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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | YCG Investment | - | - | AMZN, BABA, META, MSFT | Banking, liquidity, Pricing Power, Quality, regulation | The banking crisis revealed structural duration and liquidity risks, prompting deposit flight and tightening credit conditions. Brokerage accounts remain insulated due to asset segregation, insurance layers, and regulatory oversight. Quality businesses with dominant market positions, strong balance sheets, and pricing power remain attractive in uncertain environments. | View | |
| 2025 Q2 | Sep 30, 2025 | Qualivian Investment Partners | 7.0% | - | AJG, AMZN, AZO, BKNG, CPRT, META, MSFT, SPGI | compounders, free cash flow, Pricing Power, Quality, returns on capital | The letter emphasizes long-term ownership of a small number of exceptional businesses with durable competitive advantages and long reinvestment runways. Quality is defined through high returns on capital, strong free cash flow, low leverage, and rational industry structures. The manager argues that premium-quality companies can justify high multiples when compounding is sustained over long horizons. | View | |
| 2025 Q3 | Sep 30, 2025 | Baron Fifth Avenue Growth Fund | 5.8% | 14.3% | AMZN, CRWD, GOOG, ISRG, KKR, MELI, META, MSFT, NVDA, SHOP, TSLA, TSM, TTD | earnings, growth, innovation, Market share, scalability | The manager highlights long-duration growth investing in competitively advantaged businesses with large addressable markets and strong reinvestment opportunities. Short-term volatility and style rotations are viewed as secondary to sustained revenue growth, innovation, and market share gains. Growth remains anchored in owning exceptional companies through cycles as intrinsic value compounds over time. | META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA |
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| 2025 Q2 | Aug 7, 2025 | Meridian Hedged Equity Fund | 4.9% | - | CVX, HUN, KVUE, MGM, MSFT, VST | capital preservation, downside protection, Hedging, Options, volatility | The commentary focuses on managing downside risk through selective hedging while maintaining equity upside. Covered calls and disciplined stock selection are used to smooth returns across market cycles. Capital preservation is framed as central to long-term compounding. | MGM MSFT VST |
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| 2025 Q2 | Aug 7, 2025 | Stenham Asset Management | 8.4% | 9.2% | AIR FP, AMZN, CME, GE, MA, MSFT, SAF FP, TSM, V | asset allocation, diversification, geopolitics, risk management, volatility | The letter emphasizes diversified global exposure as geopolitical fragmentation and macro volatility increase dispersion across regions and asset classes. Capital preservation and flexibility are prioritized as traditional correlations break down. Active allocation is positioned as critical to navigating regime change. | CME GE SAF FP AIR FP MA V AMZN MSFT |
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| 2023 Q2 | Aug 4, 2023 | Eagle Capital Management, LLC | - | - | AMZN, AON, COF, COP, GOOG, META, MSFT, NFLX, UNH | - | View | ||
| 2025 Q2 | Aug 27, 2025 | Brown Advisors Global Leaders Strategy | 12.6% | 12.4% | AZO, COLOB DC, EXPN LN, GE, ILMN, INTU, MSFT, PBRI IJ, RHHBY, TSM, ZTS | Capital Allocation, downside protection, global franchises, IRR, Quality | The commentary emphasizes investing in a concentrated set of global franchises with strong customer outcomes and durable economics. Downside protection, disciplined capital allocation, and long-term IRR calibration are core to the process. Quality businesses are positioned to compound through cycles despite macro shocks. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisory Large-Cap Growth Strategy | 16.4% | 7.6% | DKNG, FICO, MSFT, NFLX, NOW, NVDA, PGR, SPGI, UBER, WST, ZTS | fundamentals, Large Cap Growth, market leaders, Pricing Power, volatility | The commentary highlights resilient large-cap growth leaders with strong balance sheets and pricing power amid heightened volatility. Management stresses taking advantage of market dislocations to add high-quality businesses at better risk-reward levels. Growth leadership is expected to broaden beyond mega-cap concentration. | View | |
| 2024 Q2 | Aug 2, 2024 | Alger Spectra Fund | 3.2% | 32.4% | AMD, AMZN, DKNG, MLM, MSFT, NVDA | - | View | ||
| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management, LLC | 5.1% | 18.6% | AAPL, AMZN, GOOG, LLY, META, MSFT, NVDA | - | View | ||
| 2025 Q2 | Aug 11, 2025 | Aoris International Fund | 8.2% | - | ACN, ACO GR, APH, CPRT, DPLM LN, HLMA LN, JKHY, MSFT, OR FP | cash flows, global, moats, Quality, valuation | The commentary emphasizes global high-quality companies with strong competitive positions, predictable cash flows, and conservative balance sheets. Management remains cautious on valuations while favoring businesses capable of sustaining returns through economic uncertainty. Long-term quality compounding remains the core investment thesis. | View | |
| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | AVGO, BYD, CRWD, MELI, MSFT, NFLX, NVDA, NVO, ORLY, SPOT | Artificial Intelligence, Digital Platforms, innovation, productivity, secular growth | The letter emphasizes global innovation as the primary driver of long-term equity returns, with a focus on companies benefiting from technological change and expanding end markets. Management highlights artificial intelligence, digital platforms, and productivity-enhancing software as structural growth forces. Volatility is viewed as an opportunity to add to high-conviction innovators with durable competitive advantages. | View | |
| 2025 Q2 | Jul 29, 2025 | RiverPark Large Growth | 15.0% | 6.6% | AAPL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, UBER, UNH | Compounding, free cash flow, growth, secular trends, valuation | The commentary highlights selective large-cap growth investing focused on companies with long runways for revenue and free cash flow expansion. Management stresses discipline on valuation despite enthusiasm around secular growth trends. The outlook favors compounding businesses rather than momentum-driven winners. | PEP SBUX LLY |
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| 2025 Q2 | Jul 28, 2025 | RiverPark Long/Short Opportunity Fund | 10.3% | 3.9% | AAPL, MSFT, NFLX, NVDA, UNH | AI, defense, Long-Short Equity, Volatility Management | AAPL NFLX MSFT NVDA |
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| 2025 Q2 | Jul 23, 2025 | Madison Sustainable Equity Fund | 6.1% | 2.4% | AAPL, DHR, JPM, LLY, MSFT, NEE, ORCL, PGR, TEL, UNH | Esg, Governance, long-term, Quality, sustainability | The letter highlights sustainable investing as a source of long-term risk-adjusted returns. Management emphasizes high-quality companies that effectively manage environmental, social, and governance risks. Sustainability integration is positioned as enhancing durability and capital preservation. | UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL |
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| 2025 Q2 | Jul 22, 2025 | Alger Spectra Fund | 29.2% | 13.0% | AAPL, GLOB, META, MSFT, NVDA, UNH | Artificial Intelligence, Cloud, Data centers, growth, monetization | The letter underscores AI as a dominant secular theme powering earnings growth in large-cap technology leaders. Management highlights data center expansion, cloud adoption, and AI monetization. The outlook remains bullish on AI beneficiaries while selectively shorting structurally challenged businesses. | GLOB UNH AAPL META MSFT NVDA |
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| 2025 Q2 | Jul 22, 2025 | Aristotle Value Equity Fund | 4.8% | 5.4% | ALC SW, AMGN, MCHP, MSFT, UBER | Discipline, Margin Of Safety, normalized earnings, valuation dispersion, value | The letter highlights classic value opportunities created by market concentration in growth stocks and neglect of asset-heavy businesses. Management emphasizes normalized earnings power, balance sheet strength, and margin of safety. Value investing is positioned as increasingly attractive as valuation dispersion widens. | UBER US ALC SW AMGN US MCHP US MSFT US |
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| 2025 Q2 | Jul 22, 2025 | Columbia Global Technology Growth Fund | 24.8% | - | AAPL, AVGO, FI, GPN, HOOD, MSFT, NVDA, ORCL, TMUS | AI, Cloud Computing, innovation, secular growth, semiconductors | The letter emphasizes powerful secular growth driven by artificial intelligence, cloud computing and digital infrastructure. Management highlights strong demand for semiconductors and software platforms with durable competitive advantages. Technology is viewed as a long-duration growth opportunity despite geopolitical and regulatory risks. | AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA |
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| 2025 Q2 | Jul 22, 2025 | Columbia Seligman Global Technology Fund | 19.5% | - | AAPL, ADBE, AVGO, BE, LRCX, MRVL, MSFT, NVDA | AI Infrastructure, cybersecurity, global tech, semiconductors, valuation | The commentary focuses on global technology opportunities driven by AI infrastructure buildouts, semiconductor demand and cybersecurity needs. Management stresses bottom-up stock selection and valuation awareness within high-growth industries. Technology remains attractive despite volatility and tariff-related risks. | SYNA 6723 JP BE AAPL LRCX |
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| 2025 Q2 | Jul 22, 2025 | Ithaka US Growth Strategy | 23.0% | - | AAPL, CRM, LLY, MSFT, NOW, NVDA | Competitive Advantage, fundamentals, growth, secular trends, volatility | The commentary focuses on owning durable U.S. growth businesses with long runways supported by secular demand and strong competitive positions. Management highlights disciplined valuation awareness despite a growth-oriented mandate. Volatility is viewed as an opportunity to add to high-quality franchises at more attractive entry points. | CRM LLY AAPL NOW MSFT NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AAPL, GLBE, GOOG, META, MSFT, NFLX, NVDA, OKTA, PANW, SPOT, TEAM, TSM, V | AI, Cloud, innovation, semiconductors | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 20, 2025 | The London Company Income Equity | 4.5% | 9.1% | 7974 JP, AAPL, APD, CB, MSFT, PGR, PM, UPS | dividends, income, low volatility, Quality, shareholder yield | The letter focuses on high-quality, low-volatility equity income positioned to perform through macro uncertainty. Dividend yield, balance sheet strength, and pricing power are emphasized as defenses against policy and economic risk. Shareholder yield is expected to drive a significant portion of returns. | CB APD PM MSFT |
