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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 5, 2024 | Rowan Street Capital | 12.8% | 42.3% | META, NFLX, SHOP, SPOT, TOI.V, TTD | AI, Concentration, Digital Advertising, E-Commerce, growth, Long Term, Streaming, technology | Meta's significant investment in artificial intelligence, particularly with the development of their Llama 3.1 model, with CEO Mark Zuckerberg envisioning Meta AI as potentially the most used AI assistant globally by year-end. AI integration has bolstered their advertising revenue and demonstrates effectiveness in optimizing their core business. The Trade Desk benefits from the shift towards data-driven advertising. | SHOP TOI.V TTD SPOT META |
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| 2025 Q2 | Sep 4, 2025 | GROW Funds | - | - | 1179.HK, 1211.HK, 9988.HK, AHT, AMAT, AMZN, ASML, BLK, CB, GOOGL, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, valuation | AI is driving massive infrastructure investments in data centers and cloud computing, with companies like OpenAI committing $300 billion over five years. However, the gap between infrastructure spending and revenue-generating applications remains concerning, creating a dangerous bubble environment with little room for error. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Sep 30, 2025 | Oaktree Capital Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | credit, distressed, healthcare, private equity, real estate, technology, Valuations | Artificial intelligence spending accounted for roughly 0.5% of 1H2025 GDP, or one-third of total growth. Absent AI, 1H2025 GDP growth would be closer to 0.9%. By the end of 2026, AI spend could comprise 40-50% of GDP growth. Companies with AI in the ticker trade at meaningful premiums while those without trade at discounted levels. | View | |
| 2025 Q2 | Sep 30, 2025 | Crossroads Capital | 36.9% | - | ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY | Concentration, gaming, Satellite, small caps, technology, Trade Policy, value | Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem. | ASTS NTDOY |
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| 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 | |
| 2025 Q3 | Sep 30, 2025 | FCL Capital | - | - | 1211.HK, AAPL, AMZN, ASML, BKNG, CHGG, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, ASML, China, Investment, Lithography, semiconductors, technology | FCL dedicates significant analysis to artificial intelligence, viewing it as transformational technology that could fundamentally alter economic logic with potential for 30-50% annual global growth. The firm discusses AI's evolution from Deep Blue defeating Kasparov to AlphaGo's creative moves, highlighting both extraordinary opportunities and existential risks including potential human extinction scenarios. | View | |
| 2025 Q2 | Sep 30, 2025 | Qualivian Investment Partners | 7.0% | - | AJG, AMZN, AZO, BAC, BKNG, BRK.B, CPRT, META, MSFT, SPGI | Compounding, Concentration, long-term, Quality, technology, value | The fund focuses on concentrated portfolio of 15-25 understandable, high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek businesses with durable competitive advantages, high returns on invested capital, and strong free cash flow generation. | BKNG AZO SPGI |
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| 2025 Q3 | Sep 30, 2025 | Thornburg Global Opportunities Fund | 11.3% | 32.2% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE | Communications, financials, global, growth, semiconductors, technology, Telecom, value | The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance. | View | |
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM | AI, growth, large cap, momentum, Quality, technology, underperformance, valuation | AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure. | View | |
| 2025 Q3 | Sep 30, 2025 | Baron Fifth Avenue Growth Fund | 5.8% | 14.3% | AMZN, CRWD, GOOGL, GTLB, ISRG, KKR, LLY, MBLY, MELI, META, MSFT, NET, NOW, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, TTD | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI infrastructure investment is accelerating with massive scale deals like Oracle's $455 billion backlog and NVIDIA's $100 billion OpenAI investment. Enterprise adoption remains early but tangible impact is growing across the ecosystem with over 50% of global VC investment going to AI startups. | META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA |
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| 2025 Q3 | Sep 30, 2025 | BESTINVER | 5.1% | 8.3% | META | AI, Data centers, infrastructure, Investment, returns, technology, value | Massive investments in AI infrastructure continue despite skepticism about returns. The manager analyzes whether hundreds of billions in AI spending will generate adequate returns, comparing it to historical technology adoption cycles. Early corporate adoption remains limited, but infrastructure investments by major players suggest confidence in long-term productivity gains. | HEI GR AMRZ |
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| 2025 Q3 | Sep 30, 2025 | Peapack Private | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, inflation, monetary policy, productivity, rates, small caps, technology, Trade Policy | Hyperscalers' capital expenditure growth has been booming, soaring 75% in 2025, with leading US technology companies spending tens of billions on GPUs and AI model development. AI enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape work. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. | View | |
| 2025 Q3 | Sep 30, 2025 | Barometer Capital Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, rates, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. | BMO CN |
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| 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 | Green Ash Partners | - | 6.5% | META | AI, infrastructure, Investment, productivity, returns, technology, value | Massive investments in AI infrastructure continue despite skepticism about returns. The manager analyzes whether hundreds of billions in AI spending will generate adequate returns, comparing it to historical technology adoption cycles. Early corporate adoption remains limited, but infrastructure investments by major players suggest confidence in long-term productivity gains. | View | |
| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | 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 | Octahedron Capital | - | - | AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP | AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology | Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models. | View | |
| 2024 Q3 | Sep 30, 2024 | Bailard Technology Strategy | -1.7% | 26.4% | AAPL, AMZN, CRWD, FISV, GOOGL, KLAC, LRCX, META, MSFT, MU, NFLX, NVDA, PANW, PSTG, SHOP.TO, SMAR, SPOT, TSM, UBER, WMT | AI, cybersecurity, growth, large cap, semiconductors, software, technology | The strategy anticipates a shift in IT budgets towards AI-enabled platforms and applications after infrastructure spending peaks. Enterprises are achieving significant productivity gains through AI solutions, with examples like Walmart improving 850 million catalog pieces and Palo Alto Networks reducing support headcount by 50%. The focus is moving from infrastructure hardware to application software as AI adoption becomes more widespread. | View | |
| 2024 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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| 2024 Q3 | Sep 30, 2024 | Platinum International Brands Fund | 9.0% | - | 3690.HK, AMZN, BEI.DE, GALDA.SW, GOOGL, GSK, HEIN.AS, ITX.MC, JD, META, SONY, V, ZTS | Beauty, Consumer Brands, E-Commerce, global, Luxury, technology | Chinese technology and e-commerce firms Meituan and JD.com were notable contributors, both up over 50% during the quarter. The portfolio benefits from exposure to global e-commerce platforms including Amazon. | View | |
| 2024 Q3 | Sep 30, 2024 | Platinum International Technology Fund | -3.0% | - | 8035.T, AAPL, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, META, MSFT, NFLX, NICE, ORCL, SAP, SNPS, TSM, VEEV | AI, Long/Short, semiconductors, software, technology | Market weakness in AI-related stocks due to emerging doubts about the size of the AI opportunity and concerns about excessive capex investment. Consumer AI apps struggling to find viable business models with OpenAI expected to lose $5bn this year. | View | |
| 2024 Q3 | Sep 30, 2024 | 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 | Airlie Small Companies Fund | 0.6% | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. | View | |
| 2024 Q3 | Sep 30, 2024 | Graham and Doddsville | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, global, large cap, rates, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility. | View | |
| 2023 Q3 | Sep 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | -0.5% | 35.9% | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | The fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Equity, global, growth, international, Magnificent Seven, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing significant potential benefit upfront, with wide range of outcomes still possible. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian International Equity Value Opportunities | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, Opportunities, technology, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the firm has identified attractive investments in companies that could benefit from AI growth. | View | |
| 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 | Guinness Global Innovators | - | 20.9% | AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA | AI, Debt, diversification, long-term, rates, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2023 Q3 | Sep 30, 2023 | PM Capital Global Companies Fund | 2.5% | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, ORCL, SHEL, TEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk if practical monetizable end-uses don't materialize quickly. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2023 Q3 | Sep 30, 2023 | TMR Long Short Opportunities | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth attributed to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk in the broader market. | View | |
| 2022 Q3 | Sep 30, 2022 | Farrer 36 Asset Management | - | - | META, TASK | - | View | ||
| 2025 Q3 | Sep 24, 2025 | Andrew Hill Investment Advisors | - | - | AMSC, COST, EQT, GE, GEV, GLD, GOOGL, META, MSFT, NVDA, NXT, SEDG, SYK, TMO, VRTX, YETI | AI, Energy Transition, equities, Federal Reserve, gold, Rate Cuts, Solar, technology | The AI buildout continues to drive equity market performance with companies like Microsoft and Meta showing strong results from AI products. However, momentum is stalling for first-tier AI companies despite excellent earnings, suggesting the next phase may be led by second-tier companies focused on energy infrastructure for data centers. | YETI |
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| 2023 Q2 | Aug 9, 2023 | The Olstein Strategic Opportunities Fund | - | - | AMZN, AVTR, BAX, CSCO, CW, DAL, DE, DIS, DOV, FIS, GNRC, GOOGL, IFF, KFY, KLIC, META, NFLX, ORCL, TGT, USB, WESCO | Banking, discount, Entertainment, free cash flow, fundamentals, technology, value | The fund emphasizes buying companies at significant discounts to intrinsic value based on normalized future free cash flow. The manager believes current negative sentiment has created opportunities to purchase good companies whose stock prices have fallen to levels that no longer accurately represent their future fundamentals. | CSCO DIS |
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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 | |
| 2023 Q2 | Aug 8, 2023 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BX, CRM, GOOGL, KKR, META, MSFT, NOW, NVDA, SPOT, TSLA | AI, Alternative Assets, Cloud, growth, large cap, technology, US | AI is driving a multi-trillion-dollar opportunity in cloud computing, with AWS and Microsoft Azure capitalizing through specialized chips, machine learning models, and AI-assisted programs. Microsoft's Copilot AI assistant promises 40% premium pricing for Office applications, while Meta uses AI for content recommendations and ad targeting to overcome previous headwinds. | KKR ABX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH AMZN |
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| 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 | Wellington Management | 9.5% | 7.3% | 1810.HK, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP.TO, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is anticipated to benefit from its latest AI model, Gemini 2.0. | View | |
| 2024 Q2 | Aug 7, 2024 | Brookfield Asset Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption across global markets. | BIDU BABA SNOW AMD |
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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 5, 2025 | Baron Opportunity Fund | 23.2% | 8.4% | AAPL, AMZN, ANET, ARGX, AVGO, DKNG, DUOL, EXAS, HUBS, LLY, META, MSFT, NET, NVDA, SPOT, TSLA, TSM, TTD, VRT, ZS | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI adoption and revenue growth accelerating with ChatGPT reaching 800 million weekly active users by April 2025. Multiple AI scaling laws remain intact including pre-training, post-training, and test-time compute. Companies investing massive amounts in AI infrastructure with NVIDIA CEO stating no technology has ever had opportunity to address larger part of world's GDP than AI. | View | |
| 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 | |
| 2023 Q2 | Aug 4, 2023 | Eagle Capital Management | - | - | AMZN, AON, BAYRY, COF, COP, GOOGL, META, MSFT, NFLX, SHEL, UNH | AI, Cloud, Data, disruption, Distribution, energy, technology | Eagle views AI as creating both opportunities and risks across three categories: automation, personalization, and generative AI. The firm believes distribution control and data moats provide defensive advantages, while atoms businesses face less disruption than bits businesses. | 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 | Cullen Enhanced Equity Income Fund | -1.2% | 4.5% | AAPL, AMZN, COP, CVX, DOW, GOOGL, JCI, META, MSFT, NSC, NVDA, PCAR, PPG, RTX, TSLA | AI, defensives, dividends, energy, growth, Options, tariffs, value | The strategy focuses on dividend-paying stocks with a 4.2% annualized dividend yield. Dividend increases improved to 5%, declared by 15 of the 33 active holdings. Value and High Dividend stocks have underperformed over the past several years, presenting a compelling opportunity as investor interest in dividend strategies is near record lows. | NSC COP PPG PCAR NSC COP PPG PCAR |
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| 2025 Q2 | Aug 27, 2025 | Cullen Small Cap Value Equity | 2.1% | -7.6% | AMZN, DENN, DOUG, GLDD, GOOGL, HIW, HP, META, MSFT, NMRK, NVDA, TEX, TREE | AI, Fed policy, real estate, small caps, tariffs, Trade Policy, value | Small caps are emerging from a prolonged earnings recession with improving fundamentals and attractive valuations. Credit spreads have normalized, volatility has fallen, and the yield curve has steepened - all historically favorable conditions for small-cap performance. The environment is becoming more favorable for active managers who focus on fundamentals as quality metrics like return on invested capital start to improve. | NMRK NMRK |
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| 2025 Q2 | Aug 27, 2025 | Cullen Value Fund | 7.0% | 8.5% | AAPL, AMAT, AMZN, AXP, AXTA, C, CI, COP, CVX, GOOGL, JPM, KVUE, MDT, META, MS, MSFT, NVDA, ORCL, TSLA | AI, financials, growth, tariffs, technology, value | Value stocks continue to trade at a meaningful discount relative to the broader market and Growth equities. The valuation gap between Growth and Value stocks has reached historically extreme levels, with Growth stocks trading at a 130% premium to Value stocks. This valuation gap, combined with the potential for a shift in sentiment and improving asset flows as relative growth rates converge, serves as a catalyst for improved relative performance. | KVUE AMAT ORCL |
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| 2025 Q2 | Aug 27, 2025 | Brown Advisory Large-Cap Growth Strategy | 16.4% | 7.6% | AAPL, AMZN, AVGO, COST, CTAS, DKNG, FICO, META, MRVL, MSFT, NFLX, NOW, NVDA, PGR, SPGI, TDG, TTD, UBER, WST, ZTS | AI, growth, large cap, Performance, Streaming, technology, volatility | AI infrastructure stocks experienced volatility in Q1 2025 but rebounded strongly in Q2. NVIDIA recovered after production complexities with Blackwell chips, while The Trade Desk's AI-powered advertising platform reached 65% client adoption. AI demand remains strong with improving production of next-generation chips. | FICO DKNG TTD NFLX |
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| 2025 Q2 | Aug 25, 2025 | Davis Global Fund | - | 14.1% | 005930.KS, 3690.HK, 8058.T, 9999.HK, APP, COF, CVS, META, NTES, SE, TCOM, VTRS | AI, China, financials, gaming, healthcare, technology, Valuations | Chinese companies remain attractively valued and are increasingly at the forefront of cutting-edge industries. China leads in electric vehicle production, battery cell production, solar panel production, and is growing in biotech and robotics. The MSCI China Index trades at a 39% discount to MSCI ACWI. | SVM 8001.T NTES META 8001 JP NTES SOLV |
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| 2025 Q2 | Aug 25, 2025 | Davis New York Venture Fund | - | 11.5% | AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC | AI, Concentration, financials, inflation, Quality, technology, Transition, value | GenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate. | View | |
| 2025 Q2 | Aug 25, 2025 | Lyrical Asset Management | 12.7% | 11.9% | AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX | growth, international, Outperformance, stock selection, valuation, value | Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed. | View | |
| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value | AI presents both opportunities and threats across portfolio companies. Mega cap tech companies are pouring tens of billions into AI infrastructure with CapEx expected to reach $512B by 2027. Five9 faces AI disruption concerns in contact centers but is positioning as an AI winner through integration and automation capabilities. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | Manager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. | View | |
| 2025 Q2 | Aug 22, 2025 | Shelton Equity Income Strategy | 7.2% | - | AAPL, APH, BMY, HPQ, JCI, META, MRK, MSFT, NRG, NVDA, OMC, ORCL, XOM | dividends, income, Options, tariffs, technology, volatility | The second quarter brought dramatic market volatility with the S&P 500 plunging into bear market territory in March-April due to Liberation Day tariffs before staging one of the fastest recoveries in history. The strategy is positioned to capitalize on volatility and buffer pullbacks. | View | |
| 2024 Q2 | Aug 22, 2024 | Miller Wealth Management | - | - | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q2 | Aug 21, 2025 | GMO | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, TSM | Dollar, growth, international, Supply Shocks, tariffs, technology, Valuations | U.S. stocks trade at significant premiums to international peers despite similar growth prospects. International stocks offer 15-50% valuation discounts to U.S. counterparts with comparable expected growth rates. U.S. valuations are between 90th percentile on simple ratios and near all-time records relative to opportunity costs. | View | |
| 2025 Q2 | Aug 20, 2025 | Lux Capital | - | - | AAPL, AMZN, ASML, BTC-USD, CAT, GOOGL, GPRO, KKD, META, MSFT, NVDA, TSLA | AI, Biotechnology, defense, Friction Frontier, Robotics, semiconductors, Space, Venture Capital | AI infrastructure capex surge consuming 5% of U.S. GDP, comparable to 2000 tech boom. Market split between closed models (OpenAI, Anthropic) with high margins but rapid capital burn versus open-source alternatives achieving near-parity performance. Verification and labeled nuance becoming the rate-limiting step for AI progress rather than compute power. | View | |
| 2025 Q2 | Aug 2, 2025 | Touchstone Balanced Fund | 7.1% | 5.8% | DD, DE, LPLA, META, PM, SLB, TSLA | Balanced, equities, Fed, fixed income, Multi-Asset, Trade Policy | Trade policy continues to be a primary source of uncertainty for investors. While the White House has announced a handful of deals and frameworks for deals, there are still a lot of details that remain unknown, especially related to China. Questions remain around the legality of certain tariffs that utilized International Emergency Economic Powers Act authority. | View | |
| 2023 Q2 | Aug 19, 2023 | African Lions Fund | 3.7% | 6.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Aug 18, 2025 | Baron Durable Advantage Fund | 15.6% | 7.4% | ACGL, ACN, AMZN, APH, AVGO, CME, DHR, GOOGL, LPLA, META, MPWR, MSFT, NVDA, SPGI, TMO, TSM, TXN, TXRH, UNH, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI infrastructure buildout is proving durable with NVIDIA maintaining leadership position. The company disclosed line of sight to projects requiring tens of gigawatts of AI infrastructure, with every gigawatt representing $40-50 billion opportunity. Scaling laws have expanded beyond pre-training to post-training and time-test scaling, all driving GPU demand. | CME APH UNH META NVDA AVGO |
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| 2025 Q2 | Aug 14, 2025 | Eagle Capital Management | - | - | ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY | gaming, Satellites, small cap, Space, tariffs, technology, value | Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling over 3.5 million consoles in the first four days and 5.82 million units through June. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and software ecosystem. | ASTS NTDOY |
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| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management | 5.1% | 18.6% | AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA | Concentration, large cap, Passive, S&P 500, technology, valuation | The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically. | 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 | BlackRock Global Dividend Fund | 8.4% | 9.1% | AVGO, AZN, CMS, KO, META, MSFT, NVDA, ORCL, RELX, TSM, UNH, VMW, WMT | dividends, global, healthcare, Quality, technology, Utilities, volatility | Strong AI semiconductor demand drove performance for holdings like Broadcom and Taiwan Semiconductor. Oracle benefited from robust cloud and database growth with a landmark multi-cloud deal projected to generate $30 billion annually. The fund avoided Nvidia despite AI-driven rallies due to valuation concerns. | View | |
| 2025 Q2 | Aug 11, 2025 | VGI Partners | - | - | 000660.KS, 7282.T, A5G.L, AMZN, BIRG.L, CABK.MC, ENT.L, FLTR.L, LLOY.L, META, RMV.L, TSM | AI, Asia, Energy Transition, Europe, financials, gaming, semiconductors, technology | Portfolio benefited from large-scale ongoing investment into artificial intelligence infrastructure and hardware, particularly through semiconductor positions in SK Hynix and TSMC. AI represents a key structural growth trend the team continues to focus on. | ENT LN |
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| 2025 Q2 | Aug 10, 2025 | FPA Crescent Fund | 8.4% | 8.1% | 7974.T, ADI, AMRZ, AMZN, C, CMCSA, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, META, NXPI, SAF.PA, TEL | Defensive, global, risk management, SMID Cap, value, volatility | Valuations remain above average, partly justified by lower-than-average interest rates. US companies continue to trade more expensively relative to their historical average and when compared to those based outside the US. Large-capitalization stocks, particularly those that are growthier, have captured the minds and wallets of investors and now trade at unusually high valuations. | View | |
| 2025 Q2 | Jul 9, 2025 | Longriver Investment Partners | 11.7% | 11.4% | 0700.HK, 1523.HK, 2359.HK, 9442.T, AAPL, AMD, AMZN, BABA, BIDU, FUTU, GAW.L, GOOGL, INTC, META, MSFT, NVDA, ORCL, TOI.TO, TSM, VTC.L, WISE.L | AI, Big tech, China, Cloud, growth, semiconductors, technology | AI is moving from hype to habit with real usage growth, as evidenced by Microsoft processing over 100 trillion tokens quarterly. OpenAI leads in product and distribution with ChatGPT becoming a household verb, while Meta uses AI to enhance ad platform performance. The shift from training-heavy to inference-focused infrastructure spending is reshaping capex priorities across the industry. | NVDA TSM 0700.HK META |
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| 2025 Q2 | Jul 9, 2025 | Sequoia Fund | 14.4% | 19.7% | CACC, COF, CSU.TO, ERF.PA, FWONA, GOOGL, ICE, ICON, J, LBRDK, META, RR.L, SAP.DE, SCHW, UMG.AS, UNH | financials, global, Portfolio Management, technology, value | View | ||
| 2025 Q2 | Jul 9, 2025 | AssetMark | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, consumer, growth, policy, technology, Trade | Consumer resilience has weathered policy uncertainty with wage growth consistently outpacing price growth since mid-2023. Personal income rose 0.7% in April, helping consumers strengthen balance sheets and sustain higher spending levels. This powerful engine continues to drive the economy despite trade policy concerns. | View | |
| 2025 Q2 | Jul 8, 2025 | Fundsmith Equity Fund | - | -1.9% | BF-B, COLOB.CO, EL.PA, GOOGL, IDXX, INTU, MC.PA, META, MSFT, NVO, OR.PA, PEP, PM, WAT, ZTS | Currency, global, healthcare, large cap, Quality, technology | Novo Nordisk's leadership in weight loss drugs continues to face challenges with US legal and regulatory systems. The company's inability to effectively navigate regulatory hurdles has resulted in significant underperformance, accounting for almost all the fund's underperformance during the period. | View | |
| 2025 Q2 | Jul 8, 2025 | Warden Capital | - | -1.3% | GOOGL, META, MSFT, PLTR, SPWH | AI, Hedging, Housing, rates, Recession, REITs, tariffs, valuation | Portfolio remains vast majority REIT focused with assets trading at high yields and significant discounts to private market and historical prices. Housing market continues to weaken especially in Texas and Florida as high prices and rates push affordability to all-time lows. Construction spending has turned negative which historically comes with recession except 1966. | PLTR SPWH PLTR SPWH |
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| 2025 Q2 | Jul 8, 2025 | NS Partners | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility. | View | |
| 2024 Q2 | Jul 8, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, AMZN, BF-B, GOOGL, IDXX, META, MSFT, NKE, NOVO-B.CO, NVDA, OR.PA, SYK, TXN, WAT | Concentration, long-term, Quality, semiconductors, technology | The fund began accumulating Texas Instruments during the period. The manager notes concentration in semiconductor names like Nvidia driving market returns, though they avoid Nvidia due to unpredictable outlook concerns. | 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 4, 2025 | ClearBridge Investments Large Cap Value | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, Cloud, diversification, growth, large cap, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers. | ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM |
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| 2025 Q2 | Jul 4, 2025 | Diranko Capital | 8.9% | 4.6% | AAPL, GOOGL, META | Balance Sheet, Developed Markets, Geopolitical, inflation, mispricing, small caps, value | Manager focuses exclusively on small-cap equities in developed markets with less emphasis on the United States. Believes over 90% of publicly listed businesses have market capitalizations under $1 billion, creating a broader universe of potential investments. Strategy involves identifying companies with tangible downside protection via balance sheet where the underlying business is underappreciated. | View | |
| 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 | Fidelity Dividend Growth Fund | 13.5% | 7.5% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, industrials, large cap, Quality, technology | The fund benefited from AI-driven demand across multiple sectors. Taiwan Semiconductor Manufacturing gained 23% amid strong demand for AI processors as tech firms continued spending on data centers. The utilities sector was boosted by AI-driven demand for electricity to power data centers. The transformative potential of generative artificial intelligence drove outperformance in technology and communication services sectors. | View | |
| 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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| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | 1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX | AI, consumer, global, growth, technology | The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships. | View | |
| 2025 Q2 | Jul 31, 2025 | JDP Capital | 19.2% | 16.8% | 300750.SZ, AAPL, AMZN, BABA, CZR, META, SPOT, TSLA | AI, Battery, China, Electric Vehicles, Energy Transition, Streaming, technology | AI inference allows Caesar's gaming apps to analyze player behavior instantly, adjusting interfaces and difficulty levels. AI models can infer player risk appetite and mood based on session-level signals for personalized experiences. AI will someday disrupt or eliminate entire corporate divisions supported by mission critical software. | 300750.SZ BABA SPOT 300750 CH BABA SPOT |
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| 2025 Q2 | Jul 31, 2025 | CDT Capital Management | - | 11.3% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Data, Labor, quantitative, technology, Trade | Trump administration trade agreements with Japan, South Korea, and EU provided market relief. EU settled for 15% tariff rate versus feared 30-50% range. Markets cheered not because they endorsed policies but because they were relieved from worst-case scenarios. | View | |
| 2025 Q2 | Jul 30, 2025 | Davis Opportunity Fund | - | 9.5% | AGCO, CI, COF, CVS, DGX, META, MKL, SOLV, TECK, TOU.TO, USB, VTRS, WCC | earnings, financials, growth, healthcare, industrials, technology, value | The portfolio focuses on dominant healthcare companies, predominantly healthcare services that are both cheap and underestimated. Holdings range over managed insurance, lab and diagnostics services, generic pharmaceuticals and medical supply businesses. As the population ages, aggregate healthcare spend in absolute terms will continue to climb over the coming decade. | View | |
| 2025 Q2 | Jul 30, 2025 | Easterly – Income Opportunities Fund | 2.0% | 4.3% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2024 Q2 | Jul 30, 2024 | Penn Davis McFarland | - | - | AAPL, AMD, AMZN, BA, CSCO, FTRE, GOOGL, INTC, META, MSFT, MTCH, NVDA, PYPL, QCOM, SPR, TSM | AI, Cash, competition, Geopolitical, productivity, semiconductors, technology, value | The letter extensively discusses AI as a transformative technology with potential for immense productivity gains. The manager draws parallels between today's AI boom and the internet infrastructure build-out of 2000, noting that while Nvidia leads the AI infrastructure space like Cisco did for internet infrastructure, the real winners may be companies that leverage AI to solve real-world problems rather than just build the infrastructure. | View | |
| 2024 Q2 | Jul 30, 2024 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA | AI, Cloud, Compounding, Concentration, growth, technology, value | The letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution. | View | |
| 2024 Q2 | Jul 30, 2024 | Rozendal Partners | - | 5.5% | 0700.HK, B4B.DE, BAYN.DE, CGR.JO, HCI.JO, HL.L, KSPI, MDIA3.SA, META, MTN.JO, NPK.JO, NPN.JO, PPC.JO | global, Market Efficiency, Passive investing, technology, Turnarounds, value | The letter extensively discusses value investing philosophy and challenges, including David Einhorn's assertion that market structures are broken and value investing is dead due to passive investing. The managers defend value investing, arguing that patient fundamental investors can still profit through cash flow generation rather than just multiple re-rating. | View | |
| 2024 Q2 | Jul 30, 2024 | Artemis Global Select Fund | 0.5% | - | 7911.T, 7958.T, AAL.L, CPRI.MI, DG.PA, EICHERMOT.NS, EL, FUJIFILM, GFNORTEO.MX, HDB, ICE, META, MTX.DE, MUFG, NKE, RIO, RVTY, RYAAY, TCOM, TMO, TSM | AI, China, consumer, global, healthcare, India, semiconductors, technology | The fund benefited from strong returns across semiconductor holdings as the generative AI demand boom feeds through to the supporting hardware supply chain. Taiwan Semiconductor Manufacturing Company saw meaningful sales and profit growth as clients attempt to meet surging demand for AI chips. | GFNORTEO.MX RYA.L EL EICHERMOT.NS HDB TSM |
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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 29, 2025 | RiverPark Large Growth | 15.0% | 6.6% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, SHOP.TO, UBER, UNH | AI, Cloud, growth, healthcare, large cap, Streaming, technology | AI remains a dominant theme with NVIDIA leading through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft shows growing investor confidence in enterprise AI strategy with Azure growth and Copilot monetization. Meta demonstrates improving AI monetization prospects with Llama 3 model integration across platforms. | PEP SBUX LLY AAPL UNH UBER META NFLX MSFT NVDA PEP SBUX LLY |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ALNY, AVGO, CRWD, ETN, ICLR, JCI, LLY, MDB, META, MSFT, NFLX, NVDA, NVO, PLTR, SNPS, TGT, TMO, UNH, VRTX | AI, Biotechnology, growth, healthcare, positioning, semiconductors, tariffs, technology | Mega cap AI market leadership returned with hyperscalers showing commitment to high levels of AI-driven capex. Microsoft and Meta Platforms outperformed as both they and semiconductor companies including Nvidia and Broadcom were boosted by solid earnings and renewed expectations of widespread AI adoption. Broadcom maintained strong execution in development of custom silicon chips for AI computing and is well-positioned for continued healthy investment in AI. | PLTR SNPS ALNY NVO AVGO NFLX TGT ICLR PLTR SNPS LLY |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business. | ICLR LIN AIR FP NOW MRVL TSM |
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| 2025 Q2 | Jul 29, 2025 | Tall Oak Capital Advisors | - | - | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy | Aging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. | EHC ISRG EHC ISRG |
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| 2023 Q2 | Jul 28, 2025 | Aegis Value Fund | - | 5.7% | AAPL, AMZN, ATH.TO, BOCH.L, BTU, CG.TO, EQX.TO, GOOGL, HNRG, IPCO.TO, MEG.TO, META, MSFT, NGS, NVDA, TSLA | Banking, energy, gold, inflation, interest rates, small cap, technology, value | Energy holdings represent 32.5% of fund assets. Manager sees strong case for higher oil prices driven by robust demand growth and supply constraints. Oil demand projected to reach record 102.1 million barrels per day despite recessionary fears. | GRNGS.ST BOCH.L |
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| 2025 Q2 | Jul 28, 2025 | RiverPark Long/Short Opportunity Fund | 10.3% | 3.9% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, QQQ, SHOP, UBER, UNH | AI, Cloud, growth, healthcare, Long/Short, technology | AI remains a dominant theme with NVIDIA leading the portfolio as the top contributor, reinforcing its leadership position in accelerated computing through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft's enterprise AI strategy showed strong momentum with Azure growth and expanding AI monetization across GitHub Copilot and Microsoft 365. | AAPL UNH NFLX MSFT NVDA AAPL NFLX MSFT NVDA |
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| 2025 Q2 | Jul 28, 2025 | Crypto Native Capital | 22.3% | - | AAPL, AMZN, BRK-A, COST, GOOGL, META, MSFT, NVDA, TSLA | Bitcoin, Compounding, Concentration, crypto, moats, returns | Bitcoin dominates the digital store-of-value market with 99.6% market share and expanding moats that strengthen with scale. While altcoins face structural competition and constant pressure to innovate, Bitcoin compounds relentlessly with superior risk-adjusted returns. The fund emphasizes Bitcoin concentration over diversified crypto approaches. | BTC-USD |
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| 2025 Q2 | Jul 27, 2025 | Loomis Sayles Global Growth Fund | 16.6% | 12.7% | AMZN, GOOGL, MC.PA, MELI, META, MSFT, NFLX, ORCL, SHOP.TO, TCOM, TSLA, V, VRTX, YUMC | global, growth, healthcare, long-term, Quality, technology, value | Netflix continues to demonstrate strong competitive advantages through its global scale, content investment, and subscriber growth. The company is successfully transitioning to an ad-supported model while expanding internationally, with management expecting accelerating revenue growth driven by pricing power and new monetization strategies. | VRTX YUMC TCOM ORCL MELI NFLX |
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| 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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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft 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. | KMX |
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| 2025 Q2 | Jul 27, 2025 | Jackson Peak Capital | - | - | BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN | AI, defense, Europe, Long/Short, SPACs, tariffs, volatility | Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis. | TTAN |
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| 2022 Q2 | Jul 27, 2022 | Tall Oak Capital Advisors | - | - | MA, META, MU, SLB | - | View | ||
| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA | Fertilizers, Homebuilders, Speculation, Travel, Valuations, value | Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains. | View | |
| 2025 Q2 | Jul 25, 2025 | Ironvine Capital Partners | - | 7.7% | AAPL, APH, CAR, CSX, DE, GOOGL, HON, META, NSC, UNH, UNP, WSO | aerospace, AI, Distribution, HVAC, infrastructure, Railroads, technology, value | Union Pacific represents a crown jewel of North American freight transportation with strong positions in heavy commodity and hazardous materials. Under CEO Jim Vena's leadership, the company has achieved record network efficiency with on-time service levels nearing 100%. The operational improvements have enabled strong pricing power and freight revenue growth despite industrial headwinds. | WSO HON UNP DE |
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| 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 | Square Peg | - | - | CANV, META | AI, Australia, growth, innovation, Israel, Southeast Asia, technology, Venture Capital | The AI investing opportunity set is growing significantly with over 50% of global venture dollars now invested in AI. Square Peg has accelerated their AI investing pace, with the opportunity set exploding across their regions, particularly in Israel which has been exceptional for years, while Australia & New Zealand and Southeast Asia have ramped up enormously. They believe some of the world's biggest businesses ever created will be founded in the AI era. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Global Technology Growth Fund | 24.8% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, semiconductors, technology, Trade Policy | AI remained the most significant driver of technology market performance during the quarter. Investors remained hyper-focused on AI infrastructure spending and return on investment across all sectors. Companies like NVIDIA reported extraordinary demand for data-center products driven by generative AI adoption across hyperscalers, enterprise and sovereign customers. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA |
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| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators. | ORCL TOST AMD BSX SHOP HUBS |
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| 2025 Q2 | Jul 22, 2025 | Ithaka US Growth Strategy | 23.0% | - | AAPL, COIN, CRM, HOOD, LLY, META, MSFT, NFLX, NOW, NVDA, V | AI, Concentration, growth, large cap, tariffs, technology | Nvidia dominates accelerated computing with superior GPU ecosystem creating high switching costs and wide competitive moat. Secular demand for AI infrastructure remains in early innings with sustained growth expected. Microsoft's Azure segment grew 35% beating guidance, demonstrating strong AI-driven cloud momentum. | CRM LLY AAPL NOW MSFT NVDA CRM LLY AAPL NOW MSFT NVDA |
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| 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 | Optimum Fixed Income Fund | 1.2% | - | AMZN, META, NVDA, TSLA | credit, duration, Fed policy, fixed income, high yield, RMBS | Treasury yields fell at the short end as expectations grew for more Federal Reserve rate cuts. The Fed's tone shifted more dovish, though uncertainty remains about future moves. Higher duration securities outperformed lower duration securities during the quarter. | View | |
| 2025 Q2 | Jul 22, 2025 | Optimum Large Cap Growth Fund | 16.6% | - | AMZN, META, NVDA, TSLA | AI, Communication Services, growth, large cap, semiconductors, technology | Artificial intelligence optimism remained high during the quarter, though concerns about sustainability and monetization began to surface. AI continues to be a key driver of market performance and investor sentiment. | View | |
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, Banking, dividends, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | HRL ELS COP |
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| 2025 Q2 | Jul 22, 2025 | Opal Capital | 7.6% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through established positions in Palantir and Snowflake, while adding new positions in AMD, Alibaba, and Baidu as catch-up trades. The firm views these companies as benefiting from the broad market adoption phase of AI, with AMD positioned to compete head-to-head with NVIDIA for major infrastructure contracts. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Core Leaders Fund | 11.1% | 7.3% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, growth, large cap, momentum, technology, Valuations, value | Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit. | PWR NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Value & Income Fund | 2.6% | 6.5% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, earnings, Federal Reserve, momentum, small caps, technology, Valuations | Artificial intelligence is described as a powerful technology theme prompting enormous spending from tech titans. The manager notes AI is incredibly promising and expects to participate via ownership of select technology leaders, though warns of a gold rush mindset in certain corners of the market with many perceived beneficiaries prioritizing growth over profit. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS | AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility | AI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance. | TVK.TO ACN TMO UNH MCK GE AVGO ACN MCK AVGO |
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| 2025 Q2 | Jul 21, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | AAPL, AMZN, AVGO, IQV, LLY, META, MSFT, NFLX, NOW, ORCL, PLTR, TSLA, UNH | AI, Concentration, growth, healthcare, large cap, momentum, Quality, technology | The portfolio benefited from AI-related names including Broadcom, Netflix, ServiceNow, and Oracle which were top contributors. The strategy also owned Magnificent 7 AI leaders like Microsoft, Meta, and Amazon though underweight positions limited relative performance. | View | |
| 2023 Q2 | Jul 20, 2023 | Quercus Fund | - | 12.3% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, NVG.LS, SEM.LS, TSLA | Concentration, Margin Of Safety, Portugal, small caps, undervaluation, value | Manager emphasizes extreme undervaluation with portfolio trading at less than 0.25x estimated value. Focuses on price-to-value analysis and margin of safety principles. Cites Benjamin Graham's value investing philosophy and emphasizes long-term weighing machine concept over short-term voting machine dynamics. | View | |
| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2025 Q2 | Jul 2, 2025 | Guinness Global Innovators | - | 0.6% | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, global, growth, innovation, Quality, semiconductors, technology, Trade Policy | The fund benefits from exposure to artificial intelligence through holdings like Nvidia and Amphenol. Nvidia delivered strongest quarterly earnings despite US licensing restrictions on China shipments, with strong global demand for its latest AI platform. Amphenol saw record sales growth driven by AI-related data center demand. | View | |
| 2025 Q2 | Jul 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 2, 2025 | The Wolf of Harcourt Street | 20.4% | 21.6% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2024 Q2 | Jul 2, 2024 | Infuse Partners | 21.9% | - | AKAM, ALRM, LYFT, MCD, META, MSFT, NET, UBER | Concentration, growth, Israel, software, technology, value | The letter discusses how AI has created tailwinds for proxy networks as large language models need structured data from across the internet for training. This has driven demand for data scraping services that proxy networks enable. | ALRM |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology | AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment. | View | |
| 2025 Q2 | Jul 18, 2025 | Mairs & Power - Growth Fund | - | 1.9% | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, financials, growth, healthcare, large cap, technology | AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The infrastructure buildout is extraordinary with projected capital spending on AI data centers reaching $6.7 trillion by 2030. Machine vision technology has progressed more in the past six months than in the prior two decades thanks to AI, enabling systems to adapt and operate reliably in real-world conditions. | PANW CGNX |
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| 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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| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Event Driven | - | 2.5% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum Global Fund (Long Only) | 2.6% | - | 000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum 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 | Platinum International Technology Fund | 18.4% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. | KLAC |
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| 2025 Q2 | Jul 17, 2025 | Contrarius Global Equity Fund | 19.2% | 10.7% | AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD | AI, contrarian, Electric Vehicles, semiconductors, technology, value | AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands. | NVDA NVDA |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Global Equity | 16.7% | 17.2% | 6501.T, BN, CBK.DE, ELAN, GOOGL, HWM, ICICIBANK.NS, LLY, MELI, META, MRVL, NVDA, PRX.AS, RHM.DE, TEAM, TMUS, TSM, UNH, VRT, VRTX | AI, defense, Europe, Geopolitical, global, industrials, semiconductors, technology | Defense represents a compelling opportunity driven by geopolitical uncertainty and increased spending commitments. NATO countries agreed to invest 5% of GDP in defense by 2035, signaling long-term commitment beyond current administrations. European contractors are gaining market share as nations develop industrial sovereignty, while Japan and South Korea also increase spending targets against regional threats. | BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM |
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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 17, 2025 | Hosking Partners | - | 12.2% | 000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST | defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value | Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers. | 055550.KS CPNG 000660.KS III.L BAB.L |
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| 2024 Q2 | Jul 17, 2024 | Chilton Capital Management | - | - | AAPL, GOOGL, META, MSFT, NVDA | AI, growth, interest rates, large cap, Mega Cap, REITs, technology | Mega-cap growth companies have greater capacity to benefit from major secular trends such as artificial intelligence. Companies like NVIDIA, Meta, Alphabet, and Microsoft continue to outperform due to rising earnings estimates driven by AI developments. | View | |
| 2024 Q2 | Jul 17, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Concentration, diversification, growth, large cap, Passive, small cap, technology, value | The S&P 500 Index reached record concentration levels with the top five components accounting for 28.6% of the index, surpassing the 1964 record of 27.7%. The Magnificent Seven contributed 59% of year-to-date returns while the remaining 493 companies contributed negatively. This concentration is not keeping pace with sales and profits of Fortune 500 companies, suggesting potentially unrealistic growth expectations priced into valuations. | View | |
| 2023 Q2 | Jul 17, 2023 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, T, TSLA, XOM | active, Concentration, large cap, Passive, technology, valuation, value | The firm emphasizes that for strategies where valuation is a core tenet, the opportunity set is one of the most attractive in years. The top five S&P 500 components are trading at 34.0x next-12-month P/E, almost double the historical median, while the rest of the index trades at more reasonable 17.1x. They believe active strategies can mitigate overexposure to historically expensive companies and overweight more valuation attractive opportunities. | View | |
| 2025 Q2 | Jul 16, 2025 | Harding Loevner Global Equity | 10.2% | 7.9% | 0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems. | ADBE BKNG ADBE |
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| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 16, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology, volatility | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. | View | |
| 2024 Q2 | Jul 16, 2024 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, cyclicals, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE |
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| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2025 Q2 | Jul 15, 2025 | Coho Relative Value Equity | - | - | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TOST, TSLA | AI, Concentration, Consumer Staples, GLP1, healthcare, multiples, technology, value | AI euphoria following ChatGPT release sparked impressive but narrowly led market rally in Information Technology sector. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-driven momentum propelled sectors Coho tends to underweight. | View | |
| 2025 Q2 | Jul 15, 2025 | White Brook Capital | - | - | AMZN, GOOGL, INFU, JAKK, META, MSTR, NVDA, PAYS, RPID | AI, crypto, defense, Ethics, Housing, small caps, SPACs, Strategy | SPACs are returning to market as a sign of mania, similar to 2021 when they led to tremendous short-term returns for sponsors but typical SPACs fell over 90% long-term. This represents a concerning market trend pushing extremes. | View | |
| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity | 7.9% | 5.4% | ADI, AHT.L, AMZN, BDX, DLTR, FI, FND, HAS, ICE, J, META, MSFT, MSI, ORCL, PM, SCHW, TMO, UMG.AS, V | Cloud, financials, healthcare, tariffs, technology, value | AI sentiment turned negative in Q1 but quickly positive in Q2, with Information Technology sector accounting for 65% of S&P500 returns. The AI theme continues to drive significant market volatility and performance. | FND ADI TMO FI BDX META MSFT ORCL |
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| 2025 Q2 | Jul 14, 2025 | ROCKLINC Partners Fund | 8.1% | 8.9% | AEM.TO, AMZN, APOG, BIP.TO, BN.TO, BUR.L, CCO.TO, FNV.TO, GROY, META, MKL, MSFT, OR.TO, RGLD, ROP, SAND.TO, TSU.TO, WPM.TO | AI, Canada, energy, gold, Mining, nuclear, Precious Metals, uranium | The nuclear power industry is undergoing a renaissance as nations embrace nuclear energy to address climate challenges. Nuclear provides reliable 24/7 baseload energy with near-zero carbon emissions. The next wave of growth will come from power-hungry data centers, with major tech companies signing long-term nuclear power purchase agreements. | CCO.TO CCO CN |
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| 2025 Q2 | Jul 14, 2025 | Wedgewood Partners | 7.1% | 0.3% | AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS | AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations | Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity. | View | |
| 2025 Q2 | Jul 14, 2025 | Emeth Value Capital | - | 5.0% | ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW | Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology | Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage. | SWON.SW SWON SE |
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| 2024 Q2 | Jul 14, 2024 | Aegis Value Fund | 0.0% | 3.1% | AAPL, AMZN, ARG.TO, BCYP, CSCO, DLAPF, GOOGL, HLDR, IFP.TO, IPCO.TO, MEG.TO, META, MSFT, MTRX, NGS, NVDA, ORE.TO, PRU.AX, SEPBTF, TSLA | energy, gold, inflation, Mining, oil, small cap, value | Oil supply appears temporarily supplemented by inventory liquidations with US Strategic Petroleum Reserve drained nearly half. US shale production growth structurally leveling off as new drilling primarily offsets decline rates. Global exploration hindered by fossil fuel divestment and sanctions on Russia may constrain exports. | PRU.AX OGC.TO NGS |
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| 2023 Q2 | Jul 14, 2023 | Leonard Rickey Advisors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, growth, inflation, large cap, rates, technology, US, value | Excitement around artificial intelligence propelled growth stocks to outsized gains during the quarter. The AI theme drove mega-cap tech stocks including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta to rise sharply. This narrow AI-driven rally resulted in concentration concerns as these seven companies had a collective weighting in the S&P 500 larger than six entire sectors combined. | View | |
| 2025 Q2 | Jul 13, 2025 | Sigil Stable Fund | 3.0% | 18.1% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, global, growth, Mobility, semiconductors, technology | Manager holds positions in e-commerce logistics disruptor InPost and e-commerce platform Sea Limited. InPost is expanding its locker network across Europe with partnerships like Debenhams Group. Sea Limited shows revenue acceleration with margin expansion, representing the holy grail of growth investing. | ASML SE INPST.L UBER |
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| 2024 Q2 | Jul 12, 2024 | Moon Capital Management | 0.0% | 23.0% | AAPL, AMD, AMZN, GOOGL, INTC, META, MSFT, NTB, NVDA, TSLA | AI, Banking, Market Concentration, semiconductors, technology, value | AI has been the dominant investment theme driving market performance, with the Magnificent Seven AI-related stocks producing the S&P 500's returns while other stocks declined. The manager explains AI through machine learning concepts and notes the market's fixation on chip companies is masking broader market weakness. | NTB |
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| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | 0700.HK, 1810.HK, AAPL, AMD, AMZN, BABA, COST, FUTU, GAW.L, GOOGL, INTC, JD, META, MSFT, NVDA, PDD, TSLA, TSM, VTY.L | AI, Big tech, China, E-Commerce, global, semiconductors, technology | The GenAI investment cycle has sparked massive capital deployment by Big Tech companies, with Amazon, Meta, Alphabet and Microsoft increasing compute investment from $119bn in 2023 to an estimated $195bn in 2025. However, there remains significant uncertainty about where value will accrue in the AI stack and whether the massive investments will generate profitable returns. | PDD TSM |
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| 2024 Q2 | Jul 12, 2024 | Moneta Group | - | - | AAPL, AMZN, CSCO, GOOGL, INTC, META, MSFT, NVDA, TSLA, UBER | AI, diversification, Economy, growth, large cap, Markets, technology | AI stocks dominated market performance with the Magnificent 7 posting 15.8% returns in Q2. Companies building AI infrastructure like chips, data centers, and servers are being rewarded, while those benefiting from productivity gains have yet to see market appreciation. The market is rewarding companies generating cashflow from AI rather than simply incorporating AI. | View | |
| 2023 Q2 | Jul 12, 2023 | Wealthspire | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | fixed income, growth, inflation, rates, Recovery, technology, value | The letter references artificial intelligence in the context of productivity scenarios and mentions it would be avant-garde to have ChatGPT write the quarterly letter. AI is discussed as a potential driver of economic growth through productivity improvements in one of McKinsey's four medium-term scenarios. | View | |
| 2025 Q2 | Jul 11, 2025 | Patient Capital Management | 15.3% | 4.2% | AMZN, C, GOOGL, IAC, META, NCLH, NVDA, QXO, RPRX, UNH | AI, contrarian, Cruises, healthcare, small caps, technology, value | AI companies have delivered approximately 50-60% of the market's returns over the past 2.5 years. The fund maintains 21.6% exposure to Mag 7 AI leaders including Amazon, Google, NVIDIA, and Meta. If current AI trends continue as expected, these companies should perform well. | C RPRX QXO IAC NCLH UNH QXO IAC UNH |
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| 2025 Q2 | Jul 11, 2025 | Rowan Street Capital | - | 20.1% | ADYEY, DNP.WA, META, NFLX, SHOP, SPOT, TOI.TO, TTD | Compounding, conviction, growth, long-term, Multi-bagger, technology | The fund holds long-term positions in Netflix and Spotify, both delivering over 20% annual returns. Spotify particularly demonstrated the psychological challenges of multi-bagger investing, round-tripping to zero returns after five years before appreciating nearly 10x from 2022 lows. | SPOT META SPOT META |
