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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Impax US Sustainable Economy Fund | 7.3% | 11.1% | AAPL, AMZN, AVGO, CARR, ELV, GOOGL, INTC, JCI, JNJ, LLY, MA, MSFT, NVDA, ORCL, PFE, PGR, TT, V | AI, Cloud, large cap, Quality, semiconductors, sustainability, technology | AI-related stocks in semiconductor and systems software industries continued to benefit from AI-related investment. Intel announced partnership with Nvidia on integrating CPUs with GPUs in AI server systems. Oracle's cloud business has large backlog after signing multi-billion dollar deals with OpenAI, xAI, Meta, Nvidia and AMD. Broadcom driven by record earnings and surging demand for AI semiconductor solutions. | View | |
| 2025 Q3 | Sep 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | -0.9% | 5.3% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 clients to bypass them with internal custom applications. Both companies are transitioning to consumption pricing models for AI modules to capture value from productivity gains. | View | |
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 1 | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | View | |
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 2 | - | - | AMT, AMZN, ASML, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron FinTech Fund | 12.5% | 16.8% | ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V | Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors. | PRI TWFG GWRE MELI FICO |
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| 2024 Q2 | Sep 30, 2024 | Qualivian Investment Partners | 2.5% | - | AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V | Compounding, Concentration, long-term, Quality, value | Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods. | URI MUSA |
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| 2023 Q3 | Sep 30, 2023 | Baron FinTech Fund | 1.1% | 11.5% | ACGL, ACN, ADYEY, APO, CME, EFX, FICO, FIS, GPN, HLI, IBKR, INTU, LPLA, MA, MELI, MKTX, MORN, MSCI, NCNO, PGR, SPGI, SQ, TW, V | Capital markets, Fintech, growth, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Many fintech stocks have already gone through their own version of a recession with multiples near decade lows, but outlooks are more promising due to cost restructuring and focus on profitability. | ACGL MORN CARTRADE.NS INTU APO |
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| 2023 Q3 | Sep 30, 2023 | Evolve Private Wealth | - | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NKE, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, Athleisure, global, growth, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Guinness China | - | - | ADS.DE, AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, consumer, global, Quality, semiconductors, Sportswear, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Torre Financial | 0.6% | 32.9% | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | aerospace, Compounding, concentrated, Consumer Staples, long-term, Quality, software, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | 0GEG LN CDNS |
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| 2025 Q2 | Sep 21, 2025 | Meditation Capital | - | - | BRZE, FLYW, GOOGL, GTLB, MA, MNDY, MSFT | AI, payments, Quality, software, valuation | Manager bought positions in Monday.com and GitLab at 5x sales after they fell from 11x peaks, and added to Braze at 3x sales. Views these as quality software companies trading at attractive valuations despite AI concerns. GitLab's strategic position is strengthening as more AI-generated code needs DevOps management. | FLYW GTLB MNDY FLYW BRZE GTLB MNDY |
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| 2023 Q2 | Aug 9, 2023 | Brookfield Asset Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | The manager discusses the debate around whether AI will drive increased adoption of enterprise software or allow companies to bypass these platforms with internal solutions. He believes platform companies like ServiceNow and Salesforce will be critical partners for Fortune 2000 enterprises in implementing AI solutions, despite current market skepticism. | View | |
| 2025 Q2 | Aug 7, 2025 | Horizon Kinetics | - | - | 0388.HK, 6544.T, AAPL, AB, AMZN, CME, CVX, FCX, GOOGL, LSEG.L, MA, META, MSFT, NEM, NRG, NVDA, TPL, TREE, TSLA, V, XOM | AI, Data centers, ETFs, gold, Indexation, Japan, Owner-Operators, Scarcity | AI poses competitive threats to the Magnificent 7 companies through creative destruction. OpenAI's ChatGPT could provide competition to Google's search engine, while Sora Video Generator threatens YouTube's content model. The Private Mag 7 companies represent significant competitive risks to the Public Mag 7. | 6544.T AB 6544 JP |
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| 2025 Q2 | Aug 7, 2025 | Stenham Asset Management | 8.4% | 9.2% | AFG, AIR.PA, AMZN, CME, GE, MA, MSFT, SAF.PA, TMO, TSM, UNP, V | aerospace, AI, Cloud, Exchanges, global, payments, technology | Cloud computing stood out as a bright spot with continued AI adoption driving strength across hyperscalers. Microsoft's Azure business significantly exceeded expectations with AI revenues growing 175% year-over-year. The AI business is already generating $14bn annualized revenue after only 2 years, compared to 8 years for cloud to reach the same milestone. | CME CME GE SAF FP AIR FP MA V AMZN MSFT |
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| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, FL, GOOGL, GPI, HCA, LBRDK, LNR.TO, LYB, MA, MCK, RHI, RYAAY, THO, V | Airlines, Auto Dealers, Market Exuberance, Plastics, tariffs, value | The fund focuses on solid businesses generating reliable cash flows trading at cheap to fair value multiples, contrasting with the broader market's focus on growth and speculative investments. Most fund holdings trade at forward P/E multiples between 10-18 times versus S&P 500 at 23 times and Nasdaq at 30.5 times. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
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| 2025 Q2 | Aug 5, 2025 | Auxier Asset Management | 2.5% | 8.7% | ABT, BAC, BDX, BK, BKNG, BRK.B, CAE, CI, ELV, GLW, GOOGL, KR, LINC, MA, META, MSFT, PM, UNH, V, ZBH | AI, Buybacks, healthcare, tariffs, technology, Travel, value | AI disruption has been a growing concern for investors as they are uncertain of long-term consequences. Apple research shows current LLMs only present an illusion of thinking and reasoning, producing results based on patterns rather than true reasoning. The largest tech companies expect to spend over $300 billion on AI infrastructure in 2025 alone. | BKNG GOOGL GOOGL |
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| 2025 Q2 | Aug 4, 2025 | Franklin Growth Opportunities Fund | 16.9% | 5.7% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI beneficiaries like Axon Enterprise in law enforcement digitalization and AppLovin's AI-powered advertising technology. | View | |
| 2025 Q2 | Aug 27, 2025 | Antero Peak Group | 20.0% | 17.7% | AAPL, AMZN, APO, AVGO, AXON, CCI, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RYCEY, SMNEY, TSM, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology | The manager provides extensive analysis of the AI infrastructure landscape, expecting robust investment through 2030 to support generative AI growth and agentic AI. Training clusters are getting bigger with mega-scale infrastructure projects having long runways, while agentic AI is driving material spending in inferencing infrastructure. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisors Global Leaders Strategy | 12.6% | 12.4% | AZO, B058TZ, B19NLV, B8FMRX, BKRKY, DB1.DE, GE, GOOGL, HDB, ILMN, INTU, LSEG.L, MA, MRVL, MSFT, ROG, TSM, UL, V, ZTS | aerospace, AI, concentrated, global, Quality, tariffs, technology | The strategy has investments driving the development of generative AI within technical infrastructure, cloud service providers and end-user applications. Microsoft's strategic investments in AI are expected to create significant value through lower cost of compute, AI monetization, and strong non-AI business cash flow growth. | MRVL EXPN.L |
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| 2023 Q2 | Aug 14, 2023 | Brown Advisors Global Leaders Strategy | - | - | ADBE, ASML, COLOB.CO, GOOGL, INTU, LSEG.L, MA, MRVL, MSFT, TSM, V, WKL | AI, global, portfolio construction, Quality, risk management, technology | The managers analyze AI impact across four categories from end-user applications to technical infrastructure. They believe highest probability opportunities are in technical infrastructure and semiconductor companies with dominant market positions, followed by cloud data-center companies. Competition expected to intensify in AI models and applications. | 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 | |
| 2025 Q2 | Aug 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK | Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects. | View | |
| 2024 Q2 | Aug 1, 2024 | Mott Capital Management | - | 5.3% | AAPL, AMZN, BA, CSCO, GILD, GOOGL, ILMN, ISRG, MA, MSFT, NVDA, SHOP, TSLA, V | Concentration, growth, healthcare, Mega Cap, technology, valuation | Rapid advancements in AI applications will likely support healthcare companies making meaningful advances in formulary and product development. The market has seen significant rotation into mega-cap stocks primarily led by Nvidia, creating substantial divergences across the market. | ILMN |
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| 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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| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2025 Q2 | Jul 5, 2025 | Torre Financial | 6.9% | 4.9% | ADC, ANET, CRCL, FDS, INTU, MA, MELI, META, PEP, TMO, UNH, V, VEEV | diversification, long-term, Quality, Resilience, technology, value | The AI boom continues to drive market performance, particularly benefiting technology companies. AI represents an ongoing catalyst supporting the tech sector's strong performance in Q2. | MA V UNH |
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| 2025 Q2 | Jul 31, 2025 | Artisan Focus Fund | 19.6% | 17.4% | AMZN, APO, AVGO, AXON, CCI, ENBW.DE, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RR.L, SAF.PA, TSM, VST | AI, alpha, Data centers, growth, infrastructure, Performance, semiconductors, technology | The fund extensively discusses AI infrastructure investment opportunities, particularly around training clusters, inference workloads, and agentic AI systems. They see continued robust investment through 2030 driven by scaling laws and expanding use cases. The transition from predictive models to autonomous agents is creating exponential compute demand. | AVGO NVDA |
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| 2025 Q2 | Jul 31, 2025 | Impax US Sustainable Economy Fund | 9.9% | 3.6% | AAPL, AMZN, AVGO, CVS, LLY, MA, META, MRK, MSFT, NVDA, NVO, ORCL, PGR, PLTR, QCOM, TSLA, V | AI, Esg, healthcare, large cap, semiconductors, sustainability, technology | AI-related holdings including semiconductors, systems software, and technology hardware outperformed during the quarter. Nvidia hit all-time highs driven by strong chip demand and growth in AI infrastructure with new opportunities in robotics. Oracle reported strong earnings with customer commitments projected to double next year and announced plans to purchase $40bn worth of Nvidia chips for collaboration with OpenAI. | PGR MRK LLY NVDA AVGO ORCL MRK NVDA AVGO ORCL |
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| 2024 Q2 | Jul 31, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CFR.PA, CME, DB1.DE, DIS, GEHC, GIS, LMT, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, WMT, XM | Concentration, Exchanges, global, healthcare, Quality, spinoffs, technology | VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. These exchanges benefit from increased volatility, growing Treasury markets, and transformation into data analytics businesses with recurring revenue streams. | GEHC AMZN CME |
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| 2023 Q2 | Jul 30, 2023 | Smoak Capital Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager discusses the debate over whether AI will drive increased adoption of enterprise software or allow companies to bypass vendors with internal solutions. Believes platform companies like ServiceNow and Salesforce will be critical AI partners despite market skepticism. AI data center demand has added massive structural component to high bandwidth memory demand. | View | |
| 2025 Q2 | Jul 27, 2025 | Weitz Large Cap Equity Fund | 3.6% | -0.4% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Multi Cap Equity Fund | 3.6% | 4.3% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN META GOOGL HEI |
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| 2022 Q2 | Jul 27, 2022 | Tall Oak Capital Advisors | - | - | MA, META, MU, SLB | - | View | ||
| 2025 Q2 | Jul 25, 2025 | Bretton Fund | 2.7% | - | AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | fundamentals, healthcare, insurance, technology, value | UnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings. | UNH |
