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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum International Technology Fund | -3.0% | - | 8035.T, AAPL, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, META, MSFT, NFLX, NICE, ORCL, SAP, SNPS, TSM, VEEV | AI, Long/Short, semiconductors, software, technology | Market weakness in AI-related stocks due to emerging doubts about the size of the AI opportunity and concerns about excessive capex investment. Consumer AI apps struggling to find viable business models with OpenAI expected to lose $5bn this year. | View | |
| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Concentration, Fitness, infrastructure, semiconductors, small cap, Used Autos, value | Planet Fitness pioneered the high value, low price gym model with over 2,500 gyms globally and 18.7 million members. The company captured roughly 90% of U.S. gym membership growth from 2011-2019 and plans to double its number of U.S. locations. | ISS.CO SDIP.ST KMX QRVO PLNT |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Autos, Fitness, large cap, semiconductors, software, technology, value | Generative AI is viewed as an opportunity rather than a threat to NICE's business, with AI driving cloud adoption and higher revenue per customer. AI-specific product adoption is increasing rapidly, and the company's competitive advantages position them well to benefit from AI acceleration. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Concentration, Consumer Services, Long Term, real estate, semiconductors, technology, value | Generative AI is viewed as an opportunity rather than a threat to NICE's business. AI is driving cloud adoption acceleration and higher revenue per customer. Cloud penetration is in the low 20% range today and AI will likely accelerate cloud adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, large cap, real estate, value | Generative AI continues to drive cloud adoption and presents opportunities rather than threats to businesses like NICE. AI is accelerating cloud penetration and driving higher revenue per customer through AI-specific product adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, Enterprise Software, large cap, technology, value | Generative AI continues to drive cloud adoption and presents opportunities rather than threats to enterprise software companies. AI is accelerating cloud penetration and driving higher revenue per customer through specific product adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | BAC, BALL, BEPC, BIIB, BMRN, CHTR, CMI, DOX, FIS, GILD, INTC, MU, NICE, ORCL, PFE, PGR, SPGI, SYY, VZ, WDC | AI, financials, large cap, semiconductors, technology, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductor industry. NICE is positioned to benefit as enterprises continue to embrace AI and cloud-based solutions for customer experience software. | View | |
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2026 Q1 | Apr 21, 2026 | Brandes Small Cap Value Fund | 8.2% | 8.2% | DOX, EPC, GLOB, KMT, LNSR, MHK, NICE, OTEX, PKE | AI, Consumer Staples, industrials, Outperformance, small cap, technology, value | NICE MHK NICE MHK |
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| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN | AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers. | View | |
| 2024 Q4 | Feb 5, 2025 | Broyhill Asset Management | - | 5.5% | AVTR, BAX, CRL, EVO.ST, FMS.DE, MCK, NICE, SIX | AI, Concentration, Europe, healthcare, small caps, underperformance, value | Growth stocks outperformed value by 20 percentage points in 2024, creating extreme valuation spreads. The manager believes current concentration and valuations set up value for potential decades of mean reversion, similar to post-dot-com periods. | AVTR BAX SIX EVO.ST NICE |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing. | V AMAT NVO AZN ABNB |
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| 2024 Q4 | Dec 31, 2024 | Platinum International Fund | 1.0% | 8.0% | 005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO | China, global, Long/Short, technology, underperformance, value | Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum Global Fund (Long Only) | 1.0% | 5.0% | 005930.KS, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, SLB, STJ.L, TCEHY, TCOM, TRU, TSM, UPM-KY.HE, VLO, ZTO | AI, China, global, Luxury, technology, underperformance | Fund holds AI-themed investments primarily in hardware/semiconductor manufacturers who will power AI models. NICE provides cloud-based contact centre software with AI modules that create tangible savings for customers. Broadcom's custom AI chip division serves players like Google and Meta with revenue expected to rise to $40-50bn by 2027. | View | |
| 2024 Q3 | Nov 5, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, BN.PA, DG, EPAM, EVO.ST, FI, NICE, PM, PYPL, ROL, RTO.L, SCHW | consumer, financials, gaming, healthcare, technology, value | Philip Morris is shifting business mix from combustible cigarettes towards reduced risk products and re-entering the US market through Swedish Match acquisition. Zyn has become wildly popular with supply constraints despite production expansion, while youth usage remains under 2%. | NICE EVO.ST RTO.L |