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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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| 2025 Q2 | Jul 11, 2025 | 103 Advisory group | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Bonds, equities, fiscal policy, inflation, rates, tariffs, Trade Policy, Treasury | The quarter began with sweeping tariffs including a baseline 10% on nearly all imports, bringing the average U.S. tariff rate to 22.5% from 2.4%. A 90-day pause was announced due to Treasury market volatility. Trade deals were struck with China on rare earth minerals, and Vietnam agreed to a 20% duty structure. | View | |
| 2025 Q2 | Jul 11, 2025 | Baillie Gifford – US Equity Growth | 24.8% | 12.9% | AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO | Concentration, growth, innovation, long-term, technology, US | The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage. | SPT ROKU CRCL APP 6857 JP MDLN |
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| 2024 Q2 | Jul 11, 2024 | JB Global Capital | 7.3% | 8.1% | AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY | AI, Buybacks, China, payments, technology, value | The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations. | PYPL STNE |
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| 2023 Q2 | Jul 11, 2023 | Rathbones | - | - | ACN, ADBE, AMZN, ARM, ASML, CHGG, GOOGL, INTC, META, MSFT, MTCH, NFLX, NVDA, PYPL, TSM, UBER, WEN | AI, Bonds, diversification, Hydrogen, Japan, semiconductors, technology | The launch of ChatGPT has triggered a new artificial intelligence gold rush among investors, driving strong gains across technology companies. Generative AI represents a breakthrough that can create original content rather than just identify patterns. The value currently accrues primarily to Nvidia as the dominant chip provider, though the long-term profit distribution across the AI supply chain remains uncertain. | View | |
| 2024 Q2 | Jul 10, 2024 | HORAN Capital Advisors | 0.0% | 0.0% | AMZN, EBAY, LULU, META, MSFT, NKE, NVDA, ROST, SBUX, TGT, TJX, WEN, WMT | consumer, earnings, Economic Slowdown, Fed policy, Market Concentration, Sentiment | Consumers are changing shopping habits due to elevated prices and higher unemployment, with higher earners now shopping at discount stores. Walmart is seeing increased higher income shoppers while companies like Starbucks and Nike face headwinds from consumer pressure. Sales growth for discount stores has outperformed name brands for several quarters. | View | |
| 2024 Q2 | Jul 10, 2024 | Brasada Focused Equity Strategy | 0.0% | 0.0% | AMD, AMZN, CCCS, COST, CPRT, GWRE, IBM, INTC, META, MSFT, NFLX, NVDA, PGR, TSLA | Concentration, insurance, Monopoly, software, technology, value | Manager discusses AI as the current investment fad, comparing it to previous technology bubbles. Notes that while ChatGPT demonstrated AI utility, markets tend to get ahead of themselves in bidding up potential winners. Emphasizes that early winners in technology revolutions are rarely the same winners a decade later. | CCCS |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets. | MCHP BSX APH |
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| 2024 Q2 | Jul 10, 2024 | Artemis US Select Fund | 2.4% | 20.1% | AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC | AI, growth, large cap, semiconductors, technology, US | Nvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models. | NVDA |
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| 2024 Q2 | Jul 10, 2024 | QV Investors | - | - | AAPL, AMZN, AVGO, BRK-A, GOOGL, LLY, META, MSFT, NVDA, POOL, SBUX | AI, consumer, credit, Economic Cycle, Market Concentration, rates, Risk Appetite, Valuations | AI-driven bull market continues with Nvidia driving significant market returns. Seven AI-related stocks drove the entire S&P 500 return in Q2. Current AI enthusiasm parallels historical tech bubble patterns with extreme concentration and high expectations. | 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 Q1 | Jun 5, 2025 | Long Cast Advisers | -20.0% | -20.0% | CCRD, GOOG, META, MTRX, PDEX, PESI, QRHC, RSSS | Concentration, Long Term, Outperformance, Price Discovery, small caps, value | Manager focuses exclusively on small company investing, seeking five-year doubles with 15% annualized returns. Portfolio concentrated in top-five positions representing 70% of holdings, with three stocks at or around 15% weightings. | PESI QRHC MTRX RSSS PDEX CCRD |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 14.3% | AAPL, AMZN, AVGO, GE, GOOGL, JNJ, META, MSFT, MTD | AI, growth, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with companies like Broadcom benefiting from accelerating AI semiconductor revenue growth and custom ASIC demand from hyperscalers. Microsoft's Azure AI services showed robust momentum, while the broader AI rally regained strength after earlier volatility. | GE META MSFT AVGO GE JNJ MTD AAPL META MSFT AVGO |
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| 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 | Magellan Global Fund | - | - | AAPL, AMZN, ASML, GOOGL, MC.PA, META, MSFT, OR.PA | Big tech, China, Decoupling, Europe, regulation, technology, US | The decoupling of the West and China represents a powerful trend involving economic, financial, and technological separation. The risk is that decoupling occurs faster than companies can adjust their supply chains, with risks tilted towards faster-than-expected decoupling. | AAPL |
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| 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 | Magellan High Conviction Fund | - | - | AMZN, ASML, CRM, EL.PA, GOOGL, ICE, MELI, META, MSFT, NFLX, NVDA, TSLA, TSM, UBER, V | AI, Automation, Cloud, growth, innovation, large cap, semiconductors, technology | AI is rapidly advancing from LLMs to reasoning models and agentic AI, with corporate adoption accelerating across all business functions. The technology is progressing faster than mobile or internet eras, with AI likely to reach 50% US household penetration in under three years. Companies are investing over $300B in AI infrastructure in 2025 alone. | View | |
| 2025 Q2 | Jun 30, 2025 | Bell Global Equities Fund | 5.3% | 1.1% | 6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM | AI, Cloud, global, growth, Quality, semiconductors, technology | Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications. | NFLX AIR.PA BJ LULU 6146.T ORCL |
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| 2025 Q2 | Jun 30, 2025 | Octahedron Capital | - | - | ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W | Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy | AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows. | View | |
| 2025 Q2 | Jun 30, 2025 | SoftBank Group | - | - | 1548.HK, 2228.HK, 9434.T, 9984.T, ARM, ASTO.OL, BABA, CPNG, DASH, DIDI, DTE.DE, GOOGL, KLAC, META, MOMS.NS, MSFT, OLECTRA.NS, SWGY.NS, SYM, TMUS | AI, growth, innovation, Investment, Platform, semiconductors, technology, Vision Funds | SoftBank is positioning itself as the world's No. 1 ASI (Artificial Super Intelligence) platform provider, with major investments in OpenAI, Arm's AI chip designs, and AI infrastructure through the Stargate Project. The company sees AI as completely redefining every industry and believes the next few decades of AI innovation will surpass all technological progress of the last three centuries. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli ABC Fund | 2.1% | - | AAPL, AMZN, BATRA, CHWY, CZR, FOX, GOOGL, IDXX, IVG.MI, META, MSFT, MSGS, NFLX, NVDA, SBGI, TDS, TGNA, TSLA, WBD, ZTS | AI, defense, Mergers & Acquisitions, private market value, Sports, tariffs, Utilities, Value Investing | Major AI infrastructure platforms remained committed to aggressive investment with the five largest global data center operators communicating 2025 capex plans aggregating to ~$330bn. Adoption of generative AI services has inflected sharply with ChatGPT's Weekly Active Users doubling since the start of the year and Alphabet's Gemini reporting 50x year-over-year growth in tokens generated. | SWTX |
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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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| 2025 Q2 | Jun 30, 2025 | BESTINVER | 5.0% | 3.0% | META | AI, Data centers, Investment, returns, technology, value | Massive investments in AI infrastructure continue with hundreds of billions being deployed in data centers and compute power. While skepticism exists about returns, companies like Meta are demonstrating measurable paths to profitability through improved ad targeting. The technology resembles early automobiles - powerful but requiring refinement before widespread adoption. | META |
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| 2025 Q2 | Jun 30, 2025 | Fortress – Caribbean Growth Fund | 4.2% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jun 30, 2025 | Nixon Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth credited to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs. | View | |
| 2025 Q2 | Jun 30, 2025 | WS Amati Global Innovation Fund | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The manager views AI as having potential to double economic growth by empowering individuals and enterprises to achieve far more. | View | |
| 2024 Q2 | Jun 30, 2024 | Orbis Global Equity | - | - | AAPL, AMZN, CXT, GOOGL, KO, META, MSFT, NVDA, TSLA, WFC | Advertising, AI, Buybacks, large cap, technology, value | Google has successfully embedded AI into its search generative experience, with search engagement up, profit margins up, and cost to serve AI queries down 80%. The company has strong AI engineering talent, access to cutting-edge chips, and vast data sets for training models. | GOOGL |
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| 2024 Q2 | Jun 30, 2024 | Bailard Technology Strategy | 9.8% | 28.5% | AAPL, AMD, AMZN, FISV, KLAC, LRCX, META, MSFT, MU, NFLX, NTAP, NVDA, PANW, PSTG, SHOP, SNOW, SPOT, SPT, TSM, UBER | AI, growth, large cap, semiconductors, software, technology | Spending on AI infrastructure coupled with recovery in cyclical markets underscored improving fundamentals for semiconductors. Demand for high performance chips is spurring order activity for new wafer fabrication equipment, setting up a recovery in the tooling segment and strong upcycle in 2025. Apple unveiled a credible suite of AI-enabled apps and stoked expectations for a sizable iPhone upgrade cycle. | View | |
| 2024 Q2 | Jun 30, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, AMZN, ANET, CEG, CMG, COST, DELL, DUK, GRMN, HIW, ISRG, JNJ, LLY, META, MSFT, NVDA, VRTX | AI, Data centers, energy, healthcare, semiconductors, technology | AI theme is the most prevalent across portfolios with holdings from enablers to users. Nvidia dominates data center semiconductors with 92% market share and significant competitive advantages. Microsoft's Copilot AI works alongside Office 365, while Apple recently unveiled Apple Intelligence for iOS18. | View | |
| 2024 Q2 | Jun 30, 2024 | Private Capital Management | - | - | AAPL, GOOGL, META, MSFT, NVDA | Alternatives, Correlation, diversification, large cap, technology, Valuations | Nvidia remains the stock market's darling with nearly 100% of Wall Street analysts assigning a buy rating. The company's remarkable earnings growth and stock price performance has vaulted it to be one of the most valuable publicly traded stocks in the world. However, while AI enhanced productivity is here to stay, excess returns for AI themed stocks may not be sustainable. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Brands Fund | -1.0% | - | AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS | brands, consumer, E-Commerce, global, Luxury, Recovery, technology | Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2024 Q2 | Jun 30, 2024 | Apis Deep Value Fund | 3.1% | - | 4506.T, 8069.T, AAPL, AMZN, DPZ, MCD, META, MSFT, NFLX, OLED, WMT | Asia, defense, Electrification, Long/Short, small caps, technology, value | Goldman Sachs report highlights advantages of SMID-cap investing including thousands of stock-picking opportunities versus concentrated large-cap indices, significant inefficiencies with many companies having no analyst coverage, and less competitive space with only 3% of equity long/short funds focusing on SMID-cap. Current valuation extremes show profitable Russell 2000 companies trading at 15x with 35% growth versus S&P at 23x with 14% growth. | 4506.T 8069.TW 1405.HK |
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| 2024 Q2 | Jun 30, 2024 | Magellan High Conviction Fund | - | - | AMZN, EL, GME, GOOGL, META, MSFT, NKE, SBUX | AI, China, Energy Transition, global, Long Term, Quality, technology | Technological innovation, particularly Artificial Intelligence and generative AI, has been a key driver of improving fundamentals and revenue growth. The scale of spending by major companies including Microsoft, Amazon, Alphabet and Meta on AI innovation is extraordinary and driving industry rebound. | View | |
| 2024 Q2 | Jun 30, 2024 | EQUAM Global Value Fund | 2.0% | 4.0% | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Concentration, Federal Reserve, Global Markets, large cap, rates, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment. | KLXE HEAD LN KWS LN |
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| 2024 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 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 36.7% | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | Manager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum Global Fund (Long Only) | 2.0% | - | 005930.KS, 0700.HK, 1348.T, 1810.HK, 2057.HK, 2338.HK, 5901.T, 6479.T, AGL.AX, ALLFG.L, BAX, INDIGO.NS, MCHP, META, RH, UPM.HE | China, energy, Japan, Recovery, technology, Travel | InterGlobe Aviation benefited from competition elimination post-COVID, driving price discipline in Indian airfare markets. The investment case is playing out with very large increases in profitability as the market recovers. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum International Brands Fund | -3.4% | - | 2206.T, 2502.T, 7203.T, 9142.T, GOOGL, JD, META, NFLX, RIPI.PA | AI, China, Consumer Brands, gaming, Japan, technology | AI thematic drove strength in US technology stocks during the quarter, with companies like Meta, Alphabet, and Netflix benefiting from AI-related optimism. However, the Fund was unable to own most Nasdaq AI stocks due to its consumer brands focus. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum International Technology Fund | 4.2% | - | 000660.KS, 005930.KS, 006400.KS, 0700.HK, 7974.T, BABA, CIEN, CSU.TO, ERIC, GOOGL, IFX.DE, JD, MCHP, META, MU, NFLX, ORCL, TSM | AI, Cloud, growth, semiconductors, software, technology | AI took center stage during the quarter with ChatGPT reaching 100 million users faster than any consumer application to date. Technology companies like Microsoft, Google, Meta, and Oracle are incorporating AI into their platforms, creating significant investment opportunities despite some market excesses. | View | |
| 2023 Q2 | Jun 30, 2023 | Rozendal Partners | - | 13.5% | B4B.DE, BLU.JO, BUR.L, CCO, GEMD.L, HCI.JO, HOLD.IS, MCF.L, MDC.L, META, OCE.JO, PPC.JO, RCL.JO, SDRY.L, SUR.JO, TBS.JO | global, Litigation, South Africa, takeovers, technology, uranium, value | Rozendal invests in litigation funding through RLF, comparing the field to private equity in the 1980s with vast untapped market potential. They have committed 3% of hedge fund assets to litigation funding across five direct matters and two class action suits in South Africa. | View | |
| 2023 Q2 | Jun 30, 2023 | Magellan High Conviction Fund | 10.0% | - | AMZN, BABA, BKNG, BN, CMG, CRM, DEO, GOOGL, ICE, META, MSFT, NFLX, SAF.PA, V, WEC, YUM | AI, Cloud, Energy Transition, payments, Quality, Restaurants, technology, Travel | Generative AI represents a transformative step forward in technology that will open up new, exciting possibilities. The technology itself is rapidly evolving and companies are working to understand, invest and adapt to maximize beneficial outcomes. Amazon, Microsoft and Alphabet are all seen as enablers of the acceleration of computing as Generative AI takes hold. | AMZN |
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| 2023 Q2 | Jun 30, 2023 | YCG Investment | - | - | 0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM | Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management | Canadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases. | CME CNI CP.TO RSG BRWM.L |
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| 2023 Q2 | Jun 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, semiconductors, technology, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the range of outcomes remains wide. | View | |
| 2023 Q2 | Jun 30, 2023 | PM Capital Australian Companies Fund | -4.2% | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, gold, Mining, rates, tariffs, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. | View | |
| 2022 Q2 | Jun 30, 2022 | Rozendal Partners | - | -9.8% | AAL LN, HCI, LKOH RM, META, MNT SJ, NPN SJ, PPC SJ, QNCO IT, WINE LN | - | View | ||
| 2026 Q1 | Jun 2, 2026 | Unison Asset Management | - | - | 000660 KS, 005930 KS, AMZN, META | AI, Korea, private credit, risk, semiconductors, Speculation, technology | View | ||
| 2025 Q1 | Jun 16, 2025 | Qualivian Investment Partners | 1.2% | 1.2% | AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO | compounders, concentrated, long-term, Quality, value | Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns. | AZO |
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| 2024 Q1 | Jun 15, 2024 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | AMZN, ETN, GOOGL, INTC, META, MSFT, NEE, NFLX, NVDA, PANW, PYPL, RTX, UBER | growth, inflation, large cap, Mega Cap, rates, technology | Amazon and Microsoft both saw acceleration in cloud revenues and communicated increasing run rates for their AI-driven services. Meta is focusing on high-return AI investments while maintaining cost discipline. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABT, ADBE, AMZN, META, MSFT, NFLX, NKE, NOW, NVDA, PAYC, PYPL, TMO, TSLA, V, ZTS | AI, earnings, growth, large cap, Quality, technology, Valuations | Managers discuss AI's impact across multiple holdings, noting that much customer spending is driven by AI experimentation rather than proven use cases. They see generative AI as having enormous future impact but question the sustainability of current revenue growth rates, particularly for NVIDIA. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY | AI, Cloud, global, growth, Quality, technology | SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period. | View | |
| 2026 Q1 | May 8, 2026 | City Different Investments – Multi-Cap Core | -2.2% | -2.2% | FLEX, GILD, GLNG, GOOGL, META, MSFT, NOMD, TMO, VAL | energy, fundamentals, long-term, multi-cap, value | View | ||
| 2026 Q1 | May 8, 2026 | Baron Durable Advantage Fund | -9.1% | -9.1% | AMZN, CME, GOOGL, LRCX, META, MPS, MSCI, MSFT, NVDA, TSM, WELL | AI, Cloud, Data centers, growth, large cap, semiconductors, technology | View | ||
| 2024 Q1 | May 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 | |
| 2025 Q1 | May 7, 2025 | Easterly – Income Opportunities Fund | 2.3% | 2.3% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, Quality, semiconductors, technology | ASML maintains its monopoly in lithography equipment despite Chinese competition concerns. TSMC's $100 billion U.S. investment will drive demand for more ASML machines. Reports of Chinese EUV development remain unconfirmed with limited transparency about reliability. | NU SE META ASML |
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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 | ||
| 2025 Q1 | May 5, 2025 | Horizon Kinetics | - | - | ARIS, GEV, HE, JPM, META, NUE, NVDA, SJT, TPL | AI, commodities, Data centers, energy, infrastructure, Natural Gas, technology, water | Explosive spending by major IT companies on data centers amid mass adoption of artificial intelligence. Meta spending $60-65 billion on data center construction this year, 50% above 2024. Data center buildout has potential to be greatest deployment of private investment capital in history. | HE SJT ARIS |
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| 2026 Q1 | May 4, 2026 | PivotalPath | - | - | 000660 KS, 005930 KS, AMZN, GOOGL, META, MSFT, TSM | AI, Asia, Hedge Funds, oil, rates, Risk Appetite, semiconductors, technology | View | ||
| 2024 Q1 | May 3, 2024 | Pernas Research | 18.0% | 17.8% | ARQ, BURBY.L, DELL, DOCS.L, META, MSFT, NVDA, REX, RRGB, SMCI, VRT | AI, inflation, interest rates, small caps, technology, United Kingdom, value | Manager views AI technology as still in the first inning and actively seeks companies positioned to benefit from this trend. Primary beneficiaries have been corporations like NVIDIA, Microsoft, and Meta, along with hardware manufacturers supporting data center build-out for AI workloads. Future leaders in novel applications and new industries are still to emerge. | View | |
| 2024 Q1 | May 3, 2024 | Templeton & Phillips Capital Management | 0.0% | 0.0% | AAPL, AMZN, BAH, CACI, GOOGL, META, MSFT, NVDA, PANW, TSLA | AI, Cloud, cybersecurity, defense, small caps, technology, value | Generative AI is in early stages of impacting the broader economy beyond obvious tech players. Amazon takes a holistic approach to AI across cloud services, e-commerce, and operations. AI tools are being adopted for nefarious purposes including state-sponsored cyberattacks. | CACI AMZN |
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| 2026 Q1 | May 28, 2026 | Pantera Capital | - | - | AMZN, BTC-USD, GOOGL, META, MSFT | AI, Bitcoin, Blockchain, Convergence, crypto, infrastructure, technology, Valuations | View | ||
| 2024 Q1 | May 28, 2024 | Bridgewater Associates | 0.0% | 0.0% | AMT, CAT, ETN, FUN, GE, GOOGL, HA, HCA, HON, KO, MAT, MCD, META, MONDEE, MSI, NEE, PFGC, PG, TXRH, WLDN | AI, Capex, Corporate Spending, earnings, Energy Transition, Labor Markets, profitability | The AI build-out is a key tailwind for capex spending during this cycle, with companies across tech and industrials investing in compute capacity and infrastructure. Tech companies like Meta and Alphabet are investing significantly in AI infrastructure, while industrials are responding to growing demand for data centers and electricity driven by AI innovation. | View | |
| 2025 Q1 | May 27, 2025 | RGA Investment Advisors | - | - | AMZN, BRKR, DHR, ENTG, GOOGL, IAC, LULU, META, NKE, NVDA, TMO, TSM | AI, Athleisure, Biotechnology, Life Science, semiconductors, Taiwan, Trade Policy, uncertainty | AI's march forward is relentless with strong value in companies enabling AI infrastructure buildout, particularly hardware. This momentum is insulated from macro and policy noise making it a true constant. Capital is flowing into this ecosystem at unprecedented speed with focus on firms having pricing power, mission-critical positioning, and scale to benefit from accelerating AI workloads globally. | LULU BRKR TSM |
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| 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 | |
| 2024 Q1 | May 23, 2024 | Bronte Capital Amalthea Fund | -3.7% | 0.0% | FL, GOOGL, HIBB, META, NKE, SPXS.L, UBS | Advertising, global, Long/Short, retail, Shorts, technology | Google Search is a $280 billion business growing over 10% annually and accelerating. The manager underestimated how large global advertising spend could become, particularly online advertising which can be measured and creates new advertisers. Google's advertising revenue alone is now about a quarter percent of global GDP. | GOOGL HIBB |
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| 2025 Q1 | May 22, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM | commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale | The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply. | View | |
| 2024 Q1 | May 21, 2024 | Saltlight Capital | 15.6% | 35.6% | 0700.HK, APP, BLU.JO, DO, META, NVDA, PDD, PRX.AS, TCP.JO, TDW.TO, WBC.JO | AI, Buybacks, China, Oil Services, Self-healing, South Africa, Spin-Offs, value | Manager sold AI infrastructure investments due to high valuations despite validating the thesis. Concerns about narrow predictions required by high multiples and wide distribution of outcomes. AI expected to enhance advertising opportunities for Tencent through improved video engagement and ad targeting. | JSEBLU JSETCP 700.HK |
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| 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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| 2024 Q1 | May 18, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMAT, AVGO, BRK-A, CMGI, CSCO, GBTC, GLW, INTC, LLY, META, MSB, MSFT, MU, NVDA, SBR, TPL, V | Bitcoin, Bubble, Compounding, Concentration, long-term, royalties, technology, valuation | The letter discusses AI chips and their impact on technology stocks, particularly noting how AI chip technology has driven recent outperformance in companies like Nvidia and Micron. The manager views AI as part of the current technology bubble similar to previous cycles. | View | |
| 2024 Q1 | May 18, 2024 | Rowan Street Capital | 12.8% | 42.3% | ADYEY, BABA, CMG, META, SHOP, SPOT, TTD, UA | Concentration, growth, long-term, Recovery, technology, value | The fund focuses on high-growth technology companies that can compound returns over long periods. Their top holdings like Meta, Spotify, Trade Desk and Shopify represent growth companies that experienced significant volatility but demonstrated strong recovery potential. The managers emphasize finding exceptional growth companies at attractive prices and holding them for extended periods. | TTD CMG |
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| 2024 Q1 | May 15, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AMZN, BBWI, DD, GOOGL, HUM, INTC, LSEG.L, META, MRVL, MSFT, NFLX, NVDA, PCG, TSM, VST | AI, Data centers, energy, semiconductors, technology, value | AI is a key element of the thesis for nearly half of Third Point's equity positions. The technology favors incumbents who are deploying financial and intellectual war chests to win the AI arms race. Best-run legacy companies like Microsoft and Amazon have built enormous competitive advantages and seen their growth vectors accelerate. | View | |
| 2025 Q1 | May 14, 2025 | Sigil Stable Fund | 5.4% | 5.4% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML |
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| 2026 Q1 | May 13, 2026 | Baron Opportunity Fund | -9.0% | -9.0% | AMZN, ANET, ASML, AVGO, COHR, CSGP, DDOG, GOOGL, IOT, LITE, LRCX, META, MSFT, NVDA, RBRK, SHOP, SPOT, TSLA, TSM | AI, Data centers, growth, infrastructure, semiconductors, software, Space, technology | View | ||
| 2025 Q1 | May 13, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | ADBE, AVGO, AZO, CBOE, LULU, MCD, META, NOW, NVDA, TJX | growth, large cap, Outperformance, Quality, volatility | The portfolio's focus on quality companies with low price volatility helped limit losses during the quarter's elevated volatility. Quality positioning benefited from investor flight towards quality companies amid market uncertainty. | View | |
| 2024 Q1 | May 13, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, APD, BRK.B, LIN, META, MLM, NSRGY, NVDA, PGR, SBUX | AI, dividends, large cap, momentum, Quality, value | The fund focuses on quality factors including profitable, financially stable companies with strong balance sheets, consistent free cash flow generation, and high returns on capital. Quality factors faced headwinds in Q1 as the market favored momentum and growth over quality characteristics. | SBUX APD NSRGY BRK.B MLM PGR |
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| 2024 Q1 | May 13, 2024 | Artemis Global Select Fund | 10.8% | 10.8% | 3690.HK, AMD, AMZN, BKR, CPRI.MI, ELV, HDB, INTC, META, MU, NESN.SW, NVDA, PDD, RVTY, RYAAY, TMO | AI, China, consumer, financials, global, healthcare, semiconductors, technology | Technology firms benefited from demand for artificial intelligence applications and the components necessary to power them. The fund invested in semiconductor companies involved in the AI supply chain, including Nvidia and AMD. | View | |
| 2026 Q1 | May 11, 2026 | Impax US Sustainable Economy Fund | -4.7% | -4.7% | AMAT, META, ORCL, QCOM, SPGI, TSLA | energy, Esg, Geopolitical, healthcare, sustainability, technology | View | ||
| 2023 Q1 | May 11, 2023 | Hinde Group | 10.9% | 10.9% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD NBN IBKR |
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| 2024 Q1 | May 10, 2024 | FPA Crescent Fund | 3.7% | 12.8% | 3659.T, 9988.HK, ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FERG, GBLB.BR, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, TEL | global, Opportunistic, Quality, value | JDE Peet's is the second largest coffee business in the world, currently navigating challenges including effects of war on Russian business, pandemic impact on out-of-home demand, and massive inflation in coffee prices. Management has struggled with these challenges leading to CEO replacement. | JDEP.AS |
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| 2026 Q1 | May 1, 2026 | Bailard Technology Strategy | -11.3% | -11.3% | KLAC, LRCX, META, MRVL, MSFT, TSM | AI, Cloud, Data centers, hardware, semiconductors, software, technology | View | ||
| 2026 Q1 | May 1, 2026 | BESTINVER | -2.7% | -2.7% | AVGO, LLOY.L, META, PHIA.AS, TSM | AI, Banking, energy, Europe, geopolitics, infrastructure, semiconductors, value | View | ||
| 2025 Q1 | May 1, 2025 | Mairs & Power - Growth Fund | -4.7% | -4.7% | AAPL, AMZN, FI, GOOGL, JPM, LFUS, META, MSFT, NVDA, NVT, RHHBY, TSLA, TSM, UNH, V, WEC | AI, growth, large cap, semiconductors, tariffs, technology, volatility | The emergence of DeepSeek, a Chinese AI startup, jolted the Information Technology sector by unveiling large language models with comparable functionality to American rivals at a fraction of the cost. This undermined prevailing wisdom that AI requires exorbitant computing power and called into question vast AI investments. The fund remains excited about AI prospects but less enthusiastic about lofty valuations and has been reducing positions accordingly. | TSM |
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| 2025 Q1 | Apr 9, 2025 | The Bristlemoon Global Fund | -3.2% | -3.2% | 0700.HK, APP, HEM.ST, IBKR, META, PAR, PDD, PINS, XPOF | Cash Management, China, Restaurants, risk management, software, tariffs, technology, volatility | Fund increased cash weighting to 22% during March due to heightened market uncertainty and Trump's tariff policies. Adopted maximum loss framework for position sizing and reduced concentration to manage downside risk during volatile periods. | PAR HEM.ST |
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| 2026 Q1 | Apr 8, 2026 | ClearBridge Mid Cap Growth Strategy | - | - | ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, HOOD, HUBG, JCI, LHX, META, MSGS, PINS, SHOP, SPOT, TJX, VIK, VRT, W, XPO | AI, defense, E-Commerce, growth, industrials, mid cap, technology, volatility | View | ||
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investment Growth Strategy | - | - | ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, FIX, HOOD, HUBS, JCI, LHX, META, MSGS, PINS, PWR, SHOP, SPOT, TJX, TRGP, VIK, VRT, W, XPO | AI, diversification, growth, mid cap, software, technology, volatility | View | ||
| 2025 Q1 | Apr 8, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ALC, AMZN, GOOGL, ICE, INTU, META, MMC, MNST, MSFT, NVDA, RTX, SBUX, SHW, SNPS, SPGI, TSLA, UBER, V | AI, growth, large cap, Magnificent Seven, semiconductors, tariffs, technology | The emergence of DeepSeek, a Chinese large language model with capabilities similar to the best LLMs but built with inferior chips and at lower cost, caused investors to question whether massive capex devoted to Gen AI would continue. Nvidia fell sharply despite delivering record financial results amid strong rollout for its newest Blackwell GPU system. | View | |
| 2025 Q1 | Apr 8, 2025 | Matrix Dividend Income | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending. | TGT PEP GNRC |
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| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system. | TGT PEP GNRC |
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| 2025 Q1 | Apr 8, 2025 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, diversification, Recession Risk, tariffs, technology, Trade Policy, Valuations | The new administration implemented significant tariffs including 20% on Chinese goods, 25% on steel and aluminum, and 25% on imports from Canada and Mexico. Reciprocal tariffs announced after quarter-end may push effective tariff rates above 20%, with economic impact estimated at ~2% of U.S. GDP. | View | |
| 2025 Q1 | Apr 7, 2025 | Moon Capital Management | - | - | AAPL, AMZN, CI, CVS, FHN, GOOGL, GS, KKR, META, MSFT, NTB, NVDA, SYF, TSLA | Corrections, financials, healthcare, Trade Policy, value, volatility | Manager provides detailed analysis of Trump tariffs, estimating $3,500 annual cost increase per household based on Goldman Sachs analysis. Discusses uncertainty around timing and scope creating business caution, with potential for retaliation and supply chain disruptions. | View | |
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL | AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value | The manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak. | C GOOGL CVS RPRX QXO AMZN NCLH DAL UAL |
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| 2024 Q1 | Apr 7, 2024 | Richie Capital Group | - | - | GOOGL, META, NVDA | Concentration, long-term, Outperformance, small caps, time arbitrage, value | The letter extensively discusses value investing principles, referencing Warren Buffett's Western Insurance investment that traded at 0.1x P/E ratio. The manager emphasizes finding undervalued companies and exploiting market inefficiencies through patient capital deployment. | View | |
| 2026 Q1 | Apr 6, 2026 | Wedgewood Partners | -6.3% | -6.3% | AMZN, BKNG, CB, CDW, CPRT, GOOGL, META, MSFT, MSI, ODFL, ORLY, PGR, PYPL, TOL, TSCO, TSM, UNH, V | AI, energy, geopolitics, growth, large cap, oil, semiconductors, technology | V GOOGL META BKNG MSFT ORLY CB MSI ODFL TSM |
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| 2026 Q1 | Apr 6, 2026 | Mar Vista US Quality Select | -10.2% | -10.2% | ADI, CRM, DHR, ECL, GEV, INTU, JNJ, LIN, META, MSFT, NFLX, QXO, SAP, TSM | AI, energy, fundamentals, Geopolitical, large cap, Quality | View | ||
| 2025 Q1 | Apr 5, 2025 | Manole Capital Management | - | - | AAPL, AMZN, EBAY, GOOGL, JPM, META, NVDA, PYPL, SQ, TSM, V | AI, Digital, Fintech, Magnificent Seven, payments, rates, technology | AI spending by tech giants is significantly reducing free cash flow as companies like Alphabet and Meta plan massive capital expenditures. DeepSeek's announcement raised questions about AI infrastructure investments but was viewed as more panic than fundamental threat. The AI boom differs from the dot-com era due to real earnings and sustainable business models backing today's leaders. | View | |
| 2023 Q1 | Apr 5, 2023 | Infuse Partners | 10.1% | 10.1% | AAPL, ABNB, AMZN, AXON, COST, CRM, CSU.TO, DDOG, HCC, INSP, LSPD.TO, LYFT, META, MO, MSI, ORCL, RUN, TDG, TDOC, TSM, UBER | Founder, growth, Quality, technology, value | Manager outlines comprehensive 12-point quality checklist for evaluating businesses, emphasizing founder-led companies, competitive advantages, recurring revenue, and financial strength. Quality assessment is central to the investment process, combined with growth and valuation metrics to create the portfolio. | AXON |
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| 2025 Q1 | Apr 30, 2025 | Third Point Partners | -3.7% | -3.7% | AMZN, APO, CSGP, CVNA, DHR, ICE, META, PCG, PHNX, RYCEY, TDS, TSM, X | activism, credit, Event Driven, real estate, tariffs | The administration's tariff policies created significant market volatility, with the Liberation Day tariff announcement causing the most violent selloff since Covid. While some aggressive tariff objectives have been mitigated, uncertainty continues around individual trade deals and their economic impact. | CSGP |
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| 2025 Q1 | Apr 30, 2025 | Bell Global Equities Fund | -8.6% | -8.6% | 4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L | Cloud, Global Equities, Quality, tariffs, technology, Trade Policy | President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices. | View | |
| 2025 Q1 | Apr 30, 2025 | Generation Investment Management Global Equity | - | - | A, AMZN, GOOGL, LLY, META, NVO | Europe, Life Science Tools, momentum, sustainability, tariffs, Trade Policy, valuation | The new administration's tariffs announced on April 2nd went far beyond expectations in scope and severity, with Asia facing average reciprocal tariffs of 30% and Europe 20%. These changes are much more radical than the first Trump administration, with few escape valves as Vietnam now faces 46% tariffs. The firm has analyzed potential impacts since 2018, focusing on sectors heavily exposed to traded goods and companies' pricing power to pass on cost increases. | A |
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| 2024 Q1 | Apr 30, 2024 | Atherean Value Fund | - | - | AAPL, AMZN, CSCO, GOOGL, META, MSFT, NVDA, ORCL, TSLA | Concentration, growth, Investment Philosophy, large cap, portfolio construction, turnover, value | The manager extensively discusses their value investing philosophy, emphasizing purchasing securities at favorable prices relative to intrinsic value using earnings, cash flow, and book value models. They critique traditional growth/value index construction methodologies as flawed. | View | |
| 2025 Q1 | Apr 3, 2025 | Rodrigo Benedetti | - | - | AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE | AI, banks, defense, Europe, megacaps, Trade Policy, value | AI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure. | View | |
| 2025 Q1 | Apr 3, 2025 | Brummer Multi-Strategy Fund | - | - | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2024 Q1 | Apr 3, 2024 | Seeking Winners | 14.5% | 14.5% | AMZN, CSU.TO, EVO.ST, GOOGL, HEI, LMN.TO, META, MSFT, NVDA, TOI.TO | AI, Capital Allocation, Concentration, long-term, semiconductors, software, value | Manager expresses caution about AI hype, noting expensive development costs and unclear path to profitability outside of established players like Microsoft, Nvidia, and Amazon. Discusses concerns about speculative trading around AI and semiconductor stocks, with particular skepticism about Nvidia's revenue growth potentially being inflated through closed-loop investments in AI startups. | TOI.TO CSU.TO |
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| 2026 Q1 | Apr 29, 2026 | Baron Fifth Avenue Growth Fund | -10.4% | -10.4% | AMZN, APH, ASML, META, NET, NVDA, SHOP, SNOW, TSM | AI, Cloud, Data centers, growth, large cap, semiconductors, technology | View | ||
| 2026 Q1 | Apr 29, 2026 | ACR Alpine Capital | - | - | GOOGL, META, NVDA | AI, energy, geopolitics, Iran, SaaS, technology, Valuations | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments | - | - | AMZN, GOOG, JPM, META, MSFT, XOM | AI, disruption, dividends, energy, growth, infrastructure, software, valuation | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments Infrastructure | 13.5% | 13.5% | AMZN, GOOG, JPM, META, MSFT, XOM | AI, disruption, dividends, growth, HALO, infrastructure, valuation | View | ||
| 2025 Q1 | Apr 28, 2025 | Advisors Capital | - | - | AAPL, AMZN, AVGO, DUK, GOOG, META, MSFT, NVDA | AI, Defensive, fixed income, global, Recession, tariffs, Trade Policy | The Trump Administration implemented extensive tariff policies in Q1 2025, including reciprocal tariffs on 90 countries ranging from 10% to 125% rates. While markets initially reacted negatively, the firm believes adaptation mechanisms and potential negotiations will mitigate worst-case scenarios. The policy creates both challenges through higher costs and opportunities through domestic production shifts. | View | |
| 2024 Q1 | Apr 28, 2024 | Blue Tower Asset Management | 8.8% | 0.0% | BERY, META, SCHW | Banking, Behavioral Finance, Meta, Plastics, Psychology, value | Blue Tower focuses on undervalued companies that trade below fundamental value. The manager discusses ugly duckling companies with low-probability, high-magnitude risks that create opportunities when markets overreact. Examples include Charles Schwab trading at discounts due to unrealized losses fears and Berry Global as a boring, stable company trading cheaply. | BERY SCHW |
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| 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 26, 2026 | Deep Sail Capital Partners | -17.8% | -17.8% | AMPG, AMZN, CRDO, CSU.TO, FSLY, GOOGL, KRKNF, META, MSFT, NET, ONON, ORCL, QBTS, TOI.TO, VRT | 5G, AI, defense, Long/Short, small cap, technology | AMPG |
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| 2026 Q1 | Apr 26, 2026 | VT Holland Advisors Equity Fund | -9.5% | -9.5% | AMZN, JET2.L, META, NFLX, NU, SQ, TSM, WISE.L | Compounding, Concentration, long-term, Owner-Managers, Sustainable Competitive Advantages | NFLX NU WISE.L META JET2.L |
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| 2024 Q1 | Apr 26, 2024 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, RDDT, SMCI, TSLA | AI, contrarian, growth, interest rates, Market Concentration, Speculation, value | Investors continued their love affair with all things AI, sending Nvidia up 80% during 1Q 2024. Other stocks that investors believe will benefit from AI are drawing similar attention: Super Micro Computer Inc, and MicroStrategy, for example, advanced by 255% and 170%, respectively. Signs of speculation in the financial markets abound with these AI-related investments. | View | |
| 2024 Q1 | Apr 26, 2024 | Moon Capital Management | 0.0% | 23.0% | AAPL, AMZN, BTI, GOOGL, ITC.NS, META, MSFT, NVDA, PM, TSLA | earnings, Fed policy, Market Timing, rates, Tobacco, value | British American Tobacco represents a value opportunity trading at only 6x earnings despite generating robust free cash flows exceeding 16% yield. The company is successfully transitioning from traditional combustibles to reduced-risk products, with New Categories business growing 30% annually and turning profitable in 2023. BTI plans to use proceeds from ITC stake sales for share buybacks and debt reduction. | BTI |
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| 2024 Q1 | Apr 26, 2024 | Miller Wealth Management | - | - | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML |
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| 2026 Q1 | Apr 25, 2026 | Sands Capital Technology Innovators Fund | -15.0% | -15.0% | 000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM | AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology | View | ||
| 2024 Q1 | Apr 25, 2024 | Patient Capital Management | 5.6% | 15.8% | AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI | AI, Biotechnology, Buybacks, crypto, growth, large cap, technology | Nvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings. | BIIB NVDA |
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| 2024 Q1 | Apr 25, 2024 | Artemis US Select Fund | - | - | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation | Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. | CNM ALL NSC META AAPL |
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| 2024 Q1 | Apr 24, 2024 | Focus Wealth Management | - | - | META, MSFT, NVDA | AI, Alternatives, commodities, diversification, fixed income, international, technology, Valuations | AI dominance drove Q1 performance with mega cap technology stocks accounting for over one third of S&P 500 market cap. Nvidia contributed over 20% to S&P 500 gains. Manager views current AI valuations as leaving little room for error, comparing the situation to historical hype cycles. | View | |
| 2024 Q1 | Apr 24, 2024 | WisdomTree | - | - | AAPL, META, NVDA, TSLA | AI, Equity Markets, Factor Investing, growth, momentum, Performance, Quality | Artificial Intelligence continued to drive market performance with focus on growth potential and corporate profitability impact. Nvidia gained 82.5% during the quarter as AI megatrends persisted, though market breadth began improving beyond just AI leaders. | View | |
| 2024 Q1 | Apr 24, 2024 | Titan Wealth | - | - | AAPL, ABNB, ADBE, ALNY, BMW.DE, DBX, DIS, EBAY, ETSY, EW, GOOGL, GSK, META, MSFT, NFLX, NKE, ORCL, STLA, TSLA, V | diversification, emerging markets, healthcare, inflation, Multi-Asset, rates, technology | Technology sector performance driven by AI excitement continues to support markets. The combination of falling rates and excitement around AI's potential to boost long-term productivity growth and margins provides a powerful tailwind for equities. | View | |
| 2026 Q1 | Apr 23, 2026 | Montaka Global Investments | - | - | BA.L, CRM, ICE, KKR, META, MSFT, SPGI, TSM, UBER | AI, Cloud, defense, geopolitics, semiconductors, software, Valuations | ICE UBER TSM BA.L |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – Global SMID Company Growth | -15.7% | -15.7% | 8035.T, ABT, ADYEN.AS, ASML, CSGP, META, NOW, NVDA, SHOP, SIE.DE, TSM | AI, disruption, energy, growth, semiconductors, software, volatility | ASML META 8035.T SIEGY ADYEN TSM |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – Focus Growth | -17.3% | -17.3% | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility | CSGP ROL META LRCX |
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| 2025 Q1 | Apr 23, 2025 | Grey Owl Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Defensive, gold, inflation, risk management, uncertainty, valuation, volatility | Gold was the hero during Q1 2025, up 19.0% and serving as the largest position in the portfolio. In periods of uncertainty, particularly stagflationary uncertainty, gold thrives. The position was recently trimmed from low teens to high single digits after the parabolic move, but remains a critical ballast in the portfolio. | View | |
| 2024 Q1 | Apr 22, 2024 | Chilton Capital Management | - | - | AAPL, AMZN, BXP, GOOGL, META, MSFT, NVDA, SPG, TSLA | AI, earnings, interest rates, large cap, REITs, technology | Artificial intelligence is identified as a major secular growth and productivity driver that has boosted expected gains for a broad range of sectors. The AI theme has contributed to persistent upgrades of expected forward earnings growth, particularly in the technology sector. | View | |
| 2026 Q1 | Apr 21, 2026 | BNY Mellon Appreciation Fund | -6.5% | -6.5% | AMZN, ASML, BAESY, CVX, GOOGL, INTU, META, MSFT, TSM, XOM | AI, energy, geopolitics, large cap, Quality, technology, Trade Policy | View | ||
| 2026 Q1 | Apr 21, 2026 | Smead Value Fund | 8.5% | 8.5% | AMZN, APA, AXP, CVE, GOOG, LEN, META, MSFT, OXY, QCOM | cash flow, Concentration, energy, Geopolitical, oil, technology, value | View | ||
| 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 20, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, cyclicals, growth, large cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk. | View | |
| 2024 Q1 | Apr 20, 2024 | Saga Partners | 22.6% | 39.4% | AMZN, COST, CVNA, EXPI, GDRX, GOOGL, KMX, KO, LAD, META, NFLX, RDFN, ROKU, TTD, UA, VZIO, WMT, Z | Concentration, E-Commerce, long-term, technology, value, volatility | Carvana represents a complete transformation of used car retail through integrated e-commerce infrastructure. The company has built an irreplicable network of inspection centers, logistics, and financing operations that enables seamless customer experience. Despite 2022 challenges, Carvana demonstrated profitable unit economics and reached positive EBITDA in 2023. | View | |
| 2026 Q1 | Apr 2, 2026 | Thornburg Global Opportunities Fund | 3.2% | 3.2% | 0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE | energy, financials, global, growth, semiconductors, technology, Telecommunications, value | View | ||
| 2025 Q1 | Apr 2, 2025 | Royce Investment Partners Small Cap | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Corrections, Russell 2000, small caps, valuation, value, volatility | Small-cap Russell 2000 Index fell -9.5% in Q1 2025 versus -4.5% for large-cap Russell 1000. Manager sees high potential for sustained period of small-cap leadership based on attractive valuations. Russell 2000 remains far more attractively valued than Russell 1000 on EV/EBIT basis. | View | |
| 2024 Q1 | Apr 2, 2024 | The Wolf of Harcourt Street | 11.8% | 11.8% | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology | The fund has shifted portfolios towards an overweight in healthcare which is both offensive and defensive. These companies have new products addressing large market opportunities and are nondiscretionary and less economically sensitive. Pharmaceuticals are positioned to take advantage of novel therapies addressing large market opportunities. | ELUT ZETA XERS MDXH |
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| 2024 Q1 | Apr 19, 2024 | Longriver Investment Partners | 13.9% | 13.9% | 2020.HK, 600519.SS, AHT.L, AMZN, BFF.MI, EVO.ST, GAW.L, GOOGL, META, NVR, PDD, TSM, VTY.L | AI, Asia, Capital Allocation, global, growth, Homebuilders, technology, value | Manager discusses AI as heralding profound change through deep learning's ability to find relationships across infinite parameters. AI dramatically lowers the cost of interpreting information and creating new content, opening doors to automating vast ranges of white-collar knowledge work requiring business reorganization. | VTY.L |
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| 2026 Q1 | Apr 18, 2026 | Rowan Street Capital | -19.8% | -19.8% | CSU.TO, META, NFLX, SHOP.TO, TOI.TO, TSLA | Concentration, growth, long-term, technology, value, volatility | CSU.TO SHOP TSLA META |
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| 2026 Q1 | Apr 18, 2026 | Madison Large Cap Fund | -2.7% | -2.7% | A, ADI, CRM, DE, DHR, IT, KEYS, META, PCAR, SBUX, TXN, WDAY | AI, large cap, Quality, semiconductors, technology, value | META CRM |
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| 2025 Q1 | Apr 18, 2025 | Longriver Investment Partners | -0.3% | -0.3% | 0175.HK, 0700.HK, 1211.HK, 9442.T, AMZN, GAW.L, META, TCOM, TM, TOI.TO, TSLA, TSM, VTC.L, WISE.L | BYD, China, Electric Vehicles, Energy Transition, tariffs, Valuations | Manager argues now is a great time to buy Chinese equities, drawing parallels to US in 2010-2011 post-housing crisis. China has undergone deleveraging after real estate bubble burst in 2021, with valuations not reflecting business transformations. DeepSeek's AI breakthrough rekindled confidence and demonstrated China's technological capabilities despite US sanctions. | 1211.HK |
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| 2024 Q1 | Apr 18, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | active, Concentration, Equal Weight, Passive, small caps, technology, value | Small cap has underperformed large cap significantly over the past decade, with large cap outperforming by 122.4% or 5.1% annualized. Current valuations show Russell 2000 trading at its lowest price-to-book multiple relative to Russell 1000 since 1993. The manager believes small cap has potential to outperform in coming years based on mean reversion and attractive valuations. | View | |
| 2023 Q1 | Apr 18, 2023 | Kovitz Core Equity | 9.1% | 9.1% | ANET, AXP, GOOGL, J, KEYS, LVS, META, PM, PPG, PWR, V | AI, Banking, compounders, long-term, Quality, value | Rapid innovation in AI, particularly Microsoft's partnership with ChatGPT creator OpenAI to enhance Bing's search capabilities, is creating intensifying competition in search. This may lead to a period of change in how people interact with search and the Internet, potentially affecting Alphabet's dominant position. | 0PMJ LN KEYS 0JZ0 LN AXP PPG ^VIX |
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| 2026 Q1 | Apr 17, 2026 | Parnassus Growth Equity Fund | -9.6% | -9.6% | AMAT, APPF, ARES, ASML, BSX, CRM, EW, GEV, LIN, MDLN, META, ORCL, SHOP, TEAM, TSM, VIK | AI, energy, growth, Iran, semiconductors, software, technology | VIK ORCL MDLN SHOP EW META |
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| 2026 Q1 | Apr 17, 2026 | Kayne Anderson Rudnick | - | - | AMZN, GOOGL, META, MSFT | AI, energy, Geopolitical, Quality, small caps, technology, value | View | ||
| 2026 Q1 | Apr 17, 2026 | Titan Wealth | - | - | ACN, ADBE, AEM, AMD, BKR, CCJ, GLEN.L, LLY, MELI, META, MOS, MSFT, ORCL, PAAS, PLTR, RELX.L, RWE.DE, UL, XOM | AI, energy, geopolitics, infrastructure, Iran, Multi-Manager, Regional | RWE.DE |
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| 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 | |
| 2023 Q1 | Apr 17, 2023 | RVK | - | - | AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA | AI, diversification, long-term, Market Volatility, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2025 Q1 | Apr 15, 2025 | Vision Capital | -6.2% | -6.2% | 9618.HK, ADYEN.AS, AMZN, LULU, MELI, META, NU, NVDA, PLTR, PME.AX, SHOP, TSLA, TSM, TTD, WISE.L | Concentration, E-Commerce, global, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, Shopify, and JD.com as core positions. These companies create third-party marketplaces backed by world-class logistics, allowing sellers to reach massive audiences with unprecedented efficiency and scale. The manager views these as essential infrastructure enabling commerce in the digital economy. | View | |
| 2024 Q1 | Apr 15, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AAL, AMZN, CHTR, DAL, DE, GM, HCA, HLT, JNJ, KR, KVUE, META, UAL, WBD | Agriculture, Airlines, consumer discretionary, financials, healthcare, value | The fund focuses on purchasing stocks trading at meaningful discounts to intrinsic value estimates. They bought additional shares of underperforming holdings and are finding attractive opportunities amid growth stock outperformance to start the year. | KVUE DAL DE |
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| 2024 Q1 | Apr 15, 2024 | Alpinum Investment Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | China, credit, equities, Europe, inflation, rates | Inflation hovering around 3% remains a focus, down from 2022 peak of 9%. Concerns persist about inflation exceeding Fed's 2% target. Structural inflation persists post-COVID with cyclical inflation resurging alongside old disinflationary forces. | View | |
| 2024 Q1 | Apr 15, 2024 | Equity Management Associates | 12.7% | 29.1% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, Quality, technology, valuation, value | NVIDIA has become the dominant AI beneficiary with market cap rising to $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. They emphasize the difficulty of predicting long-term winners in transformative technologies. | View | |
| 2024 Q1 | Apr 15, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, AMZN, BKNG, CDW, CPRT, EW, GOOGL, META, MSFT, NVDA, POOL, PYPL, SPGI, TPG, TSCO, TSLA, TSM, UNH, V | AI, growth, large cap, payments, technology, Travel, value | Artificial intelligence continues to drive significant performance with portfolio holdings including Alphabet, Apple, Meta Platforms, Microsoft and Taiwan Semiconductor Manufacturing benefiting from the secular AI tailwind. Meta Platforms and Taiwan Semiconductor were 2024 performance leaders on this front. | PYPL |
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| 2024 Q1 | Apr 15, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ADPT, AMAT, DAR, GDNT, META, NVDA, TECH, TT, ZTS | AI, earnings, growth, large cap, semiconductors, technology, value | Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. Nvidia's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company. | ZTS DAR AAPL NVDA |
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| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
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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 Multi Cap Equity Fund | 10.4% | 16.3% | AAPL, BRK-B, CHTR, CSGP, GOOG, IT, LBRDA, LBTYK, LH, LICT, LILAK, LKQ, META, MKL, MLM, PRM, VMC, VRSN | Broadband, infrastructure, materials, Multi Cap, technology, value | Aggregates companies Martin Marietta Materials and Vulcan Materials benefited from continued healthy price increases and strong demand from public infrastructure projects. These companies were top contributors to performance during the quarter. | VRSN |
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| 2024 Q1 | Apr 15, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, BRK-B, CCRD, CHTR, FIS, GOOG, GS, LBRDA, LBTYK, META, MKL, MSFT, PRM, SPY | Broadband, Long/Short, Magnificent Seven, multi-cap, technology, value | The fund focuses on valuation-driven investment decisions, trimming positions like Meta Platforms, Microsoft and Amazon based on valuation considerations. The managers emphasize their multi-cap approach to finding undervalued businesses across all market capitalizations. | 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 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, BF-B, GOOGL, IDXX, MC.PA, META, MKC, MSFT, NKE, NVO, OR.PA, PM, SYK, V | consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY | AI, growth, healthcare, mid cap, risk management, technology | Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications. | WDAY MDB |
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| 2024 Q1 | Apr 15, 2024 | Ariel Fund | 12.1% | 0.0% | AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR | AI, Entertainment, fundamentals, private market value, small caps, value | The fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024. | NVST ATGE PARA MSGE MHK SPHR |
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| 2024 Q1 | Apr 15, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AAPL, ADPT, AMAT, DAR, GH, META, NVDA, TECH, TT, ZTS | consumer, growth, healthcare, large cap, semiconductors, technology, value | Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. The company's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds. | ZTS DAR NVDA |
