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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 21, 2025 | Barometer Capital Management Inc. | - | - | GEV, HWM, NFLX, SAN, TMX | asset allocation, inflation, Market cycles, momentum, policy | The letter discusses navigating market cycles through tactical exposure to growth, momentum, and risk assets. Management highlights regime shifts driven by inflation trends, central bank policy, and market breadth. Active allocation is positioned as critical in adapting to rapidly changing market conditions. | View | |
| 2023 Q2 | Aug 4, 2023 | Eagle Capital Management, LLC | - | - | AMZN, AON, COF, COP, GOOG, META, MSFT, NFLX, UNH | - | View | ||
| 2024 Q2 | Aug 3, 2024 | Hinde Group | 8.3% | 29.2% | NFLX | - | 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 | |
| 2025 Q2 | Jul 31, 2025 | Fidelity Dividend Growth Fund | 13.5% | 7.5% | AAPL, GEV, NFLX | Balance Sheets, capital returns, Dividend Growth, income, Quality | The letter focuses on dividend growth as a source of resilient returns amid growth-driven market concentration. Management favors companies with sustainable payout growth, strong balance sheets, and capital return discipline. Dividend-paying equities are positioned for attractive risk-adjusted outcomes. | 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 | |
| 2023 Q2 | Jul 31, 2023 | Hinde Group | 16.2% | 28.9% | NFLX | Disinflation, earnings growth, Economic Resilience, Intrinsic Value, quality businesses | The update highlights encouraging progress on inflation alongside stronger-than-expected U.S. economic growth, reducing recession fears and supporting risk assets. Portfolio gains were driven by core holdings such as Netflix, Uber, and Alphabet as earnings power reasserted itself and market volatility declined. The manager stresses that long-term value creation is driven by business fundamentals rather than macro timing, with several holdings still trading below intrinsic value. | NFLX |
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| 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 27, 2025 | Loomis Sayles Global Growth Fund | 16.6% | 12.7% | MELI, NFLX, ORCL, TCOM, VRTX, YUMC | Competitive Advantage, Global Growth, innovation, Reinvestment, secular trends | The commentary focuses on global secular growth driven by innovation, productivity gains, and expanding end markets across regions. The manager stresses bottom-up security selection, favoring companies with durable competitive advantages and reinvestment opportunities. Volatility is viewed as a tool to accumulate long-duration growth assets. | VRTX YUMC TCOM ORCL MELI NFLX |
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| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, AVGO, BSX, CEG, HUBS, MA, NFLX, NVDA, SHOP | AI Adoption, Balance Sheets, earnings momentum, innovation, Large Cap Growth | The commentary highlights resilient U.S. large-cap growth driven by AI adoption, strong earnings momentum, and corporate innovation despite tariff-related volatility. Management stresses bottom-up stock selection in companies with durable growth, pricing power, and strong balance sheets. Growth leadership is expected to broaden beyond a narrow group of mega-cap winners. | BSX SHOP HUBS |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR | AI, Cloud, growth, Platforms | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AVGO, CVNA, NFLX, NVDA, RARE, RBLX, SHOP, TEAM, UBER, V | AI, growth, innovation, Platforms | View | ||
| 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 | Jun 30, 2025 | Bell Global Equities Fund | 5.3% | 1.1% | AIR FP, BJ, NFLX | AI, Cloud, Global Growth, semiconductors, technology | The letter discusses global growth investing amid strong performance from technology and communication services. AI-driven cloud infrastructure, semiconductors, and digital platforms are highlighted as key contributors. Valuation discipline remains important as market enthusiasm broadens unevenly across regions. | View | |
| 2022 Q2 | Jun 30, 2022 | The Olstein Strategic Opportunities Fund | - | - | NFLX | - | 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 | ||
| 2022 Q1 | May 11, 2022 | Hinde Group | -10.3% | -10.3% | NFLX | Equity Valuation, Inflation Shock, interest rates, Monetary Tightening, Quality Compounders | The letter discusses a sharp shift in the macro backdrop as inflation surged to multi-decade highs following pandemic stimulus, supply chain disruptions, China lockdowns, and Russias invasion of Ukraine. Rapidly tightening financial conditions, driven by rising interest rates, higher mortgage costs, and a stronger dollar, weighed on equity valuations and increased recession risk, contributing to weak market performance. Against this backdrop, the portfolio underperformed due to lack of energy exposure and drawdowns in core compounders, while the manager emphasized using periods of stress to accumulate high-quality businesses like Netflix at deeply discounted valuations with long-term compounding potential. | NFLX |