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| 2025 Q3 | Nov 17, 2025 | Appleseed Fund | - | - | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. | View | |
| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | AI, financials, healthcare, large cap, Quality, technology, value | The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips. | View | |
| 2025 Q3 | Oct 14, 2025 | Harding Loevner International Equity | 6.6% | 22.4% | 005930.KS, 2308.TW, 2413.T, 4519.T, 4684.T, 6301.T, 7741.T, 9984.T, AIA, ALC.SW, ALV.DE, ASML, BBVA, BHP.AX, CATL, D05.SI, NESN.SW, NICE, SE, TSM | AI, China, financials, growth, international, Quality, semiconductors, valuation | The fund maintains a persistent tilt toward higher-quality companies as a hedge against economic downturns. However, high-quality stocks have dramatically underperformed, with the top third returning 17% versus 37% for the bottom third year-to-date. This quality bias explains essentially all relative performance shortfall this year. | View | |
| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | ABM, AMAT, AMZN, GE, META, NICE, SPLK, TDG | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | ABT, AMAT, AMZN, BALL, GE, META, NICE, SPLK, TDG | - | View | ||
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, 2348.HK, 4568.T, 7733.T, 8035.T, ABB, ACN, ALC, ATLKY, AZN, BBVA, BVI.PA, CP, LYG, MC.PA, MELI, NICE, NVO, RACE, SE, TSM, UCB.BR, UL | Asia, banks, Europe, growth, healthcare, international, technology | International IT stocks continued to diverge from their generative AI-driven U.S. counterparts, creating performance headwinds. TSMC benefited from renewed strength as the foundry of choice for Nvidia and other AI silicon developers. Accenture's AI projects are ramping up fast and will become increasingly meaningful as companies need to digitize operations and move to cloud. | View | |
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ARGX, BJ, CHE, DASH, FIVE, GFL, GPN, HCP, IBKR, MPWR, NICE, RRX, STVN, TER, TSM, VRSK, WEX | consumer, financials, growth, healthcare, industrials, mid cap, semiconductors, technology | The narrative for Technology and related services continues with its GenAI headlines. Enterprises remain in the early stages of determining what their GenAI uses might be, and how to implement them. Corporate IT spending on software has been muted thus far in 2024 compared with the same period in 2023. | View | |
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0005.HK, 0388.HK, 0700.HK, 4568.T, 7733.T, 8035.T, ACN, ALC, AMS.MC, ASML, CP.TO, DTE.DE, ITX.MC, KER.PA, LSEG.L, NICE, REL.L, TEP.PA, TRI.TO, XRO.AX | AI, growth, healthcare, international, Japan, semiconductors, technology, value | The team is excited about generative AI potential both from current portfolio positioning and innovative companies being researched. They believe AI will be adopted widely across sectors with productivity improvements. Portfolio holding Accenture positioned to guide companies with AI implementation. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Brandes Small Cap Value Fund | NICE Ltd | Software - Application | Application Software | Bull | NASDAQ | AI, CCaaS, Cloud software, Contact center, Israel, SaaS, Technology Disruption, Value, Workforce Management | View Pitch |
| Apr 23, 2026 | Fund Letters | Brandes Small Cap Value Fund | NICE Ltd | Software - Application | Application Software | Bull | NASDAQ | AI, CCaaS, Cloud software, Contact center, Israel, SaaS, Technology Disruption, Value, Workforce Management | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | NICE Ltd. | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, cloud migration, Contact center, Enterprise software, Mission-Critical, recurring revenue, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | NICE Ltd. | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Contact center, Enterprise software, Mission-Critical, recurring revenue, SaaS, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | NICE Ltd. | Software & Services | Application Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Contact center, Enterprise software, Mission-Critical, recurring revenue, SaaS, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | NICE Ltd. | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Contact center, Enterprise software, Mission-Critical, recurring revenue, SaaS, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Broyhill Asset Management | NICE Ltd. | Software & Services | Application Software | Bull | NASDAQ | AI solutions, cloud contact center, customer experience, Digital transformation, Enterprise software, Israel, SaaS, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Broyhill Asset Management | Nice Ltd | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, Cloud software, Contact center, Contrarian View, revenue streams, SaaS, Technology Migration | View Pitch |
| Jan 22, 2026 | Twitter / X | @Fierce__beast | NICE Ltd. | Information Technology | Application Software | Bear | NASDAQ | Ai Native, Among, Competitors, Depth, Nice, Seems, Slowly, Unclear | View Pitch |
| Nov 27, 2025 | Value Investors Club | dafreddy | NICE | Information Technology | Application Software | Bear | NASDAQ | AI Disruption, Contact Centers, CCaaS, Agentic Automation, Software, Cloud | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||