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| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | ACLX, AMD, AMZN, ASML, AVGO, CRWD, CSGP, INDI, LEGN, MBLY, META, MSFT, NVDA, RIVN, SPOT, SWAV, TSLA, TSM, TTD, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI is described as the most significant advancement impacting the digital world since the internet itself. The fund is positioned just past the first upward inflection in a generational S-curve for AI adoption and economic impact. Every digital interaction will eventually be AI powered, making humans more productive across various activities. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, international, large cap, Quality, valuation, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager compares NVIDIA's valuation to Cisco during the tech bubble, noting similar price-to-sales ratios but acknowledging NVIDIA's extraordinary growth in AI demand and pricing power. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | 1024.HK, AAPL, AMAT, AMZN, BABA, BIDU, CSCO, DKS, FANG, GOOGL, JD, LI, META, MSFT, MSTR, NVDA, SMCI, STLA, TSM, WSM | AI, China, international, Quality, technology, valuation, value | NVIDIA has become the Magnificent 1 with market cap rising to $2.5 trillion from $350 billion, representing over 2% of global GDP. The AI boom has created extraordinary growth and pricing power for NVIDIA, with EBITDA margins rising from 33% to 55% and projected to reach 65%. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, large cap, Quality, technology, Valuations, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. While optimistic about AI's transformative potential, they emphasize the difficulty of predicting long-term winners. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, free cash flow, international, Quality, small caps, valuation, value | NVIDIA has become the dominant AI story with market cap rising to $2.5 trillion from $350 billion, creating valuation concerns. The manager draws parallels to Cisco's bubble peak, noting NVIDIA trades at 20x forward sales versus the S&P 500's 2.7x. While AI represents transformative technology, the manager emphasizes difficulty predicting long-term winners and prefers avoiding rich valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology | AI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. | ULTA CASY VZ RHHBY |
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| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AMP, AMZN, CASY, DIS, ENTG, FI, HSY, JPM, LFUS, LLY, META, MSFT, NVDA, PG, QCOM, TECH, TGT, UNH, USB, WFC | AI, Balanced, dividends, financials, healthcare, semiconductors, technology, value | The fund sees significant opportunities with companies that will benefit from AI implementation and plans to continue improving the portfolio accordingly. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. The fund has invested in pick and shovel providers of AI that are crafting tools for businesses to utilize. | View | |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK | AI, financials, productivity, small caps, technology, value | Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, TSLA | Economic Growth, Federal Reserve, Fintech, inflation, interest rates, payments, technology | Manager emphasizes FINTECH as core investment focus, expecting revenue and earnings growth at 2-3x the overall market. All holdings generate free cash flow with operating margins and ROE significantly higher than S&P 500 average. Environment remains positive for FINTECH stocks with companies executing on business fundamentals. | 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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| 2024 Q1 | Apr 15, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | AAPL, ADBE, AMD, AMZN, CRM, GOOGL, INTC, META, MSFT, NFLX, NVDA, ORCL, PYPL, QCOM, SHOP.TO, SPOT, SQ, TSLA, TWLO, UBER | AI, cybersecurity, international, Japan, semiconductors, small caps, value | Generative AI is a powerful wave gaining momentum since ChatGPT's launch, with global spending on enabling chips expected to surge from $50B in 2023 to $100-400B over the next few years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain, manufacturing advanced vacuum pumps critical for semiconductor clean rooms where AI chips are produced. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2024 Q1 | Apr 15, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | AAPL, AEP, CHTR, CI, FI, GE, GILD, GOOGL, MCHP, MET, META, MSFT, NVDA, OXY, RTX, SCHW, SNY, SUI, TSLA, WFC | AI, financials, healthcare, industrials, large cap, technology, valuation, value | Many companies tied to artificial intelligence registered large gains during the quarter. NVIDIA, a world leader in AI computing, rose 82% and accounted for 24% of the S&P 500's performance in the first quarter. The AI theme contributed significantly to market concentration in the top performers. | View | |
| 2024 Q1 | Apr 15, 2024 | Bireme Capital | -2.0% | -2.0% | AAPL, CGO.TO, HUM, IMB.L, META, NFLX, ORI, RICK | Behavioral Finance, Concentration, global, Long/Short, value | Bireme exploits cognitive biases to identify mispriced value opportunities, focusing on securities affected by availability, representativeness, extrapolation, familiarity, and anchoring biases. The firm expects the value factor to provide a long-term tailwind after underperforming for over a decade. | View | |
| 2024 Q1 | Apr 15, 2024 | Skybound Wealth Management | 10.3% | 10.3% | ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA | AI, Biotechnology, defense, energy, growth, small caps, technology | Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics. | AXSM ZETA GHM AGX |
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| 2025 Q1 | Apr 14, 2025 | Polen Capital – Focus Growth | -6.3% | -6.3% | AAPL, ABT, ACN, AMZN, AON, CMG, GOOGL, IT, LLY, META, NFLX, NOW, NVDA, NVO, ORCL, SBUX, TSLA, V, ZTS | AI, growth, healthcare, large cap, Quality, Resilience, technology, Trade Policy | The AI infrastructure narrative dominated headlines and powered much of the Russell 1000 Growth Index's 90% two-year return. However, semiconductors—the most visible AI beneficiary—declined 19% in Q1 2025 as the bloom came off the AI rose. Polen has no exposure to semiconductor companies and views Oracle's AI exposure as minimal. | AON SBUX |
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| 2025 Q1 | Apr 14, 2025 | WestEnd Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, fundamentals, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth attributed to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs. | RHM GR PLTR SCHW BA LN |
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| 2025 Q1 | Apr 14, 2025 | Mountain Vista Wealth Management | - | - | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, Diagnostics, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology | The manager has shifted portfolios towards an overweight in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large market opportunities. | ELUT ZETA XERS MDXH |
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| 2026 Q1 | Apr 13, 2026 | The Davenport Core Leaders Fund | -6.2% | -6.2% | AAPL, ACN, ADI, AVGO, CEG, EOG, ISRG, META, MRVL, MSFT, NOW, PWR, UNH | AI, energy, Iran, large cap, nuclear, Quality, technology | RYN CNS TKO FWONK CEG |
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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 | Ennismore Global Equity Fund | 1.8% | 1.8% | ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX | defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations | The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets. | LTO.MI |
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| 2025 Q1 | Apr 1, 2025 | Focus Wealth Management | - | - | AAPL, AMZN, BLK, BRK-A, BX, GOOGL, META, MSFT, NVDA, TSLA | AI, Europe, infrastructure, Multi-Asset, private credit, real estate, tariffs, Trade Policy | President Trump unleashed aggressive protectionist policies including a 10% baseline tariff on all imports and sweeping reciprocal tariffs, marking the most aggressive shift since the Great Depression. These tariffs are expected to be inflationary and weaken economic growth globally. | View | |
| 2025 Q1 | Apr 1, 2025 | MPD Partners | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2025 Q1 | Apr 1, 2025 | The Wolf of Harcourt Street | 1.2% | 1.2% | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | ASML maintains its monopoly in lithography equipment despite reports of Chinese competition. The company controls 90% of the global lithography market and remains the sole supplier of High-NA EUV systems. TSMC's $100 billion U.S. investment will drive demand for more ASML machines. | NU SE META ASML |
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| 2025 Q4 | Mar 9, 2026 | RiverPark Large Growth | 1.3% | 13.0% | AAPL, AMAT, AMZN, DIS, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, Cloud, growth, healthcare, large cap, semiconductors, Streaming, technology | Portfolio maintains significant exposure to AI infrastructure and monetization opportunities across cloud computing, semiconductors, and enterprise applications. Companies like Microsoft, Alphabet, and Applied Materials are benefiting from accelerating AI adoption and infrastructure buildout. The fund views AI as a multi-year secular growth driver with expanding monetization across the technology stack. Cloud computing remains a core portfolio theme with strong positioning in hyperscale providers and infrastructure companies. Microsoft Azure showed 39% growth while Google Cloud exceeded 30% growth, both supported by AI workload adoption. The fund sees continued multi-year demand for cloud infrastructure and services as enterprises accelerate digital transformation. The portfolio maintains exposure to e-commerce platforms and enablement technologies through holdings like Amazon and Shopify. The fund views e-commerce as benefiting from secular shifts in consumer behavior and continued digital commerce adoption across retail categories. Eli Lilly represents the fund's exposure to the GLP-1 obesity and diabetes treatment market, which continues to show exceptional growth. Mounjaro and Zepbound sales more than doubled year-over-year, with demand continuing to outpace supply. The fund sees this as a multi-decade growth opportunity with expanding indications and sustained competitive advantages. The fund maintains exposure to semiconductor equipment and chip companies benefiting from AI infrastructure buildout. Applied Materials saw strength in AI-related capacity orders, particularly for advanced logic and high-bandwidth memory. The portfolio views semiconductors as benefiting from structural increases in semiconductor intensity and AI infrastructure demand. Netflix represents the fund's exposure to global streaming entertainment, despite near-term headwinds from subscriber growth concerns and content spending. The fund continues to view Netflix as the dominant global streaming platform with durable competitive advantages through its content library, technology infrastructure, and growing advertising business. | View | |
| 2025 Q4 | Mar 9, 2026 | RiverPark Long/Short Opportunity Fund | 0.1% | 8.5% | AAPL, AMZN, COMP, DIS, DUOL, FIS, GOOGL, ISRG, KMX, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, growth, healthcare, Long/Short, Quality, technology | AI monetization is a key driver across multiple holdings, with Alphabet benefiting from AI training and inference services in Google Cloud, and the fund maintaining significant exposure to AI/Cloud Computing at 16.9% of the long portfolio. The manager views AI as creating substantial growth opportunities for companies with scale and data advantages. Netflix remains the dominant global streaming platform despite near-term headwinds from subscriber growth concerns and rising content spending. The manager believes Netflix's unmatched content library, scalable technology infrastructure, and growing advertising business provide multiple monetization pillars for long-term growth. E-commerce represents 7.5% of the long portfolio themes, with the fund maintaining exposure to companies benefiting from secular shifts toward on-demand commerce and digital platforms. This includes positions in companies like Uber that benefit from local commerce expansion. Eli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. Semiconductors represent 5.0% of the long portfolio themes, with the fund maintaining exposure to companies positioned to benefit from AI infrastructure demand and next-generation computing requirements. This includes holdings in companies with differentiated semiconductor architectures. | View | |
| 2024 Q4 | Mar 7, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP | Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear | Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock. | View | |
| 2025 Q4 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| 2025 Q4 | Mar 6, 2026 | Bireme Capital | - | 33.0% | AAPL, BLNK, COST, GOOGL, INTC, META, MSFT, NKLA, NVDA, RIVN, SPCE, TSLA | AI, Bubble, Corruption, Institutional, international, Speculation, Valuations | US equity valuations are at perilous highs with S&P 500 forward P/E at 23x and CAPE near 40x, while international markets offer significant discounts. European and Japanese equities trade around 15x forward earnings, roughly 30% discount to US multiples. Latin America trades at mere 10x forward earnings with 5%+ dividend yield. Artificial intelligence investments show artificial profit today due to massive capex creating revenue for picks-and-shovels companies while depreciation lags cash expenses. The AI complex is moving toward commoditization with intense competition evident across cloud providers, compute, and models themselves. Circular investments within the AI ecosystem are reminiscent of dotcom-era vendor financing. American institutional excellence is under unprecedented attack including rule of law, independent judiciary, competent bureaucracy, and fiscal prudence. The current administration has conducted mass purges of government watchdogs, attacked Federal Reserve independence, and systematically undermined the norms that define proper federal government role. Markets are experiencing extreme speculation with vibe investing replacing fundamental analysis. Assets are priced on fantastical stories rather than cash flows, with leveraged ETFs, retail options trading, and story stocks reaching bubble-like levels. This madness can only end in disaster. High-quality international businesses trade at fractions of US multiples, with the manager positioning clients to take advantage of this divergence. Despite US equity market dominating investor mindshare, the rest of the world returned 32.6% in dollar terms in 2025 versus SPY's 17.7%. | View | |
| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments All Cap Growth | - | - | ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM | AI, defense, growth, healthcare, materials, semiconductors, technology | ANET ROG.SW FCX TSM ASML APPL |
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| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality | -3.1% | -3.1% | AAPL, APH, AVGO, BRK-A, CRM, GOOGL, JNJ, META, MSFT, NVDA, ORCL, PEP, TSLA, V | AI, inflation, large cap, Quality, semiconductors, Stagflation, technology, Trade Policy | AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficient model sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of progress. Integration of reasoning capabilities into LLMs significantly increases computing intensity, with some estimates showing up to 100x more computing demand for inferencing models with reasoning. | PEP NVDA MSFT CRM AVGO V JNJ BRK-B |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Buybacks, Capital Allocation, dividends, income, S&P 500, technology, Valuations | Dividend yields have dropped by over half in the past 30 years, from over 3% in the early 1990s to 1.4% at the end of Q1 2025. The firm views regular dividends as preferable to buybacks because they are more likely to continue, with dividend spending being highly predictive of future dividend spending and growing 3% per year on average. | View | |
| 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 | Cullen Enhanced Equity Income Fund | 5.8% | 5.8% | AAPL, AMZN, BCE, BMY, CVX, DOC, DOW, GOOGL, KDP, META, MO, PM, PNC, RIO, TFC, TRV, TSLA, UPS, VICI, VZ | AI, dividends, growth, income, tariffs, value, volatility | The strategy is positioned for a potential secular shift from Growth to Value stocks, with Value trading at a 94% discount to Growth versus the historical average of 57%. Value defensive sectors like Healthcare and Consumer Staples are trading at historically low valuations, presenting compelling opportunities. | PNC KDP |
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| 2025 Q1 | Mar 31, 2025 | PGIM Jennison Global Opportunities Fund | -11.1% | -11.1% | 1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX | AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology | AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter. | View | |
| 2025 Q1 | Mar 31, 2025 | Auxier Asset Management | 4.6% | 4.6% | AAPL, AFL, AIG, AMZN, BRK.B, GOOGL, HD, KO, KR, LOW, META, MMC, MNST, MO, MSFT, NVDA, PM, TRV, TSLA, UNM | AI, Buybacks, Consumer Staples, insurance, Leverage, tariffs, technology, value | Value outperformed growth during the quarter with the S&P 500 Value Index finishing up 0.28% while the S&P 500 Growth Index finished down 8.47%. This was the best performance for the value index relative to the growth index since 2022. The fund emphasizes in-depth, rigorous research and favors a systematic lower risk approach. | View | |
| 2025 Q1 | Mar 31, 2025 | Bailard Technology Strategy | -9.4% | -9.4% | AAPL, AMZN, DDOG, FI, HUBS, INTU, KLAC, META, MSFT, NSIT, NVDA, PANW, PSTG, SPOT, TSM, TTD, UBER, V | AI, cybersecurity, semiconductors, software, tariffs, technology | The Strategy is positioned for the expected shift to AI agents and copilots, with software exposure tilted towards applications. The ecosystem surrounding AI software applications including security, agent monitoring, workflows, and infrastructure presents numerous investment opportunities over the next several years. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS | AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy | AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP. | View | |
| 2025 Q1 | Mar 31, 2025 | BlackRock Advantage Global Fund | -1.1% | -1.1% | AAPL, AMZN, BAC, GOOGL, META, MSFT, NVDA, NVS, SHEL, SPGI | AI, Europe, global, Japan, Quality, Sentiment, technology | The fund's positioning in the IT sector began to evolve toward artificial intelligence adopters over enablers, which helped stem losses in March as large-cap technology winners capitulated. However, cooling sentiment toward the AI opportunity emerged after Chinese companies released rival, low-cost AI models. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX | AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology | Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability. | ARES APP |
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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 | Fidelity Dividend Growth Fund | -5.3% | -5.3% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BN, BRK.B, EME, EPD, ET, GEV, GOOGL, META, MRVL, MSFT, NVDA, TSLA, V, WFC | aerospace, AI, dividends, energy, industrials, large cap, value | Manager views generative AI as a transformative long-term trend but has tempered enthusiasm for the AI space in the short term due to cyclical weakness. The fund reduced semiconductor exposure after DeepSeek's release raised questions about AI infrastructure spending and valuations of chipmakers. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Core Equity Fund | -6.1% | -6.1% | AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX | AI, growth, large cap, semiconductors, tariffs, technology, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased. | ADI |
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| 2025 Q1 | Mar 31, 2025 | BNY Mellon Appreciation Fund | -3.3% | -3.3% | AAPL, AMZN, BA.L, BRK-B, CVX, GOOGL, META, MSFT, NVDA, PGR, TXN, V | AI, large cap, Quality, tariffs, technology, Trade Policy, value | The Trump administration announced 25% tariffs on Mexico and Canada, 20% on China, and 25% on foreign automobiles, with future reciprocal tariffs telegraphed. This created uncertainty over trade relationships and pressured equities as investors feared higher consumer costs and slower growth. | 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 | ClearBridge Investments Large Cap Value | - | - | AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM | AI, defense, energy, financials, healthcare, large cap, Utilities, value | The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue. | View | |
| 2025 Q1 | Mar 31, 2025 | Contrarius Global Equity Fund | -7.1% | -7.1% | AMZN, META, NVDA, TSLA, UHR.SW | AI, contrarian, Global Equity, Luxury, Swiss Watches, Tesla, value | The market is reassessing the trajectory and expected levels of AI-related investment and the resultant impact on many large market capitalization technology stocks. The fund continues to believe that AI will be transformative and views Tesla as likely to be one of the largest beneficiaries, with its leading positions in generalized autonomous driving and humanoid robots. The fund has taken advantage of the recent meaningful pullback to add Nvidia which they expect to be a long-term beneficiary of real world AI. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Crescent Fund | -0.2% | -0.2% | ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL | energy, global, Natural Gas, Valuations, value | The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly. | View | |
| 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 | Loomis Sayles Global Growth Fund | -3.4% | -3.4% | ADYEN.AS, AMZN, BABA, DE, GOOGL, MELI, META, NFLX, NVS, ORCL, QCOM, SHOP, TSLA, V | E-Commerce, global, growth, healthcare, long-term, Quality, technology | The fund maintains significant exposure to e-commerce leaders including MercadoLibre in Latin America and Amazon globally. MercadoLibre continues to execute well with strong GMV growth and market share gains across commerce, payments, and financial services. Amazon's e-commerce business showed solid growth with 11% unit sales growth suggesting continued market share expansion. | View | |
| 2025 Q1 | Mar 31, 2025 | Octahedron Capital | - | - | ABNB, AMZN, BKNG, CPNG, CRM, CVNA, DIS, GOOGL, GTLB, MELI, META, NET, NFLX, NOW, PLTR, SNOW, UBER, W, WDAY, ZS | AI, E-Commerce, growth, Internet, payments, semiconductors, software, technology | Agentic AI emerged as the dominant theme with reasoning models like DeepSeek-R1 and OpenAI o3 enabling AI agents to complete complex multi-step tasks. The commoditization of LLMs is accelerating AI applications growth while reducing inference costs, creating opportunities for application software companies with proprietary data. | View | |
| 2025 Q1 | Mar 31, 2025 | Optimum Fixed Income Fund | 2.7% | 2.7% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, credit, duration, fixed income, interest rates, yield curve | Big Tech stocks including the Magnificent Seven entered bear market territory during Q1 2025, with cracks appearing in the artificial intelligence growth narrative. The quarter highlighted growing concerns about the future of AI-driven investments as growth fears and negative earnings revisions pressured technology stocks. | View | |
| 2025 Q1 | Mar 31, 2025 | Optimum Large Cap Growth Fund | -10.7% | -10.7% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Biotechnology, growth, large cap, semiconductors, tariffs, technology, underperformance | The quarter highlighted growing concerns about the future of AI-driven investments, with cracks appearing in the artificial intelligence growth narrative contributing to market weakness. | View | |
| 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 | Sands Capital Select Growth Fund | -10.1% | -10.1% | AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V | AI, Concentration, growth, large cap, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are materializing across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | The Gabelli Global Content & Connectivity Fund | 3.7% | 3.7% | 9984.T, ATEX, DTE.DE, FYBR, GOOGL, META, PRX.AS, T, TDS, TIGO, TMUS, USM | Communications, Connectivity, content, global, Media, technology, Telecom | Fund holds significant positions in telecommunications companies including T-Mobile US, Deutsche Telekom, and wireless carriers serving Latin America. These companies benefit from 5G deployment, fiber expansion, and growing demand for high-speed internet services. | View | |
| 2025 Q1 | Mar 31, 2025 | Weitz Large Cap Equity Fund | -3.8% | -3.8% | AON, BRK-A, CHTR, CRM, CSGP, DHR, FIS, GOOGL, GPN, IDXX, IEX, IT, LH, META, MSFT, ORCL, SPGI, TECH, V, VEEV | AI, financials, large cap, Life Sciences, technology, value | Investors questioned returns on gargantuan capital spending needed to drive the AI revolution after early enthusiasm. Microsoft is well positioned as an AI infrastructure player with attractive long-term upside potential. | TECH IDXX MSFT |
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| 2025 Q1 | Mar 31, 2025 | Weitz Multi Cap Equity Fund | 0.8% | 0.8% | ACN, BRK-A, CMCSA, DHR, GOOGL, HEI, IDXX, IEX, LBRDA, LICT, LKQ, META, PRM, TECH, V | aerospace, AI, healthcare, Multi Cap, technology, Trade Policy, value | The AI Trade was dealt a setback in late January after Chinese firm DeepSeek announced its advanced AI model had been developed at a fraction of the cost of U.S. competitors. This led to greater investor scrutiny of U.S. firms' spending plans. Alphabet's Google unit is on the front lines of the Traditional Search vs. GenAI battle. | View | |
| 2025 Q1 | Mar 31, 2025 | Weitz Partners III Opportunity Fund | -0.6% | -0.6% | ACN, ADBE, AMZN, AON, BRK-A, DHR, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, PRM, ROP, TECH, TMO, V | AI, Concentration, large cap, Long/Short, technology, Trade Policy, value | The AI Trade faced a significant setback in late January when Chinese firm DeepSeek announced its latest AI model was developed at a fraction of the cost of U.S. competitors. This caused investors to take much harder looks at AI spending plans at U.S. technology firms and shifted market sentiment overnight. | View | |
| 2025 Q1 | Mar 31, 2025 | RiverPark Large Growth | -7.2% | -7.2% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH, V | AI, Cloud, growth, large cap, Magnificent 7, tariffs, technology | The fund maintains significant exposure to AI-driven companies including NVIDIA, Microsoft, and Alphabet. Despite near-term concerns about AI demand plateauing and monetization timelines, the manager believes the long-term secular trend toward accelerated computing remains intact. | MSFT AMZN AAPL GOOGL NVDA UNH LLY SCHW V UBER |
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| 2025 Q1 | Mar 31, 2025 | RiverPark Long/Short Opportunity Fund | -5.8% | -5.8% | AAPL, AMZN, BKNG, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, TSLA, UBER, V | AI, growth, Long/Short, Magnificent 7, tariffs, technology | AI/Cloud Computing represents 15.8% of the long portfolio. NVIDIA remains strategically important in global computing with best-in-class GPUs and dominant software ecosystem. The long-term secular trend toward accelerated computing remains intact despite near-term concerns about AI demand plateauing. | AAPL GOOGL NVDA SCHW V UBER |
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| 2025 Q1 | Mar 31, 2025 | 103 Advisory group | - | - | 005380.KS, AAPL, AMZN, DECK, GOOGL, META, MSFT, NVDA, TSLA, TSM | Defense Spending, Economic Policy, Global Markets, inflation, Market Commentary, rates, tariffs, Trade Policy | The Trump administration is implementing aggressive targeted tariffs as both a negotiating tool and macroeconomic strategy to protect domestic industries and encourage reshoring. Several countries have already proposed tariff cuts on U.S. imports to avoid reciprocal tariffs, while global corporations have pledged nearly $1 trillion in U.S. investment since Trump's inauguration. The administration views tariffs as part of a broader economic gambit to restructure global trade and reduce the fiscal deficit. | View | |
| 2025 Q1 | Mar 31, 2025 | Macquarie Large Cap Growth Fund | -7.0% | -7.0% | AAPL, AMZN, AVGO, CRM, EA, GOOGL, ICE, IDXX, KO, LLY, META, MSFT, NVDA, TSLA, TSM, UNH, V, WCN | AI, financials, growth, large cap, Quality, risk management, technology, volatility | The fund emphasizes investing in stable high-quality growth businesses that can maintain strong fundamentals during uncertain periods. These companies command a premium for consistency and should favor their investment style as market conditions become more challenging. | IDXX EA V ICE |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Brands Fund | -6.0% | -6.0% | 0700.HK, AMZN, BIRK, EL.PA, GOOGL, HLN.L, ITX.MC, JD, JD.L, META, NESN.SW, PNDORA.CO, V, ZTS | brands, China, consumer, E-Commerce, Luxury, tariffs, technology | The Fund holds significant positions in e-commerce platforms including Amazon and JD.com, which benefited from Chinese tech sector recovery and DeepSeek AI developments. | View | |
| 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 | Artemis Global Select Fund | -7.5% | -7.5% | 6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM | AI, defense, global, Quality, semiconductors, tariffs, technology, value | AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand. | SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB |
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| 2025 Q1 | Mar 31, 2025 | Edgewood Management | -7.8% | -7.8% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, inflation, productivity, rates, small caps, Trade Policy, Valuations | Hyperscaler capital expenditure growth has been booming, soaring 75% in 2025 as leading US technology companies spend tens of billions on GPUs and AI model development. AI enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape work. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. | SPOT SHOP |
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| 2025 Q1 | Mar 31, 2025 | Airlie Small Companies Fund | -1.1% | -1.1% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span the hardware and software sides of AI growth with focus on data center processors, enterprise AI tools, and autonomous mobility platforms. | BIDU BABA SNOW AMD |
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| 2025 Q1 | Mar 31, 2025 | Financial Synergies Wealth Advisors | - | - | META | AI, Data centers, infrastructure, returns, technology, value | Massive investments in AI infrastructure could unlock trillions in economic output or prove wasteful. Companies like Meta are investing heavily in data centers with measurable returns possible through improved ad targeting. The outcome depends on execution rather than continuous reliance on others. | META |
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| 2025 Q1 | Mar 31, 2025 | PM Capital Global Companies Fund | 7.8% | 7.8% | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | Autonomous Vehicles, E-Commerce, global, growth, semiconductors, technology | InPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. | ASML SE INPST.L UBER |
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| 2025 Q1 | Mar 31, 2025 | RVK | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | 0700.HK AVGO NVO LSEG.L LRCX GOOGL |
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| 2023 Q4 | Mar 31, 2024 | Canterbury Tollgate | - | - | AMZN, DBX, GDDY, META | Compounding, long-term, Patience, technology, value | The manager explores ChatGPT's capabilities for generating bedtime stories and solving writer's block, noting its ability to synthesize and produce writing that emulates respected authors. However, he observes that AI lacks the capacity to produce unique insight and cannot be expected to provide accuracy when answers diverge from conventional wisdom. | View | |
| 2024 Q1 | Mar 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 15.2% | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | The artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Fund | 6.5% | 6.5% | 005930.KS, AMZN, ASML, AVGO, BEZ.L, DINO.WA, EADSY, GOOGL, IGLOY, META, MU, NFLX, RYAAY, TCOM, TM, TSM, UBSG, UPM.HE, ZEAL.CO, ZTO | AI, global, semiconductors, technology, Travel, value | The fund holds companies that benefit from AI spending including TSMC, Micron, and Broadcom. Their strategy focuses on reasonably-valued businesses that perform well if AI continues to grow but have strong non-AI businesses as downside protection. Overall AI exposure is roughly 14% of the portfolio. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum Global Fund (Long Only) | 5.7% | 5.7% | 005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, global, semiconductors, technology, Travel | Fund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of portfolio. | View | |
| 2024 Q1 | Mar 31, 2024 | Platinum International Technology Fund | 15.2% | 15.2% | ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V | AI, Cloud, semiconductors, software, technology, value | Fund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%. | View | |
| 2024 Q1 | Mar 31, 2024 | North Sky Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT | AI, Data centers, Energy Transition, infrastructure, Renewables, Storage, sustainability, water | Global energy transition investment topped $1.7 trillion in 2023, with visible signs of transformation across energy, transportation, and technology sectors. The last four years have brought astonishing growth in installed solar and wind capacity, EV sales, renewable natural gas production, and demand for raw materials like copper and silver. | View | |
| 2024 Q1 | Mar 31, 2024 | Antero Peak Group | 15.6% | 15.6% | AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM | aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology | Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied. | View | |
| 2024 Q1 | Mar 31, 2024 | Mondrian Global Equity Fund | - | - | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Market Concentration, Passive investing, technology, valuation | Passive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. The Bank of Japan's ETF purchases played a significant role in quantitative easing, holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization. More than half of US ETF assets track narrower exposures like specific sectors, countries, and styles rather than broad market indices. | View | |
| 2024 Q1 | Mar 31, 2024 | Mondrian International Equity Value Opportunities | - | - | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Japan, Market Concentration, Passive investing, technology, Value Investing | Passive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. ETF purchases played a significant role in Bank of Japan's quantitative easing program, with the central bank holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization before ending purchases in March 2024. | View | |
| 2024 Q1 | Mar 31, 2024 | ACATIS Investment | 5.6% | 5.6% | AMD, META, MSFT, NVDA, NYT, ORCL | AI, Data centers, infrastructure, Investment, Meta, returns, technology, valuation | Massive investments in AI infrastructure could unlock trillions in economic output or prove wasteful. While skepticism is consensus, companies investing hundreds of billions appear better informed than skeptics. The market has added over $7 trillion to tech valuations based on AI productivity expectations. | META PLTR FRE GR LONN SW |
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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 | |
| 2024 Q1 | Mar 31, 2024 | City Different Investments – Global Equity | 16.4% | 46.0% | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | 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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| 2023 Q1 | Mar 31, 2023 | Platinum International Brands Fund | 6.6% | 6.6% | 0700.HK, 1448.HK, 2502.T, 3690.HK, 5938.T, BFIT.AS, BMW.DE, GOOGL, HLN.L, JD, META, MWG.HM, NIEN.TW, PNDORA.CO, SMCP.PA, TCOM | China, Consumer Brands, demographics, E-Commerce, Reopening, Travel | Chinese holdings experienced weakness through most of the quarter after initial strength, with concerns about competitive intensity in e-commerce and weaker-than-hoped economic data. The manager remains constructive about the reopening opportunity and expects recovery in birth rates and travel to drive demand for baby-related products and tourism services. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Technology Fund | 13.2% | 13.2% | 000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM | AI, Electric Vehicles, growth, semiconductors, technology | Artificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks. | View | |
| 2023 Q1 | Mar 31, 2023 | Evolve Private Wealth | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns. | 000700.HK AVGO AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT LSEG.L LRCX GOOGL |
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| 2023 Q1 | Mar 31, 2023 | City Different Investments – Global Equity | 12.8% | -14.1% | AAPL, AMZN, BRK.A, DDS, GOOGL, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, Cyclical, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current market to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful AI implementation for warehouse cost savings. | SIRI SLB AVALX TDW NKE |
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| 2023 Q1 | Mar 31, 2023 | City Different Investments – Multi-Cap Core | 5.4% | -10.7% | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Magnificent 7, rates, technology, Valuations | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth, describing AI infrastructure as entering a new industrial revolution. An estimated $350 billion this year and $400 billion next year will be spent on AI-related equipment by major US technology companies. | View | |
| 2023 Q1 | Mar 31, 2023 | PM Capital Australian Companies Fund | 0.2% | 0.2% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | Manager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments. | View | |
| 2023 Q1 | Mar 31, 2023 | ValueWorks Capital | - | - | ADBE, AMD, AMZN, ANET, ASML, CRM, CSCO, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM | AI, growth, large cap, Quality, semiconductors, technology, US | AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. | View | |
| 2022 Q1 | Mar 31, 2022 | Farrer 36 Asset Management | - | - | AMZN, ATTOF, BFIT NA, GOOG, META, PAR, SE, VZIO, XYZ | - | View | ||
| 2024 Q4 | Mar 30, 2025 | Qualivian Investment Partners | 3.3% | 26.6% | AMZN, BRO, CASY, DHR, GOOGL, META, MSFT, URI, V | Capital Allocation, compounders, concentrated, long-term, Quality, value creation | The fund focuses on quality compounders with wide moats, long reinvestment runways, and outstanding capital allocation. They seek companies with durable competitive advantages, high returns on invested capital, and strong free cash flow generation. The investment criteria emphasizes businesses with pricing power, recurring revenue, and management with value-creating capital allocation history. | BRO |
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| 2024 Q1 | Mar 30, 2024 | Eagle Point Capital | - | - | AZO, DG, DPZ, DVA, MCK, META | contrarian, long-term, Quality, uncertainty, value | Eagle Point focuses on cockroach-like businesses with strong competitive positions that can survive virtually any environment. They prefer companies with pricing power like AutoZone that can raise prices without losing volume. The fund seeks businesses with durable cash flow and strengthening competitive positions. | View | |
| 2024 Q1 | Mar 30, 2024 | Torre Financial | 7.6% | 7.6% | ABNB, ADBE, ADC, CRWD, EW, META, TEAM, TTD, UNH, ZS | Advertising, growth, healthcare, Quality, REITs, software, technology | Meta is well positioned as a leader in the AI movement. Adobe has come out very strong in the rise of AI with their professional tools quickly incorporating many new generative-AI technologies. | UNH ADC ZS ADBE TEAM |
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| 2025 Q1 | Mar 28, 2025 | Rathbones | - | - | META, MSFT | AI, defense, Europe, geopolitics, infrastructure, technology, Trade Policy, uncertainty | Trump's aggressive tariff policies are creating significant uncertainty, with potential expansion from $800bn to trillions in goods affected. The manager views tariffs as inappropriate economic tools that hinder global trade and act as consumer taxes. Companies are withholding investment and pausing hiring due to policy uncertainty. | View | |
| 2024 Q1 | Mar 28, 2024 | Rathbones | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, equities, global, inflation, Quality, rates, Recession, small caps | Smaller and mid-market companies show particularly attractive long-term prospects given improving growth outlook and relative valuations. For the first time since 1988, the S&P 500 made new highs while the Russell 2000 remained in bear market territory, down 20% from highs. | View | |
| 2025 Q4 | Mar 13, 2026 | Goehring & Rozencwajg Associates, LLC | - | - | CCJ, COPX, GDX, GOOGL, META, NEE, SIL, TSLA, VST, XBM, XLE, XOP | Coal, commodities, Copper, gold, Natural Gas, oil, Silver, uranium | Oil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. Gold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. Silver surged 220% since April 2024, generating powerful sell signal for precious metals. Performance mirrors 1979 parabolic blow-off that marked end of gold bull market. Retail demand peaked with reports of long lines at dealers globally before recent 40% decline from highs. Market shifted from deficit to surplus as Chinese demand stalled for first time in 25 years while supply expanded by 3 million tonnes since 2021. Exchange inventories reached 1.2 million tonnes, highest since 2003. Bearish outlook as China transitions from under-consuming to over-consuming copper. Demand surging from nuclear restarts and new construction while supply faces operational challenges. Google, Meta partnerships signal corporate adoption of nuclear power. Sprott Physical Uranium Trust resumed buying 10 million pounds since June, helping drive 45% price increase. North American gas showed strength on cold weather despite bearish sentiment. Production growth concentrated in Permian Basin while other shales declined. Supply growth expected to plateau as Permian oil production slows, setting stage for higher prices as LNG demand expands. Coal consumption rose 7-8% in 2025, first increase in years, driven by data center demand and higher gas prices. Multiple plant closures delayed or cancelled as grid reliability concerns mount. Asia continues expanding coal capacity despite transition promises. Bull market may be in early stages with most commodities 46% below nominal peaks and 73% below inflation-adjusted highs. Commodity-to-equity ratio near historic lows suggests capital starvation. Current cycle appears only one-third complete compared to historical precedent. | View | |
| 2024 Q4 | Mar 1, 2025 | Columbia Global Technology Growth Fund | 6.1% | 31.7% | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. | View | |
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | AI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. | View | |
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – U.S. Large Cap Growth | 0.2% | 3.0% | AAPL, AMZN, ARM, AVGO, AXP, COO, CRM, DHR, GOOGL, GWW, INTU, META, MSFT, NFLX, NKE, NOW, SPGI, V, WM, YUM | AI, growth, large cap, momentum, Quality, semiconductors, valuation | AI capital expenditures are expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability. Hyperscaler CapEx spending has reached historically high proportions of revenues and operating cash flows. The most attractive long-term AI opportunities reside with businesses building long-term value rather than companies exposed to cyclical swings. 2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. Quality growth companies with stable fundamentals have seen relative valuations plummet to lowest levels in decades while cyclicals trade at historically high levels. The portfolio focuses on reliable and durable growth companies with lower variability that continue to compound earnings and cash flows attractively despite not being rewarded by the market currently. Semiconductor and AI capital equipment stocks were among market darlings, buoyed by massive AI infrastructure spending. However, purely cyclical sectors exposed to hyperscaler CapEx growth rates will have a shorter runway of growth left as further upward growth revisions become challenging. | ALC YUM IT META MSFT ARM AVGO CRM COO GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 2025 Q4 | Feb 8, 2026 | Fidelity Dividend Growth Fund | 5.1% | 22.5% | 000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, large cap, semiconductors, technology | The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks. | GEV AAPL PAYC 000660 KS GOOGL |
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| 2023 Q4 | Feb 8, 2024 | The Olstein Strategic Opportunities Fund | - | - | AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH | financials, free cash flow, industrials, Magnificent Seven, undervalued, value | Manager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations. | HRTX |
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| 2024 Q4 | Feb 7, 2025 | DKAM Donville Kent Asset Management | - | 102.8% | AAPL, AEP.V, AMZN, CPH.TO, CTS.TO, E.TO, FORA.TO, GOOGL, GSY.TO, MDA.TO, META, MSFT, NVDA, PNG.V, PRL.TO, SECU.V, TSLA, VHI.V, ZDC.TO | AI, Canada, earnings, energy, growth, inflation, small caps, tariffs | The fund focuses on small/mid cap growth stocks and believes they are in the next 5-7 year bull cycle for this segment. Large caps have never been this overvalued versus small caps, with small caps offering more than twice the earnings growth for almost one third the valuation. | View | |
| 2023 Q4 | Feb 7, 2024 | Brookfield Asset Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth credited to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk in mega-cap technology names. | View | |
| 2025 Q4 | Feb 6, 2026 | Third Point Partners | 1.9% | - | 000660.KS, 034730.KS, BHC, CRS, CSGP, DSV.CO, ENR.DE, META, MIK, MSFT, PCG, PRMB, QBR.B.TO, SNBR, TPG, VST | AI, credit, defense, healthcare, Mortgage, semiconductors, Telecom, value | AI dominates market headlines and is forcing a re-think of established beliefs about capital-light business models like software. Many software companies now face increased investor skepticism about the sustainability of their moats and scrutiny of their high-margin structures. The AI theme seems less bulletproof with recent Oracle selloff. Ongoing rotation from software into semiconductors, memory, and semicap equipment. SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand at meaningfully higher price points and margins. Continued strength in European defense equities as capital-intensive businesses like defense contractors are having their moment. Investors are waking up to their mission critical role in the rebuilding of supply chains and national security complexes. Both private credit and private equity will continue to struggle with monetization due to billions of dollars trapped in private equity that cannot be monetized at acceptable prices. The line between public and private is blurring with the more relevant distinction being traded and not yet traded. Expect more liability management exercises and in-court restructurings with almost 40% of restructurings being repeat offenders. Ratings downgrades and defaults continue to pressure stressed leveraged loans creating attractive entry points with elevated dispersion in the leveraged loan market. Residential mortgages remained resilient in 2025, particularly seasoned loans with lower balances. There is currently $35.8 trillion of home equity in US homeowners' balance sheet, creating large margin of credit protection and ability to expand investments in residential real estate into home affordability products. | SGI 402340 KS |
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| 2025 Q4 | Feb 5, 2026 | Rowan Street Capital | 0.0% | 11.1% | META, SHOP.TO, SPOT, TSLA, TTD | Compounding, Concentration, long-term, Quality, technology | Shopify represents a key e-commerce infrastructure play that has strengthened its competitive position despite valuation compression. The company refocused operations, improved efficiency, and prioritized long-term economics while expanding its merchant ecosystem and deepening merchant services. Meta Platforms demonstrates the power of long-term compounding in social media, with the business consistently growing revenues, earnings, and cash flow over eight years. Current AI investments are improving advertising platform effectiveness with benefits flowing through to engagement and monetization. Tesla represents exceptional competitive advantages and deep engineering capabilities in the electric vehicle space. The company is led by a founder focused on long-duration value creation who has repeatedly reshaped entire industries through willingness to invest through uncertainty. The Trade Desk operates critical infrastructure for the open internet as an independent, data-driven advertising platform with strong network effects. However, recent execution challenges and communication issues have moderated conviction in management's ability to navigate adversity. | View | |
| 2025 Q4 | Feb 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| 2025 Q4 | Feb 5, 2026 | Richie Capital Group | 0.0% | 0.0% | 7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX | AI, earnings, equities, fixed income, Global Markets, inflation, rates | AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target. | View | |
| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities | Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. | PCG ENR.DE LYV BN |
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| 2024 Q4 | Feb 3, 2025 | Hosking Partners | - | - | AAPL, ALS.TO, AMZN, GOOGL, META, MSFT, NVDA, PDL.L, SBSW | active ownership, AI, Big tech, Community Relations, Energy Transition, Esg, Mining, Social Issues | The energy transition remains a local and intensely social affair, with community relations and licence-to-operate becoming critical factors. The tension between local interests and global decarbonisation targets is intensifying, leading to a shift toward adaptation and resilience strategies rather than purely top-down emissions targets. | View | |
| 2024 Q4 | Feb 28, 2025 | Brummer Multi-Strategy Fund | - | - | ABBV, AMZN, ASML, INPST, MELI, META, MSFT, NIO, NU, SE, TSM, UBER, V | AI, E-Commerce, global, growth, large cap, semiconductors, technology | Meta is highlighted as one of the few companies already seeing tangible benefits from its investments in AI. The manager views AI as a key driver of Meta's value proposition and competitive advantage. | NU SE META ASML NU SE META ASML NU SE NU SE META ASML |
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| 2025 Q4 | Feb 26, 2026 | Crossroads Capital | 2.7% | 37.7% | ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR | aerospace, AI, gaming, growth, small cap, Space, technology, value | Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines. | FTAI NBIS ASTS NTDOY |
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| 2025 Q4 | Feb 25, 2026 | GMO | 0.0% | 0.0% | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | HUBS |
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| 2025 Q4 | Feb 25, 2026 | Semper Augustus | - | 41.4% | AAPL, AMZN, BRK-A, COST, DECK, DG, DLTR, FIVE, GOOGL, KGC, KHC, KO, META, MSFT, NEM, NVDA, TSLA | Artificial Intelligence, Capital discipline, Energy Infrastructure, Intrinsic Value, Valuation risk | The letter emphasizes disciplined value investing amid extreme narrative-driven markets, warning that concentrated enthusiasm around artificial intelligence mirrors past episodes like the 201415 oil collapse where capital overextended beyond fundamentals. While AI represents genuine technological progress, rising energy costs, grid constraints, and capital intensity introduce economic and regulatory frictions that challenge assumptions of frictionless scalability. The strategy prioritizes intrinsic value, balance sheet strength, and resilience, seeking to avoid overpaying for certainty embedded in elevated multiples. | View | |
| 2025 Q4 | Feb 25, 2026 | The D. E. Shaw Group | - | - | AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM | active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology | Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively. | View | |
| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality Select | 0.4% | 13.6% | AAPL, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, META, MSFT, MTD, NFLX, NVDA, TSLA | AI, Cloud, Concentration, large cap, Quality, semiconductors, technology | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The transformative potential of artificial intelligence is one of two key catalysts driving expected mid-teens growth in S&P 500 earnings for 2025. | EFX AMZN CRM AVGO |
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| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AAPL, AME, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, GXO, INTU, MCHP, META, MSFT, MTD, NVDA, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, technology, Valuations | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager sees AI as one of two key catalysts driving expected mid-teens S&P 500 earnings growth for 2025. | MCHP GXO DIS DHR MTD AMT AMZN CRM AVGO |
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| 2025 Q4 | Feb 23, 2026 | Bailard Technology Strategy | -2.2% | 19.2% | ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD | AI, growth, infrastructure, positioning, semiconductors, software, technology | The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements. | View | |
| 2025 Q4 | Feb 23, 2026 | Mott Capital Management | 0.0% | 0.0% | AAPL, AMZN, BRK-A, BSX, GOOGL, GRAIL, META, MSFT, ORCL, OXY, ZTS | AI, Debt, energy, Rotation, technology, underperformance, valuation | Manager expresses significant concerns about AI bubble conditions, citing excessive debt accumulation and CAPEX spending by major tech companies. Believes AI fears are being realized as software stocks decline and valuations become problematic. Questions sustainability of current AI investment levels and competitive dynamics. Manager initiated position in Occidental Petroleum, viewing energy sector as underperforming since dot-com bubble. Believes oil prices are currently depressed and energy represents contrarian opportunity given poor relative performance versus S&P 500. | OXY MSFT |
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| 2025 Q4 | Feb 22, 2026 | City Different Investments – Multi-Cap Core | 2.8% | 18.1% | AMG, APG, CHTR, FLYW, GILD, GOOGL, KMX, LOPE, META, MSFT, NFLX, SBUX, SCHW, TGT, TMO | Behavioral, Diversified, long-term, multi-cap, value | Mature (Value) businesses led performance in the fourth quarter and were the strongest contributors for the full year, reflecting durable execution in companies that continued to generate healthy free cash flow and return capital. | FLYW |
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| 2023 Q4 | Feb 21, 2024 | Eagle Capital Management | 10.2% | 38.1% | AMZN, AON, BAYRY, C, CHTR, CMCSA, COF, COP, ELV, GE, GOOGL, GS, HLT, IAC, LBRDK, MAR, META, MSFT, NFLX, OXY | energy, fiscal policy, inflation, Long Term, technology, value | After prolonged poor industry performance, structural supply/demand dynamics are attractive. Energy stocks trade at historically wide free-cash-flow-yield advantage to overall market. Geopolitical risks may cause energy price spikes, yet sector weighting is near all-time lows as percentage of overall market. | 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 19, 2026 | Tactile Fund | 4.5% | 20.5% | AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META | Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value | Holdings like Ricegrowers Ltd and Fonterra Shareholders Fund powered higher as rice and milk prices remained healthy and demand grew. Fonterra struck an agreement to sell its consumer-facing businesses to dairy powerhouse Lactalis. As the world's middle class grows, consumers will demand both more and better-quality foods and ingredients. Swiss Alpine Railways investors took notice of strong earnings from Jungfraubahn AG and BVZ Holding AG, each of which owns a collection of impossible to duplicate transportation and tourism infrastructure in the Alps. American shipbuilders benefit from higher spending on vessels and naval systems for national security reasons. There is a growing realization that artificial intelligence can reproduce the functions of a meaningful portion of the software offered by today's dominant software companies at a small fraction of the cost. Software franchises may eventually turn out to be just another commodity. AI capabilities will only improve. Tactile Fund owns shares in multiple European companies with extensive real estate holdings in exclusive locations. These are owned for their trophy assets that will grow in value with time, though this could mean waiting for their share prices to move. | GRUMAB MM BWEL GMEXICOB MM HII FSF NZ |