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| 2023 Q2 | Jul 25, 2023 | Ironvine Capital Partners | - | 14.4% | ADBE, AMZN, CTLT, DHR, DLTR, GOOGL, HEI, MA, MCO, ODFL, SPGI, TMO, UNH, V | aerospace, AI, healthcare, Logistics, M&A, Quality, retail, software | New investment in UnitedHealth Group as the largest managed care organization transitioning from health insurer to vertically integrated service provider. Optum drives over half of company-wide profit with decade-plus lead in comprehensive healthcare delivery. | View | |
| 2025 Q2 | Jul 24, 2025 | Janus Henderson Forty Fund | 19.3% | 8.9% | AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH | aerospace, AI, Cloud, growth, healthcare, semiconductors, technology | Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and the productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base. | MA UNH HWM AVGO ORCL HWM AVGO ORCL |
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| 2023 Q2 | Jul 24, 2023 | RVK | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2025 Q2 | Jul 22, 2025 | Janes Henderson Strategic Bond Fund | 19.3% | 8.9% | AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, technology | Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base. | UNH HWM AVGO ORCL |
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| 2025 Q2 | Jul 22, 2025 | Macquarie Large Cap Growth Fund | 11.2% | 3.6% | AAPL, AMZN, AVGO, DHR, GOOGL, HD, ICE, INTU, LLY, MA, MC.PA, MSFT, NVDA, TSM, UNH, V, WCN | AI, growth, healthcare, large cap, Quality, technology, underperformance | The fund believes companies owning unique and valuable data are poised to play a critical role in the AI ecosystem. While hardware and AI models may eventually become commoditized, proprietary data remain irreplaceable. The portfolio includes many data-rich companies positioned to benefit from AI's long-term potential. | View | |
| 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 2, 2025 | Tapasya Investment Fund | - | 11.7% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Discipline, Patience, Quality, rates, small caps, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index. | View | |
| 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 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 Asia Fund | 3.9% | - | 000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports. | TSM 2202 HK MYOR IJ |
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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 | Hardman Johnston Large Cap Equity | 10.6% | 3.4% | 7269.T, AMZN, AZN, CMCSA, CW, GOOGL, HWM, IBN, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS, UBER, UNH, VRT, VRTX | aerospace, Data centers, healthcare, large cap, nuclear, technology, Trade Policy | Curtiss-Wright Corp performed well as the market expects demand for their nuclear power components to improve over the coming years. The company is positioned to benefit from the growing nuclear power sector. | View | |
| 2025 Q2 | Jul 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | IDXX SBUX ORCL GLOB IDXX SBUX ORCL |
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| 2025 Q2 | Jul 15, 2025 | Mayar Capital | 6.5% | 9.6% | 005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L | antifragility, global, long-term, Quality, Resilience, value | The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises. | NESN SW |
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| 2025 Q2 | Jul 15, 2025 | Akre Focus Fund | 6.5% | - | AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM | Compounding, drawdowns, long-term, Quality, value | The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth. | View | |
| 2025 Q2 | Jul 14, 2025 | L1 Capital International Fund | 4.5% | - | AER, AMZN, BKNG, CRH, HCA, ICE, J, MA, MSFT, V | AI, financials, global, healthcare, infrastructure, Quality, technology, Trade Policy | President Trump's Liberation Day Reciprocal Tariffs policy announced on April 2, 2025 created maximum uncertainty. The manager expects the U.S. and world economies will be in a worse position than before the trade war, with higher inflation in the U.S. and lower economic growth globally. | J UNH HCA EXP UNH J |
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| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Banking, insurance, Quality, technology, value | The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers. | FI KNSL PGR MTB GOOG FISV KNSL |
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| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V | Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value | AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management. | AER |
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| 2025 Q2 | Jul 1, 2025 | Temasek Holdings | - | - | 068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI | AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology | Temasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software. | 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 | Munro Global Growth Fund | 16.1% | 7.7% | 1211.HK, AMZN, BAE.L, CEG, CRH, GEV, GOOGL, LLY, MA, META, MSFT, NOC, NVDA, ORCL, SIEGY, TSM, VRT | AI, Climate, defense, energy, global, growth, security, technology | AI infrastructure spending continues to accelerate with hyperscalers committing billions to capex. Nvidia's data centre revenues could potentially double as they address over $500 billion of a trillion-dollar AI infrastructure opportunity. New opportunities emerging in robotics and sovereign AI applications. | SIE.DE MSFT ENR GR MSFT |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Core Equity Fund | 9.8% | - | AAPL, AMZN, AVGO, BRO, DE, DHR, FERG, FIS, GOOGL, ICE, INTU, LIN, MA, MSFT, NVDA, ORCL, SPGI, TMO, VRTX, WM | AI, defensives, financials, large cap, Quality, technology | AI is viewed as a durable long-term trend that will transform the economy, with U.S. companies at the forefront. The fund has taken advantage of market volatility to lean into secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and certain areas of software. Second-quarter performance of the Information Technology sector confirmed that investments in AI are propelling growth. | View | |
| 2025 Q2 | Jun 30, 2025 | Magellan Global Opportunities Fund No. 1 | 6.2% | - | AAPL, AMD, AMT, AMZN, AVGO, BKNG, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVDA, RB.L, TSM, UNH, ZBH | AI, global, growth, Quality, semiconductors, technology, Trade Policy | AI demand driving semiconductor growth with TSMC benefiting from data center buildouts and AI chip manufacturing. Major AI data centre announcements in the US and Middle East creating upward momentum for the AI trade. | TSM NESN SW SAP MSFT GOOG AMZN DG TSM |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS | AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities | The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools. | WCC KR |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Equity Income Fund | 5.3% | - | AAPL, AMZN, AVGO, AXP, BRK.B, C, GOOGL, JNJ, JPM, LLY, MA, META, MRK, MSFT, NFLX, NVDA, ORCL, PFE, V, WFC | AI, defense, energy, gold, Sports, tariffs, technology, Utilities | Artificial intelligence continues to drive significant investment and growth across technology companies. Major AI infrastructure platforms maintained aggressive investment commitments with $330 billion in capex plans. ChatGPT usage doubled and commercial AI adoption accelerated across multiple sectors. | CR AXP |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. | MSFT |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2024 Q2 | Jun 30, 2024 | Octahedron Capital | - | - | AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W | AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology | AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron FinTech Fund | -2.3% | 3.8% | ACGL, APO, EFX, FI, FICO, GPN, GWRE, HLI, IBKR, INTU, KKR, MA, MCO, MELI, PGR, SPGI, SQ, TW, V, VRSK, WISE.L | AI, Capital markets, Financial Services, Fintech, growth, private credit, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Information Services, Payments, Enterprise Software, Capital Markets, E-Commerce, and Digital IT Services. Despite sector underperformance relative to broader markets, fintech fundamentals remain strong with mid-teens earnings growth across the fund. | View | |
| 2024 Q2 | Jun 30, 2024 | City Different Investments – Global Equity | 5.3% | 22.5% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2024 Q2 | Jun 30, 2024 | Fortress – Caribbean Growth Fund | -2.7% | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and enterprise software platforms. The manager believes AI will prove additive to enterprise software results despite current market skepticism about seat-based pricing models. AI data center demand has transformed memory from cyclical to more stable with HBM market growing from $8B in 2023 to expected $30B+ in 2026. | View | |
| 2023 Q2 | Jun 30, 2023 | Baron FinTech Fund | 5.3% | 10.3% | ACN, APO, BLK, CSGP, FI, FICO, INTU, LPLA, MA, MELI, MKTX, MSCI, NU, PGR, SHOP, SPGI, TW, V | AI, Banking, Capital markets, Fintech, payments, private credit, software, technology | Network International received takeover offers and was acquired by Brookfield for $2.8 billion. Visa announced acquisition of Brazilian company Pismo for $1 billion. M&A activity picking up in payments sector with valuations at attractive levels. | View | |
| 2024 Q1 | May 8, 2024 | Mott Capital Management | 2.8% | 2.8% | AAPL, ADBE, AMZN, BA, GOOGL, ISRG, MA, META, MSFT, NVDA, TSLA, V | AI, growth, inflation, large cap, rates, technology, Valuations | The market is being dangerously driven by an Artificial Intelligence momentum trade with Nvidia as the primary beneficiary. Many companies are spending heavily on AI but aren't necessarily seeing revenue benefits, while only a handful like Nvidia are actually profiting. The AI rally appears momentum-based and questionable for continuation. | View | |
| 2024 Q1 | May 7, 2024 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | healthcare, insurance, large cap, Quality, value | Progressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums. | UNH |
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| 2026 Q1 | May 6, 2026 | YCG Investment | - | - | AMZN, GOOGL, MA, META, MSFT, V, WCN | AI, disruption, infrastructure, moats, Networks, Quality, technology | 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 | |
| 2024 Q1 | May 23, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | Top US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. | 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 17, 2026 | Rodrigo Benedetti | - | - | AMD, ASAN, CRM, CSU.TO, INTC, MA, MNDY, MSFT, PATH, SAP, V | AI, defense, Europe, oil, semiconductors, software, valuation | View | ||
| 2026 Q1 | May 14, 2026 | Brown Advisors Global Leaders Strategy | -8.3% | -8.3% | ADSK, ASML, EFX, EXPN.L, HDB, LSEG.L, MA, MELI, MSFT, TSM, V, WDAY | AI, Concentration, Drawdown, Geopolitical, global, long-term, Quality, technology | View | ||
| 2024 Q1 | Apr 30, 2024 | ProChain Capital | - | 46.1% | COIN, MA | adoption, Bitcoin, Blockchain, crypto, ETFs, regulation | Bitcoin ETFs continue gaining institutional adoption with major pension funds evaluating allocations and expectations of over 10% Bitcoin supply ownership by Q3 2024. BlackRock launched a tokenized money-market fund on Ethereum, representing a major breakthrough in blockchain utility for traditional finance. Regulatory uncertainty persists with ongoing disputes between CFTC and SEC over Ethereum classification. | View | |
| 2026 Q1 | Apr 28, 2026 | SGA – U.S. Large Cap Growth | -11.2% | -11.2% | ARM, CP, CRM, INTU, IT, MA, MSFT, UNH, WM | AI, disruption, Geopolitical, growth, Quality, software, technology, valuation | MA CRM INTU MSFT WM CP ARM |
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| 2024 Q1 | Apr 28, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BAM, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, SBAC, TOI.TO, V | active management, Concentration, large cap, Passive investing, technology, value | The fund discusses the shift to passive index-replicating ETFs and mutual funds, questioning whether this trend has gone too far and whether the stock market is now broken. They argue that passive investing depends on active investors for price discovery and value judgments. | View | |
| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | View | |
| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2026 Q1 | Apr 21, 2026 | Bretton Fund | -9.1% | -9.1% | AXP, AZO, BAC, BRK/B, DFH, EXP, GOOGL, MA, MCO, MSFT, NVR, ROST, SPGI, TJX, UNH, V | AI, Concentration, infrastructure, payments, technology, value | AXP |
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| 2026 Q1 | Apr 21, 2026 | Alluvium Global Fund | -1.7% | -1.7% | AMZN, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MA, MCK, RYA.L, UMG.AS, V | AI, Concentration, defense, Geopolitical, healthcare, technology, value | AMZN |
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| 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 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, AMZN, AVGO, CMCSA, DEO, DIS, DTE, GOOGL, HLN.L, KO, KVUE, MA, META, MSFT, NESN.SW, NVDA, ORCL, SAP, TMUS, V | AI, Consumer Staples, diversification, dividends, large cap, technology, Utilities, value | The fund maintains a dividend-focused strategy, adding positions in companies with attractive upfront yields and solid free cash flow generation. They initiated a position in Meta after the company announced its inaugural dividend and expect steady dividend compounding across their holdings. | View | |