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| 2025 Q2 | Jul 18, 2025 | Impax Global Environmental Markets Fund | 12.5% | 10.5% | APH, IEX, MSFT, NVDA, WAT, ZTS | Energy Efficiency, grid investment, Pricing Power, secular growth, sustainability | The letter emphasizes long-term structural growth in environmental markets driven by energy efficiency, grid modernization, and resource optimization. Management argues that short-term political and tariff noise has not impaired secular demand for sustainability-linked solutions. The portfolio favors high-quality businesses with pricing power and resilient earnings profiles. | WAT |
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| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Growth Fund | - | 1.9% | IDA, JPM, MEDP, META, MSFT, UNH | Competitive Advantage, earnings, innovation, Reinvestment, secular growth | The letter highlights durable earnings growth driven by innovation, market leadership, and reinvestment discipline. Management favors companies with strong competitive advantages and long growth runways. Volatility is viewed as an opportunity to add to high-quality growth franchises. | View | |
| 2024 Q2 | Jul 17, 2024 | WestEnd Capital | 10.7% | 30.8% | AMZN, ARM, AVGO, FCX, HUT CN, META, MSFT, MU, NVDA, PWR, SMCI, TSM | AI Infrastructure, Data Center Expansion, Hyperscaler Capex, power demand, Semiconductor Supply Chain | The letter details a structural investment boom in AI-driven data center infrastructure, emphasizing GPU demand, hyperscaler capex growth, and semiconductor supply chain dominance. WestEnd positions the portfolio across the AI ecosystem, including Nvidia, TSMC, Broadcom, and power infrastructure beneficiaries, arguing that earnings growth justifies elevated valuations. The strategy remains focused on infrastructure builders rather than speculative AI applications, prioritizing durable cash flow generation and competitive advantages. | PWR HUT CN |
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| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity Strategy | 7.9% | 5.4% | ADI, BDX, FI, FND, HAS, META, MSFT, MSI, ORCL, TMO | Balance Sheets, Capital discipline, Competitive Advantage, Concentration, Quality | The letter focuses on owning a concentrated portfolio of high-quality businesses with strong balance sheets and durable competitive advantages. Management prioritizes downside protection, conservative capital structures, and long holding periods. Patience and business fundamentals are emphasized over market timing. | View | |
| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | AMZN, MSFT, NVDA, TSM | - | View | ||
| 2025 Q2 | Jul 10, 2025 | Generation Investment Management Global Equity | - | - | ASSAB SS, MSFT | AI, Enterprise Software, Healthcare Innovation, sustainability | ASSA AB |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | AWK, CCI, LEN, MSFT, OSK, QCOM, VLTO | - | View | ||
| 2024 Q2 | Jun 30, 2025 | Barometer Capital Management Inc. | - | - | AVGO, COST, DIS, DOL, ETN, LLY, MSFT, MSI, NVDA, TRI CN, VLO | - | View | ||
| 2025 Q2 | Jun 30, 2025 | Mar Vista Global Equity Fund | - | 13.0% | AAPL, BRK/A, MSFT, NVDA, ORCL | AI, Competitive Advantage, free cash flow, Quality, valuation | The letter highlights quality-focused global equities with durable competitive advantages and strong free cash flow. Management favors companies benefiting from AI, cloud, and productivity trends while maintaining valuation discipline. Quality is positioned as a defense in uncertain macro environments. | GE BRK.B AAPL NVDA ORCL MSFT |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 12.4% | AAPL, AVGO, JNJ, MSFT, ORCL | free cash flow, Governance, long-term, Quality, volatility | The commentary highlights quality as the dominant driver of long-term returns, particularly in an environment of elevated valuation dispersion. Management stresses consistent free cash flow generation, conservative capital allocation, and strong governance as key defenses against macro uncertainty. Volatility is framed as an opportunity to accumulate superior businesses rather than a signal to rotate styles. | AAPL ORCL AVGO MSFT |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 14.3% | AAPL, AVGO, JNJ, META, MSFT, MTD | Balance Sheets, Compounding, Discipline, moats, Quality | The letter emphasizes owning a concentrated portfolio of high-quality U.S. businesses with durable competitive advantages, strong balance sheets, and long reinvestment runways. Management argues that recent volatility has not impaired intrinsic value and instead offers opportunities to add to long-term compounders at more reasonable prices. The outlook remains focused on downside resilience and steady compounding rather than short-term macro forecasting. | GE JNJ MTD AAPL META MSFT AVGO |
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| 2025 Q2 | Jun 30, 2025 | Munro Global Growth Fund | 16.1% | 7.7% | ENR GR, MSFT, NVDA | competitive moats, Decarbonization, earnings, Global Growth, innovation | The commentary emphasizes structural global growth themes driven by innovation, decarbonization, and digital adoption. Management invests in companies with strong competitive moats and accelerating earnings. Growth durability is favored over valuation compression risk. | ENR GR MSFT |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | 9984 JP, KINVB SS, MSFT, RCI, TMUS | Connectivity, content, Digital Media, infrastructure, Telecom | The letter centers on global demand for digital content, data transmission, and connectivity infrastructure. Media, telecom, and technology platforms benefit from secular growth in streaming, mobile data, and advertising. Consolidation and regulatory change are viewed as potential value unlocks. | MSFT |
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| 2024 Q2 | Jun 30, 2024 | Orbis Global Equity | - | - | AAPL, CPAY, GOOG, META, MSFT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ISRG, JNJ, LLY, MSFT, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Merchant West Investments | - | - | GOOG, MSFT, NVDA, TFG SJ | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ADBE, AMZN, META, MSFT, NFLX, NKE, NVDA, PAYC, PYPL, TSLA, ZTS | - | View | ||
| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, LULU, MSFT, NVDA | - | View | ||
| 2024 Q1 | May 13, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, APD, FAST, FIS, MSFT, PGR, SBUX | - | View | ||
| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -5.8% | -5.8% | AMZN, CRM, GOOG, MSFT, SWKS | - | View | ||
| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -6.0% | -6.0% | AMZN, CRM, GOOG, MSFT, SWKS | - | View | ||
| 2025 Q1 | Apr 27, 2025 | Aoris International Fund | -0.8% | -0.8% | CAN, CPRT, EXPN LN, GWW, MSCI, MSFT, OR FP, REL LN, V | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, CRM, GE, KKR, MSFT, TDG | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CRM, GE, KKR, MSFT, TDG | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity Strategy | -2.3% | -2.3% | ADBE, ADI, AMZN, ANET, ASHTY, BRK/A, DGE LN, GOOG, ICE, JPM, MSFT, PM | - | View | ||
| 2024 Q1 | Apr 20, 2024 | Alpha Wealth Funds – The Insiders Fund | 0.0% | 1.2% | AXON, CRK, DVN, ET, HR, MSFT, MU, ORCL, XOM | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AVGO, INDI, MSFT, NVDA, RIVN, TSLA, TSM, VKTX | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Alger Spectra Fund | 3.2% | 32.4% | AAPL, MBLY, META, MSFT, NVDA, TSLA | - | View | ||
| 2025 Q1 | Apr 15, 2024 | The London Company Income Equity | 4.4% | 4.4% | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality | -3.1% | -3.1% | AVGO, BRK/A, CRM, JNJ, MSFT, NVDA, PEP, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | AMG Yacktman Focused Fund | 1.3% | 1.3% | 005930 KS, BOL FP, CNQ CN, MSFT, UHAL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Columbia Global Technology Growth Fund | -12.3% | -12.3% | GOOG, MRVL, MSFT, NOW, NVDA, TMUS, UBER, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Columbia Seligman Global Technology Fund | -12.7% | -12.7% | AAPL, AVGO, BE, LRCX, MSFT, NVDA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, AVGO, CVX, ETN, HPE, IBM, MSFT, ORCL, TMUS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Impax Global Environmental Markets Fund | -1.8% | -1.8% | A, AI FP, MSFT, NVDA, SIE GR, WM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Weitz Large Cap Equity Fund | -3.8% | -3.8% | IDXX, MSFT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | RiverPark Large Growth | -7.2% | -7.2% | AAPL, AMZN, GOOG, LLY, MSFT, NVDA, SCHW, UBER, UNH, V | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Carillon Eagle Growth & Income Fund | - | - | AMGN, AMT, AVGO, ETN, JPM, MCD, MDLZ, MRK, MSFT, UNH | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Platinum International Technology Fund | 13.2% | 13.2% | 6539 JP, 6963 JP, BKNG, GOOG, META, MSFT, NFLX, NXPI, SOI FP | - | View | ||
| 2024 Q4 | Mar 30, 2025 | Qualivian Investment Partners | 3.3% | 26.6% | AMZN, BRO, DHR, GOOG, MSFT, URI, V | - | View | ||
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, DUK, GRMN, JNJ, JPM, MSFT, NFLX, PGR | - | View | ||
| 2023 Q1 | Mar 24, 2023 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, ANET, DE, GRMN, LECO, MRK, MSFT, ULTA, V, VRTX | - | View | ||
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | APPL, AVGO, BE, LRCX, MRVL, MSFT, NVDA | - | 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 | Auxier Asset Management | 2.0% | 15.2% | BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO | AI, Banking, Buybacks, defense, energy, healthcare, technology, value | Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market. | View | |
