Neutral | AI hardware, Capital-light, Etch and deposition, Free Cash Flow, long-term growth, market leader, Quiet compounder, Semiconductor manufacturing, Structural positioning, Technological necessity | 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. | ||||||||