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| 2024 Q4 | Feb 19, 2025 | Harry Qelm Baabsman | - | -8.5% | AAPL, ADBE, AMZN, BIRD, CRM, CSIQ, GOOGL, HFG.DE, LIGHT.AS, META, MSFT, NVDA, NXT, PUM.DE, SEDG, SHOP, TPIC, TSLA, ZAL.DE, ZM | clean energy, Europe, long-term, technology, undervalued, value | The fund maintains deep exposure (up to 30% of portfolio) to wind, solar, and battery companies despite extreme sector decline in 2024. Manager views this as cyclical weakness similar to post-Fukushima crisis 2011-2013, with mathematical evidence showing global power generation shifting toward renewables at 3-5x the rate of fossil fuel installations. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Global Content & Connectivity Fund | 0.2% | 27.6% | 9984.T, DTEGY, GOOG, META, MILCF, MSFT, PROSF, RCI, SATS, TDS, TMUS | AI, Communication, global, Media, technology, Telecom | AI capital expenditures communicated by company management teams again surprised to the upside over the latest earnings cycle. Analyst expectations for 2026 capex aggregated across the five largest cloud computing platforms now exceed half a trillion dollars, and these estimates have been revised 80% higher in total over the last year. Use cases for AI technology across digital media, e-commerce, infrastructure software and knowledge work are now well-established, and adoption is increasingly spreading into new, labor-intensive sectors. Global equity markets rose in the quarter, with the MSCI AC World Index up 3.4%, driven by solid corporate earnings, expectations for lower interest rates, and moderating inflation. Communication Services was among the best performing sectors (+3.4%, primarily led by strong performance in Alphabet shares). The fund focuses on global content and connectivity companies. The fund invests in companies providing connectivity infrastructure and services. Holdings include T-Mobile US, Deutsche Telekom, Rogers Communications, and other telecommunications infrastructure providers. The sector benefited from improving wireless competitive environment and continued investment in network infrastructure. | View | |
| 2025 Q4 | Feb 17, 2026 | Cullen Enhanced Equity Income Fund | 2.0% | 7.5% | AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP | AI, dividends, growth, healthcare, income, rates, technology, value | The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops. | NSC JPM KVUE UNP UNH QCOM |
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| 2024 Q4 | Feb 15, 2025 | GDS Investments | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, cyclicals, energy, inflation, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE SLB VAL TDW NKE |
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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 | Artemis US Select Fund | 7.0% | 10.0% | AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC | AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities | The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment. | View | |
| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2024 Q4 | Feb 12, 2025 | GROW Funds | - | - | ADBE, AGX, AXSM, CRM, DUK, GHM, META, MSFT, ORCL, VST, ZETA | AI, Biotechnology, defense, energy, growth, small caps, technology, Trimming | Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity. AI data centers consume extreme amounts of power which the current grid capacity is not suited for. Zeta Global's software platform combined with artificial intelligence helps companies market more efficiently by targeting ads based on specific demographics. | AXSM ZETA GHM AGX AXSM ZETA GHM AGX AXSM ZETA GHM AGX |
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| 2025 Q4 | Feb 11, 2026 | Baron Fifth Avenue Growth Fund | 3.3% | 18.2% | ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models. | MELI CPNG META SHOP NVDA MPWR AVGO GOOGL |
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| 2025 Q4 | Feb 11, 2026 | Pershing Square Holdings | -5.4% | 20.9% | AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS | AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation | AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users globally, while AWS benefits from AI-driven compute demand requiring datacenter capacity doubling through 2027. Meta leverages AI for content recommendation and ad targeting improvements. AWS operates as the leading cloud hyperscaler in a highly concentrated market, growing 20% annually at $140 billion run-rate despite capacity constraints. The planned doubling of datacenter capacity through 2027 is expected to be rapidly absorbed by scaling AI inference workloads. Amazon operates the largest global e-commerce platform enabled by a unique logistics network fulfilling over $700 billion in gross merchandise value annually. The retail business has significant margin expansion opportunity through increasing advertising revenue mix, network density, and automation initiatives. Digital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. Universal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. Uber demonstrates strong momentum with 19% bookings growth and accelerating user engagement reaching new all-time highs. The company is positioned for continued teens-plus bookings growth and 30%+ earnings growth while expanding autonomous vehicle operations across 10+ cities by end of 2026. | CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN |
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| 2025 Q4 | Feb 11, 2026 | Stenham Asset Management | 0.0% | 0.0% | META | AI, credit, Event Driven, Geopolitical Risk, Global Macro, gold, Long/Short, Multi-Strategy | Massive capex cycle linked to AI representing increasing cash flow from hyperscalers. AI adoption showing signs of flatlining with unclear use cases for profitability. Reliance on Magnificent 7 for equity market performance continues with rising EPS estimates for Mag7 but negative for other S&P 500 companies. Exceptionally strong performance with gold returning 65% for 2025 and silver 148%. Trend continued into 2026 with gold rising 13.3% and silver 18.9% by end of January. Managers held bullish outlook on precious metals with concerns about crowded trades growing. Aerospace and defense performed well as beneficiaries of increasingly volatile global geopolitical backdrop. Strong performance driven by geopolitical tensions and conflicts including Venezuela situation, Greenland tensions, and Iran protests. Beneficiaries of US re-industrialisation performed well throughout 2025. Energy security and scramble for rare earth materials propelled by volatile geopolitical backdrop. 100% expensing for equipment and factories providing stimulus. | View | |
| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Event Driven | -8.2% | 0.0% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WBD, WISE | AI, Event-Driven, Fintech, growth, Leverage, Netflix, Power, software, Streaming | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. Despite the Warner Brothers Discovery acquisition causing a 21.8% Q4 decline, the manager sees Netflix continuing to take share through reinvestment in live entertainment, sports content, video games, and advertising capabilities. Artificial intelligence is viewed as creating competition and reducing switching costs in software, leading to liquidation of software exposure. However, AI should benefit tech platforms with physical economies of scale and network effects by allowing them to better serve customers and potentially reduce costs. The power basket performed well with investments in companies benefiting from the energy transition. Talen Energy doubled and Curtiss-Wright appreciated 64%, reflecting the manager's positive view on longer-term power infrastructure trends despite short-term volatility. The fintech basket includes Interactive Brokers and Wise, with stocks showing volatility due to interest rate sensitivity and consumer spending exposure. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current costs remain higher than traditional payment rails. | View | |
| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Growth | -8.2% | 6.2% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WISE | AI, energy, Fintech, growth, software, Streaming, technology | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. The company is expanding into live entertainment, sports content, video games, and advertising capabilities. Despite the Warner Brothers Discovery acquisition concerns, Netflix trades at attractive 20x forward earnings with 20%+ expected earnings growth. Artificial intelligence is creating significant disruption across software companies, with fears that AI will create competition and reduce switching costs. The manager liquidated software exposure due to concerns that AI will impair terminal values of most public software companies. However, tech platforms with physical economies of scale should benefit from AI by better serving customers and reducing costs. The power basket performed well in 2025 with Talen Energy doubling and the manager maintaining a positive longer-term view on power trends despite volatility in the stocks. The fintech basket includes Interactive Brokers and Wise, facing volatility from interest rate changes and consumer spending sensitivity. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current stablecoin costs remain higher than traditional payment rails. | NFLX |
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| 2025 Q4 | Feb 10, 2026 | FPA Source Capital | 4.3% | 18.4% | ADI, CRM, GOOGL, IFF, META, MSFT, MTN, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | Balanced, credit, private credit, Quality, small caps, value | The fund emphasizes being 'value aware' and focuses on finding rare cases where both quality and value intersect. They regularly search the 52-week low list for potential opportunities rather than momentum plays. The managers believe the investment community is casting its gaze away from various market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. The fund is actively investing in global securities with lower market capitalizations, believing these offer attractive opportunities that are being overlooked. They note there may be a shrinking pool of active investors with the interest and resources to conduct in-depth research on lower market-cap names. Source has 25.9% committed to private credit including called and uncalled capital as of quarter-end. The managers continue to look for opportunities to increase that exposure, viewing private credit as an attractive asset class for the fund's balanced strategy. The fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads. | MSFT MTN IFF SAF FP TEL |
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| 2025 Q4 | Feb 10, 2026 | Fairtree Global Equity Fund | 1.7% | - | 6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM | AI, emerging markets, global, rates, semiconductors, technology | AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions. | View | |
| 2024 Q3 | Dec 5, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | AMZN, CCJ, GOOGL, META, MSFT, ORCL, VOW3.DE | Copper, energy, gold, Natural Gas, natural resources, nuclear, oil, uranium | Nuclear power is experiencing a renaissance driven by data center energy demands and SMR technology. Microsoft, Google, Amazon, and Meta are all investing in nuclear power for their data centers. Small modular reactors offer superior energy efficiency (180:1 EROI vs 100:1 for traditional reactors) and enhanced safety features. | View | |
| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | View | |
| 2025 Q4 | Dec 31, 2025 | Burke Wealth Managament The Focused Growth Strategy | 2.0% | 7.4% | AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG | AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy | The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act. | View | |
| 2025 Q4 | Dec 31, 2025 | Royal London Global Equity Diversified Fund | 4.8% | 12.5% | 7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V | AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations | The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index. | HAG GR ITW RACE LW MU LLY GOOG |
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| 2024 Q4 | Dec 31, 2024 | Madison Small Cap Fund | 4.0% | 22.2% | AAPL, AMN, AMZN, FROG, GOGO, GOOGL, KN, MEDP, META, MSFT, NVDA, ORCL, TSLA, VFC, WSC | AI, Construction, healthcare, industrials, small cap, technology, value | The AI boom continued with Nvidia adding $2 trillion in market value in 2024. Five hyperscalers have spent nearly $1 trillion on capital spending over five years, fueling Nvidia's growth. Questions remain about actual economic returns from these investments beyond Chat GPT and generative AI. | MEDP VFC KN AMN GOGO FROG WSC |
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| 2024 Q4 | Dec 31, 2024 | Pzena Investment Management | - | - | AAPL, AMZN, C, CSCO, GE, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA, WMT, XOM | active management, AI, Concentration, growth, large cap, value | Value stocks have significantly underperformed during the current period of market concentration, but historically outperform when concentration levels decline. The firm expects value stocks to benefit from earnings convergence between the Magnificent Seven and the broader market. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Fundamental Stability & Value | - | 12.8% | AAPL, AMZN, AVGO, BMY, COST, CSCO, CVS, DKS, GDDY, KO, META, MO, MSFT, NFLX, NVDA, ORCL, TMUS, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, technology, valuation, value | The S&P 500 has experienced significant valuation expansion with prices rising 43% while free cash flows increased only 9.6%. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for nearly 40% of total market cap. Distillate's strategy offers a 5.8% free cash flow yield versus the S&P 500's 3.5%, representing a record premium. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments All Cap Growth | - | - | AMZN, AVGO, BIIB, CMCSA, CMG, ETSY, FCX, GOOGL, ICLR, ISRG, META, NFLX, NVDA, STX, TMO, TSLA, UBER, UNH, V, VRTX | AI, Biotechnology, growth, healthcare, large cap, momentum, technology | Nvidia continued to ride momentum as the key supplier of chips for AI applications, rising more than 170% in 2024. The team is targeting disruptors leveraging generative AI and rapidly taking market shares in the fastest-growing parts of the economy. Innovation is accelerating beyond technology-related businesses, including medical devices where Intuitive Surgical is making significant strides in providing feedback to surgeons using robotic instruments. | CMCSA BIIB CMG ICLR |
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| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY | AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy | Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner International Equity | - | 1.8% | 005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM | AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy | AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel Appreciation Fund | -0.5% | 6.3% | AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA | Deregulation, discount, Election, financials, mid cap, value | The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value. | WBA IPG MSGE SWK CG NTRS GS |
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| 2024 Q4 | Dec 31, 2024 | Ariel Focus Fund | -1.2% | 13.5% | AAPL, AMZN, GNRC, Gold, GOOGL, GS, LMT, META, MHK, MSFT, NVDA, REZI, SLB, SNA, TSLA | defense, energy, financials, gold, industrials, large cap, technology, value | The fund focuses on differentiated businesses with solid competitive positioning and robust balance sheets, emphasizing patient investing in undervalued companies. The manager expects value stocks to benefit as the performance gap between mega-cap stocks and smaller company counterparts narrows. | SLB Gold LMT MHK REZI GS SNA |
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| 2024 Q4 | Dec 31, 2024 | Ariel Small Cap Value Strategy | -0.8% | 9.0% | AAPL, AMZN, BCO, GOOGL, LIND, META, MGPI, MHK, MSFT, NCLH, NVDA, OSW, TSLA | consumer, Cruises, fundamentals, small caps, Travel, value | The fund holds multiple travel-related companies including Norwegian Cruise Line, OneSpaWorld, and Lindblad Expeditions. These companies showed strong performance driven by robust consumer demand, healthy onboard spending, and solid pricing power in the cruise and adventure travel segments. | MHK BCO MGPI LIND OSW NCLH |
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| 2024 Q4 | Dec 31, 2024 | Conestoga SMid Cap Composite | -0.7% | 11.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, infrastructure, small cap, SMID Cap, software, valuation | Enthusiasm for all things related to Artificial Intelligence created what the firm believes to be a more speculative investing environment, which proved challenging for Conestoga's investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on enthusiasm surrounding demand for AI-related hardware, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Mid Cap Composite | -4.6% | 4.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, mid cap, small cap, technology, valuation | Enthusiasm for Artificial Intelligence created a speculative investing environment that proved challenging for Conestoga's strategies. AI-related hardware demand drove computer hardware industry surge over 100% in Russell 2000 Growth Index. Conestoga's lack of exposure to AI hardware was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Micro Cap Composite | 9.9% | 13.5% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, NEOG, NOVT, NVDA, QTWO, ROAD, SITE, SSD, TRNS, TSLA, VCEL, VERX, WK | Attribution, growth, healthcare, industrials, Micro Cap, Performance, technology | Enthusiasm for Artificial Intelligence created a more speculative investing environment that proved challenging for Conestoga's investment strategies. AI is a key technology unlocking the true potential of Planet Labs and its vast data engine. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Small Cap Composite | 1.7% | 9.6% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, infrastructure, small cap, software, technology, valuation | Enthusiasm for all things related to Artificial Intelligence created what Conestoga believes to be a more speculative investing environment, which proved challenging for their investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on AI-related hardware enthusiasm, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power - Growth Fund | - | 19.6% | AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH | AI, Housing, long-term, Regional, small caps, technology, value | AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts. | NVDA MSFT CLFD |
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| 2024 Q4 | Dec 31, 2024 | FPA Crescent Fund | 1.1% | 14.0% | 003550.KS, AAPL, AMZN, C, CINF, CMCSA, COST, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, IRM, JDEP.AS, JEF, META, MSFT, NVDA, SHW, TSLA, WSO | contrarian, Exposure, global, momentum, risk, valuation, value | Momentum stocks have led the market, particularly in 2024. According to Morgan Stanley, momentum ruled more than any other factor, with high momentum stocks outperforming low momentum by +28% year-on-year as of Dec 11th, a two standard-deviation event. The current momentum run is one of the top momentum runs since 1995. | 003550.KS CMCSA GLEN.L HEIO.AS |
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| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS | AI, growth, innovation, large cap, secular trends, technology | AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference. | CYBR LPLA ANET NVDA TSLA |
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| 2024 Q4 | Dec 31, 2024 | Bailard Technology Strategy | 3.1% | 30.2% | AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS | AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology | AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users. | 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 | Brown Advisors Global Leaders Strategy | - | - | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors | The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. | RTO.L AZO ZTS ILMN |
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| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH | AI, Cloud, E-Commerce, growth, large cap, technology | Artificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses. | 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 | 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 | Sands Capital Select Growth Fund | 8.8% | 24.3% | AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V | AI, growth, innovation, long-term, software, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, Cloud, global, growth, innovation, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services. | View | |
| 2024 Q4 | Dec 31, 2024 | The Gabelli Global Content & Connectivity Fund | 0.1% | 22.6% | 9984.T, AMZN, ATEX, DTE.DE, FYBR, GOOG, META, MSFT, PRX.AS, RCI, T, TDS, TMUS, USM | Connectivity, content, global, Media, technology, Telecommunications | Fund holds significant positions in telecommunications companies including T-Mobile, Deutsche Telekom, and Telephone & Data Systems. UScellular's wireless operations sale to T-Mobile and spectrum deals with Verizon and AT&T drove strong performance. | View | |
| 2024 Q4 | Dec 31, 2024 | Vision Capital | - | - | 0700.HK, 3690.HK, AAPL, AMZN, AXP, DIS, GOOGL, JD, KO, MELI, META, MSFT, NU | compounders, growth, long-term, Quality, technology, value | The fund emphasizes investing in quality businesses with strong fundamentals, using a framework that moves from quantifiable metrics to qualitative aspects like culture and mission. Quality is viewed as dynamic and evolving, with preference for companies that demonstrate quality early before it becomes apparent to others. | View | |
| 2024 Q4 | Dec 31, 2024 | Coho Relative Value Equity | - | - | AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB | Bubble, Concentration, defensives, technology, valuation, value | Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term. | View | |
| 2024 Q4 | Dec 31, 2024 | Davis Global Fund | - | 22.7% | 005930.KS, 0700.HK, 2318.HK, 3690.HK, AMAT, AMZN, BRK-A, COF, CVS, ENT.L, GOOGL, HUM, META, MGM, NPN.L, PRX.AS, TCOM | AI, China, gaming, global, semiconductors, Stimulus, technology, value | Fund positioning for AI emergence through established market leaders with proven business models either using AI to improve platforms or key semiconductor players building AI ecosystem. Meta using AI for content suggestions and ad targeting. Tencent benefiting from AI-driven ranking improvements. Cloud providers Amazon and Alphabet seeing revenue acceleration from AI workloads. | View | |
| 2024 Q4 | Dec 31, 2024 | Davis New York Venture Fund | - | 17.2% | 005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC | AI, Concentration, financials, healthcare, industrials, inflation, technology, value | Generative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate. | View | |
| 2024 Q4 | Dec 31, 2024 | Minotaur Global Opportunities Fund | - | - | ACN, AMZN, BTI.AX, MDB, META, MSFT, NVDA | AI, China, emerging markets, global, semiconductors, technology, Valuations | Minotaur has developed proprietary AI system Taurient making 10,000-20,000 API calls daily to providers like OpenAI and Anthropic. They maintain exposure across the AI stack from chips to platforms to services. Recent breakthroughs like OpenAI's o3 and DeepSeek's efficiency gains reinforce their view that AI development will continue in parallel tracks of cutting-edge capabilities and architectural innovations. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Brands Fund | 12.0% | 21.0% | AAPL, AMER, AMZN, BIRK, CFR.SW, ELF, GOOGL, HLN.L, ITX.MC, JD.L, META, NIKE, PAN.CO, PUMA.DE, SJP.L, TCOM, ZTS | Beauty, brands, consumer, global, Luxury, Travel | The luxury industry is in recession as the Covid boom has turned to bust, starting with a fall away in the US and European aspirational buyer, followed by a 30% fall in Chinese demand. Despite the downturn, Richemont's jewellery houses continue to grow while most other luxury houses saw declines. | 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 | North Sky Capital | - | - | AMZN, GOOGL, META, MSFT, NXT, TSLA | AI, Battery Storage, clean energy, Data centers, Energy Storage, infrastructure, Renewable Energy, Solar | Infrastructure funds increased exposure to lithium-ion battery storage more than any other renewable sector in 2024. Recent validation through December liquidity event for mature storage projects in New York. Data centers need massive battery systems to store electrons from intermittent sources like wind or solar for 24/7 dispatch. | View | |
| 2024 Q4 | Dec 31, 2024 | Magellan Global Fund | - | - | AMZN, EL, GME, GOOGL, META, MSFT, NKE, SBUX | AI, China, consumer, Energy Transition, Global Equities, Quality, technology | Artificial Intelligence and generative AI are driving improving fundamentals and technological innovation across portfolio companies. The scale of spending by major companies like Microsoft, Amazon, Alphabet and Meta is extraordinary and driving a rebound in activity across many industries. The investment to drive this new era is real with enormous benefits to be realized. | View | |
| 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 | Antero Peak Group | - | 31.9% | AAPL, AMZN, APO, CEG, ENR.DE, EQIX, GE, GEV, ISRG, KKR, KMI, LLY, META, NDAQ, PGR, SPOT, TDG, TSLA, TSM, WMB | aerospace, AI, energy, infrastructure, large cap, Natural Gas, private markets, technology | Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. AI has allowed for enhanced user experiences which leads to customer retention, higher incremental margins, and emerging moats. Digital transformation is a paradigm shift with major inflection demand for companies that enable transformation through software, services, and AI. | View | |
| 2024 Q4 | Dec 31, 2024 | Summers Value Fund | - | 27.4% | AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV | healthcare, Long/Short, Medical Devices, small caps, value | Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024. | ZIMV INDV UFPT ELMD |
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| 2024 Q4 | Dec 31, 2024 | YCG Investment | - | - | AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA | AI, diversification, global, Luxury, Quality, technology | The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders. | View | |
| 2024 Q4 | Dec 31, 2024 | Amundi Chenavari Credit Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AT1, Bonds, credit, Europe, financials, Spreads | The fund focuses on credit markets, analyzing trading and investment opportunities such as market inefficiencies where current prices do not reflect fair valuation. The strategy benefits from trends, price movements and price volatilities where current market valuation does not reflect embedded value. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Health Care Fund | -9.6% | 1.3% | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, large cap, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while strengthening fundamentals of mega-cap companies. The technology holds potential to double economic growth by empowering individuals and enterprises to achieve far more. | View | |
| 2024 Q4 | Dec 31, 2024 | Fortress – Caribbean Growth Fund | -5.0% | 1.4% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, rates, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. | View | |
| 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 | |
| 2024 Q4 | Dec 31, 2024 | PM Capital Enhanced Yield Fund | 1.4% | 6.0% | AAPL, GOOGL, META | Concentration, Developed Markets, risk management, small caps, value | Manager focuses exclusively on small-cap equities in developed markets outside the US, researching over 150 companies this year. Strategy targets companies with tangible balance sheet protection where the underlying business is underappreciated, seeking asymmetric upside over a three-year horizon. | View | |
| 2024 Q4 | Dec 31, 2024 | Trojan Fund from Troy Asset Management | - | 6.7% | AAPL, AMZN, COST, DEO, GOOGL, HEINY, META, MSFT, NESN.SW, NVDA, TSLA, UL, V, VRSN | AI, Bubbles, gold, infrastructure, Multi-Asset, rates, technology, Valuations | AI's potential is facilitating huge infrastructure investment and laying foundations for technology with profound significance. The adoption and monetisation of AI is occurring faster than previous technological shifts thanks to pre-existing internet infrastructure. Large language models are already impressive across applications, with a step change in cost of training and consuming models occurring. | View | |
| 2023 Q4 | Dec 31, 2023 | Davis Global Fund | 0.0% | 0.0% | 005930.KS, 081660.KS, 1299.HK, 2318.HK, 2423.HK, 3690.HK, 9618.HK, AMAT, AMZN, BAER.SW, COF, D05.SI, GOLF, GOOGL, META, MGM, MSFT, NVDA, OC, VTRS | AI, China, financials, global, rates, technology, value | Generative AI represents a significant platform transition in computing history, potentially bigger than PC, mobile, or internet. The manager expects widespread economic and societal impact but acknowledges uncertainty about how breakthroughs will unfold. Focus is on companies positioned to benefit from AI infrastructure and applications rather than speculative direct plays. | View | |
| 2023 Q4 | Dec 31, 2023 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, AMZN, GE, GOOGL, HWM, LIN, META, MSFT, NVDA, PWR, TDG, TSLA, V | aerospace, AI, alpha, Concentration, Quality, semiconductors, technology | AI deployment is driving step-function acceleration in power generation, electrical equipment and cooling technologies. Data centers require upgraded electrical equipment and advanced cooling technologies, with only 5% currently having liquid cooling. AI applications using GPUs draw 2.0X-2.5X the electricity of traditional CPUs. | View | |
| 2023 Q4 | Dec 31, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AAPL, AMZN, GOOGL, GS, JPM, META, MS, MSFT, QCOM, TEL | financials, large cap, Quality, technology, value | Matrix focuses on investing in quality companies at significant discounts to intrinsic value, using eight proprietary valuation models to identify undervalued stocks across all industries. The strategy emphasizes better companies in better industries to avoid value traps. | View | |
| 2023 Q4 | Dec 31, 2023 | Orbis Global Equity | 0.0% | 0.0% | AAPL, AMZN, GOOGL, INTC, META, MSFT, NTDOY, NVDA, TSLA | Concentration, global, Indexing, Overvaluation, Passive, technology, value | The fund focuses on uncovering pockets of value while markets are driven by overvalued technology stocks. They highlight significant valuation disparities, such as Korean banks at 4x earnings versus Apple at 28x earnings, and Intel's margin of safety compared to Nvidia's slim margin for error. | View | |
| 2023 Q4 | Dec 31, 2023 | Bailard Technology Strategy | 20.0% | 68.2% | AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI | AI, growth, semiconductors, software, technology | Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries. | View | |
| 2023 Q4 | Dec 31, 2023 | Baron Global Advantage Fund | 14.7% | 25.3% | 3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS | AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology | GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms. | View | |
| 2023 Q4 | Dec 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 12.8% | 53.2% | AAPL, AMD, AMZN, CHTR, CMCSA, CRM, GOOGL, META, MSFT, NOW, NVDA, SNOW, TMUS, TSLA, VZ | AI, Cloud, earnings, growth, large cap, semiconductors, technology | The manager believes the AI revolution will be transformational for business, with 2023 being a year of massive investment in data centers for generative AI compute power. 2024 needs to be the year AI applications come into clearer focus, with companies like Snowflake helping enterprises organize data while Salesforce and ServiceNow deliver custom AI applications. Software applications tend to follow hardware investments by 3-6 months, and early AI applications from portfolio companies are encouraging. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum International Brands Fund | -4.1% | -5.9% | 1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA | Beverages, brands, China, consumer, Defensive, Valuations | The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment. | View | |
| 2023 Q4 | Dec 31, 2023 | Packer & Co | - | 6.2% | 0762.HK, 0941.HK, AAPL, AMZN, BABA, BAYRY, BKY.AX, CNOOC, CVX, ERA.AX, GOOGL, HES, META, MSFT, NHC.AX, NVDA, SRUUF, STNG, XOM, YCA.L | China, energy, oil, Recession, technology, uranium, value | The fund holds CNOOC as its largest position at 10.4%, China's premier oil company producing 2% of world oil. CNOOC trades at just 4x P/E and is rapidly expanding output with focus on offshore China and Guyana where it holds 25% interest in the enormous Stabroek discovery alongside Exxon and Hess. | 9988.HK ERA.AX 0941.HK HES CEO |
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| 2023 Q4 | Dec 31, 2023 | Mondrian Global Equity Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Elections, Geopolitical, growth, Japan, rates, technology, value | AI hype was a recurrent theme in 2023, but the technology is still far from being a revenue or profit generator for most companies. Recent MSCI USA Growth outperformance has required significant multiple expansion driven by AI enthusiasm rather than fundamentals. | View | |
| 2023 Q4 | Dec 31, 2023 | Mondrian International Equity Value Opportunities | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, EAFE, Elections, Geopolitical, international, Japan, rates, value | EAFE Value trades at circa 10x forward earnings with multiples broadly unchanged despite market strength. Value-oriented equities outperformed growth peers outside the US, supported by strong earnings. Mondrian continues to focus on attractively valued segments offering good long-term return potential. | View | |
| 2023 Q4 | Dec 31, 2023 | Peapack Private | - | - | GLXY.TO, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, global, large cap, rates, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The manager sees AI as having potential to double economic growth by empowering individuals and enterprises to achieve far more. | View | |
| 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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| 2023 Q4 | Dec 31, 2023 | Airlie Australian Share Fund | 9.0% | 15.4% | META | AI, Data centers, Investment, returns, technology, valuation | Massive investments in AI infrastructure could unlock trillions in economic output or prove wasteful. While skepticism is consensus, companies investing hundreds of billions believe these investments are necessary to preserve competitive advantages. The market has added over $7 trillion to tech valuations based on AI productivity expectations. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2022 Q4 | Dec 31, 2022 | Rozendal Partners | - | 0.6% | BLU SJ, BUR, JDC GR, MAERSK/B PZ, META, OCE SJ, QUINENC CI, TBS SJ, YRK SJ | - | View | ||
| 2016 Q4 | Dec 31, 2016 | Aquamarine | - | 8.5% | AAPL, AMZN, BHC, COST, MCO, META, NFLX, TSLA | - | View | ||
| 2014 Q4 | Dec 31, 2014 | Aquamarine | - | 5.5% | AXP, BRK/A, C, ENLC, GOOG, META, NTRS, UBSG SW | - | 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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| 2024 Q3 | Dec 18, 2024 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT | AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump | The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time. | View | |
| 2024 Q4 | Dec 18, 2024 | Ninepoint | - | - | AAPL, AMD, AMZN, BLK, COIN, CSCO, GOOGL, IBM, INTC, META, NVDA, PYPL, UBS, V | AI, crypto, energy, gold, infrastructure, private credit, Silver, Trump | Infrastructure positioned to benefit from electrification of the U.S. economy and energy transition. Electricity demand expected to accelerate dramatically led by AI-focused data centers, onshoring of industrial manufacturing, and continued growth of electrified transportation. Despite popular narrative that energy is a sunset industry, demand for oil, natural gas and coal expected to grow longer and stronger than consensus belief. | View | |
| 2023 Q3 | Dec 10, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, EW, GOOGL, META, MSI, ODFL, ORLY, PYPL, TPG, TSM | AI, Auto Aftermarket, Fed policy, growth, interest rates, large cap, technology, Travel | O'Reilly Automotive represents the aftermarket auto parts industry which benefits from higher car financing costs forcing owners to keep cars longer, increasing maintenance needs. The industry remains fragmented with growth opportunities, particularly in the do-it-for-me segment where O'Reilly excels through its distribution network. | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2023 Q2 | Dec 7, 2023 | Boyar Value Group | 0.0% | 0.0% | AAPL, META, MSFT, NVDA, TSLA | AI, long-term, Market Concentration, small caps, technology, value | AI obsession is driving investor behavior and market gains, with companies like Nvidia and Microsoft benefiting significantly. The manager notes investors' willingness to bid up AI-related index heavyweights despite broader market concerns. | View | |
| 2023 Q2 | Dec 7, 2023 | Qualivian Investment Partners | 2.4% | 15.3% | CPRT, DHR, HSY, LMT, META, MSFT, POOL, UHAL | - | View | ||
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2023 Q4 | Dec 1, 2024 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA, XOM | asset allocation, Credit markets, global, interest rates, large cap, technology | Manager highlights that global credit markets are 3 times the size of equity markets at over $300 trillion. With interest rates rising from historically low levels, high-yield corporate bonds now offer 8.5-9% returns, providing attractive risk-adjusted returns relative to equities. The manager suggests considering more balanced asset allocation over the next 5-10 years. | View | |
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, ALGN, AMZN, CRM, DOCU, GOOGL, ILMN, META, MSFT, NFLX, NOW, NVDA, PYPL | AI, Cloud, earnings, growth, large cap, Streaming, technology | Manager discusses generative AI as a major driver for cloud providers and Microsoft's business, but expresses caution about NVIDIA's valuation and cyclical nature. Sees AI as benefiting Azure, Microsoft's productivity suite, and creating new revenue streams through co-pilot features. | ABNB AAPL|MSFT|NFLX|NVDA|UNH AMZN CRM AIR FP|ICLR|LIN|MRVL|NOW|TSM AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q3 | Nov 8, 2025 | Loomis Sayles Global Growth Fund | 7.6% | 21.3% | 0700.HK, AAPL, ADYEY, AMZN, BABA, GOOGL, MELI, META, MSFT, NFLX, NVDA, NVO, ORCL, RIVN, SHOP.TO, TSLA, UBER, VRTX | AI, Cloud, Electric Vehicles, global, growth, long-term, Quality, technology | Multiple portfolio companies are leveraging AI capabilities across their businesses. Alphabet benefits from AI overviews and AI Mode search functionality with over 2 billion monthly users. Oracle's cloud infrastructure is specifically built for AI workloads with major contracts from OpenAI, xAI, and Meta. Tesla continues advancing autonomous driving through AI training on supercomputers with FSD version 13 representing a step change improvement. | LFCR |
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| 2025 Q3 | Nov 8, 2025 | The Sound Shore Fund | - | - | AES, AMZN, BLK, CEG, CTRA, DIS, FIS, Gold, GPN, META, VST, WBD | energy, free cash flow, gold, M&A, Media, payments, undervalued, value | Legacy media companies are creating value through strategic restructuring and streaming business improvements. Warner Brothers Discovery exemplifies this with balance sheet deleveraging, streaming profitability, and potential asset separation creating sum-of-parts value recognition. | AES WBD TLNE |
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| 2025 Q3 | Nov 8, 2025 | Baron Durable Advantage Fund | 5.5% | 13.3% | AMZN, APH, APO, AVGO, COST, DHR, GOOGL, INTU, LPLA, META, MPWR, MSFT, NVDA, SPGI, TDG, TMO, TSM, TXRH, V, WELL | AI, Cloud, growth, large cap, semiconductors, technology, Valuations | The fund views AI as a massive infrastructure buildout opportunity, with Oracle reporting $455 billion in AI bookings and NVIDIA announcing a $100 billion investment into OpenAI. The manager believes we are still early in the AI cycle, comparing it to 1996-1997 rather than the 2000 bubble peak, with more rational valuations today. | TSM NVDA GOOGL LOAR VRSK |
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| 2025 Q3 | Nov 8, 2025 | Cullen Enhanced Equity Income Fund | 0.9% | 5.4% | AMZN, BAX, BDX, CAG, GOOGL, META, MSFT, NVDA, ORCL, RIO, SW | AI, dividends, Fed, growth, tariffs, technology, value | Euphoria around AI investments has propelled markets higher, with the rebound in the Magnificent 7 pushing valuations to record highs. The trillions of dollars being invested into agentic AI will eventually need to be monetized. Capital expenditures among the top five hyperscalers have surged as these companies race to establish leadership in generative AI. | SPGI |
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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 7, 2025 | Montaka Global Investments | - | - | 0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U | AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value | AI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation. | View | |
| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund | -2.7% | - | AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC | AI, clean energy, energy, large cap, technology, US Equities, Utilities | AI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments. | View | |
| 2025 Q3 | Nov 5, 2025 | PGIM Jennison Global Opportunities Fund | 5.3% | 9.8% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology | The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth. | View | |
| 2025 Q3 | Nov 5, 2025 | Optimum Fixed Income Fund | 2.3% | - | AMZN, META, NVDA, TSLA | Bonds, credit, duration, Fed policy, fixed income, interest rates | Treasury yields fell at the short end as expectations grew for more Federal Reserve rate cuts. The Fed's tone shifted more dovish, though uncertainty remains about future moves. Higher duration securities outperformed lower duration securities during the quarter. | View | |
| 2025 Q3 | Nov 5, 2025 | Optimum Large Cap Growth Fund | 9.4% | - | AMZN, META, NVDA, TSLA | AI, Communication Services, growth, large cap, semiconductors, technology | Artificial intelligence optimism remained high during the quarter, though concerns about sustainability and monetization began to surface. AI continues to be a key driver of market performance and investor sentiment. | View | |
| 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 | |
| 2025 Q3 | Nov 5, 2025 | Fidelity Dividend Growth Fund | 8.4% | 16.6% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | dividends, energy, industrials, large cap, Quality, technology, value | AI-driven demand for electricity to power data centers boosted utilities sector performance. Strong demand for AI processors supported Taiwan Semiconductor Manufacturing's 23% quarterly gain. Tech firms continued spending on building data centers amid AI-related growth. | View | |
| 2025 Q3 | Nov 4, 2025 | VT Holland Advisors Equity Fund | - | - | 1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L | Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value | Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential. | RYM NZ JET2 LN META NU WISE LN |
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| 2025 Q3 | Nov 4, 2025 | Touchstone Balanced Fund | 5.3% | 11.4% | DD, DE, LPLA, META, PM, SLB, TSLA | Balanced, credit, duration, Fed, Multi-Asset, Trade Policy | Trade policy continues to be a primary source of uncertainty for investors. While the White House has announced a handful of deals and frameworks for deals, there are still a lot of details that remain unknown, especially related to China. Questions remain around the legality of certain tariffs that utilized International Emergency Economic Powers Act authority. | View | |
| 2025 Q3 | Nov 4, 2025 | TEAM Asset Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, equities, Federal Reserve, gold, Precious Metals, rates, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with 56% revenue growth and demand for Blackwell chips described as extraordinary. The AI capex mania has added 15 trillion dollars to S&P 500 market cap since April, with AI-related companies driving 75% of total index returns since ChatGPT launch. | View | |
| 2025 Q3 | Nov 30, 2025 | Rothschild & Co LongRun Equity Fund | 3.9% | -4.0% | AAPL, ACN, AMZN, ASML, AVGO, CDNS, DHR, GOOGL, IDXX, INTC, META, MSFT, NVDA, SNPS, TMO, TSLA | AI, Cloud, Compounding, long-term, Quality, semiconductors, technology | AI has sparked a global race to develop specialized, high-performance chips. Cloud providers like Google, Amazon, Meta and Microsoft, along with many startups, are now designing their own AI chips. Each new design requires advanced tools for modeling and verification, driving demand for chip design software. AI is a long-term trend spanning data centers to edge devices. | View | |
| 2025 Q3 | Nov 25, 2025 | BlackRock Science And Technology Term Trust | 11.6% | - | AAPL, ALAB, AMZN, APP, CLS, CRDO, GOOGL, LITE, META, MSFT, NVDA, TSLA | AI, growth, hardware, private equity, semiconductors, software, technology | The technology sector rebounded strongly in Q3 2025 driven by renewed AI optimism and deepening CAPEX commitments. AI infrastructure cycle is being driven by rollout of next-generation GPUs and significant ramp-up in compute capacity by hyperscalers and sovereign governments. National AI initiatives are now matching or exceeding traditional hyperscaler investments, fueling robust demand for advanced semiconductors and networking technologies. | View | |
| 2025 Q3 | Nov 23, 2025 | Lux Capital | - | - | 000660.KS, 005930.KS, ACN, AMZN, BA, CAP.PA, GOOGL, INTC, IT, LMT, META, MSFT, MU, NOC, NVDA, ORCL, RTX, TSLA | AI, Automation, Biotechnology, defense, geopolitics, Physical Sciences, semiconductors, Venture Capital | AI hyperscalers are spending over $400 billion in capex pursuing compute supremacy. The AI boom is profoundly physical requiring gigawatts of power, thousands of tons of copper wiring, and teraliters of cooling water. AI is transitioning from communication AI to physical AI including robotics, biology, defense, and manufacturing applications. | View | |
| 2024 Q3 | Nov 23, 2024 | Lux Capital | - | - | AAPL, GOOGL, META, MSFT, NVDA | AI, Biotechnology, defense, infrastructure, Robotics, semiconductors, technology, Venture Capital | Lux views AI as hitting its Menoetius Moment where prideful ignorance of reckless prophets will be revealed. The firm sees infrastructure bottlenecks shifting from chips to power constraints, with future clusters requiring gigawatt-scale power. They believe the future belongs to companies that democratize access through efficiency rather than brute-force computation. | View | |
| 2025 Q3 | Nov 21, 2025 | Shelton Equity Income Strategy | - | - | AAPL, AMZN, ANET, BSX, CMCSA, CTSH, DVA, FTNT, GM, GOOGL, META, MSFT, NEM, NVDA, PHM, TSLA | AI, equity income, Options, rates, technology, Trade Policy, volatility | The rally was sustained by enthusiasm for the AI trade, with the Magnificent Seven stocks reclaiming leadership after lagging earlier in the year. AI continues to drive market momentum and sector rotation. | View | |
| 2024 Q3 | Nov 2, 2024 | Maran Capital Management | 1.0% | 9.0% | AAPL, AMZN, CLAR, CTT.LS, GOOGL, HKHC, META, MSFT, NVDA, TPB, TPL, VTY.L | Concentration, conviction, long-term, Quality, small caps, value | Manager emphasizes owning quality, growing companies trading at fractions of their fair values, specifically one-third to one-half of intrinsic value. Uses private market lens to evaluate public companies, highlighting significant discounts to private transaction values. | TPB CLAR HKHC |
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| 2024 Q3 | Nov 19, 2024 | Eagle Capital Management | - | - | AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GEV, GOOGL, GS, HLT, HUM, META, MSFT, NFLX, OXY, SAP, TSM, WWD | aerospace, Aftermarket, growth, Quality, value | Eagle views aerospace as one of the most attractive segments of the global economy, driven by strong demand growth and technical moats. The company highlights Woodward's unique position in aerospace aftermarket with tripled content share on new generation narrowbody aircraft. | WWD |
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| 2025 Q3 | Nov 18, 2025 | Downing Fox Funds | - | - | META | AI, infrastructure, Investment, productivity, returns, technology, valuation | Massive investments in AI infrastructure could unlock trillions in economic output or prove wasteful. Current AI skepticism is consensus despite high valuations. Companies like Meta are investing $70+ billion annually in data centers, requiring 4% revenue growth increases to generate double-digit returns on additional spending. | View | |
| 2025 Q3 | Nov 17, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology | AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. | TW META MSFT GS JPM NVDA ASML NA BABA US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli ABC Fund | 3.0% | - | AAPL, AMETEK, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, MSGS, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, energy, financials, gold, M&A, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | OR US ECG US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, gold, growth, M&A, Markets, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | MSGS US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JP |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Global Content & Connectivity Fund | 12.3% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn. | View | |
| 2025 Q3 | Nov 16, 2025 | The Gabelli International Small Cap Fund | 8.5% | - | AAPL, AMZN, BLK, BRK.B, CAT, CNH, DE, FISV, GOOGL, JPM, KKR, META, MSFT, NEM, NFLX, NVDA, ORCL, SONY, TSLA, WFC | AI, energy, gold, M&A, rates, technology, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JT |
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| 2025 Q3 | Nov 13, 2025 | Palm Harbour Capital | - | - | 111770.KS, AMZN, ATYM.L, CAL.MI, CNVG.PS, DAN.MI, ESP.MI, GOOGL, INDF.JK, LOMA.BA, META, MSFT, NVDA, RHI.L, UMG.AS, VIV.PA | AI, Asia, Copper, Europe, LatAM, small caps, value | Investor attention remains heavily concentrated on artificial intelligence and a narrow group of related equities, sidelining much of the broader market. The concentration of capital in AI-related stocks is even greater than the technology sector's concentration in 2000. Questions remain about profitability models and sustainability of current AI investment levels. | View | |
| 2025 Q3 | Nov 13, 2025 | RiverPark Large Growth | 4.7% | 11.6% | AAPL, AMZN, DIS, GOOGL, INTU, ISRG, LLY, META, MSFT, NFLX, NOW, NVDA, SHOP, TSM, UBER | AI, Cloud, E-Commerce, growth, large cap, semiconductors, Streaming, technology | AI remains a dominant theme driving market leadership and portfolio performance. Companies like Alphabet, NVIDIA, and Apple are benefiting from AI integration across search, cloud services, and device capabilities. NVIDIA continues to see record data center sales driven by broad adoption of AI accelerators, while Alphabet integrates generative AI tools into Search, YouTube, and Cloud to improve engagement and monetization. | View | |
| 2025 Q3 | Nov 13, 2025 | RiverPark Long/Short Opportunity Fund | 4.2% | 8.3% | AAPL, AMZN, DUOL, FIS, GOOGL, ISRG, LLY, LULU, META, MSFT, NFLX, NOW, NVDA, SHOP, TXRH, UBER | AI, Cloud, growth, large cap, Long/Short, semiconductors, technology, US | AI remains a dominant theme driving market leadership and portfolio performance. The fund benefits from AI-related innovation across technology platforms, with companies like Alphabet integrating generative-AI tools into Search, YouTube, and Cloud to improve engagement and monetization. NVIDIA continues as the foundational supplier for global AI infrastructure with unrivaled GPU architecture and CUDA software ecosystem. | View | |
| 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 | |
| 2024 Q3 | Nov 12, 2024 | Atai Capital Management | 6.5% | 4.4% | BELFB, GOOGL, HAI.TO, META, MSFT, TPB | defense, growth, Microcap, small cap, Streaming, Video Technology | Haivision provides video networking infrastructure for live streaming, particularly through their SRT protocol which is gaining adoption over legacy protocols like RTMP. The transition from legacy to modern IP-based protocols is expected to intensify over the next 3-5 years, creating growth opportunities. | HAI.TO |
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| 2025 Q3 | Nov 11, 2025 | Hinde Group | 13.9% | 34.9% | AMZN, BDX, GOOG, GOOGL, IBKR, META, MSFT, NFLX, NVDA, UBER, WAT | AI, Buybacks, Capital Allocation, healthcare, Medical Devices, special situations, technology, value | The generative AI investment boom is keeping the economy afloat and stock market ebullient amid political and economic turmoil. Big tech companies like Google, Microsoft, Amazon and Meta plan to spend over $300 billion on AI data centers in 2025, up $100 billion from 2024. Venture capital firms invested $192.7 billion into AI startups through the first nine months of 2025. | BDX |
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| 2023 Q3 | Nov 10, 2023 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VFS | geopolitics, inflation, oil, rates, Recession, Valuations | Rising interest rates from Federal Reserve policy to combat inflation are blamed for Q3 market weakness. The inverted yield curve since July 2022 has historically preceded recessions by 15 months on average. Central banks have no choice but to raise rates to control inflation from pandemic money printing. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA | consumer spending, interest rates, Market Concentration, small caps, technology, valuation | Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations. | 5HT.SI AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q3 | Nov 10, 2023 | Patient Capital Management | 5.6% | 15.8% | AMZN, ANGI, C, ET, EXPE, GOOGL, IAC, META, MGM, OMF, UBS | banks, dividends, Expectations, Opportunities, Patience, value | Manager sees extreme valuation dispersion with lowest valued stocks trading below 10x earnings. Value Index P/Es are below long-term averages while Growth Index P/Es are above, creating opportunities in mature, low multiple companies with basement level expectations. | ^GSPC |
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| 2023 Q3 | Nov 10, 2023 | Eagle Capital Management | 0.7% | - | AMZN, COP, GOOGL, META, MSFT, OXY, SHEL, V | Capital Allocation, energy, Magnificent Seven, oil, technology, value | Eagle built positions in three energy stocks over 16 months based on attractive long-term supply-demand balance, quality assets well-positioned on the global cost curve, and strong capital allocation by management teams. The thesis centers on supply investment being subdued due to pressure from shareholders, regulators, and environmental groups, while decline rates require 9% annual new supply creation to meet demand growth. Electric vehicles represent a paradox - their threat to demand is actually depressing supply investment before the world is ready, creating opportunity. | DOXY SHEL COP |
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| 2023 Q3 | Nov 10, 2023 | Springview Capital Management | 2.5% | 8.2% | AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM | Concentration, insurance, Long/Short, Quality, special situations, value | The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations. | View | |
| 2024 Q2 | Nov 7, 2022 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL | AI, energy, healthcare, small caps, technology, Travel, value | Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending. | EXPE EVRI KOS IAC NVDA |
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| 2023 Q1 | Nov 4, 2023 | Rowan Street Capital | 12.8% | 42.3% | META, SPOT, TTD | - | View | ||
| 2025 Q3 | Oct 9, 2025 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 1523.HK, META, NVDA, ORCL, TSM | AI, Asia, Concentration, global, Networking, semiconductors, technology, value | Manager discusses an inflection point in the AI investment cycle, noting supply bottlenecks in packaging, cooling and energy may be healthy by preventing over-building. Highlights shift from cash-funded to debt-funded AI capex as Oracle disclosed $455 billion in future orders, potentially creating risk of a nasty bust if peers follow suit. | 1523 HK |
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| 2025 Q3 | Oct 9, 2025 | Resilient Asset Management | - | - | AMZN, GOOGL, JDSU, KO, LITE, META, NVDA, ORCL, VIAV | AI, diversification, international, Tax Planning, technology, valuation | Manager discusses AI's transformative potential while cautioning about investment risks, drawing parallels to the dot-com bubble. Emphasizes the massive capital requirements for AI infrastructure and questions whether companies like OpenAI can achieve the revenue growth needed to justify investments. Notes AI's mixed performance in financial planning applications. | View | |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP | AI, defense, dividends, large cap, Quality, risk management, technology, valuation | AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach. | ODFL MARSH LHX TEL ORCL AVGO |
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| 2025 Q3 | Oct 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AAPL, ACN, ADBE, AMZN, AVGO, BSX, CSGP, GOOGL, IT, META, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP.TO, TMO, TSLA, V | AI, Cloud, growth, healthcare, large cap, Quality, semiconductors, technology | Generative AI was the dominant theme driving Q3 performance, with semiconductors as the primary driver. The hyperscalers are announcing massive increases to AI-related spending, confirming capex spigots are wide open as they struggle to keep up with voracious demand. Oracle's quarterly results showed remaining performance obligations increasing 359% to $455 billion in one quarter, highlighting extraordinary demand for cloud computing and AI infrastructure. | UBER SNPS BSX INTU AVGO NVDA |
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| 2023 Q3 | Oct 9, 2023 | Artemis US Select Fund | 2.6% | - | BX, CEG, CSX, DXCM, KHC, META, SAIA, TFII | active management, energy, healthcare, large cap, stock selection, technology, Transportation | Meta's significant incremental investment in AI and datacentre infrastructure will lead to meaningful new revenue opportunities both through growing in existing markets and entirely new product categories. Constellation Energy benefits indirectly from the AI wave as energy-intensive data centres are being built in the states that Constellation serves. | ABX TFII AER|AWI|MUSA|NEU|SAIA|WTM CSX DXCM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CEG |
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| 2024 Q3 | Oct 8, 2024 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO | compounders, long-term, Quality, small caps, Underperformers, valuation, value | Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses. | PLAY QXO |