| 2024 Q1 | Apr 19, 2024 | Andvari Associates | 0.0% | 20.3% | AMT, BUD, CSGP, IWM, MA, MO, SPY, WEA | dividends, Quality, rates, real estate, Tobacco, value | CoStar Group is investing $1 billion into Homes.com to compete against Zillow in residential real estate. The National Association of Realtors settlement could provide a tailwind by changing commission structures that favor Homes.com's seller-focused business model over buyer-focused portals. | MO WEA CSGP KPG.AX |
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| 2026 Q1 | Apr 17, 2026 | Parnassus Value Equity Fund | -1.6% | -1.6% | AMAT, BSX, CBRE, DE, DHR, FDX, MA, MSFT, NVO, SPGI, V, VZ, WDC | financials, Geopolitical, healthcare, large cap, Quality, technology, value | View | ||
| 2025 Q1 | Apr 17, 2025 | Regency Wealth Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. The manager believes AI will prove additive to enterprise software companies like ServiceNow and Salesforce despite current market skepticism about AI replacing traditional software licenses. | View | |
| 2025 Q1 | Apr 16, 2025 | The Bristol Gate U.S. Equity Strategy | -0.5% | -0.5% | AMAT, AVGO, CSX, CTVA, DOL.TO, DPZ, GE, IFC.TO, JWEL.TO, LLY, LOW, MA, MCHP, MCK, MCO, MMC, MSCI, PBH.TO, SJ.TO, TFII.TO, WAB, X.TO | AI, dividends, growth, healthcare, semiconductors, tariffs, value | Bristol Gate focuses on companies with positive dividend growth potential, with eight holdings announcing dividend increases in Q1 averaging approximately 15%. The strategy prioritizes companies capable of sustained high dividend growth over traditional defensive sectors offering higher yields but lower growth potential. | DPZ WAB LLY |
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| 2024 Q1 | Apr 15, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH | AI, global, healthcare, inflation, materials, Quality, rates, technology | Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities. | View | |
| 2024 Q1 | Apr 15, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC | Broadband, large cap, Rotation, technology, valuation, value | The fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level. | View | |
| 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 | Apr 14, 2026 | L1 Capital International Fund | -13.1% | -13.1% | AMZN, BKNG, CRH, CRM, GOOGL, HCA, ICE, INTU, J, MA, MSFT, TSM, V, WEIR.L | AI, Cloud, energy, Geopolitical, payments, Quality, software, valuation | View | ||
| 2024 Q1 | Apr 13, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AVGO, AZO, BRK.B, GOOGL, LLY, MA, MELI, MSCI, MSFT, NVDA, NVR, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, crypto, liquidity, portfolios, SMA, technology | Manager maintains bitcoin price targets of $125,000 by Christmas 2024 and $475,000 by Q4 2025, viewing current conditions as supportive for the next major leg higher during summer months. Bitcoin proxies have provided significant performance advantages, with allocations ranging from 15-49% across different SMA strategies. | View | |
| 2025 Q1 | Apr 10, 2025 | Akre Focus Fund | 1.5% | 1.5% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Cash, Concentration, Discipline, Patience, Quality, valuation, value | The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital. | View | |
| 2025 Q4 | Mar 4, 2026 | Cove Street Capital Small Cap Value Fund | - | - | AMZN, CLVT, CSCO, MA, MSFT, SAP, V | AI, liquidity, private credit, small caps, software, technology, value | AI represents a massive technology shift with trillion-dollar capex budgets, but the manager questions whether the multi-trillion AI landgrab will have uncertain outcomes and be wasteful. While AI is an outstanding white-collar tool that will assist good companies, it won't quickly change government, healthcare, banking, or military sectors due to switching costs, training requirements, and regulatory constraints. Over 20% of private credit funds are loans to software companies, creating potential systemic risk as institutional LPs want their money back and GPs don't like the bids on what they need to sell. The pricing of illiquid assets in a market with no bids presents challenges similar to the S&L crisis or 2008 financial crisis. The software business is not dead, but many software stocks are facing repricing as growth gets picked off by AI changes and terminal values need to come down. The manager sees opportunities in slower growth, rule of 30 companies with strong margins and free cash flow that have been less appreciated but are now changing in valuation. | View | |
| 2026 Q1 | Mar 31, 2026 | Akre Focus Fund | -19.4% | -19.4% | BN, CCCS, CPRT, CRM, CSGP, CSU.TO, FICO, KKR, LVMUY, MA, MCO, NOW, ORLY, ROP, TOI.TO, V | AI, Concentration, private credit, Quality, software, valuation | BN KKR CSU.TO |
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| 2025 Q1 | Mar 31, 2025 | The Davenport Core Leaders Fund | -3.5% | -3.5% | AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX | AI, growth, large cap, Quality, risk management, technology | The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron FinTech Fund | -1.4% | -1.4% | ACGL, APO, CME, FI, FICO, GLOB, GWRE, HOOD, KKR, LPLA, MA, MELI, MORN, PGR, PRI, SCHW, SPGI, SQ, TW, V | Capital markets, E-Commerce, Fintech, insurance, payments, software, trading | Strong performance from global payment networks Visa and Mastercard driven by accelerating payment volumes and defensive business models. Payment companies benefit from fee-based revenue tied to nominal payment volumes, providing protection against inflationary pressures. | TTAN HOOD SQ APO KKR TW PGR MELI |
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| 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 | Burke Wealth Managament The Focused Growth Strategy | -8.1% | -8.1% | ABT, AMZN, CHTR, CRM, ICE, MA, META, NOW, NVDA, TDG, UNH, V | AI, growth, semiconductors, software, tariffs, technology, Trump, volatility | Manager discusses AI revolution's productivity benefits and efficiency gains through DeepSeek's breakthrough. Notes AI capabilities growing rapidly at ServiceNow and Salesforce with hybrid consumption models. Emphasizes AI efficiency gains will increase demand through Jevon's Paradox rather than reduce compute needs. | TDG CRM NOW NVDA |
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| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 2025 Q1 | Mar 31, 2025 | Impax US Sustainable Economy Fund | -5.8% | -5.8% | AAPL, AVGO, AWK, EIX, GILD, GLOB, GOOGL, LLY, MA, MSFT, NOW, NVDA, PGR, TXN, V | energy, Esg, healthcare, sustainability, tariffs, technology, Utilities | The portfolio focuses on companies positioned to benefit from the transition to a more sustainable economy, including renewable energy sources, energy efficiency, and clean technology solutions. The fund's sustainability tools emphasize energy efficiency exposure and companies optimizing energy consumption through technology. | NOW GLOB EIX AWK PGR GILD |
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| 2025 Q1 | Mar 31, 2025 | Janus Henderson Forty Fund | -8.7% | -8.7% | AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM | AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility | Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services. | DDOG MRVL ICE HWM |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2025 Q1 | Mar 31, 2025 | Magellan Global Opportunities Fund No. 1 | 2.0% | 2.0% | 1211.HK, AMT, AMZN, DEO, DG, ES, F, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RB.L, SPOT, TSLA, TSM, VWAGY | Defensive, disruption, global, innovation, Quality, technology, Transportation | The transition from internal combustion engine vehicles to electric vehicles is no longer a question of if but when. Governments worldwide are setting targets to phase out new ICE vehicle sales, with automakers investing billions into the technology. The EV market opportunity extends beyond automakers to battery manufacturers, charging infrastructure, and electricity utilities. | View | |
| 2025 Q1 | Mar 31, 2025 | Rothschild & Co LongRun Equity Fund | - | - | 0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L | Compounding, Consumer Staples, Defensive, long-term, Quality, technology | The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term. | MSCI GE CDS |
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| 2024 Q1 | Mar 31, 2024 | Baron FinTech Fund | 6.3% | 6.3% | ACGL, APO, BLK, ENDV, FDS, FI, FICO, GLOB, INTA, INTU, JKHY, KINS, MA, MELI, NU, PGR, SPGI, TW, V, WEX | digital transformation, Enterprise, Financial Services, Fintech, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Tech-Enabled Financials, Payments, Capital Markets, and Information Services. Digital transformation of financial services remains a large, multi-decade growth opportunity despite near-term cyclical headwinds in IT spending. | GLOB ENDV APO NU PGR |
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| 2024 Q1 | Mar 31, 2024 | Airlie Small Companies Fund | 9.1% | 9.1% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive productivity gains and creating new business models for enterprise software companies. The debate centers on whether AI will increase adoption at higher prices or allow companies to bypass traditional software vendors. ServiceNow and Salesforce are adapting pricing models to capture AI value through consumption-based structures. | View | |
| 2023 Q1 | Mar 31, 2023 | Baron FinTech Fund | 4.8% | 4.8% | ACN, APO, BILL, CME, ENDV.L, FICO, GWRE, IBKR, INTU, LPLA, MA, MELI, MKTX, MSCI, PGR, SCHW, SPGI, TW, V, WEX | AI, Banking, Financial Services, Fintech, payments, software, technology | The Fund focuses on competitively advantaged, growing fintech companies across seven investment themes including Payments, Information Services, Tech-Enabled Financials, and Enterprise Software. Private market valuations for fintech companies are starting to catch up to steep drops in public markets, with reduced private capital investment expected to temper competitive intensity and increase profitability for publicly traded incumbents. | View | |
| 2023 Q1 | Mar 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 18.6% | 18.6% | AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM | AI, Banking, growth, large cap, semiconductors, technology | The public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications. | ISRG CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Mar 2, 2025 | Mott Capital Management | - | 17.9% | AMZN, ILMN, ISRG, MA, MSFT, NVDA, SHOP.TO | AI, Bubble, Cash, growth, risk, technology, Valuations | Manager is skeptical of AI-related stock valuations, comparing the current environment to the 2000 dot-com bubble. Questions whether AI growth expectations will materialize quickly enough to justify current pricing, particularly for Nvidia which trades at very high valuations. | View | |
| 2026 Q1 | Mar 1, 2026 | Manole Capital Management | - | - | MA, SCHW, V | AI, Banking, Exchanges, Financial Infrastructure, Fintech, payments, volatility | View | ||
| 2024 Q4 | Feb 6, 2025 | Bretton Fund | -1.0% | 20.3% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | consumer, financials, healthcare, technology, value | Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race. | UNH DFH NVR AZO GOOGL AXP PGR |
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| 2025 Q4 | Feb 20, 2026 | Aquamarine | 0.0% | 0.0% | 1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE | Compounding, global, Health, large cap, liquidation, Quality, value | The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets. | View | |
| 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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| 2025 Q4 | Feb 18, 2026 | Baron FinTech Fund | -2.2% | 0.9% | APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V | AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology | Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property. | NEPT MS GWRE MELI HOOD FICO JKHY SPGI |
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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 | Feb 12, 2026 | Bretton Fund | 1.4% | 11.6% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value | The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes. | RVTY GOOG UNH |
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| 2025 Q3 | Dec 9, 2025 | RGA Investment Advisors | - | - | AAPL, AXP, COF, DFS, GOOGL, MA, NVDA, PLTR, V | AI, Banking, Concentration, healthcare, Networks, payments, Search, technology | AI is dominating market performance and sucking the air out of everything else. Google has evolved from facing an AI threat to becoming a dominant AI player with vertical integration advantages across semiconductors, hardware, models, consumer, and enterprise. The company's proprietary TPU chips and integration of AI into search positions it as a low-cost provider in the AI ecosystem. | View | |
| 2025 Q4 | Dec 31, 2025 | Green Ash Partners | - | - | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. | View | |