| 2025 Q4 | Feb 8, 2026 | SGA – U.S. Large Cap Growth | 0.2% | 3.0% | ALC, ARM, AVGO, COO, CRM, GOOG, IT, META, MSFT, YUM | Artificial Intelligence, earnings visibility, stock selection, U.S. Large Cap Growth, Valuation Awareness | The letter reviews a solid quarter for U.S. large-cap growth equities supported by earnings resilience, Fed rate cuts, and sustained AI-related investment. Performance was driven by selective exposure to technology, communication services, and healthcare leaders with visible revenue growth and margin durability. Looking ahead, the managers stress selectivity as valuations remain elevated, favoring companies that can compound earnings through innovation rather than multiple expansion. | 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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| 2025 Q4 | Feb 8, 2026 | BlackRock Global Dividend Fund | 2.2% | 19.3% | 000001.SZ, 000660.KS, AAPL, ALVY.DE, AVGO, AZN, BABA, CMS, GOOGL, KO, MSFT, REL.L, SONY, TSM | dividends, Europe, financials, global, healthcare, Quality, technology | AI infrastructure demand remains strong, supporting memory companies like SK Hynix. However, AI concerns are creating headwinds for some businesses like RELX, where sentiment remains cautious about AI's potential impact on parts of their operations. The fund focuses on carefully selected quality companies with strong dividend growth potential. The strategy aims to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies. | FBK IM |
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| 2025 Q4 | Feb 8, 2026 | BlackRock Advantage Global Fund | 3.8% | 23.9% | AAPL, AMZN, CME, GOOGL, JPM, MS, MSFT, NVDA, PFE, TSM | global, large cap, quantitative, Sentiment, technology | Large-cap technology stocks led for much of 2025 but weakened into year-end, with more speculative names under pressure. Macro-thematic measures helped motivate successful overweight positions in U.S. and Taiwanese technology stocks. | View | |
| 2024 Q4 | Feb 6, 2025 | Bretton Fund | -1.0% | 20.3% | AXP, AZO, GOOG, MSFT, NVR, TJX | - | 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 | ClearBridge Investments All Cap Growth | - | - | AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD | aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility | AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks. | 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 | |
| 2025 Q4 | Feb 4, 2026 | Aristotle/Saul Global Equity Fund | 3.3% | 19.8% | 005930.KS, 6594.T, 6954.T, 8001.T, CCO, D05.SI, EGB.VI, FCFS, FMC, GOOGL, LEN, LOW, MLM, MSFT, SONY, UBER | AI, Automation, Central Banking, Global Equity, Quality, Trade Policy, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. The enthusiasm helped propel mega-cap tech stocks higher and drive market gains. Trade relations between the U.S. and China remained a key market focus with tariff escalations and export controls. China expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. Global automation adoption accelerated amid labor shortages, rising wages, and increasing manufacturing complexity. FANUC demonstrated leadership in factory automation and industrial robotics, with robot sales in China growing over 80% year-over-year and collaboration with NVIDIA on AI-driven robotics solutions. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 3, 2026 | John Hancock Balanced Fund Class I | 3.7% | 16.0% | AAPL, AMZN, AVGO, BRBR, FCX, GOOGL, JPM, LLY, MSFT, ZBRA | asset allocation, Balanced, equities, fixed income, healthcare, materials, security selection, technology | Eli Lilly & Company contributed to relative performance with shares rising amid continued growth in its GLP-1 drug franchise. Freeport-McMoRan benefited from rising copper and gold prices, contributing to fund performance. | View | |
| 2025 Q4 | Feb 3, 2026 | The Sound Shore Fund | 7.8% | 18.2% | C, COF, FLEX, GM, HII, LUV, MSFT, PVH, PYPL, REGN, TEVA, TMO, TXN, WBD | defense, earnings, healthcare, Manufacturing, Transformation, undervalued, value | Sound Shore specializes in identifying undervalued companies undergoing transformations, focusing on stocks trading at attractive valuations relative to earnings power. The portfolio trades at 13.5 times forward earnings versus S&P 500 at 22 times, providing meaningful discount despite strong balance sheets and free cash flow. Healthcare was the best performing sector in Q4 after lagging earlier in 2025. Portfolio holdings Regeneron and TEVA provided positive pipeline updates and were among largest contributors as regulatory clarity emerged around previously uncertain policies. Huntington Ingalls Industries, the largest US Naval shipbuilder, was a standout 2025 performer after working through post-COVID supply chain issues. The company benefits from US Navy's commitment to rapidly expand the fleet and prospects for further margin gains. FLEX evolved from low-value electronics assembly to high-value specialized manufacturing for medical, industrial, and automotive industries. Under CEO Revathi Advaithi, the company achieved operational discipline and double-digit earnings growth with expanding margins, benefiting from accelerating data center end-markets. | View | |
| 2025 Q4 | Feb 25, 2026 | GMO (Grantham, Mayo, Van Otterloo & Co. LLC) | 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 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 Thematic Growth Portfolio | 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 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Equity Income Fund | 2.2% | 16.5% | BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT | AI, dividends, energy, financials, gold, Utilities | Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers. | NFG MSFT CVX |
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| 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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| 2025 Q4 | Feb 12, 2026 | Bretton Fund | 1.4% | 11.6% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value | The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes. | RVTY GOOG UNH |
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| 2025 Q4 | Feb 10, 2026 | FPA Source Capital | 4.3% | 18.4% | IFF, MSFT, MTN, SAF FP, TEL | Balance Sheet Strength, Capital Allocation, downside protection, free cash flow, Intrinsic Value | The letter emphasizes ownership of durable, cash-generative businesses trading at discounts to intrinsic value, with a focus on downside protection and long-term compounding. Management prioritizes strong balance sheets and disciplined capital allocation in a market characterized by elevated valuations and macro uncertainty. The strategy seeks asymmetric returns by concentrating capital in high-conviction opportunities while preserving liquidity for volatility-driven dislocations. | MSFT MTN IFF SAF FP TEL |
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| 2025 Q4 | Dec 31, 2025 | The Wolf of Harcourt Street | 4.0% | -4.0% | MSFT, SE, UBER, V | drawdowns, growth, Quality, Reinvestment, valuation | The portfolio review focuses on owning high-quality growth businesses experiencing drawdowns but retaining strong fundamentals and reinvestment runways. Positions such as Visa, Uber, and Sea Limited reflect a rebound-oriented philosophy that adds during valuation compression rather than momentum peaks. Growth investing is positioned as most effective when paired with patience, quality filters, and willingness to endure volatility. | SE UBER |
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| 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 | L1 Capital International Fund | 11.4% | 29.0% | BKNG, EXP, GPK, HCA, MSFT, NVDA, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Artisan Mid Cap Fund | 5.1% | 12.0% | CSGP, EXAS, HOOD, IR, MNDY, MPWR, MRVL, MSFT, NVR, ON, PLTR, PSTG, SPOT, TEAM, XYL | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Alger Spectra Fund | 5.6% | 39.9% | AMZN, APP, LLY, MELI, MSFT, NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | ANET, CYBR, LPLA, MSFT, NARI, NVDA, TSLA, VKTX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Growth Equity Fund | 4.9% | 26.9% | AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | The Gabelli Equity Income Fund | -2.7% | 6.9% | CR, DE, GPC, MSFT, STT | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, MSFT, NVDA, SLB, TSLA, TTD | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADI, AMT, APD, FTV, MKL, MSFT, TDG, VLTO | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | ALGM, LBRDK, LEVI, MSFT, SBH, SPHR | - | View | ||
| 2022 Q4 | Dec 31, 2023 | Zelikovic Investments / Tavor Capital | - | - | BAM, EXO NA, HEI, IAC, KKR, MSFT, ODFL, TPL | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Contrarius Global Equity Fund | 10.4% | 20.2% | MSFT, XOM, ZM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Carillon Eagle Growth & Income Fund | - | - | AVGO, AZN, BLK, CVX, FDX, GPC, MSFT, NOC, PNC | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Aquamarine Fund | - | 18.7% | 1211 HK, AAPL, AMZN, AXP, BABA, BAC, BARK/A, CRISIL IN, GOOG, MA, META, MSFT, RACE IM, SRG | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Avenir Corporation | - | - | AMT, AMZN, BRK/A, DBRG, MSFT | - | View | ||
| 2022 Q3 | Dec 31, 2022 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, GOOG, MSFT, NTRA, TSLA | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Diamond Hill Large Cap Strategy | 12.1% | -13.1% | ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Avenir Corporation | - | - | AMT, AMZN, DBRG, LMT, MSFT, ORLY | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Aquamarine Fund | - | 23.8% | 1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Magellan Global Fund | - | 10.8% | BABA, MSFT, NFLX | - | View | ||
| 2020 Q4 | Dec 31, 2020 | Magellan Global Fund | - | 9.0% | MA, MC FP, MSFT | - | View | ||
| 2015 Q4 | Dec 31, 2015 | Aquamarine Fund | - | -16.0% | ATGE, BRK/A, CHK, MSFT, NESN SW, RLS SP | - | View | ||
| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ANET, CEG, GEV, GRMN, GS, JPM, MSFT, NVDA | - | View | ||
| 2023 Q2 | Dec 7, 2023 | Qualivian Investment Partners | 2.4% | 15.3% | CPRT, DHR, HSY, LMT, META, MSFT, POOL, UHAL | - | View | ||
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, AMZN, CRM, ILMN, MSFT, NFLX, NOW, NVDA | - | View | ||
| 2025 Q3 | Nov 8, 2025 | Baron Durable Advantage Fund | 5.5% | 13.3% | GOOG, INTU, LPLA, META, MSFT, NVDA, SPGI, TSM | AI, Hyperscalers, infrastructure, semiconductors, Valuations | The letter describes an accelerating cycle of AI infrastructure investment, highlighted by massive multi-billion-dollar commitments from Oracle, NVIDIA, Meta, and other hyperscalers. Despite comparisons to past bubbles, the manager argues valuations remain rational and AI demand is broad-based, with leading platforms showing durable competitive moats. The fund remains focused on high-quality compounders positioned to benefit from long-term AI adoption. | TSM NVDA GOOGL LOAR VRSK |