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| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | BR, FAF, IEX, NFLX, NKE, PRM, RACE | - | View | ||
| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, DIS, FIVN, META, NFLX, NKE, NVDA, SNAP, UBER | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | NFLX, NVDA, ROK, SU FP, VRTX | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | CEG, FLUT, GE, NFLX, SBUX, TSM, VRTX | - | 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 | ||
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, DUK, GRMN, JNJ, JPM, MSFT, NFLX, PGR | - | View | ||
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 2025 Q4 | Feb 8, 2026 | SGA – 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 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 | 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 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli ABC Fund | 0.5% | 6.1% | CFLT, EXAS, FOX, FRGE, GTLS, HOLX, KKR, KMB, KVUE, LEN, NEM, NFG, NFLX, PAAS, PSKY, TGNA, TXNM, WBD | arbitrage, healthcare, industrials, M&A, private equity, technology | Multiple biotech and pharmaceutical M&A deals closed during the quarter, including Akero Therapeutics acquired by Novo Nordisk for $54.00 per share plus CVR, Metsera acquired by Pfizer after outbidding Novo Nordisk, and Tourmaine Bio acquired by Novartis for $48.00 per share. M&A volume activity reached $4.6 trillion in 2025, representing a 49% increase from the previous year and the highest since 2021. Technology, industrials, and financials were the top sectors for M&A activity, accounting for over $2 trillion in deal activity. | ALE HOLX EXAS GTCH |
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| 2025 Q4 | Feb 13, 2026 | Hinde Group | -4.0% | 29.5% | BDX, GOOG, IBKR, NBN, NFLX, UBER | AI, Brokerage, Compounding, growth, technology, value | The AI investment boom continues to be an important source of strength for the U.S. economy. Big Tech companies announced plans to spend more than $660 billion on capital expenditures in 2026, mostly for AI chips and data centers, up almost 80% from 2025. The AI investment boom stimulates economic growth through both direct impact of AI-related investments and the wealth effect of soaring values for public and private AI-related equities. Interactive Brokers delivered stellar operating results with total customer accounts and customer equity growing 32% and 37% respectively. Commission revenue grew 26% and net interest income grew 13.2% despite multiple Fed rate cuts. Higher market volatility typically drives increased trading activity among IB's customers, with the VIX averaging 18.97 for 2025. | IBKR |
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| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W MNDY TDUP CVNA 3769 JP|4194 CN|4733 JP|APG|CROX|FIX|FLUT|GLEN LN|JD/ LN|MTX GR|PSI CN|TKO|WISE LN|ZETA MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Event Driven | -8.2% | 0.0% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WBD, WISE | AI, Event-Driven, Fintech, growth, Leverage, Netflix, Power, software, Streaming | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. Despite the Warner Brothers Discovery acquisition causing a 21.8% Q4 decline, the manager sees Netflix continuing to take share through reinvestment in live entertainment, sports content, video games, and advertising capabilities. Artificial intelligence is viewed as creating competition and reducing switching costs in software, leading to liquidation of software exposure. However, AI should benefit tech platforms with physical economies of scale and network effects by allowing them to better serve customers and potentially reduce costs. The power basket performed well with investments in companies benefiting from the energy transition. Talen Energy doubled and Curtiss-Wright appreciated 64%, reflecting the manager's positive view on longer-term power infrastructure trends despite short-term volatility. The fintech basket includes Interactive Brokers and Wise, with stocks showing volatility due to interest rate sensitivity and consumer spending exposure. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current costs remain higher than traditional payment rails. | View | |
| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Growth | -8.2% | 6.2% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WISE | AI, energy, Fintech, growth, software, Streaming, technology | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. The company is expanding into live entertainment, sports content, video games, and advertising capabilities. Despite the Warner Brothers Discovery acquisition concerns, Netflix trades at attractive 20x forward earnings with 20%+ expected earnings growth. Artificial intelligence is creating significant disruption across software companies, with fears that AI will create competition and reduce switching costs. The manager liquidated software exposure due to concerns that AI will impair terminal values of most public software companies. However, tech platforms with physical economies of scale should benefit from AI by better serving customers and reducing costs. The power basket performed well in 2025 with Talen Energy doubling and the manager maintaining a positive longer-term view on power trends despite volatility in the stocks. The fintech basket includes Interactive Brokers and Wise, facing volatility from interest rate changes and consumer spending sensitivity. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current stablecoin costs remain higher than traditional payment rails. | NFLX |
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| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | View | |
| 2025 Q4 | Dec 31, 2025 | Edgewood Management | 1.5% | 7.0% | ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, Quality, semiconductors, software, technology | AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends. | APH AXON |
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| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | ACN, ASML, AVGO, NFLX, NVDA, SU FP, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | ADBE, AMZN, GOOG, LLY, NFLX, NKE, NVDA, SHOP, UBER, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Select Growth Fund | 8.8% | 24.3% | 300750 CH, APP, AXON, DXCM, EW, FND, GRAB, LRCX, NFLX, NOW, NU, OKTA, RBLX, SSFN, YMM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Sands Capital Global Growth Fund | 5.3% | 15.7% | 6861 JP, ALGN, APP, AXON, DXCM, EW, GRAB, LRCX, MELI, NFLX, NOW, OKTA, SPOT, SSFN, TTEK | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Magellan Global Opportunities Fund No. 1 | 11.6% | 30.7% | NFLX | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AMZN, DGE LN, NFLX, USB | - | View | ||
| 2022 Q4 | Dec 31, 2022 | RiverPark Large Growth | 3.7% | 16.4% | AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Magellan Global Fund | - | 10.8% | BABA, MSFT, NFLX | - | View | ||
| 2016 Q4 | Dec 31, 2016 | Aquamarine Fund | - | 8.5% | AAPL, AMZN, BHC, COST, MCO, META, NFLX, TSLA | - | 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 | Loomis Sayles Global Growth Fund | 7.6% | 21.3% | ADYEN NA, GOOG, MELI, NFLX, ORCL, TSLA | Cloud, Digital Advertising, E-Commerce, EVs, growth | The fund focuses on high-quality global growth companies with durable competitive advantages and structural growth drivers. Secular adoption curves in cloud computing, digital advertising, EVs, and e-commerce underpin long-term return potential despite near-term volatility. The portfolio manager emphasizes valuation discipline, owning businesses only when they trade at meaningful discounts to intrinsic value. | LFCR |
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| 2025 Q3 | Nov 4, 2025 | VT Holland Advisors Equity Fund | - | - | JET2 LN, META, NED SJ, NFLX, WISE LN | Competitive Advantage, compounders, disruption, Long-Term Investing, Owner-Managers | The fund continues its philosophy of investing in owner-managed compounders with sustainable competitive advantages. Its focus remains on businesses capable of long-term capital compounding through reinvestment, strong management, and disruptive innovation. Holdings such as Wise, Nubank, and Jet2 exemplify the strategys emphasis on scale economies, capital efficiency, and visionary leadership. | RYM NZ JET2 LN META NU WISE LN |
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| 2023 Q3 | Nov 16, 2023 | Broyhill Asset Management | 6.0% | 0.0% | ATVI MM, DG, NFLX | - | View | ||
| 2025 Q3 | Nov 13, 2025 | RiverPark Large Growth | 4.7% | 11.6% | AAPL, DIS, GOOG, INTU, ISRG, NFLX, NOW, NVDA, SHOP, TSM | AI, Cloud, DataCenters, semiconductors, software | AI and cloud computing remained dominant growth drivers across mega-cap technology, fueling strong results for Alphabet, NVIDIA, TSMC, and others. The letter emphasizes accelerating AI monetization across advertising, hardware, and software ecosystems, sustaining high-margin growth. AI infrastructure demand continues to underpin semiconductor strength and platform engagement. | View | |
| 2025 Q3 | Nov 13, 2025 | RiverPark Long/Short Opportunity Fund | 4.2% | 8.3% | APPL, GOOG, ISRG, NFLX, NOW, NVDA | AI, Cloud, megacaps, semiconductors, software | AI-driven momentum shaped both long and short performance, with mega-cap AI beneficiaries leading gains and software names experiencing sentiment-driven compression. The strategy highlights AI as the key secular theme influencing both portfolio construction and market leadership. AI hardware and cloud infrastructure continue to dominate capital flows and equity dispersion. | View | |