| 2023 Q4 | Dec 31, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AZO, FNV, GOOGL, LMT, MA, MELI, MSCI, MSFT, MSTR, NVDA, NVR, OCSL, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, fixed income, inflation, liquidity, Stagflation, technology | Bitcoin has entered a bull market with potential spot ETF approval and upcoming halving event. Manager believes bitcoin is historically the best performing asset class during bull markets and has been steadily increasing bitcoin proxy holdings. | MSTR OCSL |
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| 2024 Q4 | Dec 31, 2024 | L1 Capital International Fund | 11.4% | 29.0% | AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V | AI, global, healthcare, interest rates, large cap, Quality, technology | AI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements. | HCA MSFT |
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| 2024 Q4 | Dec 31, 2024 | Ganes Focused Value Fund | - | 5.9% | AMZN, APE.AX, ARB.AX, AUB.AX, AXP, DDR.AX, DMP.AX, GOOGL, LOV.AX, MA, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX, V | Australia, Concentration, long-term, Quality, retail, technology, value | The fund maintains a concentrated portfolio approach with top 10 holdings representing approximately 80% of the portfolio. This concentration has driven long-term outperformance but creates short-term volatility when individual holdings underperform. The manager emphasizes this concentrated strategy as their north star for finding high quality companies to own long-term. | DMP.AX MFF.AX PWH.AX LOV.AX |
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| 2024 Q4 | Dec 31, 2024 | Baron FinTech Fund | 5.2% | 22.9% | ACGL, APO, FI, FICO, GWRE, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, NU, PGR, PRI, SPGI, TTAN, TW, V, WISE.L | Capital markets, Digital Banking, Financial Services, Fintech, growth, payments, software, technology | The fund focuses on fintech companies at the intersection of financial services and technology, benefiting from secular trends including growing demand for data, electronification of capital markets, shift to electronic payments, rise of e-commerce, and digital transformation across financial institutions. These trends continue to drive digitization of the financial sector. | View | |
| 2024 Q4 | Dec 31, 2024 | Auxier Asset Management | -2.1% | 11.3% | AAPL, AMP, AMZN, BAC, BK, BRK.B, C, GOOGL, KR, MA, META, MSFT, NVDA, PLTR, PM, TRV, TSLA, UNH, UNM, V | AI, Buybacks, financials, growth, insurance, real estate, technology, value | Technology and communication were the best performing sectors driven by AI excitement reaching new highs. The Magnificent Seven companies drove about half of the S&P 500's gain in 2024, with these companies expected to report 33% earnings growth versus 4% for the remaining S&P 500 companies. The manager is concerned by the large capital investment in AI by leading tech firms and government, with Wedbush projecting $2 trillion over the next three years. | View | |
| 2024 Q4 | Dec 31, 2024 | RiverPark Long/Short Opportunity Fund | 4.3% | 15.9% | AAPL, AMZN, GOOGL, IGV, LLY, MA, META, MSFT, NFLX, NVDA, SHOP.TO, TSLA, UBER | AI, E-Commerce, growth, healthcare, Long/Short, technology | The artificial intelligence arms race, kicked off by ChatGPT and Alphabet's Bard, has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from a gaming-focused chip vendor to one of the largest semiconductor/software vendors in the world. Jensen Huang stated that a trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process. | LLY UBER AMZN NVDA SHOP.TO |
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| 2024 Q4 | Dec 31, 2024 | Impax US Sustainable Economy Fund | -0.8% | 20.4% | AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS | AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology | The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX | Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology | AI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Large Cap Equity | -1.3% | 17.3% | AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, LEN, MA, MELI, MMC, PYPL, SCHW, SLB, SN, STAN.L, SUZKY, TMUS | Data centers, healthcare, interest rates, large cap, technology, Trade Policy | Data center buildout remains strong with companies like Marvell and Vertiv playing key roles. Investment in data centers for artificial intelligence applications was strong during the quarter. Marvell has a strong position in data networking chips in data centers. | LEN MRVL SN |
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| 2024 Q4 | Dec 31, 2024 | The Gabelli Equity Income Fund | -2.7% | 6.9% | BK, CR, DE, FLS, GATX, GPC, MA, MLI, MSFT, STT | banks, dividends, financials, income, value | The fund focuses on dividend-producing equity securities as part of its income strategy. The manager notes that investments in dividend producing equity securities may limit appreciation potential during broad market advances but provide income generation. | View | |
| 2024 Q4 | Dec 31, 2024 | Stewart Asset Management | -0.5% | 27.6% | ADBE, GOOGL, MA, NVDA | AI, Concentration, earnings, growth, large cap, technology, US | AI is driving significant growth across portfolio holdings, with Nvidia being closely associated with artificial intelligence and providing computer chips, networking equipment, and software for data centers. Practical AI applications are already enhancing business operations through services like Photoshop, NotebookLM, and credit card fraud detection from portfolio companies Adobe, Alphabet, and Mastercard. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Technology Fund | 13.0% | 30.0% | 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CSU.TO, GOOGL, MA, META, MSFT, NFLX, ORCL, PTC, SAP, TSM, TXN, UBER, V, VEEV | AI, Automation, growth, SaaS, semiconductors, software, technology | AI investment opportunities continue to drive portfolio positioning, particularly in hardware and semiconductor manufacturers that power AI models. The fund recently added NICE, which provides AI modules for contact center software, demonstrating the expansion of AI applications beyond core infrastructure. | View | |
| 2024 Q4 | Dec 31, 2024 | Aquamarine | - | 18.6% | 1211.HK, AXP, BAC, BRK-B, MA, MC.PA, NESN.SW, RACE | brands, Compounding, long-term, Luxury, Quality, value | Manager emphasizes luxury brands as powerhouse investments, highlighting Ferrari's Formula 1 success and brand strength. Discusses the unique allure of luxury brands like Hermès and their ability to command premium pricing and customer loyalty. Notes the importance of share of mind in luxury markets and the barriers to entry for smaller competitors. | MC.PA ISRG NESN.SW 1211.HK RACE |
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| 2024 Q4 | Dec 31, 2024 | Magellan Global Opportunities Fund No. 1 | 11.6% | 30.7% | 1299.HK, AMT, AMZN, BKNG, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RKT.L, TSM | E-Commerce, financials, global, Quality, Streaming, technology | Netflix demonstrates unique ability to aggregate live viewership across large subscriber base, with operating profit growing from $800m in 2017 to ~$10b in 2024. Scale advantage expanding as Netflix continues improving offering while peers pull back on content spend pursuing profitability. | NFLX |
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| 2024 Q4 | Dec 31, 2024 | Nixon Capital | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, growth, Memory, nuclear, semiconductors, software, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. Enterprise software companies like ServiceNow and Salesforce are developing AI-infused products with consumption pricing models to capture value from productivity gains. The manager believes AI will ultimately prove additive to software company results despite current market skepticism. | View | |
| 2023 Q4 | Dec 31, 2023 | L1 Capital International Fund | 4.7% | 0.0% | ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH | healthcare, inflation, infrastructure, Quality, technology, value | Manager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky. | HCA |
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| 2023 Q4 | Dec 31, 2023 | Auxier Asset Management | 7.4% | 0.0% | ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC | AI, Banking, energy, healthcare, insurance, small caps, technology, value | Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft. | View | |
| 2023 Q4 | Dec 31, 2023 | Aquamarine | - | 18.7% | 1211.HK, AAPL, AXP, BABA, BAC, BRK-B, GOOGL, MA, MCO, NESN.SW, RACE | Compounding, India, long-term, Patience, Quality, value | The fund's core strategy focuses on long-term compounding through patient ownership of exceptional businesses. The manager emphasizes that compounding is what matters most and will get them to the promised land over time. | View | |
| 2023 Q4 | Dec 31, 2023 | Evolve Private Wealth | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI monetizing its limited current revenue base, creating increasing risks to the market. | ADS.DE |
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| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2022 Q4 | Dec 31, 2022 | RiverPark Large Growth | 3.7% | 16.4% | AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Magellan Global Fund | - | -11.8% | ASML, MA, V | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Aquamarine | - | 23.8% | 1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM | - | View | ||
| 2020 Q4 | Dec 31, 2020 | Aquamarine | - | 11.3% | 1211 HK, AMZN, AVB, AXP, BAC, BRK/A, GME, MA, NESN SW, NGLX, RACE IM, SRG, STLA | - | View | ||
| 2020 Q4 | Dec 31, 2020 | Magellan Global Fund | - | 9.0% | MA, MC FP, MSFT | - | View | ||
| 2024 Q4 | Dec 30, 2024 | Munro Global Growth Fund | 10.4% | 37.2% | AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER | AI, growth, large cap, semiconductors, technology, US | Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips. | AXON AVGO |
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| 2025 Q3 | Dec 15, 2025 | Qualivian Investment Partners | 6.4% | - | APH, BN, BRO, CPRT, GOOGL, MA, MCO, ORLY, TJX, WSO | AI, compounders, long-term, Quality, technology, value | The fund focuses on Quality Compounders - high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation that compound capital at mid-teens rates. Research shows quality stocks outperform over extended periods, similar to betting on favorites versus long shots in racetrack markets. | View | |
| 2022 Q4 | Dec 1, 2023 | Concentrated Compounding | 0.0% | 0.0% | AMZN, BRK/A, CHTR, CSU CN, EPD, FRC, GOOG, MA, RADI, TDG, V | - | View | ||
| 2025 Q3 | Nov 8, 2025 | Brown Advisors Global Leaders Strategy | 0.5% | 13.0% | ALLE, ASML, BBCA.JK, DB1.DE, EVD.DE, GE, GOOG, INTU, LSEG.L, MA, MSFT, SCHW, TSM, UL, V, WDAY, XP | AI, financials, global, growth, Quality, technology, value | The manager discusses AI's impact on their portfolio, noting underperformance from not owning AI winners like NVIDIA, Oracle, and Broadcom. They analyze AI risks to London Stock Exchange Group's data assets and explore opportunities in AI-enabled SaaS companies like Workday that can harness AI to improve customer outcomes. | WDAY BBCA IJ TSLA |
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| 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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| 2025 Q3 | Nov 5, 2025 | Horos Asset Management | 10.7% | 23.7% | AAPL, AMD, AMZN, BIDU, CMG, COST, GOOGL, INTC, KKR, MA, MCD, META, MSFT, NEON, NVDA, ORCL, PYPL, SBUX, TSLA, WMT | AI, Bubble, Europe, Margin Of Safety, technology, Valuations, value | Massive investments by hyperscalers in AI infrastructure reaching $365 billion, resembling dot-com bubble dynamics. Cross-investments between companies like NVIDIA and OpenAI mirror 1990s patterns. Energy demands and valuations appear unsustainable despite real technological potential. | View | |
| 2025 Q3 | Nov 5, 2025 | Franklin Growth Opportunities Fund | 4.0% | 10.0% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, Onshoring, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI as a key component to digitalization of law enforcement and emergency services through holdings like Axon Enterprise. | View | |
| 2023 Q3 | Nov 16, 2023 | Auxier Asset Management | 7.4% | 0.0% | AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO | energy, healthcare, insurance, rates, technology, value | Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money. | View | |
| 2023 Q3 | Nov 14, 2023 | Tall Oak Capital Advisors | - | - | ADBE, BABA, BRK-A, BSX, CAT, CCO.TO, CNQ.TO, COST, EQIX, GOOGL, LLY, MA, MAR, MCD, MSFT, NVO, PEP, SLB, SU.TO, UNH | Defensive, dividends, energy, fixed income, healthcare, Quality | Growing demand for nuclear energy as a clean power source driven by climate change concerns and energy security. Uranium consumption has surged past pre-Fukushima levels with supply concentrated among state-owned enterprises. Small Modular Reactors expected to bolster long-term demand. | ALLY CCO.TO |
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| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK | AI, Capital markets, credit, financials, Fintech, payments, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Nov 13, 2025 | Auxier Asset Management | 5.4% | - | BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO | AI, Banking, credit, defense, energy, infrastructure, Speculation, technology | Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions. | View | |