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| 2023 Q3 | Nov 10, 2023 | Alger Spectra Fund | 3.2% | 32.4% | GFL, MSFT, SLB, TMDX, VRT | - | View | ||
| 2025 Q3 | Oct 30, 2025 | Troy Multi-Asset Strategy | - | - | GOOG, MSFT | AI, gold, inflation, Speculation, valuation | AI: The letter warns of speculative excess reminiscent of the dot-com era. AI spending is massive, vendor-financed, and may not justify current equity valuations. Valuation: Market-wide multiples, especially the CAPE ratio near 40x, signal stretched valuations. Defensive sectors remain undervalued despite resilient fundamentals. Gold: Gold remains a long-term store of value and portfolio hedge, supported by central-bank accumulation, fiscal deterioration, and geopolitical risk. Trimmed modestly after a sharp rise, but remains a core holding. | View | |
| 2025 Q3 | Oct 30, 2025 | Trojan Fund from Troy Asset Management | - | - | AMD, GOOG, MSFT, ORCL | Capitalpreservation, diversification, inflation, Resilience, risk | The Trojan Fund reiterates its core objective of capital preservation with steady real returns across market cycles. The letter highlights caution toward overvalued assets, emphasizing resilience, downside protection, and diversification. Capital-focused investing remains relevant as macro uncertainty and valuation risk persist. | View | |
| 2023 Q3 | Oct 30, 2023 | Penn Davis McFarland | - | - | FTRE, LLYVK, MSFT | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2022 Q3 | Oct 21, 2022 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V | - | View | ||
| 2024 Q3 | Oct 2, 2024 | The London Company Income Equity | 10.4% | 14.6% | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | - | View | ||
| 2025 Q3 | Oct 17, 2025 | Harbor Capital Appreciation Fund | 5.0% | 12.7% | AAPL, AMD, APPL, AVGO, DIS, MSFT, NFLX, ORCL, SHOP, TOST, TSM, TTD, VRTX | Artificial Intelligence, Cloud Computing, Growth Stocks, semiconductors, Technology leadership | Harbors manager cites AI-driven innovation as the dominant force behind market gains, though warns of valuation risk in mega-cap tech. The fund added exposure to cloud and AI enablers such as AMD and Oracle, reflecting confidence in structural growth. Despite short-term volatility, it remains committed to high-quality growth companies with durable moats and earnings resilience. | ORCL US TOST US AMD US |
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| 2024 Q3 | Oct 16, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, EW, GOOG, META, MSFT, MSI, POWL, PYPL, UNH | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Wedgewood Partners | 5.9% | 6.2% | BKNG, CDW, CPRT, GOOG, META, MSFT, PYPL, TSM | Artificial Intelligence, Data centers, energy, Leverage, semiconductors | Wedgewood warns of an unsustainable AI capital spending boom reminiscent of past tech bubbles. It highlights mounting corporate leverage and grid strain from AI data center expansion, raising concerns about long-term returns. The letter praises firms like TSMC, Microsoft, and Meta for disciplined execution but cautions that AIs debt-fueled growth could become cyclical. | MSFT US META US PYPL US GOOGL US |
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| 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, 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 while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500. | 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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| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 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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| 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 6, 2026 | Frank Value Fund | 0.0% | 12.3% | GTX, MSFT | Buybacks, cash flow, Consumer Staples, fundamentals, mid cap, value | Manager emphasizes investing based on cash flows rather than relying on expensive valuations. Contrasts undervalued holdings like Garrett Motion with 14% FCF yield against Microsoft's 2% yield. History shows extreme valuations are unsustainable and always suffer painful declines long-term. Seven holdings are actively repurchasing more than 5% of shares outstanding annually. Low valuations enable holdings to repurchase much more stock, accelerating sleepy consumer staples companies into double-digit earnings growers. Fund's dividend yield is 2%, double the S&P 500. | View | |
| 2025 Q4 | Jan 6, 2026 | Ghosh Capital | -13.3% | 12.6% | AEM, APH, AVGO, CWAN, GOOGL, HOOD, MSFT, MU, NVDA, RHM.DE, SII, WIX | Concentration, Leverage, Options, risk management, SaaS, technology, value | Manager learned hard lessons about position sizing and concentration risk after Kneat position at 30% of portfolio caused significant drawdown. Establishing strict rules around maximum position sizing regardless of conviction level. Used long-dated deep in-the-money options for leverage on Wix and Clearwater Analytics positions but found the inherent leverage made it difficult to hold positions through volatility. Planning to use options more sparingly going forward. Kneat remains largest holding despite poor Q2/Q3 results with net new ARR below expectations due to macro headwinds and deal delays. Company ended 2025 with highest number of new strategic customer wins in history, setting up for growth in 2026-2027. | WIX KSI CN |
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| 2025 Q4 | Jan 6, 2026 | North Sky Capital, LLC | 0.0% | 0.0% | MSFT, NVDA, TSLA | Clean Technology, Energy Storage, impact investing, infrastructure, private equity, Renewable Energy, Secondary Markets, Solar | Solar and storage dominated renewable generation with 85% of new capacity additions. Solar installed 11.7 GW in Q3 2025, accounting for 58% of all new electricity-generating capacity. Battery prices continued declining to $108 per kilowatt-hour, representing a 12.6% annual decline since 2013. Parabolic increase in energy demand from datacenters due to AI is driving massive power requirements. Microsoft's Fairwater datacenter will consume 3.3 GWs of electricity when fully operational, more than the city of Los Angeles, spanning 315 acres with hundreds of thousands of NVIDIA GPUs. EV tax incentives were curtailed by July's One Big Beautiful Bill, causing a surge in Q3 sales followed by a sharp Q4 drop. However, EV charging infrastructure remained consistent with over 230,000 publicly available chargers deployed in the US for the first time. Rice University chemist James Tour developed breakthrough flash Joule heating process to recover rare earth elements from electronic waste, cutting energy use by 87% and offering path to domestic independence from China's 90% dominance in REE processing. Exit environment steadily improved with Q3 2025 global M&A increasing 26% QoQ and 35% YoY. Secondary market volume expected to reach $210B in 2025, split 52% GP-led and 48% LP-led, with favorable dynamics for impact secondary buyers. | View | |
| 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 | Douglass Winthrop Advisors, LLC | 0.0% | 0.0% | AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER | AI, inflation, Quality, technology, Trade Policy, value | AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies. | View | |
| 2025 Q4 | Jan 31, 2026 | White Brook Capital | 0.0% | 0.0% | BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM | AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value | The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave. | View | |
| 2025 Q4 | Jan 31, 2026 | Montaka Global Investments | 0.0% | 0.0% | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value | AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses. | KKR BX NOW FND ALB |
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| 2025 Q4 | Jan 30, 2026 | PGIM Jennison Global Opportunities Fund | -4.1% | 5.3% | AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM | AI, consumer, Data centers, global, growth, semiconductors, technology | The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources. | GEV |
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| 2025 Q4 | Jan 30, 2026 | ACR Alpine Capital Research, LLC | 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 | 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 | Aristotle Value Equity Fund | 1.0% | 9.7% | AMGN, CBSH, COF, LEN, MRK, MSFT, PH, SONY, STZ, TDY, UBER, USB, WFC | AI, earnings, large cap, rates, Trade Policy, US, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Trade relations between the U.S. and China remained a key market focus. Tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. President Trump and President Xi ultimately reached a one-year trade truce at the APEC summit. The Federal Reserve implemented two 0.25% interest rate cuts during the quarter, lowering the federal funds target range to 3.50%-3.75%. Fed Chair Powell emphasized a data-dependent approach, acknowledging risks to both sides of the Fed's dual mandate and maintaining a cautious stance going into 2026. Value stocks handily outperformed growth stocks with the Russell 1000 Value Index outperforming its Growth counterpart by 2.69% in the quarter. However, for the full year, the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 2.65%, reflecting continued growth leadership despite quarterly value outperformance. | CBSH COF PH UBER SONY |
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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 3, 2025 | Rodrigo Benedetti | - | - | AMZN, APP, AVDA, CIEN, GOOG, META, MSFT, TMDX, TSLA | - | 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 | Ironvine Capital Partners, LLC | 0.0% | 0.0% | ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V | aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology | Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy. | BRK.B AON MSFT V MCO HEI AMZN |
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| 2025 Q4 | Jan 29, 2026 | Weitz Partners III Opportunity Fund | 0.7% | 3.2% | AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of Fund assets in 2025. Google's latest Gemini AI release surpassed expectations with benchmarks showing performance moved to the front of the pack. The fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns in 2025. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about how companies' prospects change. The portfolio's life sciences investments representing roughly 18% of average assets experienced a lost year in 2025. The industry began with pressure on research budgets and heightened scrutiny of healthcare apparatus, reorienting around a new normal before organic growth pickup spurred a rally. | BRK.B PRM CHTR KMX GOOGL |