| 2024 Q3 | Oct 7, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | - | View | ||
| 2023 Q3 | Oct 31, 2023 | Ensemble Capital | 0.0% | 8.0% | ADI, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Rowan Street Capital | 0.2% | 20.4% | ADYEY, DNOPY, META, NFLX, SHOP, SPOT, TOI CN, TSLA, TTD | AI, Compounding, Founders, Quality, Tesla | Rowan outperformed with a 20.4% YTD gain, emphasizing founder-led compounders like Meta, Shopify, and Adyen. The fund reallocated from Spotify to Tesla, citing Teslas multi-layered moats in manufacturing, AI, data, and robotics. Managers view Tesla as a generational opportunity built on vertical integration and structural compounding power across autonomy and energy. | SPOT TSLA SPOT TSLA |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – US Equity Growth | 5.4% | 19.1% | DUOL, FIG, KNF, NFLX, RBLX, SHOP, TTD, W | Artificial Intelligence, Design Platforms, E-Commerce, innovation, software | The fund highlights resilience in U.S. growth equities led by AI-driven platform companies such as Shopify, Roblox, and NVIDIA. Managers added Figma, positioning it as a leader in AI-enabled design software transforming enterprise workflows. Despite short-term volatility, the fund maintains high conviction in U.S. innovators with durable competitive advantages in technology and consumer ecosystems. | KNF Figma KNF |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | AXON, CVNA, DXCM, GALD SW, GOOG, III LN, IMCD NA, ISRG, NFLX, NVDA, RGEN, SHOP, SIKA SW, TEAM, TSM | Artificial Intelligence, E-Commerce, Global Growth, healthcare, semiconductors | The fund emphasizes durable global growth from AI infrastructure, digital platforms, and healthcare innovation. NVIDIA, Alphabet, and TSMC lead performance as AI capital investment accelerates worldwide. Managers added new positions in Galderma and 3i Group to balance cyclical risk while maintaining exposure to long-term technology and consumer adoption trends. | TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AAP, AVGO, DXCM, GOOG, ICE, NFLX, NOW, NVDA, ORCL, RBLX, TEAM, TSM | Artificial Intelligence, Cloud infrastructure, E-Commerce, semiconductors, software | AI-driven capital spending and infrastructure buildouts dominated the portfolios focus, with holdings in NVIDIA, Broadcom, and Oracle leading performance. Managers increased exposure to cloud and software platforms poised for monetization of AI capabilities. Consumer internet and e-commerce holdings like Roblox and Amazon provided diversification amid cyclical volatility. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | APP, CRWD, DUOL, FIG, KVYO, MNDY, NFLX, NOW, NVDA, OKTA, RBLX, TEAM, TSM | Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, software | AI remained the dominant theme as the fund balanced infrastructure enablers like NVIDIA and TSMC with software innovators such as ServiceNow and Atlassian. Managers acknowledge valuation pressure from AI euphoria but see durable earnings growth from leaders integrating AI into workflow and enterprise platforms. Portfolio exposure centers on data infrastructure, cloud applications, and gaming ecosystems. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 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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| 2025 Q3 | Oct 16, 2025 | Brown Advisory Large-Cap Growth Strategy | -0.9% | 6.5% | CDNS, FICO, GOOG, INTU, IOT, ISRG, MRVL, NFLX, NVDA, TTD, WDAY, WST | Artificial Intelligence, Large Caps, quality growth, semiconductors, software | The letter discusses how AI-driven enthusiasm has concentrated market returns among a few Magnificent Seven stocks, raising valuation risks. Brown Advisory focuses on owning durable growth companies that integrate AI productively while avoiding speculative momentum plays. The strategy emphasizes quality growth, diversification, and resilience across technology, industrials, and healthcare sectors. | View | |
| 2025 Q3 | Oct 14, 2025 | Alger Spectra Fund | 16.0% | 31.0% | APP, ISRG, JHX, NBIS, NFLX, NVDA | Advertising, Artificial Intelligence, Cloud, healthcare, Streaming | The Spectra Fund outperformed on strong AI exposure through Nvidia and Nebius, both central to global compute infrastructure. AppLovins AI-driven ad platform reinforced the dominance of machine learning in monetization models. Despite near-term weakness in Netflix and healthcare names, the fund sees AI integration across sectors as a durable growth driver. | NVDA APP |
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| 2022 Q3 | Oct 11, 2022 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, IBKR, NFLX, SCHW, SSNC, XPEL | - | View | ||
| 2022 Q3 | Oct 10, 2022 | RiverPark Large Growth | 3.7% | 16.4% | BKNG, FIVN, GOOG, INTU, NFLX, NKE, NOW, PINS, PYPL, RNG, SCHW PR D, SNAP, UBER, V, WDAY | - | View | ||