| 2023 Q4 | Nov 1, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, ALGN, AMZN, CRM, EW, ISRG, MA, MSFT, NOW, NVDA, SQ, TTD, V, VEEV | Concentration, growth, large cap, Quality, technology | View | ||
| 2023 Q3 | Oct 31, 2023 | Ensemble Capital | 0.0% | 8.0% | ADI, BKNG, BR, GOOGL, ILMN, MA, MASI, NFLX, TXN | growth, interest rates, large cap, payments, semiconductors, technology, value | The 10-year treasury yield rose 0.73% in Q3 as investors recalibrated long-term interest rate expectations. The Fed shifted from expecting recession to a more positive economic outlook, forecasting they would not need to cut rates as soon or by as much. Higher rates driven by real economic growth rather than inflation have mixed but generally positive impacts on equity valuations. | View | |
| 2023 Q3 | Oct 30, 2023 | Ironvine Capital Partners | - | 7.4% | AMZN, COST, CPRT, CSGP, MA, MSFT, UNH, V | Governance, management, marketplaces, real estate, Stewardship, technology, value | The letter extensively analyzes management quality and corporate governance across portfolio companies, contrasting good stewardship (CoStar, Copart) with poor stewardship (Black Knight, IAA). The manager emphasizes stewardship as a critical component of their durability ranking system and long-term investment returns. | View | |
| 2025 Q3 | Oct 28, 2025 | Weitz Large Cap Equity Fund | -0.5% | -0.9% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI MELI |
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| 2025 Q3 | Oct 28, 2025 | Weitz Multi Cap Equity Fund | 0.3% | 4.6% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN CDW ACN |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | ADBE, AMAT, AMZN, BALL, CHTR, CRM, DE, DHI, GOOGL, ICE, INTC, MA, MSFT, MU, NVDA, O, SHW, SNPS, SYK, WM | AI, financials, large cap, materials, Quality, semiconductors, technology | The fund maintains exposure to companies benefiting from the shift away from legacy computing infrastructure to AI infrastructure, including accelerated and cloud computing, semiconductors, software and other companies benefiting from these capabilities. They have a portfolio theme around companies with hyperscale exposure and are monitoring for overinvestment and excessive valuations. | View | |
| 2024 Q3 | Oct 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | financials, growth, Homebuilders, insurance, materials, technology, value | Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year. | GOOGL PGR |
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| 2025 Q3 | Oct 23, 2025 | Semper Augustus | 3.3% | 19.7% | AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER | AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing | AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers. | NESN SW PM GOOG |
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| 2025 Q3 | Oct 22, 2025 | Bretton Fund | 8.2% | - | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Antitrust, consumer, financials, healthcare, retail, technology | The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance. | UNH GOOGL |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2022 Q3 | Oct 21, 2022 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V | - | View | ||
| 2025 Q3 | Oct 20, 2025 | L1 Capital International Fund | 2.6% | - | AAPL, AERCF, AMZN, BKNG, CRH, DHR, GOOGL, HCA, ICE, INTU, J, MA, META, MSFT, NVDA, TSLA, TSM, UBER, V, WEIR.L | AI, global, gold, Quality, tariffs, technology, Trump, value | AI development is accelerating with significant investment in datacenter infrastructure and companies incorporating AI into products and services. Leading AI models are approaching parity with industry experts across multiple sectors. However, uncertainty remains around development costs, power requirements, and whether current valuations are justified. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, ABBV, AMD, AMZN, AVGO, COST, KO, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, QCOM, TMUS, TOL, TSLA, WMT, WSM | cash flow, Leverage, Quality, risk management, small caps, valuation, value | The letter extensively discusses valuation risk in the current market, comparing current conditions to the 2000 TMT bubble. Over 40% of the S&P 500 now trades at NTM P/E ratios over 30x, similar to 2000 levels. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total S&P 500 market cap. | View | |
| 2023 Q3 | Oct 20, 2023 | Bretton Fund | 10.0% | 0.0% | AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH | Concentration, large cap, Quality, technology, US, value | Alphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects. | View | |
| 2025 Q3 | Oct 2, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, Discipline, large cap, Patience, Quality, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index. | View | |
| 2023 Q3 | Oct 19, 2023 | Akre Focus Fund | 11.8% | 18.6% | ADBE, AMT, BN, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Concentration, financials, interest rates, Quality, real estate, technology, value | The second quarter narrative abruptly changed to bullishness on artificial intelligence, giving rise to the Magnificent 7 market darlings. These seven companies were largely responsible for the S&P 500's 13.07% year-to-date return through September, while the S&P 493 excluding them only returned 3.18%. | View | |
| 2024 Q3 | Oct 18, 2024 | Titan Wealth | - | - | 1972.HK, 300750.SZ, 3690.HK, ABNB, BIO, BMW.DE, CRM, DEO, DIS, EBAY, EL, EW, GOOGL, HEIA.AS, HLN.L, LVMH.PA, MA, META, MSFT, NFLX, NVDA, ORCL, PYPL, SNY, STLA, TMO, UL | emerging markets, global, healthcare, income, Multi-Manager, Rate Cuts, technology | Long-term theme of emerging global middle class remains intact despite recent underperformance. Emerging economies outpacing developed world on output-per capita basis with faster earnings expansion, better margins, less debt, and cheaper valuations. Chinese stimulus measures helping lift emerging market positions. | View | |
| 2024 Q3 | Oct 17, 2024 | Montaka Global Investments | - | - | AMD, AMZN, BX, CRM, FND, GOOGL, KD, KKR, MA, META, MSFT, NOW, SPGI, SPOT, V | AI, Asset Management, Cloud Computing, Global Equities, long-term, payments, technology | AI revolution is overwhelmingly native to the cloud and will drive incremental growth in cloud usage due to its inherently higher compute intensity. Enormous value can be unlocked through productivity enhancements on the enterprise side and engagement boosters on the consumer side. Most value is unlocked when AI models are married with customer data and meta data, favoring incumbents with decades of dataset building and existing customer bases for distribution. | View | |
| 2025 Q3 | Oct 16, 2025 | Magellan Global Fund | 0.0% | - | AMZN, ASML, CME, CMG, ES, GOOGL, INTU, MA, META, MSFT, NESN.SW, NFLX, NVO, SAP, TSM, UNH, V | AI, Defensive, global, growth, Quality, semiconductors, technology | AI is viewed as a genuinely revolutionary technology for markets, economies and society. The manager notes AI-related stocks have driven majority of earnings growth and returns since ChatGPT launch in November 2022. However, sentiment towards AI can be volatile and subject to rapid reversals, as witnessed during the 'DeepSeek moment' earlier this year. | CME |
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| 2025 Q3 | Oct 16, 2025 | Magellan Global Opportunities Fund No. 1 | 3.0% | - | ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation. | View | |
| 2025 Q3 | Oct 16, 2025 | Magellan High Conviction Fund | -1.2% | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD for chips and data centre capacity. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation, resulting in increasing risks to the market. The underlying rationale for the recent rally appears increasingly driven by speculative elements including circular deals heavily dependent on OpenAI growing and monetising its user base. | ADS GR |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | GLOB IDXX SBUX ORCL |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Technology Fund | 6.0% | - | 8035.T, ADI, AMAT, AMZN, AVGO, GOOGL, GRAB, ISRG, MA, MCHP, MSFT, NFLX, NVDA, SAP, SNPS, TSM, TXN, V, VEEV, VRT | AI, defense, growth, infrastructure, semiconductors, technology | AI infrastructure stocks make up around 30% of the portfolio and drove majority of returns with companies like Broadcom, Nvidia, TSMC up around 20%. The fund stands to benefit from ongoing massive investment in the AI build-out. OpenAI's user growth from 200m to 700m weekly users poses existential threat to incumbent tech companies like Alphabet and Meta. | View | |
| 2025 Q3 | Oct 16, 2025 | Janus Henderson Forty Fund | 8.4% | 18.0% | AAPL, AMZN, ARGX, AVGO, CMG, DKNG, GOOGL, MA, MDGL, MELI, META, MRVL, MSFT, NVDA, ORCL, SHOP, TSM | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Excitement around artificial intelligence was a strong driver of market gains. Oracle emerged as a leading player in the AI market with strong competitive position and close relationships with leading AI and hyperscaler partners. The fund sees accelerating demand for AI cloud-based workloads driving rapid hyperscaler investment in AI infrastructure, with revenue-generating opportunities moving beyond infrastructure to the application layer. | MELI US ORCL US |
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| 2024 Q3 | Oct 16, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ALGN, ASML, BX, CMG, CRWD, DXCM, ELF, MA, MELI, NOW, PLTR, SNOW | AI, concentrated, growth, healthcare, large cap, payments, semiconductors, technology | Management teams continued to discuss AI roadmaps during quarterly calls. ServiceNow's stock appreciated partly due to continued demand for the company's AI products. The market's interest in AI remains a prevalent theme affecting portfolio companies. | ASML ELF DXCM BX MA NOW |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | AI, financials, healthcare, large cap, Quality, technology, value | The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips. | View | |
| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 companies to bypass them with internal solutions. Both companies are adapting pricing models to consumption-based structures for AI modules to protect against headcount reduction concerns. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
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| 2024 Q3 | Oct 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V | Compounding, Focus, long-term, Patience, Quality, returns | The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors. | View | |
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua International Growth Fund | 5.2% | 19.0% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | Biotechnology, China, Fed policy, growth, international, tariffs, technology, Valuations | The resolution of Liberation Day tariffs through framework agreements with major trading partners reduced uncertainty, though establishing higher baseline tariffs. The U.S. reached deals with EU, Japan, and South Korea at 15% baseline tariffs, while negotiations with India failed resulting in 50% tariffs. | View | |
| 2025 Q3 | Oct 13, 2025 | The Baird Chautauqua Global Growth Fund | 6.8% | 17.2% | 2269.HK, 7269.T, ADYEN.AS, BABA, CP.TO, CSU.TO, FFH.TO, GMAB, GOOGL, LULU, MA, MU, NVO, OLED, PRX.AS, SAF.PA, TCS.NS, TEAM | AI, China, Cloud, growth, international, technology, Trade Policy, Valuations | The quarter saw significant resolution of trade disputes with the U.S. formalizing agreements with EU, Japan, and South Korea establishing higher baseline tariffs but removing punitive reciprocal rates. While these agreements provided market relief, tariff impacts are beginning to filter into economic data with businesses citing higher input costs. | BABA |
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| 2025 Q3 | Oct 12, 2025 | Macquarie Large Cap Growth Fund | 4.7% | 8.4% | AAPL, AMD, AMZN, DHR, EQIX, GOOGL, ICE, IDXX, INTC, INTU, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, TSM, V, VMC | AI, growth, large cap, Quality, semiconductors, technology | AI stocks have been the primary driver of market returns, accounting for roughly 75% of market gains. The fund has significant exposure to companies already benefiting from AI, as well as future beneficiaries. However, many aspects remain uncertain including business models, applications, regulation, power consumption, and hardware requirements. | EQIX AMD VMC INTU ICE |
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| 2025 Q3 | Oct 10, 2025 | Akre Focus Fund | -3.4% | 3.9% | BN, CSGP, CSU.TO, FICO, KKR, MA, MC.PA, MCO, ORLY, ROP, TOI.TO, V | AI, Compounding, ETF Conversion, software, tax efficiency, technology, Vertical Markets | The fund addresses concerns about AI disruption to vertical market software companies, particularly through AI-native competitors using large language models. However, they believe Constellation Software can navigate this technological shift due to customer intimacy and access to the same AI tools as competitors. | CSU CN |
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| 2023 Q3 | Oct 10, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | View | ||