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| 2025 Q4 | Jan 29, 2026 | Merion Road Capital | 8.5% | 9.2% | ACNT, AMZN, BELFA, BUKS, GOOG, JHG, MSFT | aerospace, AI, arbitrage, Chemicals, Long/Short, small cap, value | Manager maintains 22% AI exposure through GOOG, MSFT, and AMZN, though feels this is large but remains underweight relative to the S&P 500 where Magnificent Seven account for 34%. Acknowledges elevated S&P returns were concentrated among largest AI-exposed companies. Built position in Ascent Industries, a specialty chemicals company transforming from over-levered conglomerate to pure-play with pristine balance sheet. New management from Dow Chemical and turnaround experience addressing poor operations, with facilities at 50% utilization offering significant operating leverage potential. Butler National showed strong performance with EBITDA increasing from $6.5m to $8.8m, with aerospace revenue, margins, and backlog all moving up meaningfully. Company, management, and board continue buying stock despite higher share price. | ACNT BELFB JHG |
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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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| 2025 Q4 | Jan 28, 2026 | Rodrigo Benedetti | 0.0% | 0.0% | ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP | AI, Biotechnology, commodities, Fintech, gold, healthcare, oil | Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system. | EMO CN KITS CN |
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| 2025 Q4 | Jan 28, 2026 | GMO (Grantham, Mayo, Van Otterloo & Co. LLC) | - | - | 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 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 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 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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| 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 | FCL Capital | 0.0% | 4.1% | 0700.HK, 1211.HK, 6367.T, AAPL, FCX, GLEN.L, HBM.TO, HDB, KGH.WA, KWEB, MSFT, NVDA, SCCO, TSLA | AI, Brazil, Copper, crypto, emerging markets, Energy Transition, technology, value | FCL has built a position in copper miners as an indirect play on AI, energy transition, and urbanization. The fund views copper as undervalued relative to its role in data centers, electric vehicles, and renewable energy infrastructure, while copper mining stocks trade at traditional commodity multiples despite exposure to revolutionary trends. The letter discusses AI's massive energy requirements for data centers, estimating 500-700 thousand tonnes of copper demand by 2028-2030. FCL sees AI as driving fundamental changes in commodity demand while noting that direct AI investments trade at expensive valuations compared to indirect plays through commodities. Renewable energy systems are highly copper-intensive, requiring much more copper per unit of capacity than fossil fuel generation. Wind turbines need 8 tonnes of copper per MW offshore and 2.5-3 tonnes onshore, while solar requires 2-5 tonnes per MW, driving substantial copper demand growth. FCL revisits their 2017 crypto thesis, highlighting tokenization of real-world assets and prediction markets as the next evolution. They see tokenization enabling 24/7 global trading of traditionally illiquid assets, while prediction markets like Polymarket demonstrate superior forecasting ability compared to traditional polling. Brazilian investors have developed a false belief in risk-free returns through CDI investments due to high interest rates. FCL argues this creates a paradox where avoiding risk actually increases long-term purchasing power risk, as CDI has delivered near-zero returns in USD terms over the past decade. The fund emphasizes valuation disparities between expensive US tech stocks and cheaper alternatives in emerging markets and commodities. They highlight that copper miners trade at traditional multiples despite exposure to AI and energy transition themes, presenting attractive risk-adjusted opportunities. | 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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| 2023 Q4 | Jan 23, 2024 | Ironvine Capital Partners, LLC | - | 20.1% | MSFT | - | 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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| 2025 Q4 | Jan 22, 2026 | Mondrian Global Equity Fund | 0.0% | 0.0% | 005930.KS, CAP.PA, GOOGL, MSFT, ORCL | AI, banks, Currency, Europe, financials, Global Equities, value | AI investment has accelerated with massive capital requirements for frontier model development. Hyperscalers fund build-out from free cash flow while AI startups strike extraordinary deals with uncertain economics. The shift toward debt-funded expansion adds systemic fragility given unproven AI economics and uncertain future demand. European banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. Non-US equity markets remain particularly attractive from a stock-picking perspective, offering less concentration risk and a broader opportunity set for valuation-driven investors. The firm maintains disciplined, value-oriented investment approach to identify materially mis-priced securities with superior risk-adjusted return profiles. | 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 | Columbia Seligman Global Technology Fund | 5.0% | 35.4% | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology | AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption. | AMAT TER WDC BE LRCX NVDA |
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| 2025 Q4 | Jan 21, 2026 | Advisors Capital Management, LLC | - | - | 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 | Platinum International Fund | 3.0% | 13.0% | AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V | AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology | Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or AI Loser, which the manager views as a shallow distinction. Almost every industry will need to incorporate and adapt AI, creating both opportunities and disruption across sectors. AerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. TSMC contributed 0.7% to Fund performance and is highlighted as the leading manufacturer of semiconductor chips used in AI, mobile phone and other applications. The company benefits from extremely strong demand, has industry-leading manufacturing capabilities, and continues to exceed financial performance expectations with a long runway for future growth. The Fund maintains significant exposure to payments companies including Mastercard and Visa as top 10 holdings, representing 12% of the portfolio allocation. These companies benefit from the ongoing digitization of payments and strong network effects in the global payments ecosystem. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum Global Fund (Long Only) | 3.0% | 16.0% | AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V | Diversified, global, large cap, payments, technology | Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related leaders. Many high-quality global businesses lagged despite solid fundamentals, creating opportunities for disciplined stock selection and valuation-driven investing. The manager remains focused on owning resilient, high-return businesses at reasonable prices while avoiding speculative excess and market fads. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2025 Q4 | Jan 21, 2026 | Ophir Asset Management | 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 | NCG Large Cap Growth Strategy | 1.0% | 15.3% | AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT | active management, growth, Outperformance, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas. | 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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| 2025 Q4 | Jan 20, 2026 | Minotaur Global Opportunities Fund | 0.0% | 0.0% | ADBE, CRM, GOOGL, HUBS, HUT, MSFT, NVDA, TEAM | AI, Automation, Data centers, infrastructure, software, technology | AI has experienced a step-change in capability through two key shifts: skills that expand what AI can touch, and loops that move from chatting to continuous iteration. The Ralph Wiggum technique of running AI in loops until tasks are complete has gone viral, enabled by better models like Claude Opus 4.5 and GPT-5.2. Software stocks have been hammered as AI threatens traditional software business models through build vs buy dynamics, competitive intensity, and per-seat pricing pressure. The fund reduced software exposure including cutting Atlassian due to shifting unit economics and defensibility concerns. The fund initiated a position in Hut 8 following their 15-year, $7 billion data center lease to Anthropic backed by Google. The project yields approximately 15% unlevered in year one with 3% annual escalators, representing contracted investment-grade infrastructure. | TEAM HUT |
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| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
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| 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 International Small Companies Equity | -1.9% | 15.1% | 0005.HK, 0700.HK, AAPL, BHP.AX, BP.L, GSK, HSBA.L, LLY, MARS, MC.PA, MKC, MSFT, NESN.SW, OR.PA, PAN, SANOFI, SAP.DE, SHOP.TO, VOW3.DE, WEED.TO | AI, Consumer Staples, gold, growth, international, momentum, Quality, small cap | The fund 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 equipped 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 fund discusses AI infrastructure buildout and questions about the durability of demand across the AI supply chain, while also addressing concerns about AI disrupting IT services businesses. 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, yet surging gold prices sparked a rally in mining stocks. | EVT GR HERDEZ MM 4527 JP 002891 CH CWK LN DIA IM |
