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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | YCG Investment | - | - | AAPL, AMZN, BABA, CBRE, CRH, CSGP, EL, GOOGL, MCO, META, MLM, MSFT, NKE, SPGI, VMC | AI, Bubble, Cloud, Data centers, diversification, Quality, risk management, technology | AI is a transformative technology with huge potential to drive global growth and productivity, but the manager warns of bubble-like conditions with excessive concentration in AI-related stocks. The S&P 500's top 8 companies now represent 37.5% of the index, all betting heavily on AI, while 84 AI-related stocks account for 35% of earnings and 50% of market cap. | View | |
| 2024 Q3 | Sep 30, 2024 | Antero Peak Group | 7.0% | 28.3% | AAPL, CEG, CP, DHR, ENR.DE, EQIX, GE, ISRG, LIN, LLY, MCO, META, MSFT, MSI, MTD, NDAQ, SAF.PA, SPGI, SPOT, TDG | aerospace, AI, energy, growth, industrials, nuclear, technology | AI is driving structural acceleration in data monetization and enterprise transformation. Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. Digital transformation represents a paradigm shift with major inflection demand for companies enabling transformation through software, services, and AI. | View | |
| 2024 Q3 | Sep 30, 2024 | Bianco Research | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, long-term, Private Capital, Public Companies, value creation | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The manager took advantage of this performance to realize gains from Oracle. | View | |
| 2023 Q3 | Sep 30, 2023 | YCG Investment | - | - | AAPL, AMZN, COST, DIS, FICO, GOOGL, INTU, MCO, RACE, RMS.PA, SPGI, WMT | global, Networks, Pricing Power, Quality, ROIC, value | YCG focuses on owning a diverse collection of global champions with dominant networks, conservative balance sheets, and ownership-minded management teams. They believe high-quality businesses have historically outperformed during economic downturns and earned market-beating returns with less risk due to behavioral biases that create a boredom discount on quality stocks. | View | |
| 2025 Q2 | Aug 5, 2025 | Horos Asset Management | 6.6% | 11.9% | AAPL, ANA.MC, ATALAYA.L, AXP, AZM.MI, BRK-A, DIA.MC, GEST.MC, GOOGL, KO, MCO, MEL.MC, MSFT, NFLX, NPN.L, SEM.LS, VRA.PA | Buybacks, catalysts, energy, Europe, Hotels, Spain, Telecommunications, value | The letter extensively discusses value investing philosophy and its evolution, addressing the recurring question of whether value investing is dead. The manager emphasizes the need to evolve the investment process by focusing more on catalysts that can unlock value rather than simply waiting for market recognition. | 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 | |
| 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 | |
| 2023 Q2 | Jul 18, 2023 | Artemis US Select Fund | 10.4% | - | AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC | AI, Cloud, earnings, Housing, infrastructure, Recovery, technology | Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size. | DXCM ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN CSX VMC BLDR EXP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AMZN |
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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 Q1 | Jun 30, 2025 | Antero Peak Group | -1.9% | -1.9% | ADI, APO, AXON, CCI, CEG, CME, ENEN.DE, EQIX, GE, HWM, ISRG, KKR, KMI, LIN, LLY, MCO, MSFT, MSI, NDAQ, NVDA, PRMB, RR.L, SAF.PA, SPGI, TDG, TSM, VST, WMB | aerospace, AI, alpha, earnings, energy, growth, large cap, technology | Aerospace normalization theme was a strong contributor in Q1 with General Electric continuing clean execution as a pure play aerospace engine maker and Rolls-Royce seeing positive upward revisions. The team sees aerospace cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. | View | |
| 2025 Q2 | Jun 30, 2025 | YCG Investment | - | - | AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK | Network Effects, Pricing Power, Quality, regulation, tariffs, value | YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns. | FICO AAPL |
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| 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 | YCG Investment | - | - | AMZN, CME, EFX, EL, EXPN.L, FICO, GOOGL, MCO, MSCI, NKE, PGR, TRU | credit, financials, Networks, Pricing Power, Quality, value | FICO owns the dominant credit scoring algorithm used by 90% of large U.S. lenders and 95% of consumer credit securitizations. The company benefits from network effects and institutional risk aversion that create barriers to competition. FICO has significant untapped pricing power, having kept mortgage division prices flat for nearly 30 years until 2018. | FICO |
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| 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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| 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 | |
| 2025 Q1 | Apr 23, 2025 | Oak Ridge investment | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance. | 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 | The Bristol Gate U.S. Equity Strategy | -4.9% | -4.9% | GE, INTU, MCO, MSCI, MSFT, TRGP, TT, VRSK, WMT | AI, dividends, energy, growth, software, valuation, value | 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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| 2025 Q1 | Apr 12, 2025 | Torre Financial | -2.0% | -2.0% | ABT, ADBE, ADC, AMZN, CRM, EW, FDS, GOOGL, ICE, INTU, MCO, MELI, META, MSCI, PYPL, SPGI, TMO, UNH, V, WDAY | AI, healthcare, payments, Quality, technology, Trade Policy, volatility | AI is driving significant changes in how people work, automating functions across sales, marketing, customer service, and software development. There is opportunity for new leaders in this space, though concerns exist about potential disruption to companies like Adobe and Alphabet. However, both companies are at the leading edge of AI solutions within enterprise contexts. | 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 Q1 | Apr 1, 2025 | Guinness China | -0.1% | -0.1% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realize gains from Oracle given the strong AI-driven performance. | 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 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER | growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation | Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter. | ABBV CPRT |