| 2025 Q3 | Oct 1, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS | AI, Cloud, cyclicals, growth, healthcare, large cap, technology | The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum. | VRTX US DDOG US ORCL US |
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| 2023 Q4 | Oct 1, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, V | financials, long-term, Quality, technology, value | The fund emphasizes investing in great businesses with quality standards and valuation discipline. They focus on business quality and value as primary drivers of investment decisions, maintaining these standards even when faced with compelling new themes that capture investor imagination. | View | |
| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | View | |
| 2023 Q4 | Jan 9, 2024 | Guinness China | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, global, large cap, Quality, semiconductors, technology, Trade Policy | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. Considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | ADS.DE |
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| 2024 Q4 | Jan 8, 2025 | Longriver Investment Partners | 2.5% | 26.0% | 005930.KS, AMZN, C, COST, GAW.L, GOOGL, IBKR, INTC, JPM, MA, META, MS, NFLX, NU, PDD, STAN.L, TCOM, TSM, V, WISE.L | AI, gaming, global, long-term, payments, semiconductors, technology | Wise is building alternative infrastructure to make cross-border money transfers cheaper and faster by eliminating correspondent banking intermediaries. The company has grown to move ~GBP 130 billion annually and is positioned to become the B2B infrastructure for global cross-border transfers, similar to how Visa and Mastercard operate in credit cards. | WISE.L |
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| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 2025 Q4 | Jan 5, 2026 | Douglass Winthrop | 0.0% | 0.0% | AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER | AI, inflation, Quality, technology, Trade Policy, value | AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies. | View | |
| 2025 Q4 | Jan 31, 2026 | Montaka Global Investments | 0.0% | 0.0% | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value | AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses. | KKR BX NOW FND ALB |
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| 2025 Q4 | Jan 30, 2026 | Baron Durable Advantage Fund | 2.7% | 16.6% | AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade. | WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG |
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| 2025 Q4 | Jan 29, 2026 | Ironvine Capital Partners | 0.0% | 0.0% | ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V | aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology | Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy. | BRK.B AON MSFT V MCO HEI AMZN |
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| 2025 Q4 | Jan 29, 2026 | Weitz Partners III Opportunity Fund | 0.7% | 3.2% | AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of Fund assets in 2025. Google's latest Gemini AI release surpassed expectations with benchmarks showing performance moved to the front of the pack. The fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns in 2025. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about how companies' prospects change. The portfolio's life sciences investments representing roughly 18% of average assets experienced a lost year in 2025. The industry began with pressure on research budgets and heightened scrutiny of healthcare apparatus, reorienting around a new normal before organic growth pickup spurred a rally. | BRK.B PRM CHTR KMX GOOGL |
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| 2025 Q4 | Jan 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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| 2025 Q4 | Jan 26, 2026 | Impax US Sustainable Economy Fund | 4.2% | 16.0% | AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS | AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology | AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Fund | 3.0% | 13.0% | AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V | AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology | Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Global Fund (Long Only) | 3.0% | 16.0% | AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V | Diversified, global, large cap, payments, technology | Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2023 Q4 | Jan 19, 2024 | Mott Capital Management | - | 26.7% | AAPL, AMZN, BA, GOOGL, ISRG, MA, MDRX, MSFT, SHOP, SPLK, V | Cash, Fed, growth, rates, technology, Valuations | The composite focuses on thematic growth investing with a long-term approach, owning mega-cap growth names like Apple, Microsoft, Alphabet, and Amazon. The strategy has benefited from the rally in mega-cap growth stocks in 2023. | View | |
| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Fund | 0.1% | 3.0% | AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM | AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology | AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture. | MSFT GOOG TSM |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 1 | 1.3% | 13.0% | AMT, AMZN, DEO, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, SAP, TSM, UNH, ZBH | AI, Cloud, Consumer Staples, global, large cap, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership via OpenAI relationship. Meta investing heavily in superintelligence initiatives though scaling back Metaverse investments. Amazon AWS showing acceleration in Q3 growth as increased capex delivers returns. Microsoft Azure growth moderating but all incumbent cloud providers viewed as long-term winners. Cloud computing remains structural growth driver. Amazon well-positioned to benefit from structural growth in e-commerce with better-than-feared US consumption trends in December quarter. E-commerce remains key growth driver alongside cloud computing. Nestlé's coffee portfolio through Nescafé and Nespresso brands well-positioned to capture spending shifts across price points. Coffee viewed as attractive category due to experiential nature and brand loyalty, with Nestlé delivering positive volume growth despite high single-digit price increases. Nestlé's Purina line offers products from premium to budget in attractive pet care category. Pet foods benefit from brand preferences and nutrition focus rather than just price, with scale advantages in R&D and feed trials driving innovation. | View | |
| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 2 | 1.4% | 0.0% | AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM | AI, Cloud, consumer, Defensive, global, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures. | View | |
| 2023 Q4 | Jan 17, 2024 | Ensemble Capital | 0.0% | 8.0% | BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD | AI, earnings, growth, Streaming, technology | The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q4 | Jan 16, 2026 | Janus Henderson Forty Fund | 0.3% | 18.4% | AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM | AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology | AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy. | MDGL LLY ETN ORCL |
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| 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 | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2024 Q4 | Jan 15, 2025 | Brighton Jones | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUMA.DE, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2025 Q4 | Jan 14, 2026 | L1 Capital International Fund | 2.2% | 9.8% | AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V | AI, consumer, Global Equities, Macro, Quality, technology, valuation | AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers. | ICE LSEG LN INTU CRM TSM AER UBER J |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Large Cap Equity | 4.3% | 0.0% | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology | AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. | OLED AEIS ILMN ALB |
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| 2025 Q4 | Jan 12, 2026 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2025 Q4 | Jan 12, 2026 | Munro Global Growth Fund | -0.7% | 12.2% | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout. | CIEN GOOGL |
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| 2024 Q4 | Jan 11, 2025 | Akre Focus Fund | -0.5% | 18.0% | AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V | Compounding, Concentration, large cap, Long Term, Quality, value | The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods. | View | |
| 2023 Q4 | Jan 1, 2024 | Oak Ridge investment | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetizing its user base given limited current revenue. While positive on GenAI long-term potential, considerable uncertainty remains on pace and degree of monetization. | ADS.DE |
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| 2024 Q3 | Sep 30, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V | Compounding, Concentration, long-term, Quality, value | The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods. | URI MUSA |
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| 2024 Q3 | Sep 30, 2024 | Auxier Asset Management | 7.4% | 0.0% | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. | 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 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM | AI, large cap, Quality, rates, technology, US, value | The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments. | View | |
| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility | AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. | META TEAM ASML PRX.AS MELI SAF.PA HWM |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Large Cap Equity | 4.9% | 18.8% | 7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY | aerospace, AI, healthcare, large cap, rates, technology | The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway. | View | |
| 2024 Q3 | Sep 30, 2024 | Impax US Sustainable Economy Fund | 6.6% | 21.4% | AAPL, AMAT, BBY, CBRE, EMR, GILD, HUBS, LLY, LOW, MA, MSFT, NVDA, PGR, PINS, ROK, TXN, UNP, V, VFC | Esg, financials, large cap, real estate, sustainability, technology | The fund's energy efficiency tilt was additive as Energy Efficiency-related names outperformed the market and Energy stocks. The portfolio takes allocation from Energy and reallocates it to companies focused on energy efficiency solutions. | View | |
| 2023 Q3 | Sep 30, 2023 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, BKNG, CRH, GOOGL, GPK, INTU, MA, MCO, MMC, MSFT, NRP, NVDA, UNH, V | AI, Cloud, global, healthcare, Quality, technology, Travel, valuation | AI is described as a revolutionary step change in computing with broad implications across industries. The fund sees early commercial applications at companies like Intuit and Microsoft, with the Big Three cloud providers exceptionally well positioned to provide AI infrastructure as a service. | View | |
| 2023 Q3 | Sep 30, 2023 | Manole Capital Management | 0.0% | 0.0% | ADYN, AFRM, FI, INTU, MA, PYPL, SQ | Banking, credit, Federal Reserve, Fintech, interest rates, payments, PayPal, technology | Extensive analysis of the digital payments industry, focusing on PayPal's valuation opportunity and competitive positioning against Visa, Mastercard, and emerging players like Stripe and Adyen. Manager views payments as a secular growth business benefiting from the ongoing decline in cash usage globally. | 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 | |
| 2023 Q3 | Sep 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER | AI, Cloud, growth, large cap, payments, Streaming, technology, Travel | AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter. | SBUX PEP IMCD NA CLMT ALLY EQIX |
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| 2023 Q3 | Sep 30, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEY, AMZN, BKNG, BX, EQIX, GOOGL, ILMN, LLY, LMT, MA, MCD, META, MSFT, PEP, SBUX, SHOP, UBER | AI, Cloud Computing, Internet Media, Long/Short, payments, secular growth, technology | The fund highlights AI tools as a key driver for Alphabet, noting that 80% of advertisers use at least one of the company's advertising AI tools. This contributed to re-acceleration in advertising growth and strong performance across Google's platforms. | View | |
| 2023 Q3 | Sep 30, 2023 | Stewart Asset Management | 0.0% | 0.0% | ADBE, COST, MA, NVDA, UNH | earnings, growth, interest rates, large cap, technology, valuation | The manager attributes portfolio strength to resilient earnings power, with Adobe, Costco, and UnitedHealth showing strong earnings growth. Nvidia reported powerful earnings growth in Q3, with management expecting continued growth despite economic concerns. The manager forecasts 16% annual earnings growth for the portfolio over the next five years. | View | |
| 2023 Q4 | Sep 3, 2024 | Concentrated Compounding | 0.0% | 0.0% | AMZN, BRK-B, CHTR, CRM, CSU.TO, DHR, EPD, GOOGL, MA, MSFT, SPGI, SRT3.DE, TDG, TMO, V | Concentration, long-term, Quality, risk management, Treasuries, Valuations | Manager extensively discusses how stock valuations have moved from undervalued to fair value throughout 2023, leading to position trimming. Current market valuations are described as high relative to historical levels, with P/E ratios at 20-year highs excluding 2021. | SRT3.DE ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DHR |