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| 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 20, 2026 | Gymkhana Partners | 0.0% | -11.0% | AMZN, ASTRA.NS, BHARATBIJ.NS, FINPIPE.NS, GOOGL, INTC, JAMNAUTO.NS, MSFT, RELIANCE.NS, SANSERA.NS, TATAELXSI.NS, UNIMECH.NS | defense, growth, India, Manufacturing, Reform, small caps, value | Gymkhana has increased positions in defense/aerospace companies and assembled a sub-database applying standardized valuation frameworks to more than 50 undervalued Indian holding companies. The firm has researched India's defense and aerospace industries extensively, understanding the broader ecosystem from state-controlled behemoths to private-sector suppliers specializing in aerostructures and precision-engineered components. This research forms the basis for selecting ten Indian defense/aerospace companies currently held in the portfolio. India's economy continues to power ahead with 8.2% GDP growth despite U.S. tariffs, driven by booming domestic consumption, prudent macroeconomic governance, and favorable demographics. The Modi government has enacted transformative pro-free market policies including GST streamlining, labor law overhaul, and securities market modernization. Technology titans like Amazon, Google, and Microsoft have unveiled over $67 billion in planned investments, while Intel announced strategic alliance with Tata Electronics for semiconductor fabrication. Gymkhana is now more allocated to smaller-capitalization companies and less to larger-cap stocks compared to a year ago. The firm believes their portfolio of well-managed, earnings-compounding smaller-cap businesses purchased at reasonable multiples is more likely to generate superior long-term results than portfolios concentrated in large-capitalization stocks. Most India-dedicated ETFs and mutual funds are over-concentrated in IT services and petroleum behemoths that are less tied to India's booming domestic market. Gymkhana's businesses sell at very significant discounts to their intrinsic values, with a position size-weighted P/E ratio of just over 15 times forward earnings. This represents a significant discount to every U.S. and Indian equity index mentioned, even though the portfolio companies' earnings are growing at faster rates. The firm focuses on well-managed, earnings-compounding businesses purchased at reasonable multiples of earnings. | View | |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View | |
| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Growth & Income Fund | 0.0% | 0.0% | ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS | AI, Capital markets, earnings, growth, large cap, semiconductors, technology | AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 1.3% | 10.7% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH | AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks. | FISV SWKS TRU KMX RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 7.1% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations. | MSFT CSGP CRM GOOG CBRE RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 6.2% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH | AI, healthcare, insurance, Quality, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Large Cap | -1.5% | 7.9% | CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 3.2% | 9.5% | CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH | AI, discount, insurance, Quality, small cap, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities. | ITRN EG |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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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 | 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 | T. Bailey Multi-Asset Growth Fund | 4.0% | 14.6% | AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA | AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget | Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. The metal experienced one of its steepest single-day declines in years on 21 October but subsequently recovered to reach a new high above US$4,500 in December, supported by safe haven demand and central bank purchases. Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025 driven by tariff-related volatility, copper stabilised and rebuilt momentum through Q4, underpinned by a structurally tight supply-demand backdrop and disruption risk across key producing regions. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing additional support to commodity markets. | LGEU LN |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Core Equity Fund | 1.6% | 11.6% | AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY | AI, growth, healthcare, large cap, Quality, semiconductors, technology, value | The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development. | View | |
| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Growth Fund | 2.7% | 10.5% | FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS | AI, growth, healthcare, large cap, technology, valuation | AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare. | 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 17, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, CBRE, CG, CRM, KKR, MSFT, TDG | - | View | ||
| 2025 Q4 | Jan 16, 2026 | 103 Advisory Group LLC | 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 | Janus Henderson Forty Fund | 0.3% | 18.4% | AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM | AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology | AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy. | MDGL LLY ETN ORCL |
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| 2025 Q4 | Jan 16, 2026 | Peak Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, MSFT, NVDA | AI, large cap, Overvaluation, risk management, technology, value | AI innovations are driving vast spending on building new data centers, which will be at the top of investors' minds for the next few years or until the economy turns south again. This represents a bright spot in an otherwise contracting manufacturing environment. The manager maintains a risk averse approach to asset allocation with strong balance of Treasury Notes, bond ladders and cash substitutes as safe havens against an inevitable correction. They focus on keeping clients secure and relatively immune to large market dislocations. | 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 LLC | 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 | 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 | |
| 2025 Q4 | Jan 14, 2026 | L1 Capital International Fund | 2.2% | 9.8% | AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V | AI, consumer, Global Equities, Macro, Quality, technology, valuation | AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers. | ICE LSEG LN INTU CRM TSM AER UBER J |
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| 2025 Q4 | Jan 14, 2026 | Emerald Wealth Partners – Focused Equity Strategy | 2.1% | 13.2% | 1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO | AI, China, Quality, semiconductors, technology, Trade Policy, value | AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows. | 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 | Mawer International Equity Fund | -1.8% | 18.4% | 000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT | AI, defense, equities, global, gold, Quality, semiconductors, Valuations | AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors. | 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, EFX, GOOG, META, MSFT, MTD, NFLX, ORCL, ROP, TSM | cash flow, Compounding, Discipline, moats, Quality | The letter emphasizes concentrated ownership of high-quality U.S. businesses with durable competitive advantages, strong balance sheets, and consistent free cash flow generation. Portfolio construction favors downside resilience over short-term momentum, particularly amid valuation dispersion and macro uncertainty. Quality is positioned as a long-term compounding engine as earnings durability reasserts itself. | 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 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY | AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation | Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate. | View | |
| 2025 Q4 | Jan 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 | |
| 2024 Q4 | Jan 13, 2025 | Generation Investment Management Global Equity | - | - | ADYEN NA, ASML NA, BDX, KSP ID, MSFT | - | 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 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2025 Q4 | Jan 12, 2026 | Munro Global Growth Fund | -0.7% | 12.2% | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout. | CIEN GOOGL |
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| 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 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 | FMI All Cap Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, Capex, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The top five hyperscalers are expected to spend over $500 billion on capex this year alone, with capex-to-revenue reaching 29% in aggregate by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential bubble conditions similar to the 2000 tech crash. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed low-quality sharply in 2025, particularly in small caps where money-losing companies have dominated. Despite recent headwinds, Quality Value's long-term relative outperformance is unmistakable and offers superior downside protection during market downturns. The firm maintains a value orientation, tracking Quality Value versus other gradients including cheap stocks and junky value. They believe buying advantaged businesses at discount valuations is a winning formula, though value has faced headwinds in the current junk rally environment where low-quality stocks have outperformed significantly. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Large Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI-related companies continued to dominate markets in 2025, with 42 AI stocks representing 45% of S&P 500 market cap and accounting for 78% of returns. The top five hyperscalers are expected to spend over $500 billion on capex this year, with capital intensity reaching 29% of revenue by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential downside risks similar to the 2000 tech bubble. High-quality businesses have underperformed low-quality sharply in 2025, despite outperforming over the long run. FMI maintains their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. They believe quality value investing offers superior downside protection during market downturns and creates a powerful compounding effect over time. Small cap active managers have struggled to keep pace during the junk rally, with companies that lose money, have low ROE, or are high beta dominating since April 2025. The Russell 2000 gained 12.81% in 2025, but quality has been a meaningful laggard as investors extended out along the risk curve and were rewarded for taking on more speculative positions. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Small Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The capital intensity of hyperscalers is reaching 29% capex-to-revenue by 2026, raising questions about return generation. FMI sees long-term potential but questions whether enormous capital spending will generate attractive returns. Quality businesses have underperformed significantly in 2025 as investors favored low-quality junk rally stocks. FMI maintains focus on businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality Value has demonstrated superior long-term performance despite recent headwinds. Small cap markets have been dominated by companies that lose money, have low ROE, or lack sales since April 2025. Active small cap managers have struggled to keep pace during this junk rally environment. FMI continues finding attractive opportunities despite challenging backdrop. | View | |