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| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 3.3% | - | AAPL, ADBE, AMZN, APH, AVGO, CRM, EFX, GOOGL, INTU, META, MSFT, NVDA, ORCL, SAP, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The ongoing AI boom powered U.S. equities in Q3 2025, with the Magnificent Seven now accounting for nearly 37% of S&P 500 market cap driven by AI enthusiasm. Oracle experienced its NVIDIA moment with multi-billion-dollar AI infrastructure contracts, while concerns emerged about autonomous AI agents potentially disrupting traditional SaaS providers like Intuit and Salesforce. | SAP INTU APH ORCL AAPL |
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| 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 | |
| 2025 Q3 | Oct 7, 2025 | Palm Valley Capital Management | 2.4% | 3.8% | AAPL, AMD, AMZN, AVA, AVGO, BRK-A, DOX, FLO, GOOGL, INTC, LKQ, META, MSFT, NVDA, PHYS, PSLV, RHI, SEB, TFX, TSLA | AI, Bull Market, Fed policy, gold, small caps, technology, Valuations | Managers question whether AI valuations are justified, noting that while AI may change the world, current leaders like Nvidia face sustainability challenges with 50%+ margins. They argue that even if AI continues and current beneficiaries remain entrenched, valuations already reflect their moats. | View | |
| 2025 Q3 | Oct 7, 2025 | GROW Funds | - | - | ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, value | The fund has shifted portfolios towards an overweight in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large market opportunities. | XERS MDXH |
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| 2024 Q3 | Oct 7, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | AI, Autonomy, Cloud, growth, technology, Tesla, Travel | Autonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet. | TSLA |
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| 2025 Q3 | Oct 6, 2025 | CDT Capital Management | - | 14.7% | META, NVDA, PLTR | AI, Bubble, Cash, Insiders, risk management, Valuations | Manager expresses concern about AI investment bubble, citing excessive valuations and circular vendor financing. Questions sustainability of current AI spending levels and compares current market dynamics to Dot Com bubble. | PLTR US |
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| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG | AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation | Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements. | NVDA US MEDP US |
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| 2025 Q3 | Oct 6, 2025 | Regency Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth credited to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs if capital expenditures slow. | View | |
| 2025 Q3 | Oct 5, 2025 | St. James Investment Company | - | - | AAPL, AMZN, ASML, GOOGL, META, MSFT, NFLX, NVDA, TSLA, TSM | AI, Bubble, ETFs, market structure, Passive investing, semiconductors, technology, value | The letter extensively discusses the AI boom driving extraordinary market gains, comparing it to the internet bubble. AI euphoria is powering the S&P 500 to new highs, with six companies accounting for over a third of the index value. However, concerns exist about AI's ability to generate sufficient revenue to justify current capital investment levels. | ASML MSFT NVDA |
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| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | 7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC | consumer, financials, global, technology, value | Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe. | View | |
| 2025 Q3 | Oct 31, 2025 | Richie Capital Group | - | - | 1211.HK, ADVT, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSE.L, MC.PA, MDT, META, MSFT, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming. | View | |
| 2024 Q3 | Oct 31, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BIDU, CMCM, FANG, GOOGL, HWT.UL, META, MSFT, NVDA, OXY, PXD, TPG, TSLA, XOM | AI, China, Data centers, energy, infrastructure, Natural Gas, oil, technology | AI data centers require massive electric power consumption, with exascale facilities consuming as much electricity as small countries. The AI boom is driving unprecedented capital expenditure by tech giants, with Microsoft, Meta, and Alphabet spending over $370 billion in five years. AI applications are expanding rapidly across industries, creating endless use cases and driving demand for physical infrastructure. | View | |
| 2024 Q3 | Oct 31, 2024 | VGI Partners | 0.0% | 0.0% | 000660.KS, AMZN, BABA, GLEN.L, LSEG.L, META, TECK, TSM | Cloud, financials, global, Long/Short, materials, semiconductors, technology | SK Hynix and TSMC continue to benefit from large and growing spend on cloud computing and hardware by hyperscalers. Third quarter earnings confirmed spending on semiconductors continues unabated and is set for further growth in 2025. Both companies are viewed as undervalued versus their earnings growth potential. | View | |
| 2024 Q3 | Oct 31, 2024 | Rewey Asset Management | 9.8% | 18.5% | AAPL, AMZN, GOOG, INTT, KD, LWAY, META, MSFT, NVDA, ORCL, SAP, TSLA, VMW | active management, rates, small caps, technology, value | Manager believes small and smid-cap value stocks are experiencing a rotation driven by Fed rate cuts and investor neglect. The Russell 2500 Value outperformed the S&P 500 in Q3, and the manager sees this as the beginning of a broader trend supported by undervaluation, Fed rate cuts, and soft economic landing expectations. | KD INTT LWAY |
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| 2024 Q3 | Oct 31, 2024 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, 8002.T, 8031.T, 8053.T, 8058.T, 8113.T, AAPL, AMG, AMZN, APAM.PA, CKN.L, GOOGL, META, MG, MSFT, NOAH, NPN.L, NVDA, PLUX.PA, SEM.LS | Asia, China, Japan, Patience, value, volatility | The Japanese stock market experienced its largest single-day drop since Black Monday 1987 due to the unwinding of yen carry trades. The Bank of Japan's rate hike to 0.25% and yen appreciation triggered massive position unwinding, causing the Nikkei to lose 12.4% in one day. | PLUX.PA NOAH |
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| 2023 Q3 | Oct 31, 2023 | Davis New York Venture Fund | 0.0% | 0.0% | 2318.HK, AMAT, AMZN, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, OC, TECK, TXN, USB, VTRS, WFC | Banking, fundamentals, healthcare, Quality, Resilience, technology, undervalued, value | The fund focuses on companies trading at attractive valuations despite strong fundamentals. Portfolio companies trade at 11.4x forward earnings, a 45% discount to the S&P 500, while growing earnings faster than market averages. The end of the easy-money era has created opportunities in undervalued, high-quality businesses. | View | |
| 2023 Q3 | Oct 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, FTNT, IDXX, MC.PA, META, MKC, MSFT, MTD, NKE, NVO, OR.PA, PG, PM, SYK, V, WAT | global, growth, healthcare, long-term, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The portfolio consists of resilient businesses that can withstand technological innovation. | View | |
| 2025 Q3 | Oct 30, 2025 | Stenham Asset Management | 0.8% | 8.3% | AAPL, AFG, AIR.PA, AMD, AMZN, AVGO, CSU.TO, ENEN.DE, GOOGL, META, MSFT, NVDA, ORCL, SNPS, TSM, UMG.AS | AI, Cloud, energy, infrastructure, Quality, semiconductors, technology, valuation | The AI infrastructure boom remained the dominant theme driving markets to new highs. Oracle reported customer commitments of $455bn, surpassing expectations by over 200%. The fund holds picks and shovels of the AI opportunity including Microsoft, Amazon, and TSMC, focusing on companies with flexibility to reallocate capacity and disciplined approaches to AI infrastructure deployment. | SIE TSM SIE TSM |
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| 2025 Q3 | Oct 30, 2025 | VGI Partners | - | - | 000660.KS, 005930.KS, AMZN, EAT, META, TSM | AI, Europe, gold, industrials, semiconductors, technology, value | Gold equities surged 40-45% during the quarter, led by mid-cap miners and long-term holdings such as Sprott, which provides exposure to gold through a high-margin funds management business. | View | |
| 2025 Q3 | Oct 30, 2025 | Troy Multi-Asset Strategy | - | - | AMD, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, Central Banks, gold, inflation, risk management, Speculation, technology, Valuations | Three years after ChatGPT launched an AI investment frenzy, the gap between technological promise and financial reality remains wide. The monetisation of AI is already here, but perhaps not at the scale that some share prices are currently discounting. Much of today's AI investment is spent on semiconductors with short useful lives and rapid obsolescence. | View | |
| 2025 Q3 | Oct 30, 2025 | Trojan Fund from Troy Asset Management | - | - | AMD, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, diversification, gold, risk, Speculation, technology, Valuations, value | AI investment boom parallels dotcom era with massive capital expenditure ($90bn last quarter) but unclear monetization timeline. Market pricing in transformative potential before productivity gains materialize. Infrastructure beneficiaries winning currently but competition will intensify as capital stock demands vast revenues for respectable returns. | View | |
| 2025 Q3 | Oct 30, 2025 | Guinness Global Innovators | - | 8.1% | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX | Diversified, global, Long/Short, Opportunistic, risk management, value | JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company. | View | |
| 2023 Q3 | Oct 30, 2023 | Farnam Street | 0.0% | 0.0% | AAPL, AMC, AMZN, GOOGL, HD, META, MSFT, NVDA, TSLA | Compounding, duration, Fiduciary, technology, value | The letter discusses artificial intelligence as part of the recent market enthusiasm, comparing it to historical technological revolutions. The manager suggests that while AI may supercharge incumbents, history shows that technological revolutions typically see today's hot tools become tomorrow's commodities as capitalism competes away excess profits. | View | |
| 2025 Q3 | Oct 3, 2025 | Rathbones | - | - | 005930.KS, 0700.HK, AMZN, BABA, GOOGL, META, MSFT, TSM, UBER | AI, emerging markets, Europe, inflation, Politics, rates, technology | AI adoption by US tech companies is driving profit growth, with hyperscalers spending around $300bn this year on data center build-out. Investors scrutinize corporate AI adoption for productivity improvements, while the speed of AI penetration surpasses previous technological developments. Ultimate winners may be companies that best harness AI power, potentially not yet existing. | View | |
| 2025 Q3 | Oct 3, 2025 | Vision Capital | - | 15.6% | 3690.HK, ADYEN.AS, AMZN, CRWD, JD, LULU, MELI, META, NET, NFLX, NOW, NU, PLTR, PME.AX, SHOP, SPOT, TSLA, TSM, TTD, ZS | AI, Cloud, Data Analytics, E-Commerce, global, growth, SaaS, technology | Palantir's AI-powered platform AIP is driving commercial customer growth and revenue acceleration. The company's Ontology provides a single source of truth for data-driven decision-making with AI agents. Information is the oil of the 21st century, and analytics is the combustion engine, positioning Palantir to reign supreme in the AI revolution as the ultimate operating system for data and decision-making. | View | |
| 2024 Q3 | Oct 3, 2024 | Vltava Fund | 0.0% | 0.0% | AAPL, AMZN, BN, BRK-B, GOOGL, HUM, KLAC, META, MKL, MSFT, NVDA, OSB.L, STLA | AI, energy, fiscal policy, global, inflation, infrastructure, technology, value | The AI investment wave spans multiple sectors with first-tier beneficiaries being semiconductor companies like NVIDIA. Building AI clusters requires massive infrastructure investments including new semiconductor factories, energy sources, and associated infrastructure. The construction of AI centers may necessitate a 20% increase in US energy consumption over the next decade. | BN |
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| 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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| 2025 Q3 | Oct 28, 2025 | Weitz Partners III Opportunity Fund | 0.0% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Buybacks, Long/Short, Quality, technology, value | The fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses. | View | |
| 2025 Q3 | Oct 28, 2025 | Columbia Global Technology Growth Fund | 12.1% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, innovation, semiconductors, technology | AI remained the most significant driver of technology market performance during the quarter. The fund benefited from AI infrastructure investments, with companies like NVIDIA reporting extraordinary demand for data-center products and Broadcom seeing AI semiconductor chips become a majority of revenue. The transformative potential of AI continues to drive investor enthusiasm across all sectors of the economy. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AVGO US NVDA US ALAB US AVGO US NVDA US ALAB US |
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| 2025 Q3 | Oct 28, 2025 | Artisan Focus Fund | 2.7% | 20.5% | AAPL, AMZN, AVGO, BX, CEG, GE, GOOGL, GS, JPM, KKR, META, MSFT, NFLX, NVDA, ORCL, RYCEY, SIEGY, TSLA, TSM, VST, WMB | AI, energy, financials, infrastructure, semiconductors, technology, value | AI infrastructure complex including power demand from data centers driving structural growth. Portfolio includes AI beneficiaries like NVIDIA, Taiwan Semiconductor, and power infrastructure companies. AI monetization models for frontier model builders remain uncertain but could drive future ROIC expansion. | View | |
| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2025 Q3 | Oct 28, 2025 | Alpine Capital Research | - | - | AMZN, GLXY.TO, GOOGL, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, global, growth, rates, semiconductors, South Africa, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility for companies to pivot if needed. | View | |
| 2023 Q3 | Oct 27, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | AAPL, ADYEY, AI, AMZN, ATZ.TO, BLFS, CREX, EH, GOOGL, INMD, META, MITK, MSFT, NVDA, TSLA | AI, Biotechnology, growth, Micro Cap, payments, Recession, small caps | Manager discusses artificial intelligence as part of a mini-rebubble in long-duration, low-quality stocks that occurred in Q2 and continued into Q3. The AI bubble is viewed as similar to previous bubbles in 3D printing, electric vehicles, and cannabis that the fund has traded before. | CREX |
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| 2023 Q3 | Oct 26, 2023 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA | AI, Portfolio Management, rates, real estate, semiconductors, small caps, technology, value | Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations. | 5HT.SI AAPL|MSFT|NFLX|NVDA|UNH |
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| 2022 Q3 | Oct 26, 2022 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | CSGP, KMX, LBTYK, META | - | View | ||
| 2023 Q3 | Oct 25, 2023 | Tidefall Capital Management | 2.4% | 6.9% | AMZN, META | Canada, Cash, inflation, rates, Stimulus, technology, value | The fastest increase in interest rates since the 1970s has fundamentally changed the investment environment. The Fed's zero interest rate policy that dominated the past 13 years is now over, allowing 5% returns on uninvested cash. Central banks may need to keep rates higher than market expectations to maintain credibility with bond holders. | View | |
| 2025 Q3 | Oct 24, 2025 | Rowan Street Capital | 0.2% | 20.4% | ADYEY, DNP.WA, META, NFLX, SHOP.TO, SPOT, TOI.TO, TSLA, TTD | AI, Compounding, conviction, Electric Vehicles, growth, innovation, long-term, technology | Tesla's Full Self-Driving system leverages billions of miles of real-world driving data to train neural networks, creating a compounding advantage that grows stronger every day. Tesla's proprietary AI stack powered by Dojo processes video data to handle unpredictable driving situations, learning in the real world rather than relying on synthetic data. The company has solved edge cases like driving in direct sunlight, fog, or at night using a direct photon count approach. | SPOT TSLA SPOT TSLA |
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| 2025 Q3 | Oct 24, 2025 | Wellington Management | 8.1% | 16.0% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is expected to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q3 | Oct 24, 2025 | Meridian Hedged Equity Fund | 1.6% | - | ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU | AI, healthcare, Hedged Equity, inflation, Options, technology, value | The AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards. | JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK |
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| 2025 Q3 | Oct 24, 2025 | Mairs & Power - Growth Fund | 8.0% | 10.1% | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, Data centers, growth, healthcare, large cap, technology | AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The fund remains excited about AI's potential to reshape industries and enhance productivity, having integrated AI tools into their own investment process. However, many AI-related stocks now appear generously valued, leading to selective position trimming where enthusiasm has outpaced fundamentals. | View | |
| 2024 Q3 | Oct 24, 2024 | Boyar Value Group | 0.0% | 0.0% | AMZN, GOOGL, META, SMCI | AI, Market Rotation, rates, REITs, small caps, Utilities, value | The first half of 2024 was dominated by AI excitement, but Q3 brought a reality check as investors questioned whether AI spending will translate into profits. Companies like Alphabet and Amazon saw stocks slide despite continued AI investment, reflecting growing recognition that turning AI potential into profits will take time and significant investment. | View | |
| 2024 Q3 | Oct 24, 2024 | MacNicol & Associates Asset Management | - | - | AAPL, AMZN, FXI, GOOGL, META, MSFT | Canada, China, Elections, Technical Analysis, Trade Policy, Valuations | Trump proposes 60% tariffs on Chinese goods and 10-20% on all imports to encourage US manufacturing. This could create short-term inventory stockpiling by US companies ahead of tariff implementation, but would ultimately decrease Canadian exports by over 2% according to major banks. Canadian energy, metals, timber, and aerospace industries would be particularly impacted. | View | |
| 2023 Q3 | Oct 24, 2023 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | growth, Market Analysis, rates, small caps, valuation, value | Small-cap value is the cheapest part of the market, selling 16% below its 20-year average P/E multiple. The Russell 2000 has been in a bear market since late 2021 and has underperformed due to rising rates and higher debt refinancing costs. However, small-caps historically outperform during recoveries and have beaten large-caps by over 16% in the 12 months after recessions start. | View | |
| 2025 Q3 | Oct 23, 2025 | JDP Capital | 12.8% | 31.8% | 0700.HK, BABA, CZR, LYV, META, NFLX, NOW, NVDA, SPOT, T, TSLA, V | AI, China, Electric Vehicles, growth, Long/Short, Sentiment, technology, value | The exponential part of the growth curve in AI adoption is still in front of us. Token costs have fallen 90% while usage increased 3,800% in 2025. The falling costs of compute and inference are unlocking possibilities for smaller companies to compete in areas once reserved for largest incumbents. | CZR TCEHY BABA 300750 CH SPOT |
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| 2025 Q3 | Oct 22, 2025 | Focus Wealth Management | - | - | 3350.T, AAPL, GOOGL, META, MSTR, NVDA, SMLR | AI, Concentration, Exuberance, Late-cycle, risk, small caps, technology, Valuations | AI is described as potentially transformative as the Industrial Revolution, with largest public companies investing hundreds of billions annually into AI infrastructure, semiconductors, and model development. However, concerns exist about AI capex boom sustainability and potential overbuild similar to railway mania and dot-com boom. | View | |
| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity | - | 8.2% | ADBE, ADI, ALC, AMD, AMZN, ANET, BDX, COO, FI, GOOGL, KMX, META, MSFT, ORCL, PM, PPG, RYAN, TMO, TSLA, WAT | AI, healthcare, infrastructure, momentum, private credit, Quality, technology | The letter extensively discusses AI infrastructure investment with $2.9 trillion projected spending on data centers over three years. Companies like OpenAI have made over $1 trillion in multi-year commitments despite limited current revenue. The AI theme dominates market performance with Information Technology comprising 35% of large cap market weight. | WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL |
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| 2025 Q3 | Oct 22, 2025 | Brasada Focused Equity Strategy | - | - | AMD, AMZN, AVGO, FERG, GOOGL, META, MSFT, NVDA, ORCL | AI, Bubble, Data centers, Distribution, Fed policy, semiconductors, tariffs | Corporate investment in AI has been the primary market driver, with capital expenditure extending beyond GPUs to entire infrastructure stack. The nature of investment is shifting from disciplined cash-flow funded race to debt-fueled arms race, with OpenAI orchestrating buildout on their terms through circular financing models. | AVGO FERG AVGO FERG |
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| 2025 Q3 | Oct 22, 2025 | WestEnd Capital | 3.9% | 13.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains exposure to AI leaders like Palantir and Snowflake while opening new positions in catch-up trades including AMD, Alibaba, and Baidu. The firm views AI as entering broad market adoption phase with rising demand across hardware and software infrastructure. | BIDU BABA SNOW AMD |
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| 2024 Q3 | Oct 22, 2024 | Longriver Investment Partners | 6.6% | 23.0% | 9435.T, AMZN, BRK-B, CSU.TO, META, PDD, TSM | Asia, Capital Allocation, Japan, long-term, value, volatility | Manager invested in Hikari Tsushin during August panic, describing it as the Berkshire Hathaway of Japan with strong capital allocation discipline. Sees opportunity in transformation of corporate Japan through companies with improved disclosure and governance. | View | |
| 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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| 2025 Q3 | Oct 21, 2025 | Bailard Technology Strategy | 9.4% | 21.9% | AAPL, AMZN, APP, CDNS, CYBR, FI, GOOGL, HUBS, INTU, KLAC, LRCX, META, MSFT, NSIT, NVDA, PSTG, SHOP, SPOT, TSM | AI, Data centers, energy, growth, infrastructure, semiconductors, software, technology | AI-driven demand continues to anchor sector fundamentals with surging investment in compute capacity and infrastructure. The focus has shifted to operational scalability, energy efficiency, and maturing economics of AI deployment. Computing efficiency now hinges on tokens per watt rather than simply low-cost silicon, making energy the binding constraint in modern AI data centers. | View | |
| 2025 Q3 | Oct 21, 2025 | BNY Mellon Appreciation Fund | 3.3% | 8.7% | AAPL, AMZN, ASML, BLK, GOOGL, INTU, ISRG, META, MSFT, NOW, NVDA, NVO, TSM, TXN, V | AI, earnings, large cap, Quality, rates, technology, Trade Policy | Large technology companies reported benefits from deploying AI internally and for clients, which boosted revenue growth. These companies also expanded investment plans for additional AI resources to meet growing demand, as consumers and enterprises rapidly adopt AI. Companies that have exposure to the AI datacenter buildout benefited. | INTU TSM ASML NA NVDA MSFT |
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| 2025 Q3 | Oct 21, 2025 | Firebird US Value Fund | - | - | META | AI, Data centers, infrastructure, Investment, productivity, technology, value | Massive investments in AI infrastructure continue with hundreds of billions being deployed in data centers and compute power. While skepticism exists about returns, companies like Meta are demonstrating measurable paths to monetization through improved ad targeting. The technology resembles early automobiles - powerful but requiring refinement before widespread adoption. | View | |
| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA | earnings, growth, Quality, US, value | Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins. | MEDP |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Core Leaders Fund | 3.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, earnings, Fed policy, momentum, small caps, technology, Valuations | Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit. | NVO NVDA |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Value & Income Fund | 5.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, dividends, large cap, momentum, technology, Valuations, value | Artificial intelligence is driving enormous spending from tech titans and prompting explosive moves in AI-linked stocks. The technology theme has joined forces with monetary stimulus to embolden risk taking. While AI is incredibly promising, many perceived beneficiaries are prioritizing growth over profit and investors may question ultimate returns on AI spending. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 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 | |
| 2025 Q3 | Oct 20, 2025 | Templeton & Phillips Capital Management | - | - | AAPL, AMD, AMZN, AVGO, BB, BKS, GOOGL, IBM, META, MRVL, MSFT, NOK, NVDA | AI, Capex, credit, industrials, productivity, small caps, technology, value | Managers see AI capex boom creating boom-bust cycle similar to dotcom era, with hyperscalers locked in arms race for AGI. Despite risks, AI investments driving economic growth through multiplier effects and productivity gains. | View | |
| 2025 Q3 | Oct 20, 2025 | Ironvine Capital Partners | - | 10.0% | AMD, AMZN, ASML, GOOGL, INTC, META, MSFT, NSC, NVDA, ORCL, TSM, UNP | AI, Capital Deployment, infrastructure, Monopolies, Railroads, semiconductors | ASML represents a monopoly-like position in lithography systems essential for semiconductor manufacturing, with over 90% market share and massive barriers to entry through decades of R&D investment. The company's extreme ultraviolet systems are critical infrastructure for advanced chip production, positioning it as a toll that must be paid for semiconductor fabs driving global technological progress. | 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 | |
| 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 | |
| 2024 Q3 | Oct 2, 2024 | Sandhill Investment Management | - | 18.6% | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Mining, rates, Silver, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. | View | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Income-Equity Strategies | 3.6% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, dividends, energy, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | TTE HRL ELS COP |
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| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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| 2023 Q3 | Oct 19, 2023 | Montaka Global Investments | - | - | AMZN, BAC, CRM, META, MSFT, NOW, SPOT, STJ.L, U | active management, AI, Cloud, Concentration, geopolitics, Streaming, technology | Recent advances in the AI revolution are moving at the fastest pace of all. ChatGPT can now see, hear and talk. Microsoft is releasing its Copilot. Meta AI is being infused into Meta's properties and hardware. Spotify is using AI to translate podcasts. ServiceNow is using generative AI to dramatically increase productivity of service assistants. | 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 18, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA | Concentration, Election, rates, small caps, technology, value, volatility | The Federal Reserve cut rates by 50 basis points in September, but the manager questions whether market expectations for continued aggressive cuts are realistic. Analysis of historical interest rate regimes suggests rates could remain higher for longer without triggering recession, similar to the 1980s-1990s period. | View | |
| 2023 Q3 | Oct 18, 2023 | Peak Asset Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | Manager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments. | View | |
| 2025 Q3 | Oct 17, 2025 | Harbor Capital Appreciation Fund | 5.0% | 12.7% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally. | ORCL US TOST US AMD US |
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| 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 | Pabrai Wagons Fund | 8.0% | - | AMR, AN, HMC.T, META, MSFT, PHM, RIG, TOL, WMC | Airports, Auto Dealers, Buybacks, Coal, Homebuilders, small caps, undervalued, value | The fund focuses on undervalued businesses with shrewd capital return policies through buybacks. Management teams are buying back stock at compelling valuations, which the manager believes could deliver higher returns than the Magnificent 7. Three businesses in the portfolio have committed to return capital to shareholders through buybacks or dividends. | TAVHL TI EDEL IN RIG US AMR US |
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| 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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| 2025 Q3 | Oct 16, 2025 | Brown Advisory Large-Cap Growth Strategy | -0.9% | 6.5% | AAPL, AMZN, CDNS, CSGP, FICO, GNRC, GOOG, GOOGL, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, TTD, WDAY, WST | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The market became increasingly concentrated around the AI theme, driving a sharp rebound in growth indices. Brown Advisory has meaningful AI exposure through three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies well-positioned within the AI ecosystem or leveraging AI for competitive advantage. | View | |
| 2025 Q3 | Oct 16, 2025 | T. Bailey Multi-Asset Growth Fund | 4.0% | - | AAPL, AMZN, AZN.L, CCC.L, COA.L, GOOGL, IMI.L, INTC, ITRK.L, META, MGNS.L, MSFT, MSLH.L, NVDA, ORG.L, ROR.L, STHP.L, SXS.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment. AI story entered new chapter with vendor-financing replacing innovation as expansion driver. | GLDN AU |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey UK Responsibly Invested Equity Fund | -1.2% | - | AAPL, AMZN, AZN.L, CCC.L, CKN.L, COA.L, GOOGL, HILS.L, IMI.L, INTC, ITRK.L, LRE.L, META, MSFT, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, monetary policy, Multi-Asset | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations while transitioning from overvalued enablers to longer-term AI beneficiaries. | MSLH LN CKN LN STEM LN |
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| 2024 Q3 | Oct 16, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BRK-B, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, PYPL, UNH | Fed policy, growth, healthcare, large cap, technology, value | Meta has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively behind deep learning recommendation systems. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate. Apple is well situated to develop a suite of compelling, consumer-friendly AI services given its proprietary semiconductor development and the compute-intensive nature of AI applications. | MSI UNH META PYPL |
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| 2023 Q3 | Oct 16, 2023 | EdgePoint Global | - | 3.1% | AAPL, AMZN, CSCO, GNTX, GOOGL, INTC, META, MSFT, NVDA, TSLA | Bubbles, inflation, Mid-cap, technology, valuation, value | Inflation has returned to levels not seen since the 1970s, creating challenges for investors who lack experience with such environments. The manager notes that most investors today weren't active during the last inflationary period and don't have real-world experience investing through current conditions. Higher inflation reduces purchasing power and makes flat market performance particularly damaging. | View | |
| 2023 Q3 | Oct 16, 2023 | Avenue Investment Management | - | - | AAPL, ATKR, CNQ.TO, CSU.TO, EME, ENB.TO, META, MSFT, MUSA | Canada, Defensive, rates, Recession, value, volatility | Manager expects return to higher volatility periods similar to mid-1960s to mid-1970s where portfolios could swing from up 20% one year to down 15% the next. Recent 15-year period of mostly positive returns with only occasional bad years is viewed as abnormal. | View | |
| 2025 Q3 | Oct 15, 2025 | MacNicol & Associates Asset Management | - | - | AAPL, AMZN, BABA, BIDU, DAL, GIS, GOOGL, KHC, LYV, META, MSFT, NFLX, NVDA | AI, Concentration, gold, Passive, risk management, technology, Valuations | Artificial intelligence revolution is driving unprecedented market concentration, with Nvidia becoming the poster child at $4.53 trillion market cap. The company's GPUs power data centers, cloud computing, and generative AI models, including a landmark $100 billion OpenAI partnership. However, this dominance brings geopolitical risks from export restrictions and growing domestic competition. | View | |
| 2025 Q3 | Oct 15, 2025 | Kayne Anderson Rudnick | - | - | AMZN, GOOGL, META, MSFT | AI, Fed policy, Quality, rates, small caps, technology | AI continues to drive massive capital expenditures by hyperscalers, with four companies making up 30% of S&P 500 capex. However, 95% of companies' AI pilot projects have failed to generate expected returns, and the concentration of AI spending presents risks if boards decide to pull back. | AMZN MSFT AMZN MSFT |
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| 2024 Q3 | Oct 15, 2024 | Kayne Anderson Rudnick | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | earnings, Fed policy, interest rates, Market Outlook, Quality, small caps | Small caps outperformed large caps in Q3 with Russell 2000 up 9.27% versus S&P 500's 5.89%. Small cap earnings likely troughed in Q2 2024 while large caps troughed earlier in Q3 2023. Small caps have more room to run with easier earnings comparisons and below-average valuations. | 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 15, 2024 | Lexington Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | Europe, Federal Reserve, gold, infrastructure, Japan, technology, Trump | US mega-cap technology companies continue to invest extraordinary sums in semiconductor chips and AI capabilities, driving impressive revenue and margin growth. A key piece of the puzzle remains finding meaningful consumer applications to justify these investments. Markets view these companies as being as safe as government debt. | View | |
| 2023 Q3 | Oct 15, 2023 | Rowan Street Capital | 12.8% | 42.3% | META | - | View | ||
| 2023 Q3 | Oct 15, 2023 | Highwood Value Partners | - | - | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MC.PA, MDT, META, MSFT, NOW, ORCL, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming as valuations reach breathtaking levels. | AAPL|MSFT|NFLX|NVDA|UNH 1211.HK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO |
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| 2025 Q3 | Oct 14, 2025 | Wedgewood Partners | 5.9% | 6.2% | AAPL, AMD, AMZN, AVGO, BKNG, CDNS, CDW, CPRT, GOOGL, META, MSFT, NVDA, ODFL, ORCL, ORLY, PGR, PYPL, SNPS, TSM, URI | AI, Capex, Data centers, growth, large cap, semiconductors, technology | AI infrastructure spending is reaching unprecedented levels with forecasts of trillions in necessary investment. The manager expresses concern about the sustainability of current AI spending plans and the transformation of capex-light tech companies into capital-intensive businesses. They worry about the cyclical nature this will create as depreciation expenses weigh on future earnings. | MSFT US META US PYPL US GOOGL US |
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| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS | AI, global, Outperformance, portfolios, small caps, value | Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance. | WIZZ SPB TPN BAX |
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| 2025 Q3 | Oct 14, 2025 | Octahedron Capital | - | - | AAPL, AMZN, AVGO, DASH, GOOGL, HUBS, INTC, MDB, META, MSFT, NFLX, NU, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, UBER, WDAY | AI, Cloud, E-Commerce, growth, payments, semiconductors, software, technology | AI is driving unprecedented demand across infrastructure, software, and applications. Enterprise AI adoption is accelerating with board-level priority, though moving from proof-of-concept to production remains challenging. AI agents and inference workloads represent massive emerging opportunities. | View | |
| 2025 Q3 | Oct 14, 2025 | Bell Global Equities Fund | 3.4% | - | AAPL, AMZN, ASML, CNM, COLOB.CO, GOOGL, META, MMC, MSFT, NVDA, NVO, ORCL, PCTY, SAP.DE, SGE.L, SNPS, TER, TSM, V, WM | global, growth, Quality, semiconductors, technology, valuation | The fund follows a Quality at a Reasonable Price investment approach, focusing on financially robust, well-managed companies with sustainable earnings growth. The current environment has been challenging for quality-focused investors, with the MSCI World Quality Index underperforming by around 9% over the past 12 months. | WM SGE ASML |
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| 2025 Q3 | Oct 14, 2025 | Harding Loevner Global Equity | 2.5% | 10.6% | 0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, diversification, global, healthcare, momentum, technology, valuation | AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative. | TCEHY US GOOGL US TMO US ELV US VRTX US ACN US |
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| 2025 Q3 | Oct 14, 2025 | Sequoia Fund | 1.6% | 21.6% | COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, J, META, RR.L, SCHW, TSM, UMG.AS | financials, healthcare, Media, semiconductors, technology | View | ||
| 2025 Q3 | Oct 14, 2025 | Greenlight Capital | -3.6% | 0.4% | AAPL, BHF, COYA, EIX, FLR, GRBK, KD, LXS.DE, META, MSFT, NVDA, PCG, SOLB.BR, TECK | AI, Biotechnology, Bubble, Mining, skepticism, technology, Utilities, value | Greenlight is highly skeptical of the massive AI investment cycle, questioning whether trillions in promised spending can generate adequate returns. The firm notes that much AI revenue is circular within the supply chain rather than from external customers, and compares the situation to the internet bubble where capital destruction occurred despite the technology's ultimate importance. | View | |
| 2022 Q3 | Oct 14, 2022 | Giverny Capital Asset Management | 7.0% | 20.2% | BRK/A, CIEN, COHR, ERF FP, FRC, JPM, KMX, META, MKL, MTB, PGR, SCHW | - | View | ||
| 2025 Q3 | Oct 13, 2025 | Moneta Group | - | - | AMZN, GOOGL, META, MSFT, NVDA | AI, China, Fed policy, Geopolitical, gold, rates, small caps, Valuations | The ongoing AI-driven investment cycle continued to dominate earnings and capex trends, with five hyperscalers representing roughly 25% of the S&P 500 Index. These companies are projected to drive nearly three-quarters of total corporate capital expenditure growth over the next three years, though significant investment levels create concerns over sustainability and long-term returns. | View | |
| 2025 Q3 | Oct 13, 2025 | 103 Advisory group | - | - | AAPL, AMD, AMZN, CSCO, GOOGL, META, MSFT, NVDA, ORCL, TSLA | AI, Bubble, Fed, rates, small caps, technology, Valuations | AI bubble concerns are growing as mega-cap tech companies have more than doubled AI-related capital expenditures since ChatGPT's launch. Hyperscalers are expected to spend $340 billion on AI infrastructure in 2025, nearly 1% of U.S. GDP. OpenAI's $500 billion valuation and circular financing arrangements with Nvidia and AMD mirror dot-com era vendor financing patterns. | View | |
| 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 12, 2025 | Munro Global Growth Fund | 4.9% | - | 300750.SZ, AMZN, ARES, AVGO, BSX, CLS.TO, CRH, FWONA, GEV, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, ORCL, TKO, TSM, UBER | AI, Cloud, Energy Storage, growth, technology | AI adoption is showing clear signs among corporates globally, with the Magnificent 7 demonstrating significant operational efficiencies through reduced hiring. Oracle's massive backlog demonstrates insatiable demand for AI computing infrastructure, with companies like OpenAI committing to multi-billion dollar contracts. The AI spending roadmap is expected to continue over the medium term with clear return on investment from billions in capex. | ORCL |
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| 2023 Q3 | Oct 12, 2023 | Wealthspire | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Fed policy, fixed income, inflation, Market Volatility, rates | Rising interest rates are creating opportunities for savers with real returns above inflation for the first time since the 1990s. Bond yields at 5.5% offer improved prospects for nominal and real returns. Higher rates are normalizing after the anomalous zero-rate environment post-Financial Crisis. | View | |
| 2025 Q3 | Oct 11, 2025 | Torre Financial | 1.7% | 6.5% | ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM | AI, growth, healthcare, Quality, semiconductors, technology, Valuations | AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. | View | |
| 2024 Q3 | Oct 11, 2024 | GROW Funds | - | - | AAPL, ADBE, AGX, AMZN, BRZE, CRM, DUK, GOOGL, KVYO, META, MSFT, NVDA, ORCL, TSLA, VST, ZETA | Advertising, AI, growth, Natural Gas, small caps, technology, value | AI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power which the current grid capacity cannot support. | AGX ZETA AGX ZETA |
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| 2025 Q3 | Oct 10, 2025 | The Bristlemoon Global Fund | 5.0% | - | AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V | AI, global, Long/Short, Quality, semiconductors, software, technology | The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools. | PAR UN SNPS US GOOGL US ASML NA |
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| 2025 Q3 | Oct 10, 2025 | Headwaters Capital Management, LLC | -2.9% | -5.4% | AMD, AMZN, BSY, BYD, DRVN, GOOGL, INSP, MEDP, META, MSFT, NVDA, ORCL, VVV | AI, Auto Aftermarket, Biotechnology, Bubble, Capex, mid cap, value | Manager believes AI infrastructure spending represents a massive capital cycle similar to telecom buildout in late 1990s, with hyperscalers spending $405B annually by 2026. Views current AI investment as unsustainable earnings bubble driven by elevated CAPEX rather than valuation bubble. Cites Oracle-OpenAI $300B contract as example of irrational economics requiring OpenAI to reach Google Search scale in two years. | View | |
| 2025 Q3 | Oct 10, 2025 | Moon Capital Management | - | - | AMD, AMZN, GOOGL, IONQ, KO, META, MSFT, QBTS, QUBT, RGTI, WMT | AI, Bubble, fundamentals, risk, technology, Valuations, value | Manager draws extensive parallels between current AI investment mania and the late 1990s dot-com bubble. The four major hyperscalers are collectively spending hundreds of billions on AI infrastructure, with Microsoft alone expected to spend over $100 billion this year. Despite genuine technological potential, valuations have reached levels that far exceed realistic expectations, with companies like OpenAI valued at $500 billion while burning significant cash. | View | |
| 2025 Q3 | Oct 10, 2025 | INN8 | - | - | 0700.HK, AAL.L, AMZN, ANG.JO, BABA, BWO.JO, CUR.JO, GFI, GOOGL, IMP.JO, INTC, MCG.JO, META, MSFT, NVDA, ORCL, PRX.JO, TECK | AI, China, global, gold, inflation, rates, tariffs, technology | The euphoria towards artificial intelligence is creating speculative market dynamics where AI spending announcements instantly reward companies with massive market cap increases. Companies like Nvidia, Alibaba, Meta, Microsoft, Alphabet, Amazon, and Oracle have seen their combined market capitalization boosted by about $1.8 trillion from AI investment pledges. While few companies show material returns on AI investments in their financials, investors continue piling into shares of companies spending big on data centers to position themselves as AI leaders. | View | |
| 2024 Q3 | Oct 10, 2024 | The Bristlemoon Global Fund | 6.8% | 7.4% | 0700.HK, 9988.HK, APP, EYE, META, PAR, PDD | Advertising, AI, China, Concentration, gaming, growth, Stimulus, technology | AppLovin's AXON 2.0 AI-powered ad targeting algorithm has driven exceptional growth, with software revenues growing 75% year-over-year. The neural network utilizes recent AI breakthroughs to improve ad targeting beyond previous capabilities. AXON 2.0's targeting improvements allow AppLovin to deliver superior return on ad spend outcomes at scale. | APP |
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| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Oct 1, 2025 | Diranko Capital | 11.2% | 16.3% | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSLA | AI, Big tech, small caps, technology, valuation, value | Manager provides detailed analysis of AI investment economics, arguing that Big Tech's $1 trillion datacenter investments through 2026 require unrealistic revenue assumptions to generate adequate returns. Questions whether AI can replace enterprise software spending and achieve productivity gains quickly enough to justify current valuations. | View | |
| 2024 Q3 | Oct 1, 2024 | Provident Financial Articles | - | - | META | AI, Data centers, infrastructure, Investment, returns, technology, value | Massive investments in AI infrastructure continue despite skepticism about returns. The manager analyzes whether hundreds of billions in AI spending will generate adequate returns, comparing it to historical technology adoption cycles. Early corporate adoption remains limited but infrastructure investments by major players suggest confidence in eventual productivity gains. | META |
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| 2023 Q2 | Oct 7, 2023 | Sequoia Strategy | 7.1% | 20.8% | CACC, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, J, KMX, LBRDK, LMCA, META, MU, NFLX, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, Portfolio Management, value | View | ||
| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | 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 | |
| 2025 Q4 | Jan 9, 2026 | Vision Capital | -5.0% | 9.8% | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers. | SE |
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| 2024 Q4 | Jan 9, 2025 | Rathbones | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Geopolitical, growth, inflation, technology, Trade Policy, US, volatility | The artificial intelligence revolution has driven exceptional returns, with Nvidia as the pre-eminent provider of processors powering AI delivering 172% returns. Technology giants including the Magnificent Seven have benefited significantly from AI-driven growth and investor enthusiasm. | View | |
| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2024 Q4 | Jan 9, 2025 | TEAM Asset Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, gold, infrastructure, Japan, Mega Cap, technology, Trump, US | American productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments. | View | |
| 2024 Q4 | Jan 9, 2025 | Torre Financial | 2.4% | 19.3% | AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI | earnings, growth, international, Performance, portfolio, value | Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics. | View | |
| 2023 Q4 | Jan 9, 2024 | Resilient Asset Management | - | - | AAPL, AMZN, CSCO, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA | Equity Markets, long-term, Magnificent 7, Market Commentary, technology | View | ||
| 2023 Q4 | Jan 9, 2024 | Carrington Wealth Management | - | - | GLXY.TO, LRCX, META, MSFT, MU, SOXX, V, VOO | AI, Fed policy, Global Markets, large cap, Portfolio Management, semiconductors, technology | Organizations must prioritize AI investments to avoid obsolescence, with hyperscalers like Amazon, Google, and Microsoft redirecting infrastructure spending toward AI initiatives. AI promises cost reductions and technological breakthroughs while displacing human labor and unlocking novel efficiencies. The current AI spending dynamic is backed by robust cash flows rather than debt, enabling sustained commitment and tremendous agility. | View | |
| 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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| 2023 Q4 | Jan 9, 2024 | The Wolf of Harcourt Street | - | 34.3% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations | The dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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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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| 2024 Q4 | Jan 8, 2025 | Hennessy Cornerstone Growth Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, energy, financials, Japan, Rate Cuts, regulation, small caps, volatility | Growth in artificial intelligence and data centers demands more energy, driving investment opportunities across traditional and renewable energy value chains. AI is identified as a key driver of increased energy demand alongside data centers. | View | |
| 2024 Q4 | Jan 8, 2025 | Tapasya Investment Fund | - | 17.8% | AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements. | View | |
| 2023 Q4 | Jan 8, 2024 | Artemis US Select Fund | 8.3% | - | AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC | Cloud, energy, financials, healthcare, Housing, semiconductors, technology | Structural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers. | BLDR AMZN |
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| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2025 Q4 | Jan 7, 2026 | Bridgewater Associates | 0.0% | 0.0% | AAPL, META, NVDA | AI, Capex, Data centers, Fed, growth, inflation, Labor, productivity | AI capex boom is set to significantly support US growth with estimated 140bp boost in 2026 and 150bp boost in 2027. The resource grab phase involves massive data center build-out primarily in the US, creating acute price pressures in power, memory chips, and materials while having limited labor market impact. Global data center capacity build-out is accelerating with majority occurring in the US. The construction creates supply chain pressures for key components like memory chips, generators, and transformers, while requiring minimal labor relative to capital investment. Memory chip supply chains are overwhelmed with companies like SK Hynix sold out until 2027. These supply pressures affect other goods using same inputs, with memory chips representing about 10% of iPhone cost of goods sold. Surging compute demand is hitting power availability constraints in the US, including insufficient peak generation capacity and transmission capacity. Hyperscalers are turning to behind-the-meter solutions like natural gas turbines despite cost disadvantages. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMZN, APO, AVGO, DEO, EQT, GOOGL, HLN.L, JPM, KVUE, MDLZ, MET, META, MSFT, NESN.SW, NVDA, ORCL, TSLA, UPS, WMB | diversification, dividends, Natural Gas, Quality, technology, value | The strategy focuses on high-quality dividend payers with three key attributes: downside protection, current income, and growth. Dividend growers help combat inflation and provide 40% of total return over the long term. The fund initiated positions in Alphabet and Meta when they announced regular dividend policies. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ABNB, ACN, AMZN, ASML, AVGO, GOOGL, ISRG, LLY, META, NEE, NFLX, NVDA, NVO, TMO, TSLA, UBER, UNH, V, ZTS | growth, healthcare, large cap, Magnificent Seven, technology, Valuations | AI is clearly a megatrend that the managers are monitoring closely to gauge the next phase of use cases and impact both to technology-oriented businesses and to those in more traditional industries. Portfolio holding Intuitive Surgical is making significant strides in providing feedback to surgeons using its robotic instruments. | ABNB NVO ICLR |
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| 2024 Q4 | Jan 7, 2025 | Right Tail Capital | 0.0% | 10.3% | AAPL, AMZN, BRK-B, GOOGL, META, MSFT, NVDA, TSLA | Compounding, Concentration, long-term, Quality, value | The manager is studying artificial intelligence both for its potential impact on the world and ways to use it in investing processes. Google NotebookLM has been a positive discovery for uploading files and having them summarized into podcasts. | View | |
| 2024 Q4 | Jan 7, 2025 | HORAN Capital Advisors | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, earnings, inflation, large cap, rates, small caps, valuation | The artificial intelligence theme was pervasive for most of 2024 and led to the formation of the Magnificent 7 stocks. These AI-driven companies accounted for just over 50% of the S&P 500 Index return in 2024. However, the slowing earnings growth is expected to be centered in the Magnificent 7 stocks while other stocks are anticipated to accelerate. | View | |
| 2024 Q4 | Jan 7, 2025 | Montaka Global Investments | - | - | AMZN, BABA, BX, CRM, FND, GOOGL, KD, KKR, MC.PA, MDB, META, MSFT, NOW, SPGI, SPOT, UNH | AI, Alternative Assets, Cloud, Concentration, Enterprise Software, growth, technology | AI represents a major structural transformation where the marginal cost of intelligence is rapidly approaching zero, catalyzing infusion into nearly all aspects of life and the economy. Montaka focuses on owning business advantages in AI rather than technologies, including economies of scale in compute delivery and embedded distribution channels. Enterprise deployments of AI applications are expected to accelerate meaningfully in 2025. | View | |
| 2024 Q4 | Jan 7, 2025 | Horos Asset Management | 1.9% | 11.8% | AAPL, AMZN, AXP, CSCO, DIS, GOOGL, KO, LBTYA, MCD, META, MSFT, NVDA, PG, PYPL, TSLA | Concentration, contrarian, Europe, Market Risk, Spain, Telecommunications, value | The fund maintains a disciplined value investing approach, focusing on acquiring stocks with attractive risk-return trade-offs regardless of market trends. They emphasize contrarian positioning against trend-following investors who dominate current markets. | ZEGN.L |
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| 2025 Q4 | Jan 6, 2026 | Legal & General – Active Fixed Income | 0.0% | 0.0% | AMZN, GOOGL, LXS.DE, META, MSFT, ORCL, PARA, SESG.PA, WBD, WPP.L | AI, Bonds, credit, Fiscal, Hyperscalers, infrastructure, Issuance, technology | Massive AI capital expenditure by hyperscalers is driving extraordinary levels of bond issuance, with companies like Microsoft, Amazon, Meta and Google requiring $500-800 billion of additional debt annually. This AI spending boom is creating significant macroeconomic impact and supporting US growth expectations as companies redeploy capital back into the economy. Hyperscalers are increasingly accessing private credit markets for bespoke AI infrastructure projects, with Meta's $29 billion public/private credit deal representing the largest private credit transaction in history. The private credit market is becoming a key funding source for off-balance-sheet AI projects and data center development. Global shift from monetary to fiscal policy is driving increased government infrastructure spending, with Germany releasing their debt-brake and Japan electing a pro-fiscal policy prime minister. This fiscal expansion is creating a new paradigm of government-led growth initiatives alongside corporate AI infrastructure investment. | View | |
| 2025 Q4 | Jan 6, 2026 | Westfield Capital Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Breadth, cyclicals, earnings, Fed, small caps, technology, Valuations | AI remains the largest structural EPS driver into 2026, but investors are increasingly focused on companies translating AI spend into pricing power, margin leverage, and measurable revenue outcomes. The early-year AI melt-up reversed sharply in April, exposing speculative excess as story stocks began to lose momentum. ROI discipline and selectivity now define performance, reinforcing a true stock-picker's market. Small caps are breaking multi-year bases with early signs of leadership rotation beneath the surface. Small cap earnings revisions turned positive for the first time in years, reinforcing the durability of market broadening into 2026. Small caps and cyclicals trade at a meaningful discount to large caps, creating attractive opportunities where fundamentals are improving faster than prices. Earnings leadership is broadening across Financials, Industrials, Health Care, and small caps. Small- and mid-cap earnings expectations are inflecting higher after several years of underperformance, narrowing the growth gap versus the largest stocks. Consensus points to more balanced EPS growth across market segments in 2025-26, supporting a healthier and less concentrated earnings backdrop. | View | |
| 2025 Q4 | Jan 5, 2026 | East72 Dynasty Trust | -2.3% | 8.2% | 1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA | Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value | Manager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. Strong underlying environment with 5-7% growth in international passengers, near 100% capacity utilization, and limited aircraft availability. Avation represents asymmetric opportunity trading at 18% discount to NAV despite improved financial position. International travel showing robust 5-7% growth with domestic passengers up 2-3%. Travel retail through Avolta benefits from solid growth and concession wins, while aircraft leasing capitalizes on passenger growth trends. | AVAP LN DIE BB HANA LN |
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| 2023 Q4 | Jan 4, 2024 | Sandhill Investment Management | - | 29.9% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | American productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments. | View | |
| 2025 Q4 | Jan 31, 2026 | YCG Investment | - | - | AAPL, CPRT, GOOGL, LIN, META, TDG, VRSK | aerospace, Industrial, Long Term, Networks, Quality, Speculation, technology, value | YCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. The firm believes quality stocks are undervalued as investors chase speculative opportunities. TransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. The aerospace aftermarket benefits from secular growth in air travel and regulatory barriers that create pricing power for parts suppliers. Linde operates in industrial gases with economies of scale advantages and take-or-pay contracts that provide guaranteed income streams. The business benefits from mission-critical applications across diverse industries and expensive transportation costs that create local monopolies. Meta demonstrates the resilience of large networks through its ability to adapt to competitive threats and regulatory changes. The company's massive user base and AI investments have enabled it to maintain growth in engagement and advertising despite challenges from TikTok and Apple's privacy changes. | META LIN TDG |
