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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 17, 2023 | Kovitz Core Equity Strategy | 8.4% | 18.3% | AAPL, DGE LN, DLTR, GDDY, JPM, MSI, SCHW | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Kovitz Core Equity Strategy | -1.2% | 9.0% | BDX, DGE LN, ICE, KMX, MSI, PPG | - | View | ||
| 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 | Jun 30, 2025 | Barometer Capital Management Inc. | - | - | AVGO, COST, DIS, DOL, ETN, LLY, MSFT, MSI, NVDA, TRI CN, VLO | - | View | ||
| 2025 Q1 | May 1, 2025 | Mairs & Power – Balanced Fund | 0.0% | 0.0% | DIS, GOOG, MSI, QCOM, TECH, TXN, WEC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Barometer Capital Management Inc. | - | - | AAPL, ATRL CN, AXON, BMO, CCO CN, FFH CN, HWM, JPM, MSI, NEE, NVDA, TECK/B CN, V | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, COP, DHR, EW, GOOG, MSI, ORLY, PYPL, TSM | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Mairs & Power – Balanced Fund | - | 6.5% | AMZN, ENTG, FI, FUL, JPM, MSI, TECH, TXN, UNH, WFC | asset allocation, Data centers, inflation, tariffs, Utilities | The team keeps a long-term, valuation-disciplined balance across equities and bonds while noting extreme market concentration in AI mega-caps. They highlight a multi-year buildout in power and thermal infrastructure tied to data centers, and added utilities exposure benefiting from that demand. Tariff uncertainty and persistent inflation keep them selective and quality-focused. | View | |
| 2024 Q3 | Oct 17, 2024 | Kovitz Core Equity Strategy | 6.9% | 28.7% | AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, EW, GOOG, META, MSFT, MSI, POWL, PYPL, UNH | - | View | ||
| 2022 Q3 | Oct 10, 2022 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CPRT, EW, FB2A, GOOG, MSI, PYPL, TPL, TSM, V | - | View | ||
| 2025 Q4 | Jan 21, 2026 | Renaissance Investment Management – Large Cap Growth | 0.0% | 0.0% | AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM | AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation | AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies. | NFLX AMAT GOOG |
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| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Balanced Fund | 0.0% | 6.6% | AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC | AI, Balanced, earnings, financials, healthcare, rates, technology | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence. | View | |
| 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 14, 2026 | Wedgewood Partners | -1.8% | 4.3% | AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | AI, growth, large cap, Portfolio Management, Quality, technology, valuation | AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index. | PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN |
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| 2025 Q4 | Jan 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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| 2022 Q4 | Jan 1, 2023 | Kovitz Core Equity Strategy | 5.3% | -22.6% | AMZN, CHTR, KMX, LOW, LVS, MSI | - | View | ||
| 2024 Q2 | Jul 15, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, GOOG, MSI, ODFL, POOL, PYPL, TSM, V | - | View | ||
| 2022 Q4 | Jan 19, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, EW, GOOG, META, MSI, PYPL, TPL, TSCO, V | - | View | ||
| 2023 Q4 | Jan 13, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, EW, GOOG, META, MSFT, MSI, ODFL, ORLY, PYPL, TPL, TSCO, TSM, UHG | - | View | ||
| 2022 Q4 | Jan 3, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | 9WY, AAPL, ADYE AV, CDW, EW, FSR, GOOGL, META, MSI, PYPL, SI, SW, THRY, TSCO, V | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Robert Feitler | Motorola Solutions, Inc. | Information Technology | Communications Equipment | Bull | New York Stock Exchange | Communications, Margins, Public safety, Software Mix, valuation | View Pitch |
| Jan 16, 2026 | Fund Letters | David A. Rolfe | Motorola Solutions Inc. | Information Technology | Communications Equipment | Bull | New York Stock Exchange | Communications, growth, Public safety, Software, valuation | 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. | ||||||||