| 2023 Q2 | Oct 7, 2023 | Sequoia Strategy | 7.1% | 20.8% | NFLX | - | View | ||
| 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 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 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 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2025 Q4 | Jan 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2025 Q4 | Jan 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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| 2022 Q4 | Jan 26, 2023 | ClearBridge Investments All Cap Growth | 2.7% | -6.5% | AMZN, AVGO, CRWD, DIS, EL, IMGN, MMC, NFLX, NKE, TEAM, TSLA, UNH, V, WOLF | - | View | ||
| 2023 Q4 | Jan 25, 2024 | WestEnd Capital | - | 28.4% | NFLX, SLB | Artificial Intelligence, Cloud infrastructure, earnings growth, Market Concentration, Mega-Cap Technology | The letter underscores a strong year driven by concentrated exposure to high-quality mega-cap technology stocks, particularly beneficiaries of AI and cloud infrastructure spending. WestEnd attributes outperformance to owning the Magnificent Seven and emphasizes earnings durability rather than speculative multiple expansion, with valuation dispersion across the S&P 500 providing selective opportunity. Looking ahead, the firm remains overweight technology given accelerating free cash flow, margin expansion, and anticipated Fed rate cuts supporting growth equities. | SLB NFLX |
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| 2025 Q4 | Jan 22, 2026 | GCQ Flagship Fund | 0.0% | 2.0% | CFR.SW, FICO, GOOGL, HEMN.ST, MC.PA, NFLX | AI, Monopolies, Quality, real estate, Sweden, value | The fund focuses on high-quality businesses with durable competitive advantages, monopolies and oligopolies, and irreplaceable brands. Quality stocks underperformed in 2025 but the manager believes the long-term advantages of investing in durable, high-quality, cash-generating businesses remains unchanged. The broader market's strength in 2025 was driven by large stocks exposed to the AI thematic. Many AI companies do not pass the fund's quality checklist. The manager expects both market excitement for AI and fears of AI-related disruption will eventually subside. Hemnet operates the dominant real estate advertising portal in Sweden with approximately 90% market share. The Swedish housing market has experienced declining transaction volumes due to rising interest rates and changes in lending practices for bridging loans. | HEM.ST |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Global Growth Fund | 6.2% | 10.2% | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on 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. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions. | ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL |
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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 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 | 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 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 | Harding Loevner Global Small Companies | 0.4% | 8.5% | AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN | global, healthcare, momentum, Quality, small caps, technology, value | The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns. | 2344 TT DIA IM 298380 KS |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 18, 2026 | Ithaka US Growth Strategy | -6.1% | 4.5% | AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV | AI, concentrated, growth, large cap, technology | The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute. | VEEV NOW GOOG AMD ISRG |
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| 2025 Q4 | Jan 18, 2026 | Titan Wealth | - | - | ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE | AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology | AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage. | 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 | Brennan Asset Management | 0.0% | 0.0% | CODI, DCC.L, GLIBA, MTRO.L, NFLX, PTSB.IR, WBD | AI, Banking, energy, international, Media, special situations, value | Manager experimented with AI tools for presentation creation, finding initial promise but significant limitations in execution. The experience highlighted both benefits and constraints of current AI applications for routine work tasks. This reinforced skepticism about AI productivity promises and market valuations at 41x CAPE. Focus on Metro Bank's transformation into commercial and specialty mortgage bank, with MREL exit providing significant cost savings. PTSB sales process ongoing with potential strategic and private equity bidders. Both banks offer attractive risk-reward profiles despite challenging UK and Irish economic environments. DCC represents focused energy distribution opportunity following divestiture of non-core businesses. The propane distribution business