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| 2023 Q4 | Sep 2, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH | concentrated, large cap, Quality, technology, US, value | Alphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects. | View | |
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, GE, MA, TDG, V | - | View | ||
| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2023 Q2 | Aug 15, 2023 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | AI, consumer discretionary, financials, Homebuilders, insurance, technology | Artificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever. | View | |
| 2023 Q2 | Aug 8, 2023 | VGI Partners | 0.0% | 0.0% | 7733.T, AMZN, CFR.SW, CME, DB1.DE, DIS, DSMNF, GEHC, ISRG, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, XM | Concentration, Exchanges, global, healthcare, Quality, technology, value | VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. They view these as critical market infrastructure with strong competitive moats and benefiting from increased interest rates through net interest income. | DSM.AS LSEG.L DB1.DE GEHC AMZN CME |
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| 2024 Q2 | Jul 31, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V | AI, infrastructure, risk management, small caps, Speculation, technology, value | AI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly. | View | |
| 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 | |
| 2024 Q2 | Jul 28, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value | AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. | ODFL CSU.TO IEX |
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| 2023 Q2 | Jul 26, 2023 | Stenham Asset Management | 4.7% | 15.1% | AI, AMAT, AMZN, CHGG, CNI, CP, DHR, DUOL, GOOGL, KR, MA, MSFT, NVDA, RACE, TMO, UMG.AS | AI, global, infrastructure, large cap, Quality, semiconductors, technology | AI is this year's favorite buzzword with companies mentioning it on earnings calls to boost stock prices. The fund takes a picks and shovels approach, investing in infrastructure companies like semiconductors and cloud providers that benefit regardless of AI winners and losers. Historical technological revolutions show most companies fail, making infrastructure plays the most sustainable investment strategy. | View | |
| 2024 Q2 | Jul 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Building Materials, financials, Homebuilders, large cap, Quality, technology, value | The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets. | EXP |
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| 2024 Q2 | Jul 23, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, AMZN, CRM, DXCM, ELF, ISRG, LULU, MA, NVDA, PANW, VEEV | AI, Cloud, Concentration, growth, large cap, technology | Artificial intelligence continues to drive market optimism and performance, particularly through NVIDIA's dominance in GPU infrastructure for generative AI development. The upcoming iPhone 16 release incorporating AI into consumer devices could drive an upgrade cycle for Apple. | DXCM VEEV CRM AMZN AAPL NVDA |
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| 2023 Q2 | Jul 20, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, MA, META, MSFT, PMS, ROP, SIRI, TECH, TMO, V | AI, contrarian, large cap, Long/Short, technology, underperformance, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, which averaged roughly 16% of fund assets in 2025. Alphabet was the fund's top performer in both the quarter and year, with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SHLX, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, Global Growth, healthcare, Quality, secular growth, technology, Trade Policy | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. Not having exposure to semiconductors presented a significant headwind to relative performance. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | ADBE, DCP, GOGO, IBKR, MA, NFLX, SSNC | Concentration, Event Driven, Merger Arbitrage, risk management, value | The manager discusses merger arbitrage strategies and event-driven investments as alternatives to traditional bond markets. Focus on non-binding acquisition offers and their success rates, with detailed analysis of deal structures and negotiation dynamics. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA GOGO ADBE ADMA DCP |
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| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2024 Q2 | Jul 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | AAPL, AMT, BN, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, MSFT, NVDA, ORLY, ROP, V | Concentration, financials, large cap, Mega Cap, technology, value | The manager extensively discusses the unprecedented concentration in mega-cap stocks, particularly Apple, Microsoft, and Nvidia with $3+ trillion market caps each. He questions whether these companies can continue compounding at historic rates given the law of large numbers, noting their combined value approaches 36% of US GDP under 15% annual growth assumptions. | View | |
| 2023 Q2 | Jul 7, 2023 | Saga Partners | 22.6% | 39.4% | AAPL, ADBE, AMZN, CMG, CPRT, CRM, GOOGL, HD, HEI, MA, META, MSFT, NFLX, NOW, ORLY, ROKU, TDG, TJX, TSCO, V | Concentration, innovation, long-term, Streaming, technology, volatility | Connected TV has moved into the transitional phase where the market has chosen winners who are scaling products with rising barriers to entry. The real value will move to TV operating system aggregators rather than content suppliers, with Roku positioned to benefit from its growing market share approaching half of US households. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM | Concentration, diversification, dividends, Passive investing, technology, valuation | The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies. | View | |
| 2024 Q2 | Jun 30, 2024 | Artisan International Fund | 5.9% | 14.6% | AAPL, AMZN, GOOGL, LLY, MA, META, MPWR, MSFT, NOW, NVDA | growth, large cap, technology, US | View | ||
| 2024 Q2 | Jun 30, 2024 | Franklin Growth Opportunities Fund | 4.9% | 0.0% | AAPL, AMZN, GOOGL, LLY, MA, META, MPWR, MSFT, NOW, NVDA | growth, large cap, technology, US | View | ||
| 2024 Q2 | Jun 30, 2024 | Harbor Capital Appreciation Fund | 6.4% | 20.9% | AAPL, ADI, AMD, AMZN, AVGO, CRM, DIS, GOOG, GOOGL, LLY, LULU, MA, MDB, META, MSFT, NFLX, NKE, NVDA, SNOW, V | AI, consumer, growth, large cap, semiconductors, technology | Accelerated spending on artificial intelligence infrastructure among hyperscalers continued during the quarter. Near-term disappointment with the pace of developing applications to monetize AI spending weighed on SaaS company valuations, though the fund remains encouraged by AI initiatives that will improve current offerings and drive revenue growth over their investment time horizon. | 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 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L | AI, Data centers, energy, global, growth, semiconductors, technology | AI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending. | SN TSM |
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| 2024 Q2 | Jun 30, 2024 | Bell Global Equities Fund | -3.5% | 5.8% | 3064.T, AAPL, ADBE, AMZN, CRDA.L, DEO, FI, GOOGL, MA, MSFT, NESN.SW, NESTE.HE, NKE, ORCL, POOL, QCOM, ROG.SW, ULTA, UNH, V | AI, global, Quality, software, technology, value | Strong demand for AI large language model training and inferencing drove Oracle's cloud infrastructure growth, with management guiding 50%+ OCI growth in FY25. Oracle signed IaaS contracts totaling US$12.5 billion with 43% YoY growth, including partnerships with Google, Microsoft, and OpenAI. The AI theme continues to propel technology-related names higher across semiconductors, software, and hardware segments. | 4768.T NKE ADBE ORCL |
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| 2023 Q2 | Jun 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS | AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology | The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally. | ZTS COST |
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| 2023 Q4 | May 3, 2024 | RIT Capital | 0.0% | 8.8% | BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L | credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value | The fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model. | TPG TALEN |
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| 2023 Q1 | Apr 27, 2023 | Stenham Asset Management | 10.0% | 10.0% | ADBE, ASML, CNI, CP, DHR, MA, MC.PA, MSFT, RACE, SAF.PA, UMG.AS, V | disruption, durability, infrastructure, long-term, Luxury, Quality, Railroads, technology | The recent rise of Artificial Intelligence represents rapid technological change that is calling into question the outlook for many businesses. ChatGPT set the record for fastest app to reach 1 million users in just 5 days, demonstrating the accelerating pace of technological adoption. The debates around whether AI will disrupt internet search and change our lives are driving shorter investment horizons as narratives change faster than investors can keep up. | ADMA ^VIX UMG.AS SAF.PA RACE MC.PA CNI ACP.WA |
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| 2025 Q1 | Apr 23, 2025 | Bretton Fund | -1.0% | -1.0% | AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | durability, Franchises, Pricing Power, tariffs, Trade Policy, value | The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end. | View | |
| 2025 Q1 | Apr 22, 2025 | Ithaka US Growth Strategy | -10.5% | -10.5% | ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V | AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility | The Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision. | TTD NVDA NOW UBER V PLTR |
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| 2023 Q1 | Apr 22, 2023 | Mayar Capital | 7.7% | 9.6% | 005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO | consumer, global, long-term, Pharmaceuticals, Quality, technology, value | Manager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence. | 9627.T |
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| 2023 Q1 | Apr 21, 2023 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | Banking, healthcare, Housing, technology, value | Regional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks. | ABAC JPM CNVRG PM AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, global, growth, Oracle, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2025 Q1 | Apr 14, 2025 | L1 Capital International Fund | 0.1% | 0.1% | AER, AMZN, BKNG, CRH, GOOGL, HCA, ICE, MA, MMC, MSFT, V, VIE.PA | AI, global, healthcare, Quality, tariffs, Trade Policy, valuation | Trump's Reciprocal Tariffs framework is deeply flawed, based on trade deficits rather than actual tariffs or unfair practices. The policy creates significant economic uncertainty and potential for global trade disruption. Liberation Day policies have been partially paused but tensions with China remain at unprecedented levels. | VIE.PA GOOGL MSFT AMZN HCA |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Core Equity Fund | -2.4% | -2.4% | AMD, AMZN, AZO, BCOM, BRO, CI, CRM, DE, DHI, GOOGL, ICE, MA, MAR, MSFT, NOW, NVDA, O, SNPS, VZ, WM | AI, Defensive, financials, industrials, large cap, Quality, semiconductors | The portfolio maintains positioning in AI beneficiaries including hyperscalers, semiconductor companies, and software companies that are building the computing foundation of the future. The fund added AMD and ServiceNow during the quarter to strengthen its AI theme exposure. Despite near-term volatility, the managers remain optimistic about long-term opportunities in AI infrastructure providers. | View | |
| 2025 Q1 | Apr 14, 2025 | Parnassus Value Equity Fund | -2.0% | -2.0% | A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ | financials, healthcare, large cap, moats, Quality, technology, uncertainty, value | The fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share. | JPM AMD |
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| 2025 Q1 | Apr 13, 2025 | Munro Global Growth Fund | -7.3% | -7.3% | AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER | AI, Cash, defense, global, growth, tariffs, technology, volatility | Despite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption. | NVDA RHM.DE |
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| 2025 Q1 | Mar 31, 2025 | Mayar Capital | 2.9% | 2.9% | 005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO | AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value | Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide. | NKE NVO CAP.PA |
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| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Global Equity | 0.4% | 0.4% | AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT | aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy | European defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms. | View | |