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| 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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| 2023 Q4 | Jan 31, 2024 | Penn Davis McFarland | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Banking, Cash, credit, Quality, rates, technology | The Magnificent Seven tech companies, super-charged by enthusiasm for AI, drove 62.2% of S&P 500 performance in 2023. This AI-driven rally left many traditional old-world businesses behind while pushing broader indices back near their highs. | View | |
| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2025 Q4 | Jan 30, 2026 | Matrix Dividend Income | 0.0% | 0.0% | ACN, LMT, META, TXN | AI, consumer, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. The Dividend Income portfolio's companies increased dividends by an average of 5.8% in 2025, with holdings having raised dividends for an average of 17.5 years. Lower short-term money market rates following Fed cuts should renew market interest in dividend paying stocks, providing an additional tailwind for the portfolio. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect rotation from Large Cap Growth stocks with highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. The Federal Reserve cut interest rates three times in 2025 and is expected to cut at least twice more in 2026. Matrix remains cautious on intermediate and long-term bonds due to questions about Fed independence and potential for renewed inflationary pressure, focusing on shorter-term maturities. | FISV TXN |
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| 2025 Q4 | Jan 30, 2026 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ACN, FI, GNRC, LMT, META, TXN | AI, dividends, Fed, financials, rates, technology, value | Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect a rotation from Large Cap Growth stocks with the highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. Matrix expects high quality Value and Dividend stocks to perform well in an environment where investors are seeking to replace income lost due to declining short-term interest rates. Lower short term money market rates following additional Fed Fund cuts should renew the market's interest in dividend paying stocks. | View | |
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Fund | - | - | AAPL, AMD, AMZN, ASAI, BEKE, BMRI.JK, CRM, Gold, GOOGL, HON, HYMTF, JCI, LLY, META, MRK, SIEGY, STM, TCEHY | AI, cyclicals, financials, global, healthcare, industrials, materials, technology | Portfolio increased exposure to structural investment trends, namely software, while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI to supply 6 gigawatts of high-performance graphics chips and broader investor rotation into AI infrastructure. Barrick Mining rose sharply underpinned by fresh wave of investor enthusiasm for gold, with record bullion prices boosting revenue, margin and earnings estimates. Portfolio reduced exposure to gold via exiting Valterra Platinum following rapid price moves. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, as the company sees strong demand. Portfolio increased exposure to Amazon partly based on infrastructure business winning market share. STMicroelectronics detracted with sentiment dented by softer demand in key end markets, notably automotive and industrial chips. AMD surged on chipmaker's landmark agreement with OpenAI and broader AI infrastructure rotation. | View | |
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Value Fund | 0.0% | 0.0% | 005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE | consumer, financials, global, healthcare, industrials, materials, technology, value | Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled. | BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B |
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| 2025 Q4 | Jan 30, 2026 | ACR Alpine Capital | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT | AI, Bubble, P/E Ratios, risk management, technology, Valuations | AI LLMs are likely to be as revolutionary as the Internet, with massive capital investment by hyperscalers expected to reach $472 billion by 2026. Corporate return-on-capital may be challenged due to large capital investments, though consumers may ultimately benefit the most from AI LLMs. The firm sees AI as useful technology but notes it has not yet helped them become better investors. The S&P 500 cyclically adjusted P/E is at an all-time high of 46.6 with earnings yield at an all-time low of 2.1%. The firm believes today's greatest economic risk is a decline from current elevated P/Es and protects against this by maintaining portfolios with very different valuation characteristics from the market. They define a bubble as when returns implied by valuations are heading in a different direction to returns expected by investors. | View | |
| 2025 Q4 | Jan 30, 2026 | Legacy Ridge Capital | 0.0% | 7.0% | AAPL, AMZN, GOOGL, KRP, META, MNR, MSFT, NVDA, PII, PLTR, TSLA | Capital Allocation, Cash, dividends, energy, Exploration & Production, value | Fund maintains 30% cash position as defensive measure against expensive market valuations. Cash provides optionality for opportunistic deployment when attractive opportunities arise. Management views current cash levels as necessary given stretched valuations across broader markets. Portfolio focused on dividend-paying companies with 6% yield, emphasizing businesses that return excess cash to shareholders. Key holdings KRP and MNR have dividend policies returning 75% and over 50% of cash flow respectively. Dividend income provides steady cash flow for redeployment opportunities. Significant allocation to energy sector through Mach Natural Resources and Kimbell Royalty Partners. Focus on companies with disciplined capital allocation, low leverage, and high distribution yields. Both companies emphasize acquiring cash-flowing assets and returning capital to shareholders. Investment philosophy centered on buying businesses at discounts to intrinsic value based on discounted cash flows. Contrasts current approach with expensive growth stocks trading at extreme valuations. Emphasizes margin of safety and business owner mentality in stock selection. | MNR |
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| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
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| 2025 Q4 | Jan 30, 2026 | Optimum Fixed Income Fund | 1.1% | 7.6% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, credit, duration, fixed income, interest rates, Mortgage, TIPS | Artificial intelligence remained a major investment theme during the quarter, driven by heavy spending from large technology companies. However, concerns emerged around profitability and rising costs associated with AI investments. | View | |
| 2025 Q4 | Jan 30, 2026 | Optimum Large Cap Growth Fund | 1.6% | 15.9% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Biotech, Communication Services, growth, healthcare, large cap, semiconductors, technology | Artificial intelligence remained a major investment theme, driven by heavy spending from large technology companies, though concerns emerged around profitability and rising costs. | View | |
| 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 30, 2026 | Skybound Wealth Management | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT, ORCL | AI, Capex, Data centers, energy, Hyperscalers, inflation, rates, yield curve | AI remained the dominant theme driving US and global returns, with Communication and IT sectors delivering exceptional performance. The worldwide adoption of GenAI is already at 15-20% with projected growth rates for 2026-2027 almost doubling these rates. Major hyperscalers are expected to increase their capex to around $500bn in 2026, over three times their pre-ChatGPT levels. Global Data Centers currently use 1.5% to 3% of all total global electricity usage, with 5% to 15% consumed by AI workloads. The enormous demand for AI equipment results in ever-growing demand for energy, creating infrastructure challenges for projected growth rates ahead. Energy costs face upward pressure due to AI infrastructure demands, with 80% of all energy production being hydrocarbon generated. The growth rate in non-hydrocarbon energy is not fast enough, and refining capacity cannot keep up with demand. Energy inflation could feed back into services inflation if it picks up sufficiently. Services inflation has become sticky with key items such as food running at alarmingly high levels. The multi-variate nature of current inflation is different this time, with energy costs unable to sink much lower and potential feedback loops between energy and services inflation creating structural concerns. Markets are watching for equilibrium between full employment and stable inflation to determine R* (neutral rate). The front-end of the yield curve remains suppressed by easing expectations, but the long-end remains anchored to pre-covid norms inconsistent with higher debt and higher R*. This creates risk of adjustment delivered with whiplash force. | View | |
| 2024 Q4 | Jan 30, 2025 | Summers Value Partners | - | 27.4% | AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV | Concentration, healthcare, Long/Short, Medical Devices, small caps, value | Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms. | ZIMV INDV UFPT ELMD |
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| 2023 Q4 | Jan 30, 2024 | The Muhlenkamp Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | energy, Federal Reserve, inflation, interest rates, Recession, technology | Manager expects inflation to remain similar or higher over the next couple of years, departing from the 2009-2021 low inflation period. They view this as a key risk factor for 2024 and believe they are in a period of structurally higher inflation and interest rates. | View | |
| 2025 Q4 | Jan 3, 2026 | Torre Financial | 1.9% | 8.5% | ADBE, AMZN, ANET, ASML, CRM, FDS, GOOGL, LLY, META, MSFT, NVDA, PYPL, TSM, UBER, UNH | AI, competition, growth, healthcare, Quality, technology, value | The race for AI has drawn in technology companies and nation states, with massive capital spending from Google, Microsoft, Amazon, Meta, and OpenAI driving Nvidia to become the first 5 trillion market cap company. The US has launched the Genesis Mission to ensure America wins the AI race, while China has shown innovation with DeepSeek. The portfolio focuses on strong, proven businesses with attractive business models, exhibiting strong returns on capital, competitive advantages, and durable growth. High quality, cash-flowing companies were not particularly sought after in 2025, with many high quality compounders selling off significantly. Eli Lilly's performance was propelled by their GLP-1 offerings and promising pipeline, contributing to the portfolio's top performers in 2025. | View | |
| 2024 Q4 | Jan 3, 2025 | Rodrigo Benedetti | - | - | AAPL, AMZN, APP, CIEN, CUBI, GOOGL, META, MSFT, NVDA, PFBC, PLTR, TMDX, TSLA | AI, banks, Biotech, Europe, semiconductors, technology, value | Manager extensively analyzes AI capex spending by major tech companies, questioning sustainability of current investment levels and whether returns will justify the massive capital deployment. Notes that companies like MSFT and META are spending heavily on AI infrastructure, with some potentially approaching zero free cash flow. | View | |
| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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| 2025 Q4 | Jan 29, 2026 | Weitz Large Cap Equity Fund | 0.6% | -0.2% | ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO | AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value | The artificial intelligence infrastructure trade took a breather after a red-hot summer. Google's Gemini AI surpassed expectations with performance moving to the front of the pack according to respected industry benchmarks, helping Alphabet solidify its spot as an AI leader. | View | |
| 2025 Q4 | Jan 29, 2026 | Weitz Multi Cap Equity Fund | -1.5% | 3.2% | ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH | healthcare, multi-cap, technology, Telecom, underperformance, value | Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure. | CHTR KMX PRM |
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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 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2025 Q4 | Jan 29, 2026 | FPA Crescent Fund | 3.1% | 17.7% | ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | AI, global, healthcare, Quality, small caps, technology, value | The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined. | MSFT |
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| 2023 Q4 | Jan 29, 2024 | Focus Wealth Management | - | - | AAPL, ALK, AMZN, GOOGL, HA, META, MSFT, NVDA, TSLA | Alternatives, Canada, dividends, fixed income, international, mid cap, private credit, value | Focus employs a sound, value-based philosophy using bottom-up security selection. They find opportunities in mid-sized companies trading at attractive valuations with strong business models and healthy balance sheets. International stocks trade at meaningful discounts to North American stocks, with UK market offering dividend yield nearly three times that of S&P 500. | View | |
| 2025 Q4 | Jan 28, 2026 | GMO | - | - | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | View | |
| 2025 Q4 | Jan 28, 2026 | Prosper Stars & Stripes | 1.2% | 9.9% | ATI, EAT, GTLB, INOD, KTB, META, MSFT, PDFS, RVTY, SEAT, SITM, STUB, TKNO | AI, alpha, healthcare, Long/Short, semiconductors, small caps, value | AI investment cycle driving economic growth and market gains, with revenue per employee increasing at large AI companies. AI infrastructure spending not out of line with past tech investment expansions. GenAI reshaping software development and creating competitive pressures for traditional seat-based pricing models. Semiconductor industry experiencing high growth from normal demand plus AI buildout. Companies like PDF Solutions benefiting from increased need for yield improvement tools in 3-D semiconductor structures and supply chain data sharing as US builds denser semiconductor supply chains. Small caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. Healthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. | View | |
| 2024 Q4 | Jan 28, 2025 | Rozendal Partners | - | -3.0% | AFE.JO, BLU.JO, BUR.L, GDR.JO, HCI.JO, JD, MDIA3.SA, META, NE, PIK.JO, PPC.JO, SESG.PA, SHP.JO, TBS.JO, TSCO.L | global, retail, stock selection, technology, underperformance, value | Burford Capital operates in the litigation funding market, which offers attractive long-term growth prospects and favorable economics. The business provides capital to fund legal expenses in return for a share of proceeds, with returns typically around 30% internal rates of return. However, the company's high cost structure limits profitability of third-party asset management. | View | |
| 2024 Q4 | Jan 28, 2025 | Biondo Investment Advisors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, inflation, productivity, rates, small caps, tariffs, technology, Trade Policy | Hyperscaler capital expenditure growth has been booming, soaring 75% in 2025 as leading US technology companies spend tens of billions on GPUs and AI model development. AI enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape work. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. | View | |
| 2023 Q4 | Jan 28, 2024 | Montaka Global Investments | - | - | 0700.HK, AMZN, BABA, BX, CG, CRM, GOOGL, KKR, LVMH.PA, META, MSFT, NOW, SPGI, SPOT, V | AI, Alternative Assets, compounders, Digital Marketing, Financial Services, global, Luxury, technology | Montaka sees AI winners across three dimensions: those that can distribute AI benefits to customers (Microsoft, ServiceNow, Salesforce, Spotify), those that employ AI in their operations (Meta, Alphabet), and those that sell compute and services for AI applications (Amazon, Microsoft, Alphabet). The firm believes large-scale AI rollouts have not yet begun despite early experimentation. | ^VIX SPGI KKR ABX MC.PA |
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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 | Peapack Private | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT, ORCL | AI, Economic Growth, geopolitics, Labor Market, monetary policy, technology, Valuations | Hyperscalers are dramatically increasing AI capital expenditure from $400 billion in 2025 to over $600 billion by 2027. AI investment is driving 30% of GDP growth but faces risks from over-investment with 95% of organizations getting zero return on AI investments currently. S&P 500 trades at 22 times forward earnings, matching Internet bubble levels and 1.5 standard deviations above 30-year average. Elevated valuations reflect low interest rates and optimistic 12.1% earnings growth expectations for 2026. Unemployment rose to 4.6%, highest in four years, with job creation averaging only 22,000 monthly over past three months. Companies are retaining staff but not hiring, with particular weakness among recent college graduates at 5.8% unemployment. Trump Administration is remaking world order with radically reset trade relations, strained alliances replaced by unilateralism, and commercial interests prioritized over strategic interests. This creates heightened uncertainty where unpredictability is seen as virtue. | View | |
| 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 | First Eagle Global Fund | 5.4% | 31.6% | 005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS | AI, defense, Geopolitical, global, gold, Resilience, technology | Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues. | BA LN BABA META ORCL CHRW 005930 KS GOOG |
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| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2023 Q4 | Jan 25, 2024 | Chilton Capital Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, growth, rates, REITs, technology, value | Artificial intelligence emerged as a tangible and material business driver for many companies in 2023, particularly mega-cap growth stocks. AI contributed to dramatic gains and renewed confidence in technology companies as a key catalyst for future growth. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments | - | - | AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM | Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value | The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields. | View | |
| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
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| 2025 Q4 | Jan 23, 2026 | Tectonic Investors | 0.0% | 0.0% | AAPL, GOOGL, META, MP, UBER | Automation, Critical Minerals, Investment, Manufacturing, Physical AI, Robotics, semiconductors, technology | Robotics represents the migration of intelligence from digital to physical world, a transformative general-purpose technology at the intersection of energy, mobility, AI, infrastructure and manufacturing. Economics have crossed critical threshold with robotic total cost of ownership reaching parity with human labor costs in many tasks. Industry estimates project $500B in hardware sales by 2030, $9T by 2040, and $25T by 2050. Physical AI demands low-latency, energy-efficient compute with semiconductor content in advanced robots projected to grow rapidly. Intelligence is becoming embodied, mobile, and scalable as global corporate leaders like Google, Meta, Apple aggressively hire robotics talent to position for shift into physical AI. Physical AI demands specialized semiconductor solutions with companies like Horizon Robotics designing energy-efficient, low-latency AI SoCs for perception, planning, and control at the edge. Morgan Stanley estimates need for 40,000x increase in edge computing capacity to 12.5 million ExaFLOPS worth $1.5T by 2050. Critical minerals including lithium, cobalt, nickel, copper, and rare earth elements are foundational to robotics industry. Over 95% of motors in humanoid robots use rare earth magnets with each unit using 2-4 kilograms of these materials. MP Materials positioned to supply critical materials for surge in global robotics. Automation is transitioning from experiment to rational capital allocation decision as robotic total cost of ownership reaches parity with fully loaded human labor costs including recruitment, training, turnover, downtime, safety, insurance, and variability. Focus on dangerous, dirty and dull tasks where customers willing to pay premium. | View | |
| 2024 Q4 | Jan 23, 2025 | African Lions Fund | - | 27.1% | META | AI, Data centers, infrastructure, Investment, returns, technology, value | Massive investments in AI infrastructure continue despite skepticism about returns. The manager analyzes whether hundreds of billions in AI spending will generate adequate returns, comparing it to historical technology adoption cycles. Early corporate adoption remains limited but infrastructure investments by major players suggest confidence in long-term productivity gains. | META |
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| 2023 Q4 | Jan 23, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Concentration, growth, small caps, technology, Valuations, value | Small cap stocks have significantly underperformed large cap for years, with the Russell 2000 underperforming the Russell 1000 by 4.7% annualized over the past decade. However, positive-earning small cap companies are trading at attractive valuations relative to large cap, with the forward P/E ratio at 0.72 versus large cap when filtering out negative earners. This represents the 17th percentile over 30 years, suggesting an attractive entry point for small cap exposure. | View | |
| 2025 Q4 | Jan 22, 2026 | Jensen Investment | 0.0% | 5.6% | AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM | AI, growth, large cap, Market Concentration, Quality, semiconductors, technology | The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022. | AVGO SYK WM CPRT MMC ACN LLY APH KLAC |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2024 Q4 | Jan 22, 2025 | Leonard Rickey Advisors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Fed policy, growth, large cap, rates, Valuations | Artificial intelligence led to strong gains for US large-cap growth stocks and the Magnificent Seven companies. The boom in artificial intelligence was a key driver of stock performance throughout the year. Technological breakthroughs in artificial intelligence could result in meaningful labor productivity gains. | View | |
| 2025 Q4 | Jan 21, 2026 | Columbia Global Technology Growth Fund | 2.0% | 25.1% | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology | The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies. | NOW MU TSM GOOGL |
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| 2025 Q4 | Jan 21, 2026 | Advisors Capital | - | - | AAPL, AMD, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, SLB, TSLA | AI, energy, Geopolitical, inflation, productivity, technology, Venezuela | AI-driven capital spending remains a powerful force propelling company valuations higher over the past three years. AI adoption is proceeding rapidly with productivity gains helping offset wage pressures and containing inflation. The technology is displacing many jobs while reducing business costs, creating an almost ideal environment for stock prices. The capture of Nicolás Maduro represents a dramatic change in U.S. foreign policies under the Monroe-Trump Doctrine. This signals a more assertive approach to countering hostile regimes in the Western Hemisphere, with implications for Cuba, Iran, and China's strategic positioning in Latin America. Venezuela's leadership change may lower global oil prices and benefit energy companies and oilfield service providers. Oil prices are likely to decline further with positive economic consequences globally, boosting real household income and helping reduce inflation measures. Inflation has moderated meaningfully from its 2022 peak and while it remains above the Fed's target, pressures are expected to ease further into 2026. AI-driven productivity gains may help offset wage pressures, keeping inflation and interest rates relatively contained. | View | |
| 2025 Q4 | Jan 21, 2026 | VT Holland Advisors Equity Fund | 0.0% | 0.0% | AMZN, JD2.L, META, NU, TSM, WISE.L | AI, Compounding, global, long-term, Owner Managers, Quality | The fund focuses on great companies with sustainable competitive advantages, run by brilliant owner managers, bought at attractive prices. These businesses have enduring moats that protect excellent returns on invested capital and create lasting customer loyalty through win-win outcomes. Manager sees AI as potentially solving the productivity growth problem that has plagued western economies for 20 years. Views Amazon, TSMC, and Meta as portfolio beneficiaries, with Amazon particularly well-positioned as a trusted supplier of AI solutions through AWS. Amazon highlighted as a standout investment that looks somewhat forgotten, with its AWS business providing a unique position as a trusted, Scale Economy Shared supplier to large organizations seeking AI-powered solutions. | View | |
| 2025 Q4 | Jan 21, 2026 | Ophir | 0.0% | 0.0% | AAPL, GOOGL, META, MSFT, NVDA | earnings, global, Outperformance, small caps, stock picking, technology | After prolonged underperformance, small caps are positioned for sustained outperformance as the missing ingredient - earnings growth - has finally arrived. Small cap earnings expectations relative to large caps are improving for the first time since 2022, supported by cyclical economic factors and broader market participation. Earnings are identified as the primary long-term driver of index performance and the key catalyst that has been missing for sustained small cap outperformance. Small cap earnings expectations relative to large caps are now showing compelling evidence of improvement after years of underperformance. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Capital Appreciation Fund | 0.8% | 14.0% | AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector. | MRK APH |
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| 2024 Q4 | Jan 21, 2025 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Concentration, diversification, growth, Magnificent Seven, small caps, value | Growth stocks significantly outperformed value in Q4 2024, with the Russell 1000 Growth Index rallying 7.1% versus a 2.0% drawdown for value. On the year, growth outperformed value by almost 2.5 times (33.4% versus 14.4%). This represents the greatest two-year underperformance of value to growth since 1979. | View | |
| 2025 Q4 | Jan 20, 2026 | Pernas Research | 4.8% | 54.3% | ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX | AI, defense, Mean reversion, small caps, technology, value | AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Small Companies | 0.4% | 8.5% | AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN | global, healthcare, momentum, Quality, small caps, technology, value | The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns. | 2344 TT DIA IM 298380 KS |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 18, 2026 | Ithaka US Growth Strategy | -6.1% | 4.5% | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology | The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute. | VEEV NOW GOOG AMD ISRG |
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| 2025 Q4 | Jan 18, 2026 | BNY Mellon Appreciation Fund | 1.3% | 10.2% | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility | Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk. | View | |
| 2025 Q4 | Jan 18, 2026 | Troy Multi-Asset Strategy | 0.0% | 0.0% | AMZN, DEO, EXPN.L, FI, GOOGL, LSEG.L, META, MSFT, NVDA | AI, Cloud, Data, global, Quality, technology, value | AI disruption is more imagined than real at this point, with earnings for companies in the crosshairs remaining sound. The Strategy sees significant opportunity as several portfolio companies are temporarily misjudged in debates about AI's potential impact. Capital expenditure estimates for major tech companies are over 50% above where they were 18 months ago, but scaling laws continue to hold and AI demand currently outstrips supply. Data and information service providers face hypothetical challenges focused on AI's potential to change competitive dynamics, leading to valuation de-rating despite solid operating results. Companies like Experian and LSEG have proprietary datasets that cannot be easily replicated by AI, with deep regulatory moats and embedded customer relationships providing protection. Cloud service revenues are accelerating as capacity comes online, with contracted backlogs growing substantially faster than revenues. Despite enormous scale, revenue growth has accelerated across major cloud providers including Azure, Google Cloud, and AWS, driven by AI demand that currently outstrips supply. | EXPN LN LSEG LN DGE LN FISV |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2025 Q4 | Jan 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View | |
| 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 18, 2024 | Titan Wealth | - | - | EBAY, EL, HEIA.AS, META, NKE, NVDA, ORCL, PTC, SNY | AI, Energy Transition, global, inflation, interest rates, Multi-Asset, technology, thematic | AI is described as the 4th industrial revolution and the most important investment theme for coming years. The firm is working to identify second and third-round beneficiaries of the AI boom with modest valuations. They plan to increase exposure to technology and innovation themes embracing AI in early 2024. | View | |
| 2024 Q4 | Jan 17, 2025 | Skybound Wealth Management | 3.9% | - | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, rates, small caps | The manager discusses the massive investments by tech giants like Microsoft, Meta, Amazon, and Google in AI infrastructure and training models, comparing it to the dot-com era. They note that while AI will increase productivity, the capabilities may be less than expected and no killer app has emerged yet to demonstrate high returns on investment. | ELUT ZETA XERS MDXH |
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| 2023 Q4 | Jan 17, 2024 | Brown Advisors Global Leaders Strategy | - | - | AAPL, AMZN, BBRI.JK, GOOGL, INTU, META, MSFT, NVDA, NVO, TSLA | Concentration, global, long-term, Quality, risk management, value | The strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. The managers emphasize investing in businesses that demonstrably help their customers succeed, citing examples like Intuit's QuickBooks platform and Bank Rakyat's micro lending business. | View | |
| 2025 Q4 | Jan 16, 2026 | 103 Advisory group | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | consumer, credit, earnings, Federal Reserve, inflation, K-shaped, Midterms, rates | Headline CPI eased to 2.7% year-over-year in November, driven largely by slowing shelter costs. The shelter component slowed from 3.8% in September to 3.0% in November, the lowest reading since August 2021. The CPI report surprised all economists, with none predicting this low of a reading. Lower-income households are reducing discretionary spending while higher-income households maintain resilient demand. Bank of America data shows lower-income households recorded only 0.6% year-over-year spending growth versus 2.6% for higher-income households. Buy-now-pay-later usage rose 9% year-over-year. Aggregate credit card limits have risen to a record $5.3 trillion, a 35% increase over five years. Outstanding credit card balances total $1.2 trillion, up 6% over 12 months. Credit card delinquencies edged higher in the third quarter, coinciding with elevated interest rates at 21%. The Federal Reserve has pivoted toward a more accommodative stance, lowering interest rates and restarting balance sheet expansion. Treasury bill purchases began in December at roughly $40 billion per month. Market expectations price in two rate cuts in 2026 versus Fed projections of only one. | View | |
| 2025 Q4 | Jan 16, 2026 | Richie Capital Group | - | - | AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO | AI, Data centers, emerging markets, geopolitics, rates, technology | The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026. | View | |
| 2024 Q4 | Jan 16, 2025 | Chilton Capital Management | - | - | AMZN, CRM, META, TSLA | AI, Federal Reserve, interest rates, Mega Cap, real estate, REITs, tariffs | Artificial intelligence remained the hottest topic in corporate America with AI models improving significantly. Companies including Salesforce and Meta Platforms realized immediate benefits from AI implementation. | View | |
| 2024 Q4 | Jan 16, 2025 | RVK | - | - | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, Dollar, global, growth, innovation, semiconductors, tariffs, technology | Strong demand for AI-driven technologies supported performance across data center and semiconductor holdings. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust AI-related data center demand. | View | |
| 2023 Q4 | Jan 16, 2024 | Peak Asset Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Precious Metals, rates, technology, Valuations | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth since ChatGPT launch. | View | |
| 2025 Q4 | Jan 15, 2026 | Alger Spectra Fund | -1.2% | 29.4% | CDTX, GOOGL, META, MRK, MSFT, NBIS, NTRA | AI, Biotechnology, Cloud, Communication, growth, healthcare, technology | AI remains at an inflection point with potential for significant productivity increases. However, the quarter saw increased scrutiny around AI infrastructure bottlenecks, financing sources, and whether returns can match capital deployed. Despite volatility, demand for AI infrastructure continues to outstrip supply. Cloud computing continues growing and supporting innovation. Microsoft Azure showed strong 39% year-over-year growth despite capacity constraints, with commercial bookings surging 111% and remaining performance obligations up 51%. Strong performance from specialty diagnostics and therapeutics companies. Natera showed strong earnings with higher test volumes and favorable reimbursement dynamics. Cidara Therapeutics was acquired by Merck for $9.2 billion based on its promising influenza prevention drug. | META MSFT NBIS CIDM NTRA GOOGL |
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| 2025 Q4 | Jan 15, 2026 | Chevy Chase Trust | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL, TSLA | AI, Automation, Genomics, global, healthcare, inflation, technology, thematic | AI is extremely capital-intensive and competitive, unlikely to produce extraordinary profitability of prior tech companies. Capital spending and R&D consume greater share of sales for largest AI providers than drug stocks. Manager reduced exposure to AI-related companies over the last year due to concerns about future return on AI investment. After four decades of declining interest rates and ten years of very low inflation, both rates and inflation have returned to long-term norms. This marks a notable shift in the global investment landscape that has not yet been reflected in most investors' portfolio positioning. As the global labor force ages and need for supply-chain redundancies becomes more acute, companies increasingly seek ways to do more with fewer people. Automation technologies have matured and reached an inflection point, now offering attractive returns on investment across many industries. Breakthroughs in genomics have changed the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics have converged to generate diagnostics and treatments specific to individual patients and diseases. Companies leading the genomic medical revolution are well positioned for long-term outperformance. | View | |
| 2025 Q4 | Jan 15, 2026 | GROW Funds | 0.0% | 0.0% | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation | The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection. | MDXH AXSM MAMA |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 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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| 2025 Q4 | Jan 15, 2026 | MacNicol & Associates Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Canada, Currency, Federal Reserve, Precious Metals, real assets, Trade Policy, volatility | Artificial intelligence continued to drive market returns with the Magnificent Seven contributing over 60% of S&P 500 gains. The narrative is evolving from infrastructure spending to productivity results, with markets likely to reward companies that translate AI adoption into real efficiency gains in 2026. Gold rose more than 64% in 2025, marking its strongest annual gain in over four decades. Demand was driven primarily by non-Western central banks and international investors seeking diversification away from US financial assets amid concerns around fiscal discipline and geopolitical risk. Silver surged 142% in 2025, its largest increase since the late 1970s, due to its dual role as a safe haven asset and critical industrial component for AI data centers and solar infrastructure. Markets experienced a brief 'tariff tantrum' in April 2025 following announcement of sweeping trade tariffs, with equity markets dropping 10-15% and volatility spiking into the 50s before quickly recovering by year end. | View | |
| 2025 Q4 | Jan 15, 2026 | Lyrical Asset Management | 2.0% | 17.9% | AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI | EPS Growth, growth, international, Performance, valuation, value | Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025. | View | |
| 2023 Q4 | Jan 15, 2025 | Longriver Investment Partners | 9.3% | 10.0% | 0700.HK, 600519.SS, 9988.HK, AHT.L, AMD, AMZN, BRK-B, EVO.ST, GAW.L, HD, HDB, KNSL, META, NFLX, NTES, PDD, SHOP, SQ, TSM, VTY.L, X | China, efficiency, global, Homebuilders, real estate, technology, value | 2023 was remarkable for how decisively corporate leaders confronted bloat, with Meta's Year of Efficiency as the poster child. Zuckerberg reduced headcount by almost a quarter and operating expenses by fifteen percent, leading to exploding margins. Amazon under Jassy is also focusing on efficiency by reducing headcount, shutting down middling projects, and creating new business models like Amazon 3PL. | VTY.L AHT.L AMZN |
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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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| 2023 Q4 | Jan 15, 2024 | TEAM Asset Management | - | - | AAPL, GOOGL, META | Balance Sheet, Developed Markets, global, small caps, value | Manager focuses exclusively on small-cap equities in developed markets outside the US, believing this provides an edge through analyzing illiquid opportunities that larger funds cannot consider. Over 90% of publicly listed businesses have market caps under $1 billion, creating a vast opportunity set. | View | |
| 2025 Q4 | Jan 14, 2026 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L | Asia, Concentration, gaming, global, long-term, payments, semiconductors, value | Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years. | WISE LN |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Global Equity | 2.9% | 0.0% | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology | The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy. | VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C |
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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 14, 2026 | Bahl & Gaynor Investment | 0.0% | 0.0% | META | AI, Concentration, dividends, downside protection, risk management, technology, valuation | Investment in AI infrastructure is massive, projected to reach trillions of dollars over the next several years, approaching the scale of investment seen during the Internet revolution. The firm has meaningful exposure to the AI infrastructure buildout but focuses on managing the risk profile of these investments. They highlight that the market is concentrated around the AI trend and exposure is volatile, with uncertainty about when the trend will reach its inflection point. The market has become more concentrated with the top 10 companies representing a larger portion of total S&P 500 market cap, and these companies are more volatile to the downside today versus a decade ago. The firm emphasizes the need for risk management to match exposure with desired client outcomes, particularly given concentration and volatility can be destructive to long-term financial sustainability for risk-averse investors. The firm emphasizes dividend investing as a strategy that has enjoyed attractive returns in the past but views them as not out of line relative to history. They suggest dividend stocks may be spared relative to the cap-weighted S&P 500 owing to more average trailing returns during any re-rating of the AI narrative. | View | |
| 2025 Q4 | Jan 14, 2026 | Wedgewood Partners | -1.8% | 4.3% | AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | AI, growth, large cap, Portfolio Management, Quality, technology, valuation | AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index. | PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN |
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| 2025 Q4 | Jan 14, 2026 | HORAN Capital Advisors | 0.0% | 0.0% | ACWX, EEM, EFA, GOOGL, META, NFLX, SPY | AI, consumer, Dollar, earnings, Fed policy, international, technology | AI remains the dominant investment theme for 2025, with the Magnificent 7 stocks accounting for 42% of S&P 500 returns. Technology-related stocks dominated the top 10 performers, though concentration in large tech companies may face challenges as the economy evolves and other market areas become attractive. Earnings growth becomes increasingly important as stocks trade at higher valuations. Analyst expectations are for S&P 500 earnings to grow 15.6% in 2026, following 13.3% growth in 2025 and 12.1% in 2024. Strong earnings growth could drive positive stock returns despite elevated P/E multiples. The U.S. Dollar declined about 10% in 2025, contributing approximately one-third of international returns for U.S. investors. Dollar weakness could persist in 2026 due to budget deficits requiring more debt issuance and a dovish Federal Reserve policy stance. | View | |
| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Growth Equity Strategy | 3.0% | 16.0% | 0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM | AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology | AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility. | View | |
| 2025 Q4 | Jan 14, 2026 | Horos Asset Management | 0.0% | 0.0% | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value | The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels. | TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER |
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| 2025 Q4 | Jan 13, 2026 | Thornburg Strategic Income Fund | 1.2% | 7.6% | AMAT, AMZN, META, TAP, TGT | credit, Data centers, duration, Fed policy, fixed income, investment grade, yield curve | The portfolio identified attractive opportunities within project finance through lending secured by data centers under construction with leases to investment-grade tenants. These transactions offer high barriers to entry, favorable valuations, robust structures, and desirable tenant profiles despite maintaining a generally cautious view of the data center and AI sectors. Recent bankruptcies and instances of fraud may be indicative of light covenants typically seen late-cycle. Credit spreads remain tight, particularly within private market areas that have experienced sharp growth, raising concerns about credit quality deterioration. The Federal Reserve continued its easing cycle with 50 basis points of rate cuts including a 25bp cut in December lowering the Fed Funds rate to 3.50-3.75%. Treasury yields fluctuated with short-end yields declining 20-30 basis points as rate-cut expectations increased while the curve continued to steepen. | View | |
| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 0.2% | 12.8% | AAPL, AMZN, APH, AVGO, CRM, DHR, EFX, GOOG, JNJ, LIN, META, MSFT, NFLX, NVDA, ORCL, ROP, SAP, TSM, V | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors. Companies deploying AI infrastructure are seeing tangible improvements in ROIC through more efficient ad targeting and premium AI cloud services. Cloud computing continues to be a key beneficiary of AI infrastructure deployment. Google Cloud emerged as a standout performer with 34% revenue growth and $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth and increasing adoption of Copilot offerings. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Netflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel. | View | |
| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 1.8% | 18.2% | AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse. | ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG |
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| 2025 Q4 | Jan 13, 2026 | Blackstone Private Equity Strategies Fund | 0.0% | 0.0% | AMZN, GOOGL, META, MSFT, ORCL | AI, Capital Deployment, credit, growth, infrastructure, private markets, real estate, technology | AI is the most consequential force shaping the global economy, driving unprecedented investment in data centers, chips, power grids, and connectivity. Hyperscalers are set to increase CapEx by 45% YoY in 2026, funded largely by cash flows rather than debt. AI adoption is accelerating productivity gains and transforming business operations across portfolio companies. Private credit continues to offer 200-250bps of excess return over leveraged loans with structural advantages including direct origination, matched funding, and conservative structures. The opportunity set is expanding beyond sponsor-backed lending into financing the real economy with an addressable market exceeding $30 trillion. Infrastructure is in a supercycle driven by AI investment and US reindustrialization, creating compelling investment opportunities. An estimated $106 trillion of global infrastructure investment is needed through 2040, with 75% concentrated in digital infrastructure, power generation, transportation, and renewables. Real estate appears to be in early stages of cyclical recovery after values troughed in 2023. Borrowing costs are now roughly 40% lower than peak levels, materially improving equity yields. Secular demand remains robust across data centers, logistics, and rental housing driven by AI, e-commerce, and demographic trends. US electricity generation is on track to grow over 40% cumulatively in the next 10 years driven by AI adoption, electrification, and expanding electric vehicle fleets. Renewable energy remains attractive given lower costs and shorter development timelines, while natural gas plants are emerging as compelling options for reliable data center power. | View | |
| 2025 Q4 | Jan 13, 2026 | Carrington Wealth Management | - | - | AMZN, META, MSFT, NVDA, ORCL | AI, China, Geopolitical, global, gold, oil, technology, value | AI bubble concerns dominated Q4 headlines despite tech rally. US tech companies plan $500bn+ annual AI infrastructure spending by early 2030s without consistent profits. Market cap expands $3 for every $1 of AI investment announced. Value investing made a comeback in 2025. The firm's tilt toward active value managers provided good balance. UK and Chinese equity markets offered particularly attractive value opportunities with strong performance. Precious metals were the best performing asset class in 2025. Gold mining ETF finished up 138%, physical gold ETC gained 65%. Performance fueled by falling interest rates, geopolitical tensions, and inflation expectations. China asserted itself as AI leader, bringing competition to US tech. Hang Seng closed up 33%. New 5-year plan focuses on innovation and technological self-reliance. Value remains despite strong 2-year performance. Geopolitical tensions continue to dominate global economic landscape. US capture of Venezuelan President set precedent for military action for economic gains. Oil deal estimated to add 1.2 million barrels daily supply. | View | |
| 2025 Q4 | Jan 12, 2026 | Pabrai Wagons Fund | 0.0% | 3.7% | AAPL, AMR, AMZN, AN, GOOGL, HMT.L, META, MSFT, NVDA, PHM, RIG, TOL, TSLA | Airports, Auto Dealers, Buybacks, Coal, global, Homebuilders, Oil Services, value | The fund focuses on businesses with enlightened managements that buy back their stock at compelling valuations. Three businesses in the portfolio that fit this mold have committed to return capital to shareholders through buybacks or dividends. The fund believes these businesses could deliver higher returns going forward than the Magnificent 7 through buybacks. The fund is invested in a handful of metallurgical coal businesses, with two near the bottom quartile of the cost curve and all led by exceptional managers. All three businesses have some of the best met coal reserves on the planet. The fund believes there will be no meaningful alternative to using met coal to produce steel for several decades. The fund trades at a trailing P/E of 11 compared to the S&P 500's trailing P/E of 30. The fund seeks to buy capital-light businesses with high returns on equity at no more than a bit more than tangible book value. The fund believes a metallurgical coal miner or offshore oil driller that earns even single digit returns can be a fantastic investment if purchased at a fraction of replacement cost. TAV operates 15 airports in 8 countries with guidance of 10-14% annual passenger growth across its airports, which may continue for decades. TAV has high operating leverage where if passengers grow 12%, cash flow may grow at more than 2x that. The fund believes it is led by an exceptional management team and is very cheap compared to other global airport operators. The fund is invested in a couple of U.S. homebuilders who have morphed into asset-light, efficient factories with shrewd capital return policies. The U.S. is structurally underbuilt with a deficit of 4-7 million homes. The high-quality, scale homebuilders have unique advantages that could allow them to capture a growing portion of this growing pie. Traditional car dealerships are hated by the market due to concerns with the rise of electric vehicles and the perception that EVs do not carry the same parts and repair content as traditional ICE vehicles. The fund believes the market's concerns are overblown and not valid. These are great businesses with high-margin recurring revenues that will continue for decades. The fund has a position in U.S. offshore oil services. Offshore accounts for 1/3 of global oil and gas production and breaks even at levels far below fracking. Drillships are complex and expensive with no new supply in the pipeline. The fund believes supply-demand tightness can yield very high day rates for these ships. | TAVHL TI |
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| 2025 Q4 | Jan 12, 2026 | Hood River Capital – International Opportunity Fund | 6.7% | 41.5% | C79.AX, CCS.DE, META | AI, China, Europe, India, international, Outperformance, small cap | Artificial intelligence continues to be a potentially powerful long-term growth driver, presenting opportunities across multiple non-U.S. markets. These opportunities extend beyond well-known semiconductor leaders in Taiwan and South Korea, with attractive exposure developing across broader segments of the AI supply chain. Government efforts to reduce excessive price competition and industrial overcapacity are still early but may gradually improve earnings quality and capital discipline in certain sectors. The fund is identifying select opportunities and has been deliberate in adding exposure, focusing on companies with strong fundamentals and improving policy alignment. The fund is selectively building exposure as consumption-focused policy measures start to show results. As they move into 2026, the benefits of these reforms are expected to become more evident in corporate earnings, strengthening the longer-term outlook. | C79 AU CA1 GR |
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| 2025 Q4 | Jan 12, 2026 | Polen Capital – Focus Growth | -1.5% | 3.9% | AAPL, ABT, AMZN, GOOGL, ISRG, LLY, META, MSFT, NFLX, NOW, ORCL, SHOP, WDAY, ZTS | AI, Concentration, growth, healthcare, large cap, Quality, software | Despite market concerns about an AI bubble and infrastructure investment circularity, the managers believe the datacenter capex cycle should continue driven by rapid revenue and earnings growth, increasing demand, and supportive policy. They maintain exposure while diversifying beyond AI themes for portfolio resilience. The portfolio faces headwinds as quality factors continue to underperform while high-beta factors outperform in the current market environment. The managers remain focused on competitive advantages and long-term business fundamentals despite near-term performance challenges. Initiated position in Intuitive Surgical, which maintains a de facto monopoly in soft tissue robotic surgery globally. The company has become standard of care in many surgical modalities with large barriers to entry and continues to innovate with its next generation platform driving accelerating procedure growth. Eli Lilly rallied over 40% in Q4 driven by strong financial results and reaching agreement with the White House that lowering GLP-1 drug prices will greatly increase the addressable market in the US and provide a long runway for future growth. | NFLX WDAY ISRG ORCL LLY |
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| 2025 Q4 | Jan 12, 2026 | TEAM Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Central Banks, China, commodities, gold, rates, Silver, technology | Hyperscalers plan close to $500 billion in AI capex spending for 2026, raising questions about converting this investment into meaningful profits. The AI chip rental market remains competitive with sticky pricing, suggesting the AI bubble has not yet burst. Survey data shows substantial increase in AI use among large American companies with 40% expecting additional AI use in 2026. Physical gold recorded new all-time highs during the quarter driven by geopolitical instability, currency debasement, and physical supply shortages. Central banks have been the marginal buyer, purchasing record amounts including 634 tonnes in the first three quarters of 2025. Gold ended 2025 with gains of 65%, its best calendar year in decades. Silver returned 54% in Q4 driven by a deepening structural deficit from exhaustion of above-ground inventories and absence of new production. Silver's transition to a strategic industrial asset for AI data centers, solar panels, and EVs created supply/demand mismatch. The US officially added silver to its Critical Minerals List, acknowledging its vital role in national security and energy transition. The Federal Reserve cut rates by 25 basis points but exposed deep fractures within the FOMC over prioritizing weakening jobs versus high inflation. The ECB left rates unchanged at 2% with President Lagarde suggesting the rate cutting cycle is complete. The Bank of Japan raised rates to a 30-year high, forcing a global bond re-pricing. Chinese equities broke out to decade-plus highs despite the country remaining firmly in deflation with no sign of consumption recovery. China's growing competitiveness across high-tech sectors including EVs, battery storage, robots and automation is underappreciated. China's formidable edge regarding cheap and limitless access to energy power is likely to become a major talking point. | View | |
| 2025 Q4 | Jan 12, 2026 | Kayne Anderson Rudnick | 0.0% | 0.0% | META, NFLX | AI, Biotech, growth, healthcare, Quality, small caps, technology, value | The firm remains optimistic about AI prospects, particularly for the Magnificent 7 companies. They view AI as having transformative potential that may be underestimated long-term, though they caution about concentration risk in capital investment among dominant players. The firm emphasizes maintaining their disciplined, bottom-up investing approach focused on high-quality businesses with strong fundamentals. They note the current market environment has not favored this approach, making it difficult to outperform in the near-term. Small caps showed strong performance in 2025, particularly in the second half, with significant outperformance driven by unprofitable companies and high-leverage stocks. The firm notes this represents a low-quality rally that professional managers find uncomfortable. Healthcare emerged as one of the best-performing sectors, largely driven by speculative biotech investments. The firm notes that biotech investing has historically not been fruitful, with over 50% of biotech IPOs losing 80%+ of their value since 2018. | View | |
| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View | |
| 2025 Q4 | Jan 11, 2026 | Thornburg Global Opportunities Fund | 6.5% | 41.1% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE | Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value | The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies. | View | |
| 2024 Q4 | Jan 10, 2025 | Focus Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Alternatives, Canada, fixed income, infrastructure, risk management, small caps, US, valuation | Manager emphasizes extreme valuations in US large-cap equities, particularly comparing current levels to late 1990s tech bubble. Uses Walmart as case study showing how high valuations can lead to 15 years of sideways performance despite business growth. Warns that paying too high a price can lead to lackluster returns regardless of business quality. | View | |
| 2024 Q4 | Jan 10, 2025 | The Bristlemoon Global Fund | 10.4% | 3.1% | APP, META, MTCH, PAR, PDD, PINS, TCEHY | Advertising, gaming, Portfolio Management, Position Sizing, risk management, Social Media, technology | The fund holds significant positions in social media platforms including Pinterest and Meta Platforms. Pinterest represents the fund's largest performance detractor since inception, with management acknowledging position sizing errors. The company is transitioning to lower-funnel ad products but has experienced revenue growth deceleration from 20%+ to 15-17% guidance. | View | |