offers stable, cost-plus pricing with customer captivity through tank ownership. Solar installation services provide growth opportunity in European commercial market. Warner Brothers Discovery sales process continues with Netflix bid competing against Paramount's hostile tender. The regulatory process will involve political considerations. GCI Communications rights offering completed with potential for future acquisitions as Liberty Media vehicle. Manager continues finding more attractive opportunities internationally than domestically. Portfolio holdings trade at low relative and absolute valuations despite broader market expensiveness. Focus on special situations with multiple catalysts for rerating. | DCC LN CODI WBD PTSB ID MTRO LN |
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| 2023 Q4 | Jan 17, 2024 | Ensemble Capital | 0.0% | 8.0% | 0K85 LN, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX, NKE, NOW, PAYX | - | View | ||
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2025 Q4 | Jan 14, 2026 | HORAN Capital Advisors | 0.0% | 0.0% | ACWX, EEM, EFA, GOOGL, META, NFLX, SPY | AI, consumer, Dollar, earnings, Fed policy, international, technology | AI remains the dominant investment theme for 2025, with the Magnificent 7 stocks accounting for 42% of S&P 500 returns. Technology-related stocks dominated the top 10 performers, though concentration in large tech companies may face challenges as the economy evolves and other market areas become attractive. Earnings growth becomes increasingly important as stocks trade at higher valuations. Analyst expectations are for S&P 500 earnings to grow 15.6% in 2026, following 13.3% growth in 2025 and 12.1% in 2024. Strong earnings growth could drive positive stock returns despite elevated P/E multiples. The U.S. Dollar declined about 10% in 2025, contributing approximately one-third of international returns for U.S. investors. Dollar weakness could persist in 2026 due to budget deficits requiring more debt issuance and a dovish Federal Reserve policy stance. | View | |
| 2025 Q4 | Jan 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 | Oakmark Select Fund | 8.4% | 14.3% | CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD | large cap, M&A, Media, Midstream, undervalued, value | Warner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. Targa Resources represents a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu hub. The company benefits from cost advantages, barriers to entry, and generates 90% of earnings through multi-year fee-based arrangements providing protection against oversupply. The fund continues to find attractive opportunities to invest in undervalued companies across various industries, including areas left behind in the momentum rally. Targa was purchased at a discount to peers based on normalized earnings power and intrinsic value estimates. | TRGP PAYC WBD |
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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 | Kayne Anderson Rudnick Investment Management, LLC | 0.0% | 0.0% | META, NFLX | AI, Biotech, growth, healthcare, Quality, small caps, technology, value | The firm remains optimistic about AI prospects, particularly for the Magnificent 7 companies. They view AI as having transformative potential that may be underestimated long-term, though they caution about concentration risk in capital investment among dominant players. The firm emphasizes maintaining their disciplined, bottom-up investing approach focused on high-quality businesses with strong fundamentals. They note the current market environment has not favored this approach, making it difficult to outperform in the near-term. Small caps showed strong performance in 2025, particularly in the second half, with significant outperformance driven by unprofitable companies and high-leverage stocks. The firm notes this represents a low-quality rally that professional managers find uncomfortable. Healthcare emerged as one of the best-performing sectors, largely driven by speculative biotech investments. The firm notes that biotech investing has historically not been fruitful, with over 50% of biotech IPOs losing 80%+ of their value since 2018. | View | |
| 2023 Q3 | Sep 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEN, BKNG, BX, EQIX, FIVN, GOOG, ILMN, INTU, LLY, LMT, MCD, NFLX, PEP, SBUX, UBER | - | View | ||
| 2023 Q2 | Jul 28, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | ADPT, AVGO, CTLT, DIS, EL, GH, NFLX, SNPS | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, NITE, QCOM, SCHW, TSLA, TSM, WYNN | - | 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 | ||
| 2022 Q3 | Jul 11, 2022 | Bireme Capital | -2.0% | -2.0% | ARPU, NFLX, TME, TWTR | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Ensemble Capital | 0.0% | 8.0% | FRC, GOOG, HD, ILMN, MASI, NFLX, NKE, NOW | - | View | ||