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| 2025 Q1 | Mar 31, 2025 | Evolve Private Wealth | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, long-term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The company took the opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2024 Q1 | Mar 31, 2024 | YCG Investment | - | - | EL, FICO, MCO, NKE | Behavioral, Conservative, Diversified, Networks, Pricing Power, Quality | YCG focuses on high-quality businesses that can maintain or increase future returns on capital. They believe high-quality businesses are likely to outperform the stock market based on their study of historical investment drivers. The strategy centers on owning a diversified collection of high-quality companies with strong profitability and conservative leverage. | View | |
| 2025 Q4 | Mar 1, 2026 | Berkshire Hathaway | - | 10.9% | 8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AAPL, AXP, KHC, KO, MCO, OXY | Capital Allocation, energy, Float, insurance, Quality, Railroads, Underwriting, value | Berkshire's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional. However, increased competition and rising claim cost trends may pressure future earnings. BNSF improved operating margin to 34.5% from 32.0% through operational improvements and efficiency gains. The railroad generated $8.1 billion in net operating cash flows and returned $4.4 billion in dividends to Berkshire. BHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. Berkshire maintains its disciplined approach to capital allocation, seeking businesses with durable advantages and long-term economic prospects. The company holds over $370 billion in cash and U.S. Treasury holdings as dry powder for opportunities. The company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. | 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 | |
| 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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| 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 | |
| 2016 Q4 | Dec 31, 2016 | Aquamarine | - | 8.5% | AAPL, AMZN, BHC, COST, MCO, META, NFLX, TSLA | - | View | ||
| 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 | |
| 2025 Q3 | Nov 25, 2025 | Caledonia Investment | - | 7.3% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | AI, diversification, global, Private Capital, Public Companies, technology | Strong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings. | View | |
| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 6.4% | 16.1% | AAPL, ADBE, AMZN, GOOGL, INTU, MCO, META, MSFT, NVDA, SAP, TSLA | AI, Concentration, Fed policy, growth, large cap, technology, Valuations | The AI boom continues to drive market performance with the Magnificent Seven reaching record concentration levels. NVIDIA benefits from AI infrastructure build-out as companies race toward artificial general intelligence, with demand for Blackwell platform remaining strong. However, concerns emerge about AI disruption to traditional software providers like Intuit and SAP. | 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 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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| 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 | ||
| 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 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 | |
| 2024 Q3 | Oct 12, 2024 | Torre Financial | 8.0% | 16.5% | ABNB, ABT, ADBE, ADC, AMT, AMZN, CRWD, DHR, EW, FDS, GOOGL, ICE, MCO, MELI, PYPL, SPGI, TMO, TTD, UNH, ZS | diversification, healthcare, Quality, REITs, Resilience, technology, value | Manager has systematically diversified portfolio beyond technology into healthcare, real estate, and risk management companies over the past two years. This diversification has helped decrease volatility and provided better downside protection when markets declined. | View | |
| 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 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 | |
| 2023 Q4 | Jan 5, 2024 | Sparrow Wealth Management | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, Long Term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 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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| 2024 Q4 | Jan 19, 2025 | Sharp Capital | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, Long Term, Private Capital, Public Companies, value | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2025 Q4 | Jan 13, 2026 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY | AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation | Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate. | View | |
| 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 | |
| 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 | |
| 2024 Q3 | Sep 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | APA, AXP, CBRE, CSCO, FBIN, FI, GOOGL, GPC, MCO, MRK, SCHW | financials, industrials, large cap, Pharmaceuticals, real estate, value | The fund continues to find attractive investment opportunities amid an unusually wide spread between high P/E and low P/E stocks. They focus on companies trading at sizeable P/E discounts to peers and the broader market, viewing these as attractive entry points. | MRK GPC |