| 2024 Q4 | Jan 10, 2025 | Lexington Wealth Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Magnificent 7, rates, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth, describing AI infrastructure as entering a new industrial revolution. An estimated $350 billion this year and $400 billion next year will be spent on AI-related equipment by major US technology companies. | View | |
| 2023 Q4 | Jan 10, 2024 | QV Investors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Quality, rates, Recession, risk management, Sentiment, value | QV emphasizes risk-conscious value investing as an attractive environment, noting their strategies offer meaningful valuation advantages to the broad stock market. They believe this represents the early stages of a multi-year opportunity for value-conscious investors that began in fall 2020. | View | |
| 2024 Q4 | Jan 1, 2025 | QuadCap Wealth Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD |
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| 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 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, AVB, AVGO, EIX, ENB, GOOGL, INTC, META, MRK, MSFT, ORCL, RTX, TMUS, TRV, WM | AI, dividends, Outperformance, rates, REITs, technology, Utilities, valuation | AI stocks took a breather in Q3 after adding trillions in market cap over 18 months. While the fund holds AI-beneficiaries like Alphabet, Apple, Broadcom, Meta, Microsoft and Oracle, their disciplined valuation approach results in lower exposure than the S&P 500. With significant AI value already embedded in stock prices, potential for material rerating appears reduced. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, CMG, EL, EQIX, GOOGL, META, MMC, MSFT, NEE, NVDA, PYPL, RTX, SBUX, SHW, TEAM, TSLA, UNH | AI, diversification, growth, healthcare, large cap, technology, valuation | The Strategy manages exposure to AI-driven growth stocks including NVIDIA, which has been trimmed due to valuation concerns despite belief in its 10-year trajectory as hyperscaler and enterprise customers invest in GPU architecture. The managers acknowledge AI momentum has driven market leadership but are selective about valuations. | APTV TEAM EL SBUX |
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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 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, ACLX, AMD, AMZN, ARGX, AVGO, CRWD, DUOL, GDS, GWRE, INDIE, IT, MBLY, META, MSFT, NVDA, PAR, SPCE, TEAM, TSLA | AI, Data centers, growth, semiconductors, software, technology, Tesla | The fund views AI as an arms race to develop foundational models and achieve artificial general intelligence. Scaling laws drive massive infrastructure investments, with hyperscalers building data centers at unprecedented scale. New inference architectures like OpenAI's chain of thought models require exponentially more compute power. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, CEG, META, MSFT, NVDA | alpha, energy, Focus, industrials, Manufacturing, nuclear, technology | US share of global manufacturing contracted from 26% to 16% since China joined WTO 23 years ago, with zero growth in US manufacturing capacity. This is now inflecting with US share of global foreign direct investment matching an all-time high of 25%. A return to 20% of global manufacturing share would require $3.5 trillion in domestic fixed asset investment. | CEG |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF | AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value | AI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1299.HK, ADYEN.AS, AMZN, B3SA3.SA, BBCA.JK, BKNG, CME, CPG.L, GOOGL, HDFCBANK.NS, HLN.L, KER.PA, META, NFLX, PINS, SLB, SONY, TW, WALMEX.MX | AI, China, global, growth, healthcare, momentum, Quality, semiconductors | The letter extensively discusses momentum investing challenges, noting that disciplined fundamental investors have been challenged by momentum concentrated in a few large stocks. The manager explains their deliberate resistance to incorporating momentum factors due to trading costs, volatility, and FOMO risks. | View | |
| 2024 Q3 | Sep 30, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, AMAT, AMZN, ASML, AVGO, CRWD, GOOGL, INTC, LRCX, MA, META, MSFT, NVDA, ORCL, SNPS, TSM | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with investors taking a more nuanced approach, focusing on return on investment from elevated generative AI spending. Groundbreaking advances in AI have reignited interest across technology and strengthened secular growth trends. The fund continues to monitor new opportunities from continued advances in AI. | ORCL AVGO AAPL |
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| 2024 Q3 | Sep 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | AI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. | View | |
| 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 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | BRK-A, CHTR, GOOGL, GWRE, LBRDA, LICT, LKQ, META, MLM, PMS, SIRI, VRSN | interest rates, Media, Multi Cap, Quality, technology, value | The fund employs a Quality at a Discount framework as an enduring advantage of their multi-cap investing strategy. They focus on investing in high quality businesses of all sizes, with valuation remaining their North Star for investment decisions. | View | |
| 2024 Q3 | Sep 30, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO | Broadband, Long/Short, Quality, Rate Cuts, technology, value | The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices. | View | |
| 2024 Q3 | Sep 30, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM | aerospace, AI, dividends, energy, large cap, technology, Utilities, value | The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology. | View | |
| 2024 Q3 | Sep 30, 2024 | Alger Spectra Fund | 3.2% | 32.4% | APP, GOOGL, MELI, META, MSFT, PINS | Advertising, AI, Cloud, E-Commerce, growth, Social Media, technology | AI is at an inflection point, potentially enabling significant increases in productivity. AppLovin leverages AI-powered software engine driving 60% of revenue through recommendation and targeting. Meta uses AI to enhance targeting, measurement, ranking, and ad delivery. | PINS GOOGL MSFT MELI META APP |
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| 2024 Q3 | Sep 30, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, COLOB.CO, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, V | consumer, global, healthcare, large cap, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT | energy, HVAC, large cap, semiconductors, technology, value | Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing. | EL HAL ICE TT AMAT |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AMT, AMZN, GOOGL, GXO, LIN, MCHP, META, MSFT, NKE, NVDA, ORCL, TSLA, V | AI, Buybacks, Cloud, growth, large cap, rates, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Microsoft faces investor concerns about rising capital intensity from generative AI investments, though the company is well-positioned to capture market share with AI-driven productivity tools like ChatGPT and Copilot applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADI, AMT, AMZN, GOOGL, MCHP, META, MSFT, NVDA, ORCL, SAP, TSLA, UL | AI, Cloud, global, Quality, semiconductors, technology, value | The tech sector showed mixed performance with growing investor skepticism about heavy AI spending by big tech companies. The market entered what analysts describe as a zone of disillusionment reminiscent of the internet boom in 2000. Oracle is benefiting from cloud-based solutions and gaining traction with its OCI Gen 2 platform-as-a-service offering, which is winning mindshare from leading cloud customers including OpenAI. | MCHP MSFT GOOGL ORCL AMT UL |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AME, AMT, AMZN, BA, FTV, GOOGL, GSK, JNJ, MCHP, META, MSFT, NKE, NVDA, SYK, TDG, TSLA, UL, ZBH | AI, growth, healthcare, industrials, large cap, Rate Cuts, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Apple's generative AI roadmap and iPhone 16 product cycle were viewed positively, with AI solutions integrated into iOS 18. Microsoft continues investing heavily in generative AI despite investor concerns about rising capital intensity. | View | |
| 2024 Q3 | Sep 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BX, DIS, GOOGL, KKR, LLY, META, MSFT, NVDA, PINS, SCHW, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, payments, Social Media, technology | The fund has significant exposure to AI infrastructure and applications through companies like NVIDIA, Microsoft Azure, and Google Cloud. Microsoft's Azure platform alone has potential to grow to more than $200 billion in annual revenue over the next decade. Infrastructure constraints are currently limiting growth but capacity expansion is expected to drive reacceleration. | View | |
| 2024 Q3 | Sep 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, AMZN, BX, DASH, DIS, GOOGL, META, MSFT, NFLX, NVDA, PINS, SHOP, UBER, XHB | AI, E-Commerce, growth, Long/Short, secular themes, Social Media, technology | The fund maintains significant exposure to AI/Cloud Computing at 16.8% of the long portfolio. This includes positions in companies benefiting from AI infrastructure investment and development, with particular focus on companies like NVIDIA and Microsoft that are central to the AI ecosystem. | PINS GOOGL BX META SHOP |
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| 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 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA | AI, consumer, global, growth, healthcare, technology | Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments. | View | |
| 2024 Q3 | Sep 30, 2024 | TMR Long Short Opportunities | 0.0% | 12.5% | AAPL, AMZN, CLS.TO, GOOGL, META, MSFT | AI, Cloud, Data centers, Hyperscalers, semiconductors, technology | The fund views AI as driving a massive capex boom with hyperscalers investing heavily in data center infrastructure. Tech giants are demonstrating unwavering commitment to AI investments despite uncertain short-term returns, creating a competitive arms race. The AI investment cycle is viewed as durable with inference demand expected to be much larger than training demand. | View | |
| 2024 Q3 | Sep 30, 2024 | The Gabelli Global Content & Connectivity Fund | 8.0% | 0.0% | 0700.HK, 9984.T, DTE.DE, FYBR, GOOGL, META, MSFT, PRX.AS, RCI, TIGO, TMUS, USM, VZ | AI, Connectivity, content, global, Media, technology, Telecommunications | The fund discusses artificial intelligence investments and their impact on portfolio companies. Meta Platforms is making AI investments to supplement and enhance its services, including developing its own large language model, LLaMA. Microsoft continues to be well positioned to capitalize on AI ecosystem development and is aggressively investing in artificial intelligence businesses. | View | |
| 2023 Q3 | Sep 30, 2023 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | CB, DAR, DG, HAL, MCHP, META, ORCL, SPR | energy, growth, inflation, large cap, rates, technology, value | Oil prices hit their highest level of the year with both WTI and Brent eclipsing $90 a barrel. Higher commodity prices benefited companies like Halliburton as supply concerns and improving supply-demand fundamentals in 2024 drive growth expectations. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ESPR ALDAR.AD 0MCB LN COO|CW|DKNG|FSS|HALO|ZD |
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| 2023 Q3 | Sep 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARGX, CRWD, CSGP, DDOG, DT, EA, GTLB, INDI, IT, LEGN, META, MSFT, NET, NOW, NVDA, RVAN, TKO, TSLA, V | AI, Biotechnology, Cloud, growth, innovation, large cap, secular trends, technology | The fund emphasizes artificial intelligence as a generational shift driving demand for data center chips and accelerated computing. NVIDIA is positioned at the epicenter of this new computing era, with the transition from general purpose to accelerated computing creating tremendous demand across industries. The fund views AI as part of a broader technology stack from semiconductors to applications. | View | |
| 2023 Q3 | Sep 30, 2023 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AIG, ATVI, AVGO, CHTR, CMCSA, GOOGL, HLF, HOLCIM, IFF, JEF, KMX, META, NFLX, SBNY | credit, Long/Short, Multi Asset, risk management, value | Credit exposure increased during the quarter. While high-yield bonds do not look as attractive as they did earlier in the year, the fund continues to search for opportunities that meet their risk/reward criteria. | View | |
| 2023 Q3 | Sep 30, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, financials, large cap, rates, Utilities, value | The Dividend Income portfolio focuses on companies that pay regular dividends, with 17 companies announcing dividend increases in 2023 averaging 6.8%. The portfolio maintains a 3.35% dividend yield compared to 1.61% for the S&P 500, demonstrating the strategy's focus on generating strong and growing current income. | NEE HRTX |
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| 2023 Q3 | Sep 30, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, Fed policy, inflation, large cap, rates, value | Interest rates rose sharply in Q3 with 10-year Treasury reaching 4.57%, highest since 2007. The Fed raised rates by 0.25% and signaled higher for longer policy. Matrix believes the Fed is nearing the end of its hiking cycle and expects rate cuts in 2024 as economic slowdown becomes evident. | NEE HRTX |
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| 2023 Q3 | Sep 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | BAC, CHTR, CNC, COF, COP, CSCO, CTVA, CVS, DHR, GM, META, ORCL, PSX, SCHW | energy, financials, healthcare, large cap, technology, value | The fund focuses on finding cheap stocks on traditional value metrics amid a challenging environment where growth has outperformed value by 2,300 basis points year to date. The manager emphasizes investing in companies trading at discounts to intrinsic value estimates. | CVS CSCO DIPSX CNC CTVA DHR |
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| 2023 Q3 | Sep 30, 2023 | Oakmark Select Fund | 8.1% | 0.0% | CHTR, COF, FCNCA, GOOGL, IQV, META, ORCL | financials, healthcare, large cap, stock selection, technology, value | The fund continues its disciplined value approach despite growth outperforming value by 2,300 basis points year to date. The managers expect their investment disciplined approach to stock selection will continue to drive attractive returns in the long term. They were able to add IQVIA near a trough multiple of roughly 15x normal earnings despite the company's prospects for sustainable above-average growth. | IQV |
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| 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 | |
| 2024 Q3 | Sep 27, 2024 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMZN, BRK-A, GOOGL, META, MSFT, NVDA | Bubbles, Cash, Speculation, technology, valuation, value | The letter extensively discusses the challenges facing value investing in the current market environment, noting that only one in twenty large-cap value funds strictly follows their stated value investing style. The manager emphasizes that valuations remain critically important to every economic transaction despite being dismissed by momentum-driven strategies. Value investing has underperformed since 2007 and bottomed in summer 2020 when value stocks traded cheaper relative to growth stocks than at the dot-com bubble peak. | View | |
| 2023 Q2 | Sep 18, 2023 | Myrmikan Research | 0.0% | 0.0% | AAPL, META, NVDA | Banking, Bubbles, Credit Stress, gold, inflation, monetary policy, Treasury | The manager describes widespread credit stress across multiple sectors including regional banks with massive unrealized losses, subprime auto dealers failing, credit card debt reaching $1 trillion with 24% average rates, and delinquency rates at smaller banks hitting 7.5%. This credit stress is viewed as part of a broader credit wave that has been building since 1960 and is now approaching a breaking point. | View | |
| 2023 Q2 | Sep 14, 2023 | Spear Advisors | -3.5% | 0.0% | AMD, AMZN, CFLT, CRWD, GOOG, GOOGL, HUBS, META, MRVL, MSFT, NET, NVDA, S, SHOP, SNOW, SPRX, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, technology | AI is a core theme driving strong performance through hardware and software infrastructure opportunities. The fund focuses on uncovering opportunities across the AI value chain including hardware and related software infrastructure rather than just applications. Strong demand for AI hardware continued in Q2 with cloud service providers allocating significant capex to AI. | CFLT ^FTSE |
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| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | ABM, AMAT, AMZN, GE, META, NICE, SPLK, TDG | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | ABT, AMAT, AMZN, BALL, GE, META, NICE, SPLK, TDG | - | View | ||
| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA | AI, global, large cap, Pharmaceuticals, Quality, technology, value | Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance. | View | |
| 2024 Q2 | Aug 27, 2024 | Hayden Capital | 13.9% | 37.6% | AMZN, APP, META, PDD, SE, U | Advertising, AI, Asia, E-Commerce, gaming, Reacceleration, technology | Applovin's Axon machine learning algorithm represents practical AI application that significantly expanded revenues and created industry value. The algorithm improved accuracy by 500% from 2020-2022, with each 20% accuracy improvement generating $500M additional revenue at zero incremental cost. Axon 2 launched in early 2022 drove step-function growth in the ads business from $674M in 2021 to expected $3B in 2024. | View | |
| 2024 Q2 | Aug 14, 2024 | Lux Capital | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT | AI, Automation, Biotechnology, defense, Science, Space, Venture Capital | Lux has early pathbreaking AI investments in Hugging Face, MosaicML, Runway, Together AI, and Modal that are appreciating. The firm views AI as following a hype-hope continuum where short-term disappointment may yield long-term delight. However, many gains will accrue to incumbents like Microsoft, and the rate of growth in AI expectations is slowing. | View | |
| 2023 Q3 | Aug 11, 2023 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC | Concentration, large cap, Quality, Resilience, technology, value | The manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts. | EFX MCHP |
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| 2023 Q3 | Aug 11, 2023 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI | Broadband, Media, Multi Cap, Quality, technology, value | The fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns. | EFX |
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| 2023 Q3 | Aug 11, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI | efficiency, Media, Quality, technology, Tracking Stocks, value | The managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value. | View | |
| 2023 Q2 | Aug 8, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AAPL, AMZN, CSCO, GD, GOOGL, KO, LHX, META, MSFT, PFE, PYPL, QCOM, SBUX, UNH | AI, dividends, financials, healthcare, large cap, rates, technology, value | AI enthusiasm has driven investor interest in technology stocks expected to benefit from artificial intelligence advances. The AI rally has boosted mega-cap technology stocks in the first half of 2023, though the manager expects the AI mania to subside and performance to broaden beyond these concentrated winners. | PFE AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q2 | Aug 8, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AAPL, AMZN, CSCO, GD, GOOGL, KO, LHX, META, MSFT, PFE, PYPL, QCOM, SBUX, UNH | dividends, Fed policy, financials, healthcare, insider buying, Market Rotation, technology, value | AI enthusiasm has driven investor interest in technology stocks expected to benefit from artificial intelligence advances. The AI rally has boosted mega-cap technology stocks significantly in 2023, though the manager expects this AI mania to eventually subside as the market broadens. | PFE AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Aug 2, 2024 | Van Der Mandele Arar Fund | -5.9% | 0.5% | AAPL, ALOKW.PA, AMZN, AWE.L, BFIT.AS, GOOGL, JXN, META, MSFT, NVDA, ONEW, STLA, TSLA | AI, Europe, growth, small caps, Solar, technology, value | Fund discusses AI/datacenter boom as a major growth driver for portfolio company Alphawave, which is positioned to benefit enormously from this trend. The manager notes Alphawave continues to grow exponentially and is positioned for the upcoming AI/datacenter boom despite trading at attractive valuations. | ALOKW.PA ONEW AWE.L |
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| 2023 Q4 | Aug 1, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | APA, BAX, BLK, CHTR, COF, CSL, DHR, GOOGL, KKR, META, PH, PHM, PINS, SCHW, VEEV | Asset Management, financials, large cap, US, value | Despite value facing headwinds versus growth in 2023, with the Russell 1000 Growth Index outperforming Value by 31 percentage points, the managers believe the value opportunity is at least as good as it was at the start of 2022. They view the current setup of higher interest rates and wider P/E multiple dispersion as favorable for value investing. | BLK |
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| 2023 Q4 | Aug 1, 2024 | Saga Partners | 22.6% | 39.4% | CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD | Concentration, growth, Long-only, Quality, technology | The portfolio includes multiple e-commerce and digital commerce companies including Carvana (online auto sales), Redfin (real estate platform), and Trade Desk (digital advertising). These companies represent the ongoing digital transformation of traditional commerce sectors. | View | |
| 2024 Q2 | Jul 31, 2024 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Canada, diversification, long-term, Market Concentration, technology, value | The manager discusses the AI-driven market rally, noting that the Magnificent 7 stocks averaged 38.65% returns and accounted for 70% of S&P 500 performance. He compares the current AI bubble to previous irrational periods like the Internet Bubble and warns that rationality will eventually return. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, C, CHTR, CMCSA, ENT.L, GOOGL, HOLN.SW, IFF, JEF, KMX, META, MSFT, NVDA, TEL | Concentration, growth, large cap, Quality, risk management, value | The fund emphasizes value investing philosophy, noting that value managers have struggled significantly over the past decade with Value underperforming Growth by substantial margins. Many investors have capitulated and fired their Value managers, with some converting to Growth strategies. | KMX CHTR C HOLN.SW |
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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 31, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA | AI, global, growth, healthcare, Luxury, technology | The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0700.HK, AAPL, AMZN, BABA, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. The portfolio bears little resemblance to benchmark indices as the team maintains their value-oriented approach in international markets. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | AAPL, AMZN, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL.ST, TSLA, VRTX | Currency, industrials, insurance, international, Pharmaceuticals, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. New positions were established in companies that were financially strong and had attractive runways for potential future growth, all purchased at prices representing significant discounts from intrinsic value estimates. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0169.HK, AAPL, AMZN, DEO, FMC, GOOGL, HEIA.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The firm continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. They emphasize price sensitivity and stock selection in an environment where active management should be rewarded over time. | View | |
| 2024 Q2 | Jul 29, 2024 | Legacy Ridge Capital | 0.0% | 19.7% | AMZN, EQT, ETRN, LLY, META, MSFT, NRG, NVDA, SMLP, VST | Concentration, energy, Midstream, Natural Gas, Power Generation, value | The fund has been invested in IPPs like NRG and VST since 2018, with VST being their largest position entering 2023 and 2024. The AI narrative and implications for electricity demand drove VST from $26 to $107, causing the margin of safety to dissipate. The manager believes more data centers will be built requiring base load energy, and the US will likely be short base load energy. | EQT SMLP VST |
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| 2024 Q2 | Jul 29, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD | Ad Tech, AI, Concentration, small caps, Streaming, technology, value | AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples. | MGNI |
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| 2024 Q2 | Jul 28, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. | ODFL |
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| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 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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| 2024 Q2 | Jul 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, GOOGL, HAL, LB, META, MSFT, NVDA, SLB, SPY, TPL, TSLA, WPM | AI, China, commodities, energy, geopolitics, Indexation, inflation, technology | AI technology represents a massive growth opportunity but faces critical infrastructure constraints, particularly electric power requirements. The H100 AI chips alone might require 0.5% of total U.S. electricity production, with next-generation chips requiring even more power. This creates both challenges for AI companies and opportunities for energy infrastructure providers. | LB |
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| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN | AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology | The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025. | VMC XAI FICO GWRE VRSK |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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| 2024 Q2 | Jul 25, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, small cap, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital International | 0.0% | 10.9% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, international, Quality, small caps, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, large cap, Quality, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm. | View | |
| 2024 Q2 | Jul 25, 2024 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, AMZN, GOOGL, MDT, META, MSFT, NVDA | Concentration, growth, large cap, Quality, technology, value | The fund discusses AI in the context of Big Tech companies like Microsoft and NVIDIA, which are generating exceptional returns on invested capital and benefiting from the transformation of enterprise technology. The manager views AI as part of the broader technology transformation theme driving performance. | View | |
| 2024 Q2 | Jul 25, 2024 | Davis Global Fund | 0.0% | 0.0% | 005930.KS, 0700.HK, 1299.HK, 3690.HK, AMAT, AMZN, BAER.SW, BRK-B, COF, D05.SI, DANSKE.CO, DAR, GOOGL, HUM, INTC, META, NPSNY, PRX.AS, TSN, WFC | AI, China, global, semiconductors, technology, value | AI drove strong earnings for many portfolio companies including Meta, Amazon and Applied Materials. Meta is creating huge value by using AI to improve content and retool advertising to engage target audiences more precisely. Applied Materials benefits from AI demand through advanced packaging for high-bandwidth memory and multi-chip integration. | View | |
| 2024 Q2 | Jul 25, 2024 | Davis New York Venture Fund | 0.0% | 0.0% | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, healthcare, interest rates, Quality, technology, value | The fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors. | View | |
| 2024 Q2 | Jul 23, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK | AI, growth, healthcare, industrials, large cap, semiconductors, technology | The fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters. | NVT QCOM |
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| 2024 Q2 | Jul 23, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMP, AMZN, CASY, ECL, ENTG, FAST, GGG, GOOGL, HRL, HSY, JPM, LFUS, LLY, MDT, META, MSFT, NVDA, NVT, TECH | Balanced, dividends, healthcare, industrials, rates, technology, value | The fund acknowledges the AI-fueled technology boom surrounding the largest companies but maintains valuation discipline. While remaining positive on long-term AI prospects, the fund's diversified approach left it underexposed to the narrow AI leadership group that drove market returns. | View | |
| 2024 Q1 | Jul 22, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AJG, AMZN, BRO, DHR, GOOGL, JNJ, META, NOC, ORLY, SPGI, WSO | compounders, Concentration, large cap, Quality, technology, value | The fund focuses on quality compounders with wide moats, long reinvestment runways, and outstanding capital allocation. Portfolio companies demonstrate superior margins, growth, and return characteristics compared to the S&P 500. The fund seeks companies expected to compound capital at mid-teens rates over extended periods. | View | |
| 2023 Q2 | Jul 22, 2023 | Blue Tower Asset Management | 8.8% | 0.0% | ENVA, META, SBER.ME, TCS.ME | Corporate Governance, Japan, Russia, Sanctions, small caps, TSE Reforms, value | Tokyo Stock Exchange reforms targeting companies trading below book value through new disclosure requirements and tradable share minimums. These changes will pressure Japanese management teams toward better capital allocation and shareholder-friendly behavior, particularly benefiting small-cap value stocks through potential acquisitions and improved governance. | View | |
| 2024 Q2 | Jul 20, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | AAPL, AMZN, BSY, ETSY, GOOGL, GWRE, INSM, INSP, IOVA, LSCC, META, MSFT, NVDA, ONTO, SMCI, TSLA, TWST, VITA, WING, WK | AI, Biotechnology, healthcare, semiconductors, small caps, software, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 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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| 2024 Q2 | Jul 19, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | AAPL, AMZN, BRK-B, CFRUY, ELV, FI, GOOGL, HSY, META, MSFT, NVDA, TSLA, V, VRTX | AI, Concentration, long-term, Quality, technology, value | GreensKeeper emphasizes buying high-quality companies at valuations that provide a large margin of safety. The manager explicitly states they stick to this approach and are immune from FOMO virus regarding must-own AI stocks. They focus on answering what a stock is worth rather than timing the market. | V BRK.B ELV VRTX GOOGL |
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| 2024 Q2 | Jul 19, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AMZN, BABA, GLW, GOOGL, META, MSFT, NVDA, PRGO, QCOM, SWX | AI, China, healthcare, SMID Cap, technology, value | AI rally broadened beyond obvious players with Qualcomm gaining recognition for mobile AI capabilities and Corning benefiting from optical connectivity for Generative AI. While AI use cases appear endless, ROI on spending remains unclear, creating uncertainty about the duration of the ongoing capex boom. | PRGO BABA GLW QCOM |
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| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1299.HK, ABBV, ADYEN.AS, ALC, AMZN, BKNG, CME, COST, DHR, GOOGL, ISRG, KER.PA, META, NFLX, OR.PA, PINS, SLB, SONY, TW | AI, competition, global, growth, innovation, Quality, semiconductors, technology | The race for artificial-intelligence solutions is driving innovation across sectors, with companies like Adobe, OpenAI, and others competing to develop generative AI capabilities. The manager expects software and services businesses to become primary beneficiaries as large companies embrace generative AI. Competition in AI is intense, with new capabilities being unveiled regularly by tech startups and incumbents. | View | |
| 2024 Q2 | Jul 18, 2022 | Auscap Asset Management | 0.0% | 0.0% | AAPL, AMZN, ANZ.AX, BHP.AX, CBA.AX, COL.AX, CSL.AX, FMG.AX, GOOGL, META, MIN.AX, MSFT, NAB.AX, NVDA, RIO.AX, RMD, STO.AX, WBC.AX, WDS.AX, WOW.AX | active management, Australia, banks, China, Iron Ore, mid cap, Passive investing, Sleep Apnea | China's steel consumption peaked in 2020 and is expected to decline to levels similar to other developed countries. With China accounting for 53.9% of world steel production and 50.8% of consumption, declining demand combined with new supply from Mineral Resources (50mtpa) and Simandou deposits (120mtpa) suggests a recipe for lower iron ore prices and declining earnings for the majors. | RMD |
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| 2024 Q2 | Jul 17, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | AI, Cloud, E-Commerce, gaming, growth, large cap, technology | Amazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway. | View | |
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2024 Q2 | Jul 16, 2022 | Ensemble Capital | 0.0% | 8.0% | AAPL, ADI, AMZN, BKNG, CMG, CSCO, DELL, FAST, GOOGL, ILMN, INTC, META, MSFT, NFLX, NVDA, NVR, RACE, TSLA, TXN, VEEV | AI, Biotechnology, Concentration, large cap, Mean reversion, semiconductors, valuation | The letter extensively discusses artificial intelligence as a transformative technology similar to the internet. The manager believes AI enthusiasm is correctly recognizing massive potential, but incorrectly assumes incumbent market leaders will capture all profits. AI is described as complementary to genomic sequencing, enabling automation of complex data analysis and accelerating discoveries in digital biology. | View | |
| 2024 Q2 | Jul 15, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, GOOGL, META, MSI, ODFL, POOL, PYPL, TSM, V | AI, Cloud, Concentration, growth, large cap, semiconductors, technology | Apple unveiled Apple Intelligence at WWDC, rebranding AI as Apple Intelligence. The company has been developing AI capabilities for years through custom silicon and neural processing units. Apple's vertically integrated approach positions it well for AI applications, though the rollout will be modest initially. | View | |
| 2024 Q2 | Jul 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | 000660.KS, AAPL, AGL.AX, AMZN, CBA.AX, CRH, CVE.TO, GOOGL, HBM, MEG.TO, META, MIN.AX, MSFT, NEM, NVDA, NXE.TO, QAN.AX, TESCO.L, TSLA, TSM | AI, Australia, Banking, Copper, energy, gold, Long/Short, value | The fund is positioned in AI supply chain companies including Taiwan Semiconductor and SK Hynix. Meetings indicate companies are in early stages of AI investment with capital expenditure on AI computing hardware expected to increase from 5% to 14.5% of IT budgets over three years. The fund sees continued strong growth for key AI positions. | View | |
| 2023 Q2 | Jul 14, 2023 | Patient Capital Management | 5.6% | 15.8% | ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL | Behavioral Edge, capital returns, financials, large cap, Travel, value | Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year. | ^GSPC WAL IAC |
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| 2023 Q2 | Jul 14, 2023 | Pernas Research | 18.0% | 17.8% | META, S4M GR, ZUMZ | - | View | ||
| 2023 Q2 | Jul 14, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, CPRT, GOOGL, META, MSFT, PYPL, TPG, TSCO | AI, Buybacks, Cloud, Ecosystem, growth, large cap, Mobile, technology | Meta has been at the forefront of investing in valuable artificial intelligence IP, particularly with ranking and recommendation systems across its products. Despite the recent Gen-AI frenzy, Meta has been researching generative-AI tools for years. Alphabet and Google have been pioneers in AI development, creating important software and hardware specifications that developers rely on today. | TSCO CDW TPG PYPL AAPL|MSFT|NFLX|NVDA|UNH CPRT GOOGL AAPL ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | Manager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2023 Q2 | Jul 13, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR | - | View | ||
| 2024 Q2 | Jul 13, 2022 | Blue Tower Asset Management | 8.8% | 0.0% | AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA | AI, Concentration, Georgia, Russia, Sanctions, small caps, value | Russian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues. | CGEO.L |
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| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, AAPL, AMZN, BABA, BIDU, GOOGL, JD, META, MSFT, NTES, NVDA, TCOM, TSLA, TSM | AI, China, geopolitics, semiconductors, technology, valuation, Value Investing | The launch of ChatGPT has triggered massive speculation in technology stocks, particularly the Magnificent Seven companies. The manager discusses the potential disruption to Google's search business and the broader implications of artificial intelligence development, while expressing concern about current valuations and multiple expansion in the sector. | View | |
| 2024 Q2 | Jul 7, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, AMZN, ANF, BIG, GOOGL, HIMS, LULU, META, MSFT, NVDA, TSLA, XPOF | AI, Banking, CRE, Long Term, retail, small cap, value | CRE continues to offload entire office buildings at fractions of what they paid for them just a few short years ago. This level of stress in the banking system continues to flash warning signs which have been going on for the last few years. Smaller banks with larger CRE exposure could face solvency issues. | View | |
| 2023 Q2 | Jul 7, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, ADP, AMS.MC, AMZN, COLOB.CO, EL, GOOGL, IDXX, MC.PA, META, MKC, MSFT, MTD, NVO, OR.PA, PEP, PG, PM, SYK, WAT | consumer, fundamentals, global, healthcare, Quality, technology | L'Oréal continues to impress with execution particularly in China and online channels, contrasting sharply with Estée Lauder's struggles. Estée Lauder fell due to poor figures from inventory build-up and write-offs in anticipation of Chinese reopening, revealing severe supply chain weaknesses with no manufacturing capability in Asia. | 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 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, growth, large cap, Mega Cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance. | 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 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, MCHP, META, MSFT, NKE, NVDA, VMW | AI, Concentration, growth, large cap, semiconductors, software, technology | AI enthusiasm has driven approximately 60% of market gains year-to-date, with six megacap firms benefiting significantly. The manager believes AI will have transformative long-term effects 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 MSFT GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, LIN, META, MSFT, NVDA, NVS, ORCL, SRT3.DE | AI, Cloud, global, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 49% of global market gains year-to-date, with six megacap firms leading the rally. The manager believes AI will have transformative long-term effects 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 LIN AVGO ORCL GOOGL AAPL |
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| 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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| 2024 Q2 | Jun 30, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | AAPL, ARIS, ATOM, BWB, GOOGL, III, LLAP, LMNR, LMT, META, MSFT, NVDA, PERI, QNST, STM, VECO | Agriculture, AI, Banking, Microcap, semiconductors, small cap, value | AI has contributed to large-cap outperformance but also presents opportunities for microcaps as picks and shovels plays. Veeco Instruments exemplifies this opportunity as a key supplier to companies producing AI chips and servers. | LMNR VECO |
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| 2024 Q2 | Jun 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL | AI, growth, healthcare, Japan, Quality, small caps, Speculation, value | Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI International Equity | -7.4% | 2.7% | AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL | AI, healthcare, international, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEN.AS, AMZN, DIS, FIVN, GOOGL, IGV, KMX, META, MSFT, NFLX, NVDA, SGRY, SHOP, UBER | AI, Cloud, growth, large cap, Long/Short, Media, 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. AI advances helped improve targeting and measurement in Google's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | FIVN ADYEN DIS AAPL GOOGL NVDA |
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| 2024 Q2 | Jun 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, Streaming, 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. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | 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 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMD, AMZN, AVGO, CDNS, CRWD, CSGP, DAY, DDOG, EXAS, GWRE, IOT, META, MSFT, NVDA, RCKT, SPOT, TSLA, TSM, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, software, technology | Manager believes AI is the most significant technological platform shift since the internet, driving explosive growth in infrastructure investments. Currently in the AI infrastructure-build phase with hyperscalers investing $200 billion in capex. Early AI applications showing measurable ROI with 30-60% developer productivity improvements and 15-30% customer service cost savings. | 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 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | AAPL, ADBE, CRM, CSGP, GOOGL, ISRG, LLY, LULU, META, MSCI, NFLX, NOW, NVDA, ONON, PANW, TT, TTD, UBER, V, VEEV | AI, Data centers, Fed policy, growth, inflation, large cap, software, technology | The portfolio benefits from AI-related investments, particularly NVIDIA Corporation which reported strong quarterly results and guidance. The fund views the AI trade as still in its early innings with considerable secular growth ahead for several sectors. Data center buildout and AI technology expansion drive investment opportunities. | VRT TT CELH |
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| 2024 Q2 | Jun 30, 2024 | Loomis Sayles Global Growth Fund | 3.5% | 10.4% | 0700.HK, ADYEN.AS, ALNY, AMZN, BA, CRSP, GOOGL, MELI, META, MSFT, NFLX, NVO, ORCL, SHOP, TSLA, VRTX | AI, Biotechnology, Cloud, global, growth, healthcare, Quality, technology | Google has been operating as an AI-first company for much of the past decade, with nearly 80% of advertising customers using at least one AI-powered search product. The company continues integrating generative AI functionality into search and providing AI services through its cloud business. | View | |
| 2024 Q2 | Jun 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG | AI, Cloud, growth, semiconductors, technology | AI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints. | View | |
| 2024 Q2 | Jun 30, 2024 | 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 | Stenham Asset Management | -3.3% | 12.3% | AAPL, ADYEN.AS, AIR.PA, AMAT, AMZN, ASML, GE, GOOGL, MC.PA, META, MSFT, NVDA, TSLA, TSM | Concentration, earnings, fundamentals, long-term, technology, valuation | The momentum factor is having the best start to the year in the last 30 years, with technical factors driving markets rather than fundamental factors. This dynamic has become more pronounced over time due to shrinking timelines for market participants. | AIR.PA ADYEN.AS |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | ABBV, ABNB, AES, CLH, CP, CVS, EQT, GILD, META, MRVL, ORCL, PFE, SQ, VMC | AI, financials, Recession, small caps, technology, value | Artificial intelligence furor and speculation that benefits will accrue to mega cap incumbents explains much of the tech rally. Time will tell whether AI aids mega cap tech or helps unseat them, but market indicators point to a harder road for their outperformance going forward. | CLH AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, ALC, AMZN, EL, ETN, INTU, ISRG, LLY, META, MSFT, NFLX, NKE, NVDA, PYPL, SE, SYK, TMO, UBER | AI, growth, large cap, Medical Devices, semiconductors, stock selection, technology | Generative AI enthusiasm drove mega cap performance with Nvidia as a key beneficiary. The manager views AI as transforming from a perceived risk into an opportunity, with companies like Adobe moving quickly into generative AI and license protection. | INTU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q2 | Jun 30, 2023 | Hosking Partners | 0.0% | 0.0% | AAPL, META, MSFT, NVDA, TSLA | Banking, Capital Cycle, Japan, Material World, Offshore Drilling, value | Portfolio has increased its value tilt over the past decade, recycling proceeds from expensive US equities into more attractively valued companies. Portfolio P/E has fallen from 0.95x to 0.5x the market P/E through disciplined sell-high, buy-low decisions. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMZN, CRM, ECL, ENTG, FISV, GOOGL, GRCO, HD, HRL, LLY, META, MSFT, NTRS, NVDA, TSLA, TTC, TXN, USB, XEL | AI, Balanced, inflation, Regional Banks, technology, value | Artificial intelligence has driven significant outperformance in technology stocks, particularly benefiting mega-cap names like Microsoft, Alphabet, Amazon, and Nvidia. The fund maintains a favorable long-term view on technology given growth in AI, automation, and cloud computing, though valuations appear over-extended near-term. | View | |
| 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 Q2 | Jun 30, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, AMZN, COST, DIS, GOOGL, ILMN, ISRG, META, MSFT, NFLX, NKE, PYPL, SHOP, UBER, ZTS | AI, E-Commerce, growth, large cap, Long/Short, payments, technology | The fund owns six of the Magnificent Seven tech companies including Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta Platforms. These AI-related names contributed 53% of the fund's Q2 returns. The manager views these companies as magnificent and remains very bullish on their prospects, maintaining them as some of the largest holdings. | ZTS COST |
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| 2023 Q2 | Jun 30, 2023 | Rondure New World Fund | -1.3% | -1.3% | 2020.HK, 2120.T, 2331.HK, 3529.TW, 601888.SS, AAPL, ABC.L, ACES.JK, B3SA3.SA, DPH.L, LULU, META, NKE, NVDA, TSM, WESTLIFE.NS | AI, China, Dollar, emerging markets, Fed policy, Onshoring, small caps, value | Artificial intelligence frenzy spurred investors to bet on companies like Taiwan Semiconductor and others seen to benefit from the emerging technology trend. Hardware technology is getting expensive on the back of the AI theme, though it was cheap at the end of last year. The manager notes they missed the AI-driven surge in semiconductor and hardware technology businesses. | WESTLIFE.NS 2120.T 2020.HK 2331.HK ACES.JK B3SA3.SA |
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| 2023 Q2 | Jun 30, 2023 | Rondure Overseas Fund | -5.8% | -4.8% | 2020.HK, 2120.T, 2331.HK, 3529.TW, 601888.SS, AAPL, ABC.L, ACES.JK, B3SA3.SA, DPH.L, LULU, META, NKE, NVDA, TSM, WESTLIFE.NS | AI, emerging markets, India, international, Japan, small caps, value | Artificial intelligence drove a massive rally in technology stocks, particularly semiconductors and hardware companies. The AI frenzy spurred investors to bet on companies like Taiwan Semiconductor and others seen to benefit from the emerging technology trend. However, the manager missed much of this rally and now sees the space getting some of the lowest returns in their models as expectations have risen. | WESTLIFE.NS |
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| 2023 Q2 | Jun 30, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, IBKR, META, PRX.AS, RYM.NZ, WIX | Concentration, global, Long Term, Quality, value | View | ||
| 2023 Q2 | Jun 30, 2023 | Starvine Capital | 0.0% | 10.8% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA | AI, Canada, inflation, small caps, technology, value | AI is described as a disruptive technology that has captured investors' imaginations in 2023, but the fervor and speculation surrounding AI-associated stocks is reminiscent of market manias. Speculators have piled into AI-related companies without regard to valuation, with share prices moving on emotion rather than fundamentals. | View | |
| 2022 Q2 | Jun 30, 2022 | Bronte Capital Amalthea Fund | -3.7% | 0.0% | META | - | View | ||
| 2023 Q1 | Jun 27, 2023 | Bireme Capital | -2.0% | -2.0% | AIRTEL.L, CGO.TO, META, RUN | banks, inflation, interest rates, real estate, technology, value | Manager discusses the return of inflation after decades of declining rates, noting it has fundamentally changed the investment environment. The Fed now faces a Fed call rather than Fed put, needing to stomp on brakes when markets get too hot. | RUN AIRTEL.L CGO.TO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q2 | Jun 7, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMZN, AVP, BRK.A, DIS, G, GOOGL, IBM, KO, MCD, META, MSFT, NVDA, TSLA, XRX | AI, Historical Parallels, inflation, Market Concentration, Speculation, technology, Valuations, Value Investing | AI is described as the new pixie dust driving excessive hype and speculation in technology stocks. The manager views AI as justification for absurd valuations, comparing current AI enthusiasm to historical bubbles. Every Wall Street analyst claims tech giants will benefit disproportionately from AI boom, but this follows the same pattern as previous cycles. | View | |
| 2022 Q2 | Jun 7, 2022 | Moon Capital Management | 0.0% | 23.0% | META | - | View | ||
| 2024 Q1 | May 23, 2025 | RGA Investment Advisors | - | - | DHR, META, MRVI, MXCT, SRT3.DE | Biotechnology, Life Sciences, Portfolio Management, small caps, valuation | The fund significantly increased positions in life sciences companies including Maravai LifeSciences and Sartorius AG. Maravai offers critical mRNA capabilities through TriLink and quality control through Cygnus, with exceptional margins and growth potential as mRNA therapies advance to clinical trials. The biotech sector represents a key focus area with multiple investments across the value chain. | SRT3.DE MRVI META |
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| 2023 Q4 | May 23, 2024 | RGA Investment Advisors | 0.0% | 0.0% | META, MRVI, MXCT, SRT3.DE | Bioprocessing, Biotechnology, Life Sciences, mRNA, Portfolio Management, small caps, value | The fund significantly increased positions in life sciences companies including Maravai LifeSciences and initiated a position in Sartorius AG. Maravai offers critical mRNA manufacturing capabilities through TriLink and quality control testing through Cygnus, with exceptional margins and growth potential as mRNA therapies advance to clinical trials. The fund sees substantial opportunity in bioprocessing infrastructure as the industry scales. | SRT3.DE ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q1 | May 23, 2023 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | AXP, BAC, BDX, COP, CVX, DISH, ELV, GOOGL, HON, JNJ, JPM, MCK, META, MSFT, MSI, PGR, SCHW, TEL, UNH, USB | Banking, financials, healthcare, large cap, Quality, technology, value | The banking crisis in March highlighted risks in less diversified banks with concentrated deposit bases. The strategy's bias toward larger banks with strong deposit bases provided defensive positioning during the selloff. | MCK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO|LLY|MRK|NVDA|ORCL|PGR SCHW |
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| 2023 Q1 | May 18, 2023 | Saltlight Capital | 15.6% | 35.6% | AAPL, AMZN, ASML, GOOGL, META, MSFT, NVDA | AI, disruption, innovation, Investment Philosophy, semiconductors, technology | Manager views AI as a new technology epoch comparable to the industrial revolution, with LLMs solving the complexity bottleneck through natural language interfaces. Believes we are in early 'irruption' phase with significant long-term potential but current limitations in speed, data age, and cost. | View | |
| 2023 Q4 | May 15, 2024 | Social Capital Group | - | - | GM, GOOGL, META, RDDT | AI, Deep Tech, Deglobalization, energy, technology, Venture Capital | Generative AI has significantly lowered barriers to entry for software companies and hard tech businesses through code-generating tools and AI-driven simulations. The ecosystem is developing rapidly with value creation concentrated in proprietary data and underlying infrastructure for AI applications. Traditional moats protecting incumbent businesses will erode as AI levels the playing field. | RKLB |
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| 2024 Q1 | May 4, 2024 | Davis New York Venture Fund | 0.0% | 0.0% | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, financials, healthcare, Quality, rates, technology, value | The fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again. | View | |
| 2023 Q1 | May 4, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMC, AMD, AMZN, BAC, BBBY, BP, CRM, GE, GOOGL, HEI, META, MKL, MSFT, NVDA, TSLA | Market cycles, Patience, risk management, Speculation, Valuations, Value Investing | The manager extensively discusses elevated market valuations, comparing current market cap to GDP ratio at 155% to historical peaks in 2000 and 2008. They argue that starting valuations are critical to long-term success and current levels suggest poor future returns of only 3-5% annually. | View | |
| 2023 Q4 | Apr 30, 2024 | Crossroads Capital | 4.2% | 8.9% | AAPL, AMZN, AWE.L, CLMT, GOOGL, META, MSFT, NTDOY, NVDA, NVR, THC, TSLA, VTY.L, XLK | AI, China, Energy Transition, gaming, Homebuilders, small caps, technology, value | Manager discusses AI as a revolutionary technology driving data center infrastructure investment and creating bottlenecks in networking. Highlights Alphawave Semi's exposure to AI-driven demand with 60% of pipeline tied to AI applications. | View | |
| 2023 Q1 | Apr 27, 2023 | FPA U.S. Core Equity Fund, Inc. | 10.0% | 21.5% | META | - | View | ||
| 2023 Q1 | Apr 20, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, FRC, GOOGL, META, PGR, POOL, SPGI, TPG, TSM, UNH | Banking, Credit Crisis, Federal Reserve, growth, large cap, technology | The banking crisis that began with Silicon Valley Bank and Signature Bank failures created a deposit run on First Republic Bank, despite its strong lending track record. The crisis highlighted the vulnerability of banks with high uninsured deposit ratios and the systemic risks in the banking sector. | FRC |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford -International Concentrated Growth | 9.0% | 9.0% | 1211.HK, AMZN, META, NVDA, TSLA | AI, China, competition, Electric Vehicles, growth, innovation, semiconductors, technology | NVIDIA maintains dominant position in AI chips with 17-fold price-performance improvement since 2016 and roadmap for 40-fold improvement over next 4-5 years. Custom silicon alternatives from Amazon and Meta have not unseated NVIDIA's GPUs due to rapid pace of innovation requiring generalized platforms. Developers cannot keep up with technology improvements, with potential for another transformative shift comparable to transformers enabling ChatGPT. | 1211.HK TSLA NVDA |
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| 2023 Q1 | Apr 17, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | FRC, META, SCHW | - | View | ||
| 2025 Q1 | Apr 16, 2025 | Rowan Street Capital | - | - | ADYEY, BAC, BKNG, CMG, DKS, MCK, META, NVO, SHOP, SPOT, TSCO, TTD | Compounding, Discipline, growth, long-term, Patience, Quality, technology, value | The fund focuses on high-quality growth businesses that can compound capital at double-digit rates over the long run. They emphasize finding companies with expanding competitive moats, long growth runways, and the ability to reinvest capital at high rates of return. | View | |
| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG | Construction, insurance, Quality, technology, Trade Policy, value | Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment. | BLDR AAON TWFG |
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| 2025 Q1 | Apr 14, 2025 | Fundsmith Equity Fund | -5.7% | -5.7% | ADP, BF-B, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, UL, V, WAT | equities, global, growth, healthcare, long-term, Quality, technology | The fund maintains stringent investment criteria focusing on high quality businesses that can sustain high returns on operating capital employed. These businesses have advantages that are difficult to replicate and do not require significant leverage to generate returns. | View | |
| 2025 Q1 | Apr 14, 2025 | Wedgewood Partners | -6.3% | -6.3% | AAPL, CPRT, GOOGL, META, MSFT, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | China, growth, infrastructure, large cap, payments, tariffs, technology, volatility | The Trump administration's tariff policy has created significant market volatility, with reciprocal tariff rates initially announced at 10% across-the-board and 145% on Chinese exports. The administration issued a 90-day pause to negotiate lower rates, with critical technology exclusions for computers, smartphones and chip-making equipment representing nearly 25% of Chinese imports. | URI ORLY V |
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| 2023 Q1 | Apr 14, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, Concentration, Leverage, Quality, rates, technology, value | The fund focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieved a 7.0% free cash flow yield compared to 4.8% for the S&P 500, with significant valuation advantages across all strategies versus their benchmarks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2023 Q1 | Apr 14, 2023 | Pernas Research | 18.0% | 17.8% | E2N GR, META | - | View | ||
| 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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| 2023 Q3 | Apr 10, 2023 | Artisan Focus Fund | 7.0% | 28.7% | CP, GE, LIN, META, MSFT | aerospace, De-globalization, Enterprise, Focus, industrials, large cap, technology, Themes | The fund has significant exposure to the transformation of the enterprise theme, with Microsoft as the largest holding at 12.1% of net assets. This positioning reflects the team's view on artificial intelligence and digital transformation driving multi-year earnings power differentiation. | View | |
