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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Baron Focused Growth Fund | 12.7% | 3.7% | ABNB, ACGL, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | Balance Sheets, consumer discretionary, growth, small caps, tariffs, technology | Tesla continues to benefit from sequential acceleration in automotive segment and new lower-cost models expected in 2025. The company's energy storage business is growing and becoming a significant contributor to earnings and margins. Tesla should benefit from its eight-year, $10 billion investment in AI training for autonomous technology. | View | |
| 2025 Q2 | Jul 30, 2025 | Third Point Partners | 7.5% | - | CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X | AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy | Continued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits. | INF.L CASY RKT INF LN CASY RKT |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD | Buybacks, global, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company. | WBD FIS FDX CNX |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CHTR, CNHI, CNX, FBHS, FDX, FFH, FIS, H, IAC, K, LBRDA, LYV, MAT, RTX, WBD, WMG | Buybacks, free cash flow, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. FIS is repurchasing 10% of the company, CNX continues share repurchase at a double-digit annualized pace, and FedEx maintains a 6% annualized repurchase pace with another $5 billion program authorized. | WBD LBRDA FDX CNX FIS |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.5% | -4.5% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | Facilities Management, real estate, small cap, tariffs, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The firm welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Large Cap | -2.1% | -2.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | healthcare, large cap, real estate, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price to value ratios across all strategies. | SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.1% | -4.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Asset Management, real estate, tariffs, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The manager welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | SW PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -6.0% | -6.0% | ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Cloud, concentrated, large cap, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies. | SODEXO.PA SWKS PRG ITRN ISS JLL TPG SWK MEDP |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 15, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM | energy, Hedging, large cap, Quality, risk management, technology | AI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements. | AMZN NVDA VST RIVN LBRDA SBH |
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| 2025 Q1 | Mar 31, 2025 | Baron Focused Growth Fund | -8.0% | -8.0% | ABNB, ACGL, AMH, ANSS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, financials, growth, real estate, software, technology | X.AI Holdings Corp. is developing an AI model to understand the true nature of the universe, launching Grok 3 which demonstrated top scores ahead of other industry-leading AI models. The company opened the Colossus data center with over 100,000 GPUs and recently acquired X (formerly Twitter) to access vast real-time multimodal data from 600 million users. Tesla's AI ambitions include a robotaxi service launching this year and a fast-growing humanoid program that could transform its growth story. | View | |
| 2025 Q1 | Mar 31, 2025 | Meridian Hedged Equity Fund | -0.2% | -0.2% | ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU | Hedging, Options, Quality, tariffs, value, volatility | The first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers. | AMZN ACVA MGM GEO V ICE |
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| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities | Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. | PCG ENR.DE LYV BN |
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| 2025 Q4 | Feb 12, 2026 | Artemis US Select Fund | 7.0% | 10.0% | AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC | AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities | The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment. | View | |
| 2024 Q4 | Feb 10, 2025 | Meridian Hedged Equity Fund | 0.1% | 13.1% | ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU | downside protection, Hedged Equity, large cap, Options, Quality, risk management | Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses. | VST AMZN V COTY DHR AMT |
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| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -7.3% | 1.3% | AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value | Small Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -2.5% | 13.6% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SW.ST, UNH | Alternative Asset Managers, Concentration, healthcare, insurance, international, value | Manager emphasizes buying companies with stable values at attractive margins of safety. Portfolio price-to-value ratios remained relatively flat despite double-digit returns as capital was reallocated from companies whose prices rose faster than values into more discounted opportunities. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 6.3% | 26.1% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | concentrated, Intrinsic Value, large cap, long-term, Margin Of Safety, value | Everest Group is a global reinsurance and insurance business known for disciplined underwriting. The company underwrites aggressively in hard markets and builds capacity during soft markets, focusing on growing intrinsic value per share over long-term rather than managing short-term earnings. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 7.4% | 27.5% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value | Vulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Focused Growth Fund | 14.4% | 29.5% | ABNB, ACGL, AMH, ANSYS, BRKR, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KREM, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP.TO, SPOT, TSLA, VRSK | consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, Streaming, technology | Tesla continues to demonstrate strong performance with 54% quarterly gains, driven by core automotive acceleration and new lower-cost model releases expected in 2025. The company benefits from lower interest rates helping car sales and halting continuous price reductions, while energy storage business grew 60% sequentially. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Mid Cap Fund | 5.1% | 12.0% | APP, EXAS, FTV, GDDY, GTLB, HOOD, HUBB, IR, LYV, MPWR, MRVL, ON, ONTO, PLTR, PSTG, SHOP, SPOT, TEAM, USFD, XYL | AI, Biotechnology, Cloud, growth, healthcare, mid cap, semiconductors, technology | AI adoption is driving growth across portfolio holdings including custom AI chips from Marvell, networking solutions from Arista Networks, and cloud software companies integrating AI functionality into their platforms. Data centers require vast amounts of electricity to power AI infrastructure, creating energy demand challenges. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Global Discovery | 2.7% | 16.1% | ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST | AI, Biotechnology, global, growth, healthcare, semiconductors, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2023 Q4 | Dec 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | ALGM, AMZN, COTY, LBRDK, LEVI, LW, LYV, MSFT, RIVN, SBH, SPHR, VST, ZM | consumer, Hedged Equity, Quality, risk management, technology, value | Allegro Microsystems faced headwinds from weaker guidance and inventory corrections in automotive and industrial markets. The company continues to see strong traction in e-mobility business targeting electric and autonomous vehicles. Long-term outlook remains positive despite near-term uncertainty around recovery pace. | AAPL|MSFT|NFLX|NVDA|UNH LEVI SBH SPHR ALGM LBRDK |
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| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH | Commercial real estate, interest rates, real estate, small cap, United Kingdom, value | Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value | Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline. | View | |
| 2025 Q3 | Oct 28, 2025 | Baron Focused Growth Fund | 4.8% | 8.6% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, growth, portfolio construction, small caps, technology | AI concerns impacted several holdings including FactSet and Verisk, with investors fearing competitive threats to data moats. However, FactSet continues to benefit from AI through revenue enhancements and cost containments. Tesla's AI initiatives advance rapidly with robotaxi network expansion and Full Self-Driving development. | View | |
| 2025 Q3 | Oct 24, 2025 | Meridian Hedged Equity Fund | 1.6% | - | ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU | AI, healthcare, Hedged Equity, inflation, Options, technology, value | The AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards. | JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK |
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| 2025 Q3 | Oct 24, 2025 | Artisan Global Discovery | 3.0% | 10.0% | ARGX, ASND, BAB.L, BFAM, CW, INSM, IRTC, LSEG.L, LYV, PRCT, PURE, PX, RBC, SE, TDY, TEAM, TYL, WAY, WING, WST | AI, Biotechnology, defense, global, growth, healthcare, small cap, technology | AI investment boom contributed over 1% to US GDP growth through first half of year, with tech investment growing at fastest pace since 2000. However, rapid AI advancements are creating uncertainty about which software companies can successfully integrate AI versus those facing business model disruption. | WAY WING PRCT LSEG LN ASND PSTG MOD WAY TDY WING PRCT LSEG LN ASND PSTG MOD |
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| 2025 Q3 | Oct 23, 2025 | JDP Capital | 12.8% | 31.8% | 0700.HK, BABA, CZR, LYV, META, NFLX, NOW, NVDA, SPOT, T, TSLA, V | AI, China, Electric Vehicles, growth, Long/Short, Sentiment, technology, value | The exponential part of the growth curve in AI adoption is still in front of us. Token costs have fallen 90% while usage increased 3,800% in 2025. The falling costs of compute and inference are unlocking possibilities for smaller companies to compete in areas once reserved for largest incumbents. | CZR TCEHY BABA 300750 CH SPOT |
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| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors | Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. | SPOT WING LSCC INSM ARGX |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNX, FDX, FIS, IAC, K, LYV, MAT, MGM, PVH, PYPL | Buybacks, gaming, Logistics, Natural Gas, payments, value | Multiple portfolio companies are executing significant share repurchase programs. PayPal repurchased nearly 10% of its shares on an annualized basis, leading to stronger FCF per share growth. MGM continues to execute significant share buybacks, further boosting FCF per share. CNX Resources directs free cash flow to value accretive share repurchase. | FDX MGM PYPL CNX K |
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| 2025 Q3 | Oct 15, 2025 | MacNicol & Associates Asset Management | - | - | AAPL, AMZN, BABA, BIDU, DAL, GIS, GOOGL, KHC, LYV, META, MSFT, NFLX, NVDA | AI, Concentration, gold, Passive, risk management, technology, Valuations | Artificial intelligence revolution is driving unprecedented market concentration, with Nvidia becoming the poster child at $4.53 trillion market cap. The company's GPUs power data centers, cloud computing, and generative AI models, including a landmark $100 billion OpenAI partnership. However, this dominance brings geopolitical risks from export restrictions and growing domestic competition. | View | |
| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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| 2025 Q4 | Jan 27, 2026 | Artisan Global Discovery | 1.7% | 12.1% | ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD | AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology | AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses. | MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR |
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| 2025 Q4 | Jan 21, 2026 | Meridian Hedged Equity Fund | 0.1% | 0.0% | ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU | energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value | The fund holds positions in gaming companies including MGM Resorts International and DraftKings. MGM benefited from record results in Macau properties and BetMGM achieving profitability. DraftKings faced near-term pressures from earnings shortfalls and competitive pressures but maintains long-term earnings potential. The fund maintains exposure to energy companies including Vistra Corp and Cheniere Energy. Vistra is positioned to benefit from surging electricity demand driven by data centers and electrification trends, operating attractive nuclear and natural gas generation assets in tight power markets. The fund has exposure to travel-related companies including MGM Resorts and Clear Secure. Clear Secure provides biometric identity solutions for travelers and benefited from robust travel demand and operational efficiency during the quarter. The fund holds D.R. Horton as a top position, representing exposure to the homebuilding sector. The company is positioned in the residential construction market. | YOU DHR MGM VST DKNG LW |
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| 2024 Q3 | Sep 30, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO | Broadband, Long/Short, Quality, Rate Cuts, technology, value | The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices. | View | |
| 2023 Q3 | Sep 30, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | COTY, DBRG, LEVI, LW, LYV, MSFT, RIVN, SBH, VST, ZM | consumer, Diversified, Equity, large cap, technology | View | ||
| 2023 Q3 | Aug 11, 2023 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI | Broadband, Media, Multi Cap, Quality, technology, value | The fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns. | EFX |
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| 2023 Q3 | Aug 11, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI | efficiency, Media, Quality, technology, Tracking Stocks, value | The managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value. | View | |
| 2024 Q2 | Jul 28, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. | ODFL |
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| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG | concentrated, consumer discretionary, Media, Mega Cap, technology, value | Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount. | NWBD.L IAC LLYVA |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG | Buybacks, concentrated, discount, global, Media, value | The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023. | NWBD.L TIGO IAC LLYVA |
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| 2024 Q2 | Jun 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU | Covered Calls, Hedging, large cap, Quality, risk management, technology, value | Strong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads. | AMZN RIVN VST USB DIS LSXMK |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | APTV, ARGX, ASH, ATS, AZPN, BSY, CAE, CSGP, EMN, EQT, ETSY, EVBG, ICLR, LYV, MRVL, SCI, STE, VRT | AI, Data centers, energy, healthcare, industrials, mid cap, Natural Gas | AI development drove surge in investor demand for large tech companies and benefited portfolio holdings like Vertiv. Deploying AI applications will necessitate substantial investment in new data centers and upgrading existing facilities, creating opportunities for data center infrastructure providers. | View | |
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | BOKF, BRBR, CIVI, CRI, ESAB, FIBK, GRBK, ITGR, LOB, LYV, MYFW, OZK, RRR, SAMG, TRS, WBS, WCC | energy, financials, industrials, Regional Banks, small caps, value | Banking sector faced significant stress in Q1 with SVB and Signature Bank failures spreading liquidity fears across regional banks. The fund maintains exposure to several regional banks despite sector weakness, believing the market overreacted and that their holdings are differentiated from failed institutions. | SAMG ESAB WCC |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD | Buybacks, financials, Logistics, Quality, Travel, value | Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs. | ^HSI MGM FFH FDX PVH NWBD.L |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD | Banking, Buybacks, global, portfolio, Quality, returns, value | Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Fund | -1.3% | 8.8% | ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG | Buybacks, energy, Media, Natural Gas, payments, technology, value | Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | 0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG | Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value | Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, Entertainment Services, Live entertainment, market leader, Ticketing, Touring, Venues | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, Entertainment Services, growth, Live entertainment, market leader, Ticketing, Venue Operations | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, entertainment, growth, Live entertainment, market leader, Ticketing, Venue Operations | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, Entertainment Services, growth, Live entertainment, market leader, Ticketing, Venue Operations | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Live Nation Entertainment Inc. | Communication Services | Entertainment | Bull | NYSE | Artist Management, Concert Promotion, Entertainment Services, growth, Live entertainment, market leader, Ticketing, Touring, Venue Operations | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Point Partners | Live Nation Entertainment | Communication Services | Movies & Entertainment | Bull | NYSE | antitrust, Concerts, Event-driven, global expansion, Live entertainment, Pricing power, Ticketmaster, Venue Construction | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Howard Jay Klein | Live Nation Entertainment, Inc. | Communication Services | Entertainment | Bear | NYSE | — | 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. | ||||||||