| 2024 Q2 | Jun 21, 2024 | Bireme Capital | - | - | DIS, DWACU, NFLX | - | View | ||
| 2022 Q4 | Mar 28, 2023 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV | - | View | ||
| 2022 Q4 | Mar 2, 2023 | Alger Spectra Fund | 3.2% | 32.4% | ABBV, AMZN, DDOG, NFLX, TDG, TSLA | - | View | ||
| 2022 Q4 | Feb 21, 2022 | Bireme Capital | -2.0% | -2.0% | BOL FP, NFLX, NKLA, OSTK, RICK, TSLA, TWTR | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | 0UMG LN, AHT LN, BAC, CSU CN, ERF FP, GOOG, ICE, KMX, LBRDA, LSXMA, META, NFLX, RR/ LN, SAP, SCHW, UNH | - | View | ||
| 2023 Q4 | Jan 31, 2024 | RiverPark Large Growth | 3.7% | 16.4% | ILMN, MSFT, NFLX, SHOP, SNAP, UBER | - | View | ||
| 2022 Q4 | Jan 17, 2023 | Ensemble Capital | 0.0% | 8.0% | CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Nightview Capital | - | - | ABNB, AMZN, BLK, DE, DKNG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSMC, WYNN | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | ADBE, AMZN, AVGO, CSGP, LLY, NFLX, NOW, ORCL, SHOP, TMO, TSLA, ZTS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | The Finance Corner | Netflix, Inc. | Entertainment | Broadcasting & Cable TV | Bull | Nasdaq Stock Market | AI in content creation, Competitive Advantage, Digital transformation, entertainment industry, operating margin expansion, Original Content, Pricing power, streaming service, Subscriber Growth, Warner Bros. Discovery acquisition | View Pitch |
| Feb 21, 2026 | Fund Letters | Aziz V. Hamzaogullari | Netflix, Inc. | Communication Services | Streaming Services | Bull | NASDAQ | advertising, Content, Free Cash Flow, scale, Streaming, Subscriptions | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | Netflix Inc | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Free Cash Flow, Margins, operating leverage, Share Buybacks, Streaming, Subscriber Growth | View Pitch |
| Feb 21, 2026 | Fund Letters | Luis V. Sanchez | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | acquisition, advertising, Content, earnings growth, market share, media, Streaming | View Pitch |
| Feb 21, 2026 | Fund Letters | Marc Werres | Netflix Inc | Communication Services | Movies & Entertainment | Bull | NASDAQ | Free cashflow, Pricing, scale, Streaming, Subscriptions | View Pitch |
| Feb 21, 2026 | Fund Letters | Marc Werres | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, cashflow, Margins, monetization, Streaming, Subscriptions | View Pitch |
| Feb 21, 2026 | Fund Letters | HRISHIKESH (HK) GUPTA | Netflix, Inc. | Communication Services | Streaming Services | Bull | NASDAQ | advertising, Free Cash Flow, Pricing power, Streaming, Subscriptions | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Netflix, Inc. | Entertainment | Streaming Services | Neutral | NASDAQ Stock Market | Ad-supported tier, AI-driven ads, Content diversification, live events, Netflix, Password sharing crackdown, regulatory hurdles, streaming platform, Subscriber Growth, Warner Bros. Discovery acquisition | View Pitch |
| Feb 4, 2026 | Twitter / X | @investingluc | Netflix, Inc. | Media & Entertainment | Movies & Entertainment | Bull | NASDAQ | advertising, Content, diversification, Gaming, GlobalDistribution, Liveevents, Streaming, SubscriberMonetization | View Pitch |
| Feb 1, 2026 | Substack | Rijnberk Invest Insights | Netflix, Inc. | Entertainment | Broadcasting & Cable TV | Bull | Nasdaq Stock Market | Ad revenue, Competitive Advantage, content library, Financial results, industry consolidation, investment opportunity, market position, Streaming, Subscriber Growth, Warner Bros. acquisition | View Pitch |
| Jan 28, 2026 | Fund Letters | KEN STUZI | Netflix Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Content, M&A, scale, Streaming | View Pitch |
| Jan 27, 2026 | Fund Letters | Silas Myers | Netflix Inc. | Movies & Entertainment | Movies & Entertainment | Bull | NASDAQ | advertising, Ip, scale, sports, Streaming, Subscriptions | View Pitch |
| Jan 27, 2026 | Fund Letters | Silas Myers | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Content, scale, sports, Streaming | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Netflix Inc. | Communication Services | Entertainment | Bull | NASDAQ | acquisition, antitrust, Engagement, Ip, leverage, Pricing, Streaming | View Pitch |
| Jan 24, 2026 | Fund Letters | Emerson Bluhm | Netflix Inc. | Entertainment | Streaming Services | Bull | NASDAQ | consolidation, Content Ownership, Engagement, IP strategy, Pricing power | View Pitch |
| Jan 24, 2026 | Fund Letters | Brian A. Christiansen | Netflix, Inc. | Communication Services | Entertainment | Bear | NASDAQ | Content, Ip, Pricing, scale, Streaming | View Pitch |
| Jan 24, 2026 | Fund Letters | Michael E. Schroer | Netflix, Inc. | Communication Services | Movies & Entertainment | Bear | NASDAQ | acquisition, Content, Streaming, taxes, valuation | View Pitch |