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Large Cap Equity | -6.5% | -6.5% | AMZN, AZN, BDX, CMCSA, GOOGL, HWM, HXL, IBN, MA, META, MMC, MRVL, PYPL, SCHW, SLB, SN, STAN.L, TMUS, VRT, VRTX | aerospace, AI, growth, tariffs, technology, volatility | The portfolio was significantly impacted by AI-related volatility following DeepSeek's R1 model release, which pressured AI compute and networking supply chains. Despite the selloff in holdings like Marvell and Vertiv, the manager believes the immediate reaction was an overreaction and that reasoning models should drive greater hardware demand over time. | View | |
| 2023 Q1 | Mar 31, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL | Banking, financials, global, Opportunistic, value | Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff. | NVST DICE COP COF CAP FP AIG |
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| 2023 Q1 | Mar 31, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, AMZN, DDOG, DIS, GOOGL, ISRG, LULU, MA, META, MSFT, NFLX, NVDA, RNG, SCHW, SHOP, UBER, UNH | growth, innovation, large cap, Market share, secular growth, technology | NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to core technologies being adopted globally, including artificial intelligence. The company has evolved from gaming-focused to one of the largest semiconductor/software vendors through innovation. | GRNG SCHW AAPL|MSFT|NFLX|NVDA|UNH LULU |
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| 2023 Q1 | Mar 31, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ABNB, AMZN, DIS, GOOGL, LULU, MA, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH | AI, E-Commerce, growth, Long/Short, secular themes, technology | NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to many core technologies being adopted globally, including artificial intelligence. The fund expects future growth to remain robust as AI adoption continues. | AAPL|MSFT|NFLX|NVDA|UNH LULU |
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| 2023 Q1 | Mar 31, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, healthcare, Long/Short, technology, Telecommunications, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of fund assets in 2025. Alphabet was the top performer with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2023 Q4 | Feb 27, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, AMZN, COF, GOOGL, KRE, MA, META, MSFT, NFLX, QQQ, SCHW, SHOP, UBER | AI, E-Commerce, Internet, Long/Short, payments, Streaming, technology | AI and cloud computing represent 11% of the long portfolio. Microsoft's Azure platform showed accelerating growth at 28% constant currency, marking the first quarter-over-quarter acceleration in six quarters. The company's cloud-based services have become its largest revenue producer with Azure having potential to grow to over $100 billion in annual revenue over the next decade. | AAPL|MSFT|NFLX|NVDA|UNH UBER SHOP |
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| 2024 Q4 | Jan 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LMT, LNR.TO, LYB, MA, MCK, RYAAY, THO, V | Airlines, Automotive, healthcare, payments, policy, technology, Trump, value | The fund maintains a value-oriented approach, seeking businesses trading below intrinsic value. The manager discusses the long-term performance divergence between growth and value stocks, noting that growth has outperformed value significantly over recent years but maintains their disciplined value philosophy regardless of market trends. | View | |
| 2023 Q4 | Jan 31, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, AMZN, BX, GOOGL, ILMN, MA, META, MSFT, NFLX, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, Streaming, technology | Shopify continues to benefit from e-commerce growth with 25% revenue growth and 16% operating margins. The company processed 10% of US retail e-commerce sales, second only to Amazon. Management expects continued revenue growth of more than 20% per year driven by new merchants, increased adoption, and market share gains. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM AAPL|MSFT|NFLX|NVDA|UNH SNAP AAPL|MSFT|NFLX|NVDA|UNH UBER SHOP |
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| 2022 Q4 | Jan 30, 2023 | Andvari Associates | 0.0% | 20.3% | ADBE, CPRT, CSGP, CSU, DBGI, MA, MLAB, SPGI, TOITF, TYL | - | View | ||
| 2024 Q4 | Jan 29, 2025 | Weitz Multi Cap Equity Fund | -0.6% | 15.6% | AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN | inflation, Multi Cap, rates, small caps, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Partners III Opportunity Fund | 1.1% | 15.4% | AMZN, BRK-A, CCRD, CHTR, CSGP, DHR, FIS, GOOGL, GPN, LBRDA, MA, META, MSFT, PRM, ROP, SIRI, TECH, TMO, TXN, V | Life Sciences, Long/Short, Megacap, payments, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Large Cap Equity Fund | -0.6% | 12.7% | ADBE, AMZN, CHTR, CRM, CSGP, DHR, EFX, GOOGL, GPN, IEX, MA, MCHP, META, ODFL, ORCL, ROP, SPGI, TMO, V | Concentration, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach to investing, emphasizing concentrated, valuation-sensitive investing. The portfolio trades at a price-to-value in the high 80s, which they believe offers adequate return potential over a multi-year period. | View | |
| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2024 Q4 | Jan 24, 2025 | Tsai Capital | - | 23.0% | AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS | AI, Compounding, disruption, growth, long-term, technology, Tesla, value | The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI. | View | |
| 2024 Q4 | Jan 24, 2025 | Giverny Capital Asset Management | 0.8% | 21.1% | AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Concentration, growth, mid cap, technology, value | Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment. | MEDP ALGN KNSL FERG FI IBP AHT MTB |
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| 2022 Q4 | Jan 23, 2023 | Giverny Capital Asset Management | 8.5% | -22.7% | COHR, ERF FP, FD, FIVE, FRCB, GOOG, HEI, JPM, KMX, KO, MA, META, PGR, SCHW | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| 2022 Q4 | Jan 17, 2023 | Ensemble Capital | 0.0% | 8.0% | CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q2 | Jan 7, 2023 | Manole Capital Management | 0.0% | 0.0% | AAPL, AMZN, BAC, COF, GOOGL, INTU, JPM, MA, META, MSFT, NVDA, PACW, PNC, PYPL, SCHW, SQ, SYF, USB, V, WFC | Banking, credit, Digital Wallets, Federal Reserve, Fintech, inflation, payments, technology | Manager discusses digital wallets, P2P payments, and how fintech companies like PayPal and Square are trying to become online banks. Emphasizes transaction-based businesses with recurring revenue as preferred investments over traditional credit-sensitive banks. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 5, 2026 | Seeking Alpha | Seeking Alpha | Mastercard Incorporated | Financial Services | Payments | Bull | New York Stock Exchange | Customer loyalty, digital payments, financial services, global expansion, Global Payments, innovation, Mastercard Incorporated, Pricing power, Revenue Growth, Transaction Processing | View Pitch |
| May 6, 2026 | Substack | Rijnberk Invest Insights | Mastercard Incorporated | Financial Services | Credit Services | Bull | New York Stock Exchange | AI Era, capital-light model, consumer spending, Dividend Growth, Free Cash Flow, geopolitical tensions, Global Payments, Regulatory Risks, Share Buybacks, value-added services | View Pitch |
| Apr 30, 2026 | Fund Letters | SGA - U.S. Large Cap Growth | Mastercard | Credit Services | Data Processing & Outsourced Services | Bull | New York Stock Exchange | asset-light model, digital payments, Electronic Commerce, Global network, payment processing, Pricing power, Regulatory risk, Transaction Volume | View Pitch |
| Apr 29, 2026 | Seeking Alpha | Seeking Alpha | Mastercard Incorporated | Financial Services | Credit Services | Bull | New York Stock Exchange | acquisition strategy, consumer spending, credit services, cross-border transactions, digital payments, financial services, geopolitical tensions, interoperability layer, stablecoins, value-added services | View Pitch |
| Apr 23, 2026 | Fund Letters | Appalaches Capital | Mastercard Incorporated | Credit Services | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Artificial Intelligence, financial services, Fintech, international exposure, network effects, Payment Networks, Regulatory risk, Technology Disruption | View Pitch |
| Apr 13, 2026 | Fund Letters | Janus Henderson Forty Fund | Mastercard Incorporated | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Alternative Payments, digital payments, Fintech, payment processing, stablecoin, Transaction Processing | View Pitch |
| Apr 13, 2026 | Fund Letters | Torre Financial | Mastercard Incorporated | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Competitive Moats, cryptocurrency, digital payments, distribution network, financial technology, network effects, Payment Networks, stablecoins, value-added services | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | Mastercard, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | digital payments, duopoly, financial services, Free Cash Flow, Global Credit Growth, high margins, payment processing | View Pitch |
| Feb 4, 2026 | Twitter / X | @ManuInvests | Mastercard Incorporated | Financial Services | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Cashless, Commerce, Crossborder, duopoly, Fraud, inflation, International, network, Payments, Tokenization | View Pitch |
| Jan 8, 2026 | Fund Letters | Kevin Arenson | Mastercard Incorporated | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Fintech, Networks, Payments, resilience, stablecoins | 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 |
|---|---|---|---|---|---|---|---|---|
| Chuck Akre | Akre Capital Management | $9.1B | $1.7B | 18.81% | 3,005,280 | -150,314 | -4.76% | 0.3625% |
| Glenn Greenberg | Brave Warrior Advisors | $4.3B | $240,911 | 0.01% | 422 | +0 | +0.00% | 0.0001% |
| Tim Campbell | Baillie Gifford | $120.3B | $835.9M | 0.69% | 1,464,206 | -95,526 | -6.12% | 0.1766% |
| Tom Russo | Gardner Russo & Quinn | $9.3B | $905.4M | 9.77% | 1,585,999 | -34,273 | -2.12% | 0.1913% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $32.7M | 0.06% | 57,300 | -70,900 | -55.30% | 0.0069% |
| Steven Halverson | Private Capital Management | $1.0B | $1.7M | 0.16% | 3,016 | +150 | +5.23% | 0.0004% |
| Ho Ching | Temasek Holdings | $31.6B | $1.6B | 5.01% | 2,769,218 | +8,667 | +0.31% | 0.3340% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $21.5M | 0.02% | 37,700 | -29,400 | -43.82% | 0.0045% |
| Ray Dalio | Bridgewater Associates | $27.4B | $233.6M | 0.85% | 409,207 | +42,951 | +11.73% | 0.0494% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.9M | 0.00% | 3,300 | -2,500 | -43.10% | 0.0004% |
| Israel Englander | Millennium Management LLC | $233.2B | $499.3M | 0.21% | 874,600 | -40,500 | -8.37% | 0.1055% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.4M | 0.00% | 2,433 | +131 | +5.69% | 0.0003% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $6.5M | 0.01% | 11,442 | -229 | -1.96% | 0.0014% |
| Murray Stahl | Horizon Kinetics | $7.4B | $11.2M | 0.15% | 19,579 | -51 | -0.26% | 0.0024% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $252.0M | 0.37% | 441,496 | +45,404 | +11.46% | 0.0532% |
| Cliff Asness | AQR Capital Management | $190.6B | $484.9M | 0.25% | 849,404 | -11,889 | -1.38% | 0.1024% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $18.9M | 0.07% | 33,044 | -5,900 | -15.15% | 0.0040% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.8M | 0.06% | 3,397 | +2,632 | +344.05% | 0.0004% |
| Charles Mawer | Mawer Investment Management | $17.9B | $264.4M | 1.48% | 463,159 | -49,023 | -9.57% | 0.0559% |
| Mario Gabelli | GAMCO Investors | $10.4B | $15.3M | 0.15% | 26,771 | -199 | -0.74% | 0.0032% |
| Panayotis Sparaggis | Alkeon Capital Management | $63.1B | $444.4M | 0.70% | 778,465 | +657,869 | +545.51% | 0.0939% |
| Wallace Weitz | Weitz Investment Management Inc | $1.7B | $89.0M | 5.28% | 155,900 | -9,170 | -5.56% | 0.0188% |
| Stephen Mandel Jr. | Lone Pine Capital | $13.6B | $55.0M | 0.40% | 96,338 | +96,338 | +100.00% | 0.0116% |
| Bret Barakett | Tremblant Capital | $3.9B | $3.3M | 0.08% | 5,728 | -100 | -1.72% | 0.0007% |
| Louis Bacon | Moore Capital Management | $6.8B | $9.5M | 0.14% | 16,635 | +8,663 | +108.67% | 0.0020% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $235.9M | 4.93% | 413,178 | +4,779 | +1.17% | 0.0498% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $908,841 | 0.21% | 1,592 | -37 | -2.27% | 0.0002% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $2.3B | 0.83% | 3,986,648 | +3,986,648 | +100.00% | 0.4808% |
| John Armitage | Egerton Capital | $9.2B | $261.7M | 2.84% | 458,342 | -1,813 | -0.39% | 0.0553% |
| Donald Yacktman | Yacktman Asset Management | $7.1B | $6.7M | 0.09% | 11,670 | +0 | +0.00% | 0.0014% |
| Tom Steyer | Farallon Capital Management | $21.2B | $98.6M | 0.47% | 172,671 | -254,871 | -59.61% | 0.0208% |
| Eric Mandelblatt | Soroban Capital Partners | $14.3B | $1.1B | 7.50% | 1,889,087 | +790,514 | +71.96% | 0.2270% |
| Francois Rochon | Giverny Capital | $3.0B | $16.4M | 0.55% | 28,759 | -54,413 | -65.42% | 0.0035% |
| Rich Handler | Jefferies | $19.3B | $59.9M | 0.31% | 104,917 | -33,800 | -90.13% | 0.0127% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $21.4M | 0.06% | 37,496 | +538 | +1.46% | 0.0045% |