| 2023 Q3 | Apr 10, 2023 | Saga Partners | 22.6% | 39.4% | CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD | Concentration, consumer, growth, technology, value | View | ||
| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Fund- International Small Cap | 1.1% | 1.1% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Corrections, large cap, Market Timing, rebalancing, value | The manager advocates for value investing principles, emphasizing buying after market corrections when prices decline. Historical data shows strong returns following 10% market corrections, with 75% of cases profitable after one year. | View | |
| 2025 Q1 | Mar 31, 2025 | Distillate Capital Large Cap Value | 0.8% | 0.8% | ABBV, AMZN, CI, CME, ELV, EPAM, JNJ, META, MPC, MRK, MSFT, NTAP, ON, ORCL, PYPL, SCCO, TMUS, VRSN, VST, VTRS | AI, free cash flow, Leverage, Market Concentration, Quality, tariffs, uncertainty, valuation | President Trump announced significant tariffs on April 2nd with an effective rate around 23%, marking levels not seen in a century. The potential tariff impact on GDP is enormous, creating inflationary pressures and economic uncertainty. The scale puts markets in uncharted territory with complex follow-on impacts including potential wealth declines and consumption effects. | View | |
| 2025 Q1 | Mar 31, 2025 | Distillate Capital Small/Mid Cap Quality & Value | -9.3% | -9.3% | AAPL, ABBV, AMZN, BABA, CI, ELV, EPAM, GOOGL, JNJ, META, MSFT, NTAP, NVDA, ON, ORCL, PYPL, TMUS, TPG, TSLA, VTRS | AI, Leverage, Quality, small caps, tariffs, uncertainty, valuation, value | Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale exceeds even Smoot-Hawley tariffs and comes at a time when the economy was already showing signs of fragility. | View | |
| 2025 Q1 | Mar 31, 2025 | Ariel Appreciation Fund | -6.9% | -6.9% | AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA | Buybacks, mid cap, Recession, Recovery, value, volatility | Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries. | SLB OSW NCLH KN BIO ADT MIDD MAT |
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| 2025 Q1 | Mar 31, 2025 | Ariel Focus Fund | -3.9% | -3.9% | AAPL, AMZN, BIO, CVX, Gold, GOOGL, HES, META, MSFT, NTRS, NVDA, ORCL, REZI, SJM, TSLA | energy, gold, large cap, Recession, technology, value, volatility | The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating attractive buying opportunities for patient investors. | ORCL BIO REZI SJM CVX Gold |
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| 2025 Q1 | Mar 31, 2025 | Ariel Fund | -8.0% | -8.0% | AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA | Media, Recovery, small caps, Travel, value, volatility | The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, and dislocations of this magnitude have often served as a prelude to robust recoveries. | OSW NCLH SPHR BIO LESL SJM ATGE PARA |
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| 2025 Q1 | Mar 31, 2025 | Ariel Small Cap Value Strategy | -10.7% | -10.7% | AAPL, ADT, AMZN, BIO, FAF, GOOGL, LESL, LIND, META, MIDD, MSFT, NCLH, NVDA, TSLA | discount, Quality, Recession, small caps, value, volatility | The fund focuses on acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating opportunities for patient investors during market dislocations. | BIO LIND LESL NCLH FAF ADT MIDD |
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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 | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Equity | -2.1% | -2.1% | 002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY | AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy | The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Small Companies Equity | -10.5% | -10.5% | AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN | emerging markets, Europe, growth, international, Japan, Quality, small cap | The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, growth, income, infrastructure, Utilities, value | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance driven by market concentration in mega-cap tech stocks with low dividend yields. Manager expects dividend investing revival as market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, income, Market Concentration, Utilities, value, volatility | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM | AI, dividends, energy, growth, Utilities, valuation | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAP, AAPL, ACN, AMZN, ASML, CRM, CRWD, HUBS, INTC, JCI, LLY, LSXMK, META, MSFT, NVDA, PANW, SHW, TSLA, TXG, UNH | diversification, growth, healthcare, Quality, Recession, semiconductors, technology | Positive sentiment around generative AI highlighted opportunities for Nvidia among data center and hyperscale cloud providers reliant on GPUs to empower digital transformation and new AI applications. The secular drivers in certain parts of the semiconductor industry outweigh cyclical risks. | ACN ALLY HUBS AMZN CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AIG, AMZN, BAC, COF, DEO, GOOGL, JNJ, JPM, LIN, MET, META, MSFT, NVDA, ORCL, PFE, PNC, SAP, TSLA, UNH, USB | Banking, dividends, financials, interest rates, Quality, value | The strategy emphasizes high-quality dividend compounders as particularly well-suited for the current environment of potentially higher interest rates for longer. Healthy dividends provide cushion in volatile markets and can benefit from dividend growth to offset inflation and preserve purchasing power. | View | |
| 2023 Q1 | Mar 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADBE, ADP, BF-B, EL, IDXX, MC.PA, META, MKC, MSFT, NVO, OR.PA, PM, SYK, V, WAT | Concentration, consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses with stringent investment criteria including high return on operating capital, difficult-to-replicate advantages, and resilience to technological change. The portfolio consists of 27 holdings concentrated in businesses that can sustain high returns without significant leverage. | View | |
| 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 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, IBKR, META, PRX.AS, WIX | Concentration, global, Long Term, Quality, value | View | ||
| 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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| 2022 Q2 | Mar 31, 2022 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | ADYE AV, AMZN, BX, GOOG, KKR, META, NKE, TWLO, UBER | - | View | ||
| 2023 Q4 | Mar 18, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, BAC, BRK-B, BRO, CMG, GOOGL, MCD, META, MSFT, MTB, NVDA, NVO, NVR, OZRK, SCHW, TSLA | Banking, Canada, long-term, Quality, technology, value | Artificial Intelligence was a major topic in 2023, particularly generative AI machines like Google's Gemini and ChatGPT. The manager notes that companies selling server equipment for AI are benefiting from an explosion in investment spending from major tech companies, though these expenses may not always be recurring in the future. | View | |
| 2022 Q3 | Mar 11, 2022 | Ashva Capital Management | 23.0% | 0.0% | META | - | View | ||
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS | AI, diversification, growth, large cap, Magnificent Seven, technology | Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward. | View | |
| 2023 Q4 | Feb 29, 2024 | Ashva Capital Management | 23.0% | 0.0% | BLDR, META, NVDA, NVR, RCL, UBER | Fed policy, Goldilocks, Housing, Recession, Soft Landing, technology | Manager believes millennials reaching home ownership age face a housing shortage that could last decades due to insufficient construction following the 2008 housing bubble. This structural shortage supports long-term investment in housing-related companies. | View | |
| 2024 Q4 | Feb 27, 2025 | Saltlight Capital | 20.4% | 63.2% | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, Cloud, growth, semiconductors, technology, Valuations | The manager views AI as a defining technological epoch comparable to previous industrial revolutions. They believe AI is progressing up the intelligence curve with reasoning models and test-time compute capabilities, making it a veritable competitor to humans. The focus has shifted from AI infrastructure to AI software opportunities, particularly in digital advertising markets. | View | |
| 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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| 2023 Q4 | Feb 26, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, BMY, COST, GOOGL, HAL, JPM, LLY, META, MSFT, NVDA, PEP, SPR, VRTX | AI, growth, healthcare, large cap, Pharmaceuticals, technology, value | The fund benefited from AI-driven performance, particularly through Broadcom's strength in AI business segments. The broader market's 2023 gains were primarily driven by the seven largest companies, with AI being a key factor in their outperformance. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC ALLY |
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| 2023 Q4 | Feb 26, 2024 | Kinsman Oak | 0.0% | 0.0% | AAPL, AMZN, CIGI, CSCO, GOOGL, META, MSFT, NVDA, TSLA | AI, Concentration, energy, real estate, Sentiment, technology, Valuations | The fascination with artificial intelligence has been around for generations and is obviously growing rapidly, likely to enhance productivity and change industry dynamics. However, at some point the hype gets overblown and anticipated growth rates become unrealistic, leading to ugly expectations resets. The AI narrative is compared to the internet hype during the dot-com bubble. | CIGI |
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| 2024 Q4 | Feb 24, 2025 | Mar Vista Global Equity Fund | -3.3% | 12.7% | AAPL, AMT, AMZN, ASML, AVGO, BN, CRM, DHR, DIS, GOOGL, INTU, META, MSFT, NESN.SW, NOVO-B.CO, NVDA, ROP, TSLA | AI, Cloud, global, growth, large cap, Quality, semiconductors, technology | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager focuses on companies positioned to capitalize on opportunities presented by artificial intelligence and technological advancements. | ASML AMZN CRM AVGO |
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| 2023 Q4 | Feb 23, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TSLA | AI, Consumer Staples, GLP1, healthcare, Quality, technology, Valuations, value | AI euphoria following ChatGPT release drove Information Technology sector returns over 40% in 2023. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-related stocks dominated market performance but created narrow market breadth. | View | |
| 2023 Q4 | Feb 23, 2024 | Saltlight Capital | 15.6% | 35.6% | AMZN, APP, GOOGL, MELI, META, NVDA, RBLX, TCP.JO | Advertising, AI, gaming, Meta, Networks, software, technology | Manager discusses AI infrastructure capex concerns but sees opportunities in AI software applications. Believes market overestimates short-term AI adoption while underestimating long-term potential. Focuses on AI-enhanced advertising platforms where high margins justify expensive AI compute costs. | TCP.JO APP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, AXP, BAC, BRK-A, COST, CVX, DG, GOOGL, KHC, KO, META, MSFT, NVDA, OXY, TSLA | Berkshire, Buybacks, China, energy, inflation, value | Portfolio trades at 10.3x earnings versus S&P 500's 22.3x multiple, representing significant undervaluation. Manager emphasizes buying quality businesses at discounts to intrinsic value as core investment philosophy. | View | |
| 2022 Q4 | Feb 23, 2023 | Broyhill Asset Management | 6.0% | 0.0% | ATVI, KOF, MCK, META, MSGS, PM | - | 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 | |
| 2023 Q4 | Feb 21, 2024 | Lux Capital | 0.0% | 0.0% | AAPL, ADBE, GOOGL, INTC, LLY, META, MSFT, NVO, SPOT | AI, Biotechnology, defense, Maintenance, Open Source, Resilience, technology, Venture Capital | Lux has devoted exceptional attention to funding robust and open software platforms in artificial intelligence, with portfolio companies like Hugging Face, MosaicML, Runway, Osmo, Together AI and Evolutionary Scale using open approaches to build world-class technology businesses. The firm sees AI as increasingly augmenting burnt-out workers across diverse industries and helping maintain systems through predictive capabilities. | View | |
| 2023 Q4 | Feb 15, 2024 | Lyrical Asset Management | 0.0% | 21.2% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | earnings, global, Magnificent Seven, Non-US, valuation, value | The fund focuses on deep value investing, with their Global portfolio trading at a 43% discount to MSCI World valuation. They emphasize the cheapest quintile of stocks globally, which trade at just 9.4x NTM EPS compared to 19.2x for the median U.S. stock. The valuation spread between the market and cheapest stocks is at historically wide levels similar to the Global Financial Crisis and tech bubble periods. | View | |
| 2024 Q4 | Feb 13, 2024 | Kayne Anderson Rudnick | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | earnings, Fed policy, Quality, small caps, technology, Valuations | Small cap stocks underperformed with Russell 2000 up 0.33% in Q4 and 11.54% for the year. Small caps have underperformed large caps for several years due to weakness in earnings growth, though this trend is forecast to reverse in 2025. The firm continues to focus on high-quality small cap names that experienced only modest earnings contractions and are already reporting growth year-over-year. | View | |
| 2022 Q3 | Feb 11, 2022 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | BIIB, CMCSA, FIS, META, PATH, TEAM | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Bireme Capital | -2.0% | -2.0% | AAPL, AI, ARM, BTI, CLX, META, NFLX, ORI, RICK, TR, TSLA | fiscal policy, inflation, Magnificent 7, Shorts, technology, Tobacco, value | Manager emphasizes exploiting investor biases to find high-conviction investments in undervalued equities. Rebalanced from richly-valued positions to traditional value names with undemanding valuations. Continues to find enticing opportunities in US and overseas markets where valuations are more attractive. | View | |
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | ADBE, ADYEN.AS, AMZN, ASML, AVGO, CRM, GOOGL, ISRG, META, MSFT, NFLX, NOW, NVDA, PINS, SAP, SNPS, SU.PA, VRTX | AI, global, growth, innovation, Quality, semiconductors, software, technology | AI infrastructure boom of 2023 will serve as foundation for long-term productivity improvements across global enterprises. Companies will connect data sets to language models with AI agents to automate tasks and serve customers. First-mover advantages in language models will dissipate as open-source models proliferate, making proprietary data sets the source of lasting competitive advantage. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q4 | Jan 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | AMZN, AVGO, FE, GOOGL, HOLN.SW, IFF, META | Concentration, global, large cap, Quality, technology, Valuations | A small number of mega-cap companies drove stock prices last year. The Magnificent Seven stocks ended the year with an aggregate market cap of almost $12 trillion, more than the U.K., Canadian, and Japanese stock markets combined. Their 111% return in 2023 accounted for approximately 75% of the 26.3% total return in the S&P 500. | 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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| 2023 Q4 | Jan 31, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AFRM, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, PYPL, SHOP, SQ, TSLA | consumer, E-Commerce, Fintech, inflation, payments, rates, technology | Manager focuses on FINTECH businesses as their core investment strategy, analyzing how these companies perform in the current economic environment. They model revenue growth, operating margins, and cash flow for their FINTECH portfolio companies. The letter emphasizes their bottom-up fundamental research approach to understanding FINTECH business prospects. | View | |
| 2023 Q4 | Jan 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930.KS, 105560.KS, 7270.T, AAPL, AD.AS, AMZN, BIDU, DBOEY, FMC, GFNORTEO.MX, GOOGL, META, ML.PA, MSFT, NVDA, TEF2.DE, TSLA, TSM, WIZZ.L | AI, financials, international, semiconductors, technology, undervalued, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund is finding many mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong. | WIZZ.L AIR FP|ICLR|LIN|MRVL|NOW|TSM 005930.KS 105560.KS GFNORTEO.MX FMS.DE DANSKE.CO AD.AS 7270.T BIDU |
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| 2023 Q4 | Jan 31, 2024 | Starvine Capital | 0.0% | 10.8% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA | Benchmarks, large cap, Mega Cap, Performance, technology | View | ||
| 2024 Q4 | Jan 30, 2025 | Aristotle Core Equity Fund | 3.9% | 26.0% | AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS | aerospace, AI, cybersecurity, growth, large cap, technology | Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products. | CRWD GE |
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| 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 28, 2025 | Third Avenue Value Fund | -9.6% | -2.5% | 6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP | Active Share, Autos, Concentration, global, small caps, value | The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals. | 7270.T MBG.DE BMW.DE |
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| 2024 Q4 | Jan 28, 2025 | JDP Capital | 10.4% | 47.9% | AAPL, AMZN, CZR, META, NFLX, ROKU, SPOT, TSLA | China, Electric Vehicles, gaming, growth, Streaming, technology, value | Spotify benefits from ever-lower barriers to produce consumer content, the rapid shift away from all forms of linear media consumption, and behavioral data generated by hundreds of billions of consumption hours. The company achieved unexpected earnings power in 2024 with 3Q gross profit up 62% YoY and operating income surging to about $2 billion annualized. Roku represents the largest connected TV operating system in North America with nearly 50% market share, positioned to benefit from Value Migration of digital advertising budgets converging with CTV. | View | |
| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, CDAY, CRWD, CSGP, DT, GOOGL, GTOS, GWRE, HUBS, ILMN, INDY, IT, LEGN, LRCX, META, MRVL, MSFT, NOW, NVDA, RIVN, SHOP, SWAV, TSLA, TTD, V, VKTX, WDAY | AI, Cloud, growth, innovation, semiconductors, software, technology | AI is described as real and transformative, not hype, with the fund positioned across the AI stack from semiconductors to cloud services to applications. The manager emphasizes they have been investing in AI for years, predicting it will forever change human-computer interaction through natural language processing. | LRCX AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Jan 27, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | AAPL, ACIW, AMZN, AON, DHR, GOOG, GWRE, IT, LBRDA, META, MLM, MSFT, NVDA, SCHW, TSLA, VLTO, VMC | Building Materials, Multi Cap, Quality, small caps, technology, value | The fund employs a Quality at a Discount framework applicable to businesses of all sizes. They seek high-quality businesses trading at attractive discounts to business value, with the portfolio collectively trading at an estimated price-to-value ratio in the mid 80s. | View | |
| 2023 Q4 | Jan 27, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V | large cap, Long/Short, Media, payments, technology, value | The fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation. | CGPN.L LBRDA 4IMPRINT CCRD |
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| 2023 Q4 | Jan 27, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, CHTR, CRM, DHR, EFX, FIS, GOOG, GPN, IT, LBRDK, LLYVK, META, ORCL, ROP, SCHW, TMO, VLTO | Concentration, growth, large cap, Rotation, technology, value | The letter emphasizes value investing principles, citing Benjamin Graham and David Dodd's Security Analysis and Horace's quote about fallen stocks being restored. The manager discusses how previously fallen growth companies became top performers in 2023, demonstrating the value investing principle that controversy often leads to outsized returns. | CGPN.L VLTO |
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| 2023 Q4 | Jan 26, 2024 | Moon Capital Management | 0.0% | 23.0% | ALLY, BN, FI, FRFHF, GRBK, KKR, MBIN, META | Banking, contrarian, financials, Homebuilders, Quality, value | Moon Capital focuses on buying valuable companies when stock prices don't reflect underlying business values, often leading to investments with little investor appetite. This contrarian approach led to successful investments in homebuilders and financial companies despite conventional wisdom suggesting they would struggle with higher interest rates. | MBIN |
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| 2023 Q4 | Jan 25, 2024 | Pzena Investment Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Earnings Yield, ERP, multiples, rates, value | Value stocks have historically outperformed during low equity risk premium periods, significantly outperforming value-light and expensive stocks. Value offers a superior double-digit earnings yield of 13.2% compared to the broader universe and expensive stocks. The firm believes value stocks should be an attractive addition to any portfolio given their far superior earnings yield in the current environment. | View | |
| 2024 Q4 | Jan 24, 2025 | Rowan Street Capital | - | 56.6% | META, NFLX, SHOP, SPOT, TOI.V, TTD | Concentration, growth, long-term, Quality, technology | Meta's advertising business continues to drive strong growth with advancements in AI, monetization of Reels, and expansion into business messaging. The company is expected to grow revenues, earnings, and free cash flow at mid-teens rates over the next two years. | TOI.V SHOP TTD SPOT META |
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| 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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| 2023 Q4 | Jan 24, 2024 | Rowan Street Capital | 12.8% | 42.3% | ADYEY, META, SHOP, SPOT, TOI.TO, TTD | Advertising, E-Commerce, growth, long-term, payments, Social Media, Streaming, technology | Adyen represents the best-run payments company globally with a unified platform offering end-to-end payment services. The company processes 910 billion euros in payment volume with 37% revenue CAGR over five years while maintaining 65% EBITDA margins. Their single integrated platform eliminates reliance on legacy partners and provides competitive advantages through high authorization rates and global reach. | ADYEY |
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| 2023 Q4 | Jan 24, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, selectivity, valuation, value | The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, valuation, value | The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View | |
| 2024 Q4 | Jan 23, 2025 | Deep Sail Capital Partners | 11.8% | 38.1% | ANET, ELF, IONQ, KRKNF, LCID, META, NVDA, QBTS, QMCO, QUBT, RIVN, RKLB, TSSI, VRT | AI, Bubble, growth, Robotics, Short Selling, small cap, technology | Manager discusses the emergence of a speculative AI and quantum computing bubble in late 2024, particularly following Google's Willow quantum chip announcement. The bubble has focused on lower-quality companies rather than established AI leaders like Nvidia, Meta, and Arista Networks, creating attractive short-selling opportunities. | SHEL.F VRT ELF TSSI RKLB PNG.TO |
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| 2023 Q4 | Jan 23, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, ALB, AMZN, BLK, CVX, FDX, GOOGL, HES, META, MLM, MSFT, NVDA, SCHW, TSLA | Buybacks, Concentration, dividends, financials, large cap, materials, Quality, value | The manager emphasizes quality factors as central to their investment approach, noting that quality factors were headwinds in Q4 but believing quality will help in the years ahead. They view quality as the antidote to uncertainty and focus on profitable, financially stable companies with strong fundamentals. | FDX CVX AALB.AS KMLM SCHW BLK |
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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 21, 2025 | Equity Management Associates | - | 19.2% | AAPL, AMZN, GOOGL, LGCFF, META, MSFT, MSTR, NVDA, ORCL, TSLA | Bitcoin, Fiscal Dominance, gold, inflation, Mining, Precious Metals, Silver | Gold broke out from three-year ceiling to $2,650 per ounce, driven by fiscal dominance, central bank buying, and BRICS countries settling trade imbalances in gold. The fund sees almost perfect storm conditions for gold performance with weakening economy, credit bubble collapse, and monetary debasement. | View | |
| 2022 Q4 | Jan 19, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, EW, GOOG, META, MSI, PYPL, TPL, TSCO, V | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Patient Capital Management | 5.6% | 15.8% | AMZN, COIN, EXPE, FTCH, GOOGL, KRTX, META, SPLK, UBER, UBS, WAL | Banking, growth, Long/Short, Opportunistic, Quality, technology, value | Manager believes low multiple classic value stocks have been left for dead and offer very handsome return potential after the worst performance in history. Previous episodes of low-multiple underperformance were followed by sustained outperformance averaging 18%-plus annualized returns. | FTCH EXPE WAL HUBS |
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| 2023 Q4 | Jan 17, 2024 | Comus Investment | 0.0% | 4.8% | AAPL, MCD, META, MSFT, NVDA, SHOP, TSLA, V | Hong Kong, Japan, Microcap, Price-to-Book, quantitative, small caps, value | Manager employs quantitative value approach focusing on price-to-book and company size as primary return drivers. Emphasizes buying stocks at severe discounts to book value, particularly in smallest public companies where competition is limited and passive funds cannot participate. | View | |
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | AAPL, ADBE, AMZN, AVGO, CSGP, GOOGL, IT, LLY, META, MSFT, NFLX, NOW, NVDA, ORCL, SHOP, TMO, TSLA, UNH, ZTS | AI, Cloud, Concentration, E-Commerce, growth, large cap, technology, Valuations | Amazon's AI business is described as a multi-billion-dollar business growing triple digits, 3x faster than AWS at the same stage. ServiceNow is integrating GenAI capabilities to drive increasing workflow efficiencies for customers. Broadcom's AI chip business is experiencing a demand surge with AI revenue opportunity projected to grow to $60-90B in 2027 from $12B in 2024. | View | |
| 2023 Q4 | Jan 16, 2024 | Pantera Capital | 0.0% | 0.0% | BRK-A, META | AI, Bitcoin, Blockchain, crypto, DeFi, Predictions, Web3 | Bitcoin dominance rose from 38% to 52% in 2023, with three major catalysts for 2024: the fourth Bitcoin halving, expected bitcoin spot ETF approvals, and increased programmability features. The letter analyzes bull market phases where bitcoin outperforms early, then altcoins outperform later. Current cycle shows bitcoin up 2.8x versus altcoins up 1.7x. | View | |
| 2024 Q4 | Jan 15, 2025 | Wedgewood Partners | 5.5% | 29.1% | AAPL, BKNG, CDW, EW, GOOGL, META, MSFT, MSI, NVDA, ODFL, ORLY, POOL, SPGI, TPG, TSCO, TSM, UNH, V | AI, growth, interest rates, large cap, semiconductors, technology, Valuations | Wedgewood views AI as evolutionary rather than revolutionary, noting that companies like Alphabet and Meta have been using machine learning for over a decade. They emphasize that AI has been hiding in plain sight, with their portfolio companies already generating substantial returns from AI-related investments in R&D and capex. | 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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| 2024 Q4 | Jan 14, 2025 | Mawer International Equity Fund | -1.2% | 14.6% | AAPL, AHT.L, AON, APH, ASM.AS, ASML, AVGO, BAM, CME, CPG.L, CTS.TO, IAG.TO, META, NFLX, NVDA, TSLA, TSM, TVK.TO, V, WKL.AS | AI, financials, global, long-term, Quality, semiconductors, value | Mawer believes they are in the earlier stages of AI deployment and therefore long-term winners and losers are too difficult to predict. They maintain diversified exposure toward companies that benefit from AI use cases as well as those focused on building AI infrastructure. Taiwan Semiconductor Manufacturing Co. performed well on strong AI-driven demand and advanced chip technologies, while Amphenol continued its positive trajectory with AI-related products driving significant growth. | View | |
| 2024 Q4 | Jan 14, 2025 | Myrmikan Research | - | - | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, TSLA | AI, Bitcoin, Bubble, Fed, gold, liquidity, Miners, rates | Junior gold mining companies offer operational leverage to gold prices through their thin margins and low valuations. When gold prices rise, their net present values increase fastest, and valuation multiples converge toward majors. They generally move last but then the most in bull markets. | View | |
| 2024 Q4 | Jan 13, 2025 | Patient Capital Management | - | - | AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL | AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value | Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle. | BIIB CVS RPRX SDRL KOS FBTC OMF PGEN |
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| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN | AI, Concentration, long-term, Quality, technology, volatility | The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia. | View | |
| 2023 Q4 | Jan 13, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, ODFL, ORLY, PYPL, TPG, TSCO, TSM, UNH, V | AI, Cloud, Fed policy, growth, large cap, semiconductors, technology | AI has been a multi-year phenomenon driving growth and profitability across portfolio companies. Meta Platforms has built one of the world's fastest supercomputers and uses AI for advertising optimization and content curation. Alphabet has spent $150 billion on R&D over five years, with 80% of advertising customers using AI-enabled tools. Apple has developed custom neural processing units enabling FaceID and other AI features across 200+ million devices annually. | View | |
| 2023 Q4 | Jan 13, 2024 | HORAN Capital Advisors | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Election Year, Fed policy, Magnificent Seven, small caps, Valuations | The firm began adding small company stock exposure to client portfolios in late Q3 2023, capturing the strong Q4 rebound. Small cap stocks trade at historically low relative valuations to large caps, with earnings growth expected to be up 17% in 2024 and 32% in 2025. | View | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD | diversification, growth, large cap, software, technology, volatility | AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks. | 0CUN LN AIR FP|ICLR|LIN|MRVL|NOW|TSM CTAS |
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| 2023 Q3 | Jan 10, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, GLJ.DE, IBKR, META, PDD, PRX.AS, RYM.AX, WIX | Concentration, global, Long/Short, Quality, value | View | ||
| 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 | |
| 2022 Q4 | Jan 3, 2023 | Davis Global Fund | 0.0% | 0.0% | 2318 HK, META, OC | - | View | ||
| 2022 Q4 | Jan 3, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | 9WY, AAPL, ADYE AV, CDW, EW, FSR, GOOGL, META, MSI, PYPL, SI, SW, THRY, TSCO, V | - | View | ||
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. | View | |
| 2023 Q4 | Jan 2, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CME, DIS, GEHC, KVUE, META, RHM.DE, SHEL, SPOT, TECK | AI, Concentration, defense, global, Long/Short, Quality, Streaming, technology | Amazon's investments in artificial intelligence including chip company Annapurna and Anthropic provide material foothold in AI technology stack. AWS exposure to AI infrastructure requirements and continued LLM investment will contribute strongly to growth. Meta's AI investments in cloud infrastructure and recommendation engines have been important in improving engagement and growing user base. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | VT Holland Advisors Equity Fund | Meta Platforms Inc | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | contrarian, network effects, Owner-manager, Scale Economics, Sentiment Cycle, social media, technology | View Pitch |
| May 1, 2026 | Substack | Alpha Seeker 84 | Meta Platforms, Inc. | Technology | Social Media | Bull | Nasdaq Stock Market | adaptive ranking model, advertising, AI infrastructure, CapEx, engagement growth, Meta Platforms, operating leverage, Revenue Growth, valuation, WhatsApp Monetization | View Pitch |
| Apr 30, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Bull | Nasdaq Stock Market | advertising revenue, AI investments, buying opportunity, market overreaction, Meta Platforms, operating margin, Q1 2026 earnings, revenue per user, social media, User growth | View Pitch |
| Apr 29, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | Nasdaq Stock Market | Ad revenue, AI investments, capital expenditures, infrastructure, Investor confidence, META, operating income, Revenue Growth, social media, technology sector | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Focus Growth | Meta Platforms Inc | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI monetization, Datacenter Capex, digital advertising, margin expansion, platform, Revenue Growth, social media, user base | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global Growth | Meta Platforms, Inc. | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | advertising, AI monetization, data centers, growth, platform, social media, Users, valuation | View Pitch |
| Apr 23, 2026 | Fund Letters | Parnassus Growth Equity Fund | Meta Platforms, Inc. | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI-driven Marketing, Communication Services, digital advertising, Equity, growth, large-cap, social media | View Pitch |
| Apr 23, 2026 | Fund Letters | Madison Large Cap Fund | Meta Platforms | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI, capital expenditures, digital advertising, platform, social media, User growth, WhatsApp Monetization | View Pitch |
| Apr 23, 2026 | Fund Letters | Rowan Street Capital | Meta Platforms | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | digital advertising, growth, Long-term, Meta Platforms, social media, technology, virtual reality, Volatility | View Pitch |
| Apr 14, 2026 | Fund Letters | Wedgewood Partners | Meta Platforms | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | advertising, AI infrastructure, Interactive Media, Productivity Gains, Revenue Growth, social media, valuation discount | View Pitch |
| Apr 13, 2026 | Fund Letters | Rowan Street Capital | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, growth, platform, social media, technology, turnaround, virtual reality | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Large Growth | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI monetization, digital advertising, Instagram, Llama 3, messaging commerce, Mobile Platforms, operational efficiency, Reels, social media, WhatsApp | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Focus Fund | Meta Platforms, Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | AI development, digital advertising, global reach, Interactive Media, operational efficiency, Reels Monetization, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, digital advertising, global reach, monetization, operational efficiency, Reels, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Strategic Growth Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI development, Content Control, digital advertising, global reach, monetization, operational efficiency, Reels, Regulatory, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Durable Advantage Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, AI integration, generative AI, Mobile Advertising, monetization, Platform Scale, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Longriver Investment Partners | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Optimization, advertising technology, Artificial Intelligence, Consumer Internet, digital marketing, machine learning, platform, social media | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista US Quality Select | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, digital advertising, growth, monetization, network effects, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Davis Global Fund | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, Artificial Intelligence, data centers, growth, social media, technology, user engagement, virtual reality | View Pitch |
| Apr 13, 2026 | Fund Letters | Weitz Multi Cap Equity Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Digital platforms, hyperscaler, Meta Platforms, Online Advertising, social media, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Kovitz Core Equity | Meta Platforms Inc | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | AI, digital advertising, e-commerce, growth, social media, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, digital advertising, Free Cash Flow, social media, technology, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Large Growth | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI Targeting, digital advertising, Free Cash Flow, Reels, social media, Threads, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Rowan Street Capital | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI Assistant, Artificial Intelligence, digital advertising, growth, social media, technology, virtual reality | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis Global Select Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | digital advertising, innovation, social media, technology, undervalued, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis US Select Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, Bull, cost discipline, digital advertising, social media, Supercomputing, technology, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | RGA Investment Advisors | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | digital advertising, growth, large-cap, Metaverse, social media, technology, virtual reality | View Pitch |
| Apr 13, 2026 | Fund Letters | Fairtree Wild Fig Multi Strategy Hedge Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Bull, digital advertising, Facebook, Instagram, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | BESTINVER | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, AI infrastructure, Artificial Intelligence, capital expenditure, cash flow generation, data centers, digital advertising, Platform Scale, revenue per user, social media | View Pitch |
| Apr 13, 2026 | Fund Letters | AGT Partners | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Technology, Artificial Intelligence, digital advertising, platform, social media, user engagement, Video Content | View Pitch |
| Apr 13, 2026 | Fund Letters | Sigil Stable Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI monetization, Artificial Intelligence, forward earnings, High Quality Business, market correction, social media, value opportunity | View Pitch |
| Apr 13, 2026 | Fund Letters | ACATIS Investment | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Bull, digital advertising, Facebook, Instagram, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Airlie Australian Share Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, digital advertising, growth, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Easterly - Income Opportunities Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, High quality, market correction, social media, technology, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Financial Synergies Wealth Advisors | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, advertising technology, Artificial Intelligence, capital expenditure, cash flow generation, data centers, digital advertising, revenue per user, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | The Wolf of Harcourt Street | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, forward earnings, High quality, market correction, social media, technology, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | ACATIS Investment | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, advertising technology, Artificial Intelligence, capital expenditure, cash flow generation, data centers, digital advertising, revenue per user, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Wealth Management | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, forward earnings, market correction, social media, technology, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Mountain Vista Wealth Management | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, digital advertising, social media, technology, user engagement, Video Content | View Pitch |
| Apr 13, 2026 | Fund Letters | Wedgewood Partners | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, digital advertising, Family of Apps, machine learning, Recommendation Systems, social media, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Rowan Street Capital | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Business Messaging, digital advertising, growth, Metaverse, Reels, social media, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, digital advertising, Global Platform, social media, technology, user engagement, Video Content | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | digital advertising, growth, high-margin, Messaging, platform, social media, Video Content | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston Global Equity | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Advertiser Productivity, AI, Data Privacy, Facebook, Instagram, Reality Labs, social media, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | African Lions Fund | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Ad Targeting, Artificial Intelligence, capital expenditure, cash flow generation, data centers, digital advertising, revenue per user, social media, technology infrastructure, user engagement | View Pitch |
| Apr 13, 2026 | Fund Letters | Provident Financial Articles | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising technology, Artificial Intelligence, capital expenditure, cash flow generation, data centers, digital advertising, social media, user monetization | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Artificial Intelligence, forward earnings, High quality, market correction, social media, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Artificial Intelligence, forward earnings, High quality, market correction, social media, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Brummer Multi-Strategy Fund | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Artificial Intelligence, forward earnings, High quality, market correction, social media, Value | View Pitch |
| Feb 21, 2026 | Fund Letters | Tucker Brown | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Engagement, monetization | View Pitch |
| Feb 21, 2026 | Fund Letters | Alex Umansky | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Engagement, Margins, monetization, ROAS, scale, Targeting | View Pitch |
| Feb 21, 2026 | Fund Letters | Bill Ackman | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, monetization, scale | View Pitch |
| Feb 4, 2026 | Twitter / X | @realroseceline | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AdTargeting, AIAds, DigitalAdvertising, MachineLearning, monetization, PerformanceMarketing, Socialmedia | View Pitch |
| Feb 4, 2026 | Twitter / X | @undrvalue | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AdTargeting, AIAds, DigitalAdvertising, MachineLearning, monetization, PerformanceMarketing, Socialmedia | View Pitch |
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, monetization, social media | View Pitch |
| Feb 4, 2026 | Fund Letters | Alex Umansky | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, Margins, social media | View Pitch |
| Feb 4, 2026 | Twitter / X | @RihardJarc | Meta Platforms, Inc. | Media & Entertainment | Interactive Media & Services | Bull | NASDAQ | Agents, Automation, Compute, infrastructure, Manus, Messaging, Orchestration, Sandboxing, Smartglasses, WhatsApp | View Pitch |
| Feb 4, 2026 | Fund Letters | Brian Yacktman | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, monetization, network effects, social media | View Pitch |
| Feb 1, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Bull | Nasdaq Stock Market | ad impressions, advertising efficiency, AI technology, capital expenditures, infrastructure investment, Instagram Reels, Meta Platforms, Revenue Growth, social media, user engagement | View Pitch |
| Jan 29, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Bull | Nasdaq Stock Market | advertising revenue, AI investment, infrastructure costs, long-term growth, Meta Platforms, operating margin, P/E ratio, Q4 2025 earnings, social media, User growth | View Pitch |
| Jan 29, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Bull | NASDAQ Stock Market | advertising revenue, AI investment, AI tools, AR glasses, capex spending, cash flow, Meta Platforms, premium features, Reality Labs, social media | View Pitch |
| Jan 29, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Neutral | NASDAQ Stock Market | CapEx, cash flow, digital advertising, investment strategy, Meta Platforms, Q4 2025 earnings, social media, superintelligence, technical analysis, valuation | View Pitch |
| Jan 28, 2026 | Fund Letters | Julien Albertini | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bear | NASDAQ | advertising, AI, CapEx, Margins, Platforms | View Pitch |
| Jan 27, 2026 | Fund Letters | Ankur Crawford | Meta Platforms Inc. Class A | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Platforms, Socialmedia | View Pitch |
| Jan 27, 2026 | Fund Letters | Silas Myers | Meta Platforms Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Engagement, Pricing, Recommendations | View Pitch |
| Jan 23, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Bull | NASDAQ Stock Market | AI competitiveness, Family of Apps, Market Trends, Meta Platforms, operating cash flow, Revenue Growth, smart glasses, social media, User growth, valuation | View Pitch |
| Jan 20, 2026 | Fund Letters | Michael Taylor | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Margins, scale, social media | View Pitch |
| Jan 16, 2026 | Fund Letters | David A. Rolfe | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Data, Engagement, social media | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Digital, Engagement, monetization, Platforms | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Technology | Social Media | Bull | Nasdaq Stock Market | AI acquisition, digital advertising, geopolitical risks, growth, Manus acquisition, Meta Platforms, profitability, Rule of 40, social media, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Alex Umansky | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Engagement, monetization | View Pitch |
| Jan 8, 2026 | Fund Letters | Alex Kopel | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, compounding, Drawdowns, social media | View Pitch |
| Dec 6, 2025 | Fund Letters | Julien Albertini | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | advertising, AI, buybacks, Margins, Social | View Pitch |
| Dec 3, 2025 | Fund Letters | Ankur Crawford | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, monetization, Social | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Hollingworth | Meta Platforms Inc. | Communication Services | Internet Services | Bull | NASDAQ | advertising, AI, compounding, innovation, Margins, Owner-manager, social media | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | Meta Platforms Inc. | Communication Services | Social Media & Advertising | Bull | NASDAQ | adtech, AI, digital advertising, growth, infrastructure, Margins, monetization, operating leverage | View Pitch |
| Nov 29, 2025 | Fund Letters | Aileen Gan | Meta Platforms, Inc. | Communication Services | Social Media & Advertising | Bull | NASDAQ | advertising, AI, Engagement, profitability, scale | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | Meta Platforms Inc. | Communication Services | Social Media & Advertising | Bull | NASDAQ | adtech, AI, digital advertising, growth, infrastructure, Margins, monetization, operating leverage | View Pitch |
| Nov 25, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Internet Content & Information | Bull | AI integration, CapEx, digital advertising, growth runway, Meta Platforms, monetization, Regulatory Risks, targeting capabilities, User growth, valuation | View Pitch | ||
| Nov 25, 2025 | Substack | Rijnberk Invest Insights | Meta Platforms | Communication Services | Internet Content & Information | Bear | advertising revenue, AI infrastructure, AI investment, data centers, financial outlook, Free Cash Flow, investment risk, Meta Platforms, monetization challenges, operating margins | View Pitch | |
| Oct 30, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Internet Content & Information | Bull | AI investments, digital advertising, EPS miss, long-term growth, Meta Platforms, Q3 2025 earnings, Revenue Growth, social media, technical analysis, Undervalued Stock | View Pitch | ||
| Oct 30, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Internet Content & Information | Bull | ad impressions, AI technologies, buying opportunity, daily active users, long-term growth, Meta Platforms, P/E ratio, Q3 2025, Reality Labs, tax charge | View Pitch | ||
| Oct 30, 2025 | Substack | Sleepy Sol | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Neutral | ad impressions, AI initiatives, capital expenditures, investor caution, Meta Platforms, net debt, Q3 2025 earnings, Reality Labs, Revenue Growth, valuation concerns | View Pitch | |
| Oct 15, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Internet Content & Information | Bull | AI investment, growth potential, market leadership, Reasonable Valuation, technology | View Pitch | ||
| Oct 8, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Internet Content & Information | Bull | AI investments, financial health, investment thesis, market position, Meta Platforms, P/E ratio, Revenue Growth, ROIC, social media advertising, WACC | View Pitch | ||
| Oct 7, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms, Inc. | Internet Content & Information | Bull | cost discipline, digital advertising, European regulations, messaging commerce, Meta Platforms, NASDAQ, resistance levels, social media, support levels, video formats | View Pitch | ||
| Sep 9, 2025 | Seeking Alpha | Seeking Alpha | Meta Platforms | Internet Content & Information | Bull | advertising performance, AI devices, AI investment, cash flow generation, market competition, Meta Platforms, Regulatory Risks, social media, technology sector, user engagement | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Noah's Arc Capital Management | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Moretus Research | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Marc Gerstein | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Neutral | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | YR Research | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Envision Research | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Amrita Roy | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Rowan Street Capital | Meta Platforms | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Value Portfolio | Meta Platforms | Communication Services | Internet Content & Information | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Johnny Zhang, CFA | Meta Platforms | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Wedgewood Partners | Meta Platforms | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Motti Sapir | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Michael Del Monte | Meta Platforms | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Wedgewood Partners | Meta Platforms | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Shot_Caller | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Oliver Rodzianko | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Substack | Pacific Northwest Edge | Meta Platforms, Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | 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 | $2.5B | 6.25% | 3,781,949 | -253,768 | -6.29% | 0.1546% |
| Daniel Sundheim | D1 Capital Partners | $10.7B | $248.3M | 2.32% | 376,162 | +104,762 | +38.60% | 0.0154% |
| Larry Robbins | Glenview Capital Management | $4.9B | $7.6M | 0.16% | 11,572 | -104,362 | -90.02% | 0.0005% |
| David Hoeft | Dodge & Cox | $185.3B | $3.3B | 1.79% | 5,019,837 | +1,056,630 | +26.66% | 0.2052% |
| Pat Dorsey | Dorsey Asset Management | $1.2B | $105.9M | 9.21% | 160,450 | -31,774 | -16.53% | 0.0066% |
| Keith Meister | Corvex Management | $3.3B | $1.6M | 0.05% | 2,400 | +0 | +0.00% | 0.0001% |
| Anthony Bozza | Lakewood Capital Management | $1.5B | $36.7M | 2.43% | 55,570 | +39,100 | +237.40% | 0.0023% |
| David Tepper | Appaloosa LP | $6.9B | $396.1M | 5.72% | 600,000 | +230,000 | +62.16% | 0.0245% |
| Glenn Greenberg | Brave Warrior Advisors | $4.3B | $223,110 | 0.01% | 338 | +0 | +0.00% | 0.0000% |
| Chase Coleman III | Tiger Global Management | $29.7B | $1.8B | 6.11% | 2,750,615 | -68,386 | -2.43% | 0.1124% |
| Tim Campbell | Baillie Gifford | $120.3B | $2.9B | 2.41% | 4,399,233 | -890,995 | -16.84% | 0.1798% |
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $30.4M | 0.70% | 46,006 | +46,006 | +100.00% | 0.0019% |
| Terry Smith | Fundsmith | $17.1B | $900.1M | 5.26% | 1,363,539 | -195,125 | -12.52% | 0.0557% |
| Sarah Ketterer | Causeway Capital Management LLC | $7.3B | $72.9M | 1.00% | 110,385 | +23,468 | +27.00% | 0.0045% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $274.5M | 2.78% | 468,765 | +339,670 | +263.12% | 0.0190% |
| Chris Davis | Davis Selected Advisers | $22.2B | $1.2B | 5.20% | 1,752,974 | -1,678,054 | -48.91% | 0.0717% |
| Alex Sacerdote | Whale Rock Capital Management LP | $7.8B | $310.1M | 3.96% | 469,713 | -260,109 | -35.64% | 0.0192% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $299.7M | 0.56% | 454,000 | +319,600 | +237.80% | 0.0186% |
| Steven Halverson | Private Capital Management | $1.0B | $903,708 | 0.08% | 1,369 | +4 | +0.29% | 0.0001% |
| Ho Ching | Temasek Holdings | $31.6B | $241.9M | 0.77% | 366,511 | +152,442 | +71.21% | 0.0150% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $43.7M | 0.05% | 66,190 | -753,135 | -91.92% | 0.0027% |
| David Katz | Matrix Asset Advisors | $1.1B | $21.2M | 1.91% | 32,186 | +4,052 | +14.40% | 0.0013% |
| Robert Pohly | Samlyn Capital | $6.3B | $127.6M | 2.03% | 193,363 | -120,764 | -38.44% | 0.0079% |
| Chris Rokos | Rokos Capital Management | $9.9B | $274.5M | 2.78% | 468,765 | +339,670 | +263.12% | 0.0190% |
| Boaz Weinstein | Saba Capital Management | $3.3B | $2.0M | 0.06% | 3,090 | +3,090 | +100.00% | 0.0001% |
| Ray Dalio | Bridgewater Associates | $27.4B | $147.7M | 0.54% | 223,701 | -193,218 | -46.34% | 0.0091% |
| David Burrows | Barometer Capital Management | $415.3M | $517,545 | 0.12% | 79,500 | +63,943 | +411.02% | 0.0000% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $124.3M | 0.16% | 188,358 | -475,376 | -71.62% | 0.0077% |
| Israel Englander | Millennium Management LLC | $233.2B | $732.3M | 0.31% | 1,109,432 | -271,943 | -19.69% | 0.0454% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $42.2M | 0.93% | 63,880 | +9,310 | +17.06% | 0.0026% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.9B | 4.91% | 2,908,562 | +635,655 | +27.97% | 0.1189% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $3.3B | 2.66% | 5,027,934 | -334,364 | -6.24% | 0.2055% |
| Frank Sands | Sands Capital Management | $32.9B | $828.3M | 2.52% | 1,254,871 | -133,193 | -9.60% | 0.0513% |
| Murray Stahl | Horizon Kinetics | $7.4B | $376,176 | 0.01% | 570 | -10 | -1.72% | 0.0000% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $6.0M | 0.01% | 9,100 | -336,224 | -97.36% | 0.0004% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.4B | 0.72% | 2,090,071 | +357,309 | +20.62% | 0.0854% |
| Ricky Sandler | Eminence Capital | $6.3B | $41.1M | 0.65% | 62,250 | +3,672 | +6.27% | 0.0025% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $578.9M | 2.24% | 877,058 | -538,229 | -38.03% | 0.0359% |
| Bruce Kovner | Caxton Associates | $3.2B | $2.5M | 0.08% | 4,331 | -62,738 | -93.54% | 0.0002% |
| Charles Mawer | Mawer Investment Management | $17.9B | $454.3M | 2.54% | 688,205 | +1,431 | +0.21% | 0.0281% |
| Connor Haley | Alta Fox Capital Management | $464.8M | $11.0M | 2.36% | 16,600 | +0 | +0.00% | 0.0007% |
| Mario Gabelli | GAMCO Investors | $10.4B | $34.0M | 0.33% | 51,508 | +220 | +0.43% | 0.0021% |
| Panayotis Sparaggis | Alkeon Capital Management | $63.1B | $1.3B | 2.08% | 1,992,629 | -67,000 | -3.25% | 0.0815% |
| Wallace Weitz | Weitz Investment Management Inc | $1.7B | $71.8M | 4.25% | 108,710 | -7,000 | -6.05% | 0.0044% |
| Eric Bannasch | Cadian Capital Management | $1.4B | $9.0M | 0.65% | 13,700 | +13,700 | +100.00% | 0.0006% |
| Louis Bacon | Moore Capital Management | $6.8B | $7.5M | 0.11% | 11,419 | -89,418 | -88.68% | 0.0005% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $67.8M | 1.42% | 102,662 | +85,058 | +483.17% | 0.0042% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $4.0M | 0.92% | 6,096 | -180 | -2.87% | 0.0002% |
| David Rolfe | Wedgewood Partners Inc | $535.5M | $45.6M | 8.52% | 69,135 | -1,459 | -2.07% | 0.0028% |
| David Abrams | Abrams Capital Management | $5.7B | $214.6M | 3.78% | 325,155 | -69,600 | -17.63% | 0.0133% |
| Brad Gerstner | Altimeter Capital Management | $6.7B | $1.2B | 18.28% | 1,845,368 | -20,570 | -1.10% | 0.0754% |
| Robert Vinall | RV Capital AG | $429.5M | $90.0M | 20.95% | 136,311 | -3,401 | -2.43% | 0.0056% |
| Bill Ackman | Pershing Square Capital Management | $15.5B | $1.8B | 11.37% | 2,673,569 | +2,673,569 | +100.00% | 0.1093% |
| $25.6B | $6.6M | 0.03% | 10,000 | -129,000 | -92.81% | 0.0004% | ||
| Eric Mandelblatt | Soroban Capital Partners | $14.3B | $861.4M | 6.01% | 1,172,966 | +444,720 | +61.07% | 0.0533% |
| Francois Rochon | Giverny Capital | $3.0B | $206.9M | 6.90% | 313,449 | -621,981 | -66.49% | 0.0128% |
| Rich Handler | Jefferies | $19.3B | $26.1M | 0.14% | 39,502 | +36,243 | +1112.09% | 0.0016% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $89.0M | 0.24% | 134,817 | -50,278 | -27.16% | 0.0055% |