| Jan 22, 2026 | Seeking Alpha | Seeking Alpha | Netflix, Inc. | Entertainment | Broadcasting & Cable TV | Bull | NASDAQ Stock Market | acquisition, Content production, Gaming, interactive experiences, long-term growth, Netflix, operational efficiency, Streaming, Subscriber Growth, Warner Bros. Discovery | View Pitch |
| Jan 21, 2026 | Seeking Alpha | Seeking Alpha | Netflix, Inc. | Consumer Entertainment | Streaming Services | Bull | NASDAQ Stock Market | ad revenue growth, AI enhancements, content strategy, gaming and live events, market cap goal, Netflix, operating margin expansion, streaming services, Subscriber Growth, valuation | View Pitch |
| Jan 21, 2026 | Fund Letters | Kirsty Gibson | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, capital allocation, Content, Free Cash Flow, Streaming | View Pitch |
| Jan 20, 2026 | Fund Letters | Dan Davidowitz | Netflix, Inc. | Communication Services | Movies & Entertainment | Bear | NASDAQ | acquisition, leverage, Regulation, Risk, Streaming | View Pitch |
| Jan 8, 2026 | Fund Letters | David A. Rolfe | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Content, Margins, Pricing_Power, scale, Streaming, Subscriptions | View Pitch |
| Jan 8, 2026 | Fund Letters | Aziz V. Hamzaogullari | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | cashflow, Content, Margins, Streaming, Subscriptions | View Pitch |
| Jan 8, 2026 | Fund Letters | Emerson Bluhm | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | advertising, Content, Streaming, Subscriptions, Video | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian A. Christiansen | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | advertising, Competition, Content, leverage, Streaming, Subscriptions | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian A. Christiansen | Netflix Inc. | Communication Services | Streaming Media | Bull | NASDAQ | advertising, Engagement, leadership, Margins, Streaming, Subscriptions, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | David Ridland | Netflix Inc | Communication Services | Entertainment | Bull | NASDAQ | Content, disruption, scale, Streaming, Subscriptions | View Pitch |
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | Netflix, Inc. | Entertainment | Neutral | advertising, content investment, global scale, live events, market dynamics, Netflix, profitability, Revenue Growth, streaming entertainment, subscription platform | View Pitch | ||
| Oct 27, 2025 | Substack | Rijnberk Invest Insights | Netflix, Inc. | Communication Services | Entertainment | Bull | Ad revenue, Brazil tax, Free Cash Flow, global expansion, live sports, market share, Netflix, operating margin, Revenue Growth, Streaming | View Pitch | |
| Sep 12, 2025 | Seeking Alpha | Seeking Alpha | Netflix, Inc. | Entertainment | Bear | competitive landscape, maturity stage, Overvaluation, PEG ratio, profit margins, revenue per subscriber, strategic shift, streaming services, Subscriber Growth, valuation correction | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Hawkinvest | Netflix | Communication Services | Entertainment | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Multiplo Invest | Netflix, Inc. | Other | - | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Rick Orford | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Investing Experts Podcast | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | ClearBridge Investments | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | YR Research | Netflix, Inc. | Communication Services | Entertainment | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Wall Street Breakfast | Netflix | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | David H. Lerner | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Lighting Rock Research | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Agar Capital | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Brian Gilmartin, CFA | Netflix | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Markit | Netflix Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | EquityDuo Insights | Netflix, Inc. | Communication Services | Entertainment | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Wall Street Breakfast | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Livy Investment Research | Netflix | Communication Services | Entertainment | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Vinay Utham, CFA | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Long Player | Netflix | Communication Services | Entertainment | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | David H. Lerner | Netflix, Inc. | Communication Services | Entertainment | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Juxtaposed Ideas | Netflix, Inc. | Communication Services | Entertainment | 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 |
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| No investor data available. | ||||||||