| 2025 Q4 | Jan 11, 2026 | Impax Global Environmental Markets Fund | -1.5% | 14.0% | A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA | AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management | AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | APPL, COST, DHR, EFX, GOOG, KEYS, LLY, MSFT, NEE, ORCL, PGR, QCOM, SCHW, UAHC | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AVGO, CRWD, DUOL, GDS, GWRE, INDI, MBLY, META, MSFT, NVDA, PAR, TEAM, TSLA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACN, APH, CPG LN, CPRT, CTAS, DPLM, ENEL IM, EOAN GR, FAST, MSCI, MSFT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, CRH, EXP, MSFT, NRP, NVDA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AWK, CEG, DUK, MSFT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270 KS, 055550 KS, 8002 JP, 9433 JP, ABBV, AD NA, BWY LN, INGR, MSFT, MTB, MX CN, TD CN, UTHR | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Alger Spectra Fund | 3.2% | 32.4% | APP, GOOG, MELI, META, MSFT, PINS | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AMT, GOOG, LIN, MCHP, MSFT, NKE, ORCL, V | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AMT, GOOG, MCHP, MSFT, ORCL, UL | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AME, AMT, FTV, GOOG, MCHP, MSFT, NKE, SYK, TDG, UL | - | View | ||
| 2024 Q3 | Sep 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | ADYEY, BX, GOOG, KKR, META, MSFT, PINS, SCHW, SHOP, SNAP | - | View | ||
| 2024 Q3 | Sep 30, 2024 | The Gabelli Global Content & Connectivity Fund | 8.0% | 0.0% | FYBR, GOOG, META, MSFT, PRX NA, RCI, TMUS | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | ARGX, DT, INDU, LEGN, MSFT, NVDA, RIVN | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AMT, DHR, GOOG, INTU, MSFT, MTD, ORCL | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI | - | View | ||
| 2023 Q4 | Sep 2, 2024 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, MA, MSFT, NVR, PGR, RVTY, RXMD, UNH, UNP, V | - | View | ||
| 2023 Q2 | Aug 19, 2023 | FPA U.S. Core Equity Fund, Inc. | 10.0% | 21.5% | AAPL, GOOG, MSFT, NVDA, TSLA | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AMC, DHR, MSFT, NVDA, SHEL, UPST | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMZN, CWK, ELV, G, MSFT, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, GOOG, MSFT, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, GOOG, MSFT, TDG | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, CSGP, FI, MSFT, SSNC, TDG | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, DAVA, ILMN, INDU, MBLY, MSFT, NVDA, RIVN, ZI | - | View | ||
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AIG, AMZN, DIS, FERG, HCA, KMX, MSFT | - | View | ||
| 2023 Q2 | Jul 23, 2023 | L1 Capital International Fund | 4.7% | 0.0% | AMD, CRH, EXP, IDG GR, MIN AU, MSFT, UNH | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BSX IND, CMS, MSFT, PEP | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AMZN, MELI, MSFT, NVDA, PODD, PYPL | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, MSFT | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, GLOB, MSFT, NVDA, TMO, WDAY | - | View | ||
| 2023 Q2 | Jul 19, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, CCI, LOW, MSFT, PGR, SCHW, TGT | - | View | ||
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | AAPL, ADYEN NA, ASML, CRM, DHR, GLOB, MSFT, NVDA, TSM, VRTX | - | 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 | ||
| 2023 Q2 | Jul 14, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, GOOG, META, MSFT, PYPL, TPL, TSCO | - | View | ||
| 2023 Q2 | Jul 13, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR | - | View | ||
| 2022 Q1 | Jul 11, 2022 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, GOOG, MSFT, NTRA, TSLA | - | View | ||
| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 39A GR, AAPL, ARHI, AZM IM, ENO SM, GOOG, MEL SM, META, MSFT, NVDA, TGS, TLGO SM | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AVGO, CRM, DIS, GOOG, META, MSFT, NKE, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270 KS, ALSN, FTK GR, GNC LN, HXSCL, LKQ, LUN CN, MSFT, NEE, UTHR | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMZN, AVGO, CSGP, EXAS, GWRE, IOT, MSFT, NVDA, TSM, VKTX, WDAY | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AVGO, BE, GDDY, GOOG, GPN, MSFT, NVDA, ORCL, TER | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Alger Spectra Fund | 3.2% | 32.4% | 1732020D, ABBV, MELI, MSFT, NTRA, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, COF, MSFT | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | HD, MSFT | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Growth Fund | 0.0% | 19.0% | AMZN, MSFT, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Barometer Capital Management Inc. | - | - | AVGO, COST, DIS, DOL, EFN, L, LLY, MSFT, NVDA, TOY, TRI | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA | - | View | ||
| 2023 Q1 | May 24, 2023 | Alger Spectra Fund | 3.2% | 32.4% | AAPL, ACHC, LLY, MSFT, NVDA, UNH | - | View | ||
| 2023 Q1 | May 23, 2023 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | ASML, AZPN, CASY, DISH, EMR, MCK, META, MSFT, SCHW | - | View | ||
| 2023 Q1 | Apr 20, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FIS, MSFT, NSC, PFE, SCHW, TXN | - | View | ||
| 2023 Q1 | Apr 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ABT, ALGN, MA, MSFT, TMO, V | - | View | ||
| 2023 Q1 | Apr 18, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | CRM, DXCM, ISRG, MSFT, NVDA, SNOW | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vista Global Equity Fund | -3.0% | -3.0% | AVGO, BRK/A, CRM, MSFT, NESN SW, NVDA, SAF FP | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alger Spectra Fund | -17.2% | -17.2% | AMZN, GFL CN, HEI, MSFT, NVDA, SPOT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | ARW, CVS, DNB, DTE GR, ENI IM, FTK GR, MG CN, MSFT, MX CN, VIPSM | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, DHR, DIS, HON, MSFT, NKE, TDG | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARWR, CSGP, DAVA, DXCM, EW, INDU, IT, META, MRVL, MSFT, NVDA, RIVN, TSLA, ZI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, BAC, JNJ, MET, MSFT, PFE, SAP, USB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | LLY, MSFT, NEE, NVDA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | ARES, MSFT | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | GEHC, MSFT | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | GEHC, MSFT | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | IHG, MSFT, UPS | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | ARWR, CDAY, CRWD, ILMN, MDB, MSFT, RIVN, SHOP, SWAV, TSLA, V | - | View | ||
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AZN, GILD, MSFT | - | View | ||
| 2023 Q4 | Feb 27, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | COF, KRE, MSFT, QQQ, SHOP, UBER | - | View | ||
| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, BHE, BRK/A, GOOG, META, MSFT, NVDA, TSLA | - | View | ||
| 2024 Q4 | Feb 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BHE, BRK/A, COST, DG, GOOG, KKR, MCY, META, MSFT, NVDA, ORLY, TSLA | - | View | ||
| 2022 Q4 | Feb 14, 2023 | Bretton Fund | 10.0% | 0.0% | AXP, BRK/A, GOOG, JPM, MSFT, TJX, UNH | - | View | ||
| 2023 Q4 | Feb 13, 2024 | Hosking Partners | 0.0% | 0.0% | 5021 JP, ARR CN, MSFT, TPL | - | View | ||
| 2023 Q4 | Jan 31, 2024 | RiverPark Large Growth | 3.7% | 16.4% | ILMN, MSFT, NFLX, SHOP, SNAP, UBER | - | View | ||
| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Growth Fund | 0.0% | 19.0% | BBY, GOOG, MSFT, PIPR | - | View | ||
| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | CRM, ECL, ENTG, FI, HSY, LLY, MSFT, NTRS, SHW, TXN | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARGX, GPCR, ILMN, LRCX, MSFT, NVDA, TTD | - | View | ||
| 2023 Q4 | Jan 26, 2024 | Aoris International Fund | 3.1% | 0.0% | ATCOB SW, COST, CPRT, FAST, GGG, MSFT, OR FP | - | View | ||
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, MSFT | - | View | ||
| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | AAPL, MSFT | - | View | ||
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, MSFT | - | View | ||
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, MSFT | - | View | ||
| 2023 Q4 | Jan 24, 2023 | Stenham Asset Management | 11.1% | 21.8% | ADYEY, ASML NA, MSFT, TMO | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Alpha Wealth Funds – The Insiders Fund | - | 7.6% | CARR, COP, DVN, ET, GRAL, INBX, LBRT, LLY, LULU, LUV, MSFT, RXST | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, BVI FP, CG, CRM, JLL, KKR, MSFT, TDG | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CBRE, CG, CRM, KKR, MSFT, TDG | - | View | ||
| 2023 Q4 | Jan 13, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, EW, GOOG, META, MSFT, MSI, ODFL, ORLY, PYPL, TPL, TSCO, TSM, UHG | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Michael J. Kramer | Microsoft Corporation | Information Technology | Systems Software | Bear | NASDAQ | CapEx, debt, monetization, platform, Risk, Software, valuation | View Pitch |
| Feb 21, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | Microsoft Corporation | Information Technology | System Software | Bull | NASDAQ | Artificial Intelligence, CapEx, cloud, Enterprise software, recurring revenue | View Pitch |