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| 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 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMT, BRK-B, DHR, DIS, GOOGL, HEI, INTU, MCO, MKL, MSFT, MTD, NKE, ORCL, TDG | AI, Cloud, growth, large cap, rates, technology, value | Alphabet benefits from one of the most disruptive trends in technology as a leader in generative AI. Oracle's OCI Gen 2 solution is particularly well-suited for generative AI workloads. Microsoft is effectively executing its strategy by offering businesses cutting-edge AI-driven solutions like ChatGPT. | DHR GOOGL INTU AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL AMT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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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 | |
| 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 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 | |
| 2024 Q2 | Jun 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADI, AMZN, APH, AVGO, CRM, DIS, EFX, GOOGL, MCHP, MCO, META, MSFT, NKE, NVDA, PEP, SBUX | AI, Cloud, consumer discretionary, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 60% of market gains, with Nvidia contributing 30% to the first-half advance. The manager believes in AI's long-term transformative effect but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE APH GOOGL AAPL |
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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 | |
| 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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| 2024 Q4 | Feb 22, 2025 | Berkshire Hathaway | - | 25.5% | 0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA | energy, insurance, long-term, Manufacturing, Railroads, value | Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases. | View | |
| 2024 Q4 | Feb 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BRK-A, COST, DG, DLTR, FIVE, GOOGL, MCO, META, MSFT, NVDA, SBUX, TSLA | AI, Berkshire, Buybacks, Concentration, inflation, Secular Peak, value | Portfolio trades at 10.3x earnings versus S&P 500's 25.2x multiple, representing significant undervaluation. Manager emphasizes buying businesses at discounts to intrinsic value with dual margins of safety in price and business quality. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Matt Barnes | Moody’s Corp. | Financials | Capital Markets | Bull | New York Stock Exchange | buybacks, cash flow, credit ratings, Debt Markets, Regulatory Moat | View Pitch |
| Oct 6, 2025 | Substack | Monopolistic Investor | Moody's Corporation | Financials | Financial Data & Stock Exchanges | Neutral | AI disruption, credit ratings, financial services, Free Cash Flow, market position, network effects, oligopoly, regulatory lock-in, Revenue Growth, valuation | View Pitch | |
| Oct 6, 2025 | Value Investors Club | felton2 | Moody’s Corp | Financials | Financial Data & Analytics | Bull | NYSE | credit ratings, refinancing, private credit, analytics, duopoly, FCF | View Pitch |
| Sep 1, 2025 | Substack | Compound and Fire | Moody's Corporation | Financial Services | Financial Data & Stock Exchanges | Neutral | analytics, balance sheet, capital allocation, credit ratings, FCF yield, premium valuation, revenue compounding, risk assessments, ROIC, shareholder focus | 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 |
|---|---|---|---|---|---|---|---|---|
| Philippe Laffont | Coatue Management | $40.0B | $32.8M | 0.08% | 64,260 | +64,260 | +100.00% | 0.0408% |
| David Hoeft | Dodge & Cox | $185.3B | $619,661 | 0.00% | 1,213 | -353 | -22.54% | 0.0008% |
| Chuck Akre | Akre Capital Management | $9.1B | $886.4M | 9.72% | 1,735,231 | -383,718 | -18.11% | 1.1024% |
| Glenn Greenberg | Brave Warrior Advisors | $4.3B | $240,610 | 0.01% | 471 | +0 | +0.00% | 0.0003% |
| Tim Campbell | Baillie Gifford | $120.3B | $351.0M | 0.29% | 687,046 | -51,594 | -6.98% | 0.4365% |
| William Von Mueffling | Cantillon Capital Management | $18.5B | $227.5M | 1.23% | 445,400 | -438,610 | -49.62% | 0.2830% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $24.9M | 0.05% | 48,783 | +46,083 | +1706.78% | 0.0310% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $147.6M | 0.17% | 288,878 | -56,193 | -16.28% | 0.1835% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.2M | 0.00% | 2,371 | -195,455 | -98.80% | 0.0015% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.0M | 0.00% | 5,800 | -4,700 | -61.84% | 0.0037% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $106.9M | 0.16% | 209,262 | -114,989 | -35.46% | 0.1329% |
| Cliff Asness | AQR Capital Management | $190.6B | $40.7M | 0.02% | 79,638 | -23,264 | -22.61% | 0.0506% |
| Mario Gabelli | GAMCO Investors | $10.4B | $7.7M | 0.07% | 15,119 | -101 | -0.66% | 0.0096% |
| Chris Hohn | TCI Fund Management | $53.6B | $6.8B | 12.67% | 13,308,479 | +61,500 | +0.46% | 8.4551% |
| Louis Bacon | Moore Capital Management | $6.8B | $7.4M | 0.11% | 14,574 | +4,639 | +46.69% | 0.0093% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $107.8M | 2.25% | 211,023 | -49,723 | -19.07% | 0.1341% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $3.0M | 0.69% | 5,927 | -132 | -2.18% | 0.0038% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $12.6B | 4.60% | 24,669,778 | +24,669,778 | +100.00% | 15.6732% |
| John Armitage | Egerton Capital | $9.2B | $395.1M | 4.29% | 773,409 | +773,409 | +100.00% | 0.4914% |
| Donald Yacktman | Yacktman Asset Management | $7.1B | $6.3M | 0.09% | 12,425 | +0 | +0.00% | 0.0079% |
| Brian Bares | Bares Capital Management | $1.1B | $16,200 | 0.00% | 34 | +0 | +0.00% | 0.0000% |
| Rich Handler | Jefferies | $19.3B | $285,565 | 0.00% | 559 | -9,463 | -94.42% | 0.0004% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $21.5M | 0.06% | 42,116 | -1,708 | -3.90% | 0.0268% |