| Feb 21, 2026 | Fund Letters | Tucker Brown | Microsoft Corp | Information Technology | Systems Software | Bull | NASDAQ | AI, CapEx, cloud, enterprise, Recurring | View Pitch |
| Feb 21, 2026 | Fund Letters | Mark Landecker | Microsoft Corporation | Information Technology | Systems Software | Bear | NASDAQ | AI, cloud, Expectations, growth, Multiples, Platforms, TAM, valuation, Workflows | View Pitch |
| Feb 21, 2026 | Fund Letters | Mario J. Gabelli | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, CapEx, cloud, data centers, Ecosystem | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Technology | Software | Bull | NASDAQ Stock Market | Agentic AI, AI development, Azure growth, CAPEX investments, Cobalt 200 CPU, Maia 200 AI accelerator, Microsoft, OpenClaw, Quantum Computing, valuation metrics | View Pitch |
| Feb 4, 2026 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Technology | Software - Infrastructure | Bull | NASDAQ Stock Market | AI integration, Cloud computing, competitive landscape, Enterprise software, EV/EBITDA, financial stability, growth potential, investment opportunity, Microsoft Corporation, valuation | View Pitch |
| Feb 4, 2026 | Fund Letters | Alex Umansky | Microsoft Corporation | Information Technology | System Software | Bull | NASDAQ | AI, cloud, enterprise, Margins, Software | View Pitch |
| Feb 3, 2026 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Technology | Software - Infrastructure | Bull | NASDAQ Stock Market | AI investment, capital expenditure, cloud services, commercial bookings, Free Cash Flow, growth prospects, market sentiment, Microsoft, P/E ratio, technology sector | View Pitch |
| Jan 31, 2026 | Fund Letters | Mark Landecker | Microsoft Corp. | Information Technology | Systems Software | Bear | NASDAQ | AI, cloud, earnings growth, Multiple-Risk, valuation | View Pitch |
| Jan 30, 2026 | Fund Letters | Matt Barnes | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, Enterprise software, productivity, recurring revenue | View Pitch |
| Jan 28, 2026 | Fund Letters | KEN STUZI | Microsoft Corp. | Information Technology | System Software | Bull | NASDAQ | AI, cloud, Enterprise software, Margins, productivity | View Pitch |
| Jan 28, 2026 | Fund Letters | Thomas Küpfer | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, balance sheet, cloud, Enterprise software | View Pitch |
| Jan 27, 2026 | Fund Letters | Ankur Crawford | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, CapEx, cloud, enterprise, Software | View Pitch |
| Jan 27, 2026 | Fund Letters | Silas Myers | Microsoft Corp. | Systems Software | Systems Software | Bull | NASDAQ | AI, Azure, CapEx, cloud, Copilot, enterprise | View Pitch |
| Jan 27, 2026 | Fund Letters | Silas Myers | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, CapEx, Copilot, enterprise | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Microsoft Corp. | Information Technology | Software | Bull | NASDAQ | AI, Bottlenecks, Capacity, CapEx, cloud, enterprise, monetization | View Pitch |
| Jan 24, 2026 | Fund Letters | Emerson Bluhm | Microsoft Corp. | Software | System Software | Bull | NASDAQ | AI infrastructure, capacity expansion, Cloud Scale, Enterprise software, hyperscale | View Pitch |
| Jan 21, 2026 | Fund Letters | C.T. Fitzpatrick | Microsoft Corporation | Information Technology | Software | Bear | NASDAQ | AI infrastructure, capital expenditure, Cloud computing, recurring revenue, Software Ecosystems | View Pitch |
| Jan 21, 2026 | Fund Letters | Alan Pullen | Microsoft Corporation | Information Technology | Application Software | Bear | NASDAQ | AI, cloud, enterprise, Platforms, Software | View Pitch |
| Jan 21, 2026 | Fund Letters | Arvid Streimann | Microsoft Corporation | Information Technology | Application Software | Bear | NASDAQ | AI, cloud, enterprise, Platforms, Software | View Pitch |
| Jan 16, 2026 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Technology | Software - Infrastructure | Neutral | NASDAQ Stock Market | AI products, Azure, capital expenditure, cloud services, growth rate, Intelligent Cloud, market competition, Microsoft, P/E multiple, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott O'Gorman | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Azure, Beat And Raise, cloud, growth, productivity | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, backlog, cloud, Enterprise software, generative AI | View Pitch |
| Jan 8, 2026 | Fund Letters | David A. Rolfe | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, Cash_Flow, cloud, Moats, productivity, Software, Subscription | View Pitch |
| Jan 8, 2026 | Fund Letters | Nick Griffin | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, hyperscalers, productivity, Software | View Pitch |
| Jan 8, 2026 | Fund Letters | Michael J. Kramer | Microsoft Corporation | Information Technology | Systems Software | Bear | NASDAQ | AI, CapEx, cloud, Competition, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Clayton Freeman | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, scale, Software | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, Freecashflow, Moat, Subscription | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, infrastructure, productivity, Software | View Pitch |
| Jan 8, 2026 | Fund Letters | Maya Bittar | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, scale, Software | View Pitch |
| Jan 8, 2026 | Fund Letters | C.T. Fitzpatrick | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Adoption, Automation, CapEx, cloud, Margins, Partnerships, productivity, Stickiness | View Pitch |
| Jan 8, 2026 | Fund Letters | Ashish Sinha | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial, CapEx, cloud, Ecosystem, enterprise, infrastructure, platform, Software | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian Campbell | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, platform, productivity | View Pitch |
| Jan 8, 2026 | Fund Letters | Kevin Arenson | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, CapEx, cloud, hyperscalers, Margins | View Pitch |
| Jan 8, 2026 | Substack | Monopolistic Investor | Microsoft Corporation | Technology | Software | Neutral | NASDAQ Stock Market | AI infrastructure, CapEx, data centers, FTC investigation, Microsoft, Nvidia GPUs, regulatory challenges, Software dominance, Teams bundling, Xbox sales | View Pitch |
| Dec 5, 2025 | Fund Letters | Rahul Narang | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, growth, productivity, Software | View Pitch |
| Dec 3, 2025 | Fund Letters | Ankur Crawford | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, productivity, Software, Subscriptions | View Pitch |
| Nov 29, 2025 | Fund Letters | Alan R.Christensen | Microsoft Corporation | Information Technology | System Software | Bull | NASDAQ | AI, buybacks, cloud, enterprise, growth, Margins, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Robert J. Mark | Microsoft Corp. | Information Technology | System Software | Bear | NASDAQ | AI, cloud, Software, Speculation, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Christopher Smith | Microsoft Corp. | Information Technology | System Software | Bull | NASDAQ | AI, cloud, Digital transformation, Enterprise transformation, recurring revenue, ROIC | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | Microsoft Corporation | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Copilot, Enterprise software, FCF, growth, productivity, recurring revenue | View Pitch |
| Nov 29, 2025 | Fund Letters | Julie Biel | Microsoft Corp. | Information Technology | Software | Bull | NASDAQ | — | View Pitch |
| Nov 29, 2025 | Fund Letters | Raffaele Savi | Microsoft Corp | Information Technology | System Software | Bull | Artificial Intelligence, Cloud computing, growth, Momentum, semiconductors, Software, technology, valuation | View Pitch | |
| Nov 29, 2025 | Fund Letters | Christopher Smith | Microsoft Corp. | Information Technology | System Software | Bull | NASDAQ | AI, cloud, Digital transformation, Enterprise transformation, recurring revenue, ROIC | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | Microsoft Corporation | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Copilot, Enterprise software, FCF, growth, productivity, recurring revenue | View Pitch |
| Nov 28, 2025 | Fund Letters | Julie Biel | Microsoft Corp. | Information Technology | Software | Bull | NASDAQ | — | View Pitch |
| Oct 31, 2025 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Software - Infrastructure | Bull | AI, Azure, Cloud computing, financial performance, long-term investment, Microsoft, operating margin, predictable revenue, SaaS, subscription model | View Pitch | ||
| Oct 7, 2025 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Software - Infrastructure | Bull | AI infrastructure, AI innovation, Azure, bullish outlook, Cloud computing, financial performance, Microsoft, OpenAI partnership, stock support levels, technology sector | View Pitch | ||
| Sep 30, 2025 | Seeking Alpha | Seeking Alpha | Microsoft Corporation | Software - Infrastructure | Bear | AI, Amazon, Azure, ChatGPT, Cloud computing, Google, Macroeconomic Conditions, Microsoft, Overvaluation, technological competition | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Rick Orford | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Danil Sereda | Microsoft Corporation | Information Technology | Software - Infrastructure | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Mikhail Fedorov | Microsoft Corporation | Information Technology | Software - Infrastructure | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | YR Research | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Envision Research | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mar Vista Investment Partners | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Leo Nelissen | Microsoft Corp. | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Lance Roberts | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mar Vista Investment Partners | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Azlaan Mansuri | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mar Vista Investment Partners | Microsoft Corporation | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Oliver Rodzianko | Microsoft Corporation | Information Technology | Software - Infrastructure | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Michael Del Monte | Microsoft Corporation | Information Technology | Software - Infrastructure | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||