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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	TCW Concentrated Large Cap Growth Fund	4.1%	12.6%	ADBE, ANET, ETN, GOOG, NOW, SHOP, SPOT	AI, Capex, Platforms, productivity, technology	The fund commentary highlights artificial intelligence as a dominant secular driver of capex, productivity, and earnings growth across large-cap equities. Hyperscaler investment, software platform adoption, and data center buildouts are reshaping competitive dynamics and margin structures. AI is viewed as early in its growth curve despite near-term volatility and valuation risks.		View
2025 Q3	Sep 30, 2025	Burke Wealth Managament The Focused Growth Strategy	-0.9%	5.3%	ASML NA, BWXT, CHTR, CRM, MU, NOW	Artificial Intelligence, Enterprise Software, Nuclear Energy, semiconductors, Trade Policy	The quarter was shaped by a pro-growth US Policy backdrop combining tariffs, manufacturing reshoring, and corporate tax reform, creating a supportive environment for domestic investment and capital spending. At the same time, AI remains the dominant structural driver within equities, influencing enterprise software, semiconductors, and power infrastructure. The portfolio reflects conviction that AI-driven productivity and capex cycles will outweigh near-term volatility tied to trade negotiations and sector-specific controversies.		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 4, 2025	ClearBridge Investments Large Cap Value	-	-	ADBE, AIR FP, AVGO, ICLR, LIN, MRVL, NOW, TGT, TSM	downside, free cash flow, fundamentals, Mean reversion, Valuation gap	The commentary focuses on valuation dispersion within large-cap equities, with many high-quality franchises trading at discounts due to short-term macro concerns. Management stresses fundamentals, free cash flow generation and capital discipline. Value is positioned as attractive as expectations normalize and multiples mean-revert.	ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM	View
2025 Q2	Jul 29, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AIR FP, ICLR, LIN, MRVL, NOW, TSM	AI, Balance Sheets, earnings durability, secular growth, valuation	The letter emphasizes sustained earnings growth driven by secular themes such as AI adoption, cloud computing and digital transformation. Management highlights high-quality large-cap companies with strong balance sheets that can compound through macro volatility. The outlook favors disciplined growth investing as leadership broadens beyond a narrow group of mega-cap winners.	ICLR LIN AIR FP NOW MRVL TSM	View
2025 Q2	Jul 22, 2025	Ithaka US Growth Strategy	23.0%	-	AAPL, CRM, LLY, MSFT, NOW, NVDA	Competitive Advantage, fundamentals, growth, secular trends, volatility	The commentary focuses on owning durable U.S. growth businesses with long runways supported by secular demand and strong competitive positions. Management highlights disciplined valuation awareness despite a growth-oriented mandate. Volatility is viewed as an opportunity to add to high-quality franchises at more attractive entry points.	CRM LLY AAPL NOW MSFT NVDA	View
2025 Q2	Jul 15, 2025	Polen Capital – Focus Growth	9.2%	2.3%	AAPL, ADBE, AMZN, IDXX, NOW, ORCL, SBUX, UNH	Concentration, growth, Margins, Quality, Reinvestment	The commentary centers on owning a concentrated portfolio of high-quality growth businesses with durable competitive advantages and long reinvestment runways. Management believes market volatility creates opportunities to add to exceptional companies whose fundamentals remain intact despite valuation compression. The outlook favors consistent organic growth and margin expansion over cyclical or macro-driven outcomes.	UNH AAPL IDXX ORCL	View
2024 Q1	May 15, 2024	Lakehouse Global Growth Fund	0.0%	0.0%	ADYEN, GOOG, NOW, SE	-			View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	APO, GWRE, HOOD, KKR, MA, MELI, NOW, PGR, TW, XYZ	-			View
2025 Q1	Mar 31, 2025	Columbia Global Technology Growth Fund	-12.3%	-12.3%	GOOG, MRVL, MSFT, NOW, NVDA, TMUS, UBER, V	-			View
2025 Q1	Mar 31, 2025	Aristotle Core Equity Fund	-6.1%	-6.1%	ADI, AVGO, GH, ICE, NOW	-			View
2025 Q1	Mar 31, 2025	Burke Wealth Managament The Focused Growth Strategy	-8.1%	-8.1%	ABT, CHTR, CRM, ICE, NOW, NVDA, TDG, UNH	-			View
2025 Q1	Mar 31, 2025	Impax US Sustainable Economy Fund	-5.8%	-5.8%	AWK, EIX, GILD, GLOB, NOW, PGR, TSLA	-			View
2025 Q1	Mar 31, 2025	Sands Capital Select Growth Fund	-10.1%	-10.1%	AMZN, APP, APPL, ASML, AVGO, DDOG, ENTG, NET, NOW, NVDA, RBLX, SE, SNOW, SPOT, TSM, UBER	-			View
2025 Q1	Mar 31, 2025	Sands Capital Technology Innovators Fund	-10.4%	-10.4%	APP, ASML, CVNA, DASH, IOT, KVYO, MELI, NOW, NVDA, OKTA, RBLX, SE, TSM, V	-			View
2025 Q4	Feb 8, 2026	Auxier Asset Management	2.0%	15.2%	BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO	AI, Banking, Buybacks, defense, energy, healthcare, technology, value	Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market.		View
Q4 2025	Feb 8, 2026	SGA – U.S. Large Cap Growth	0.2%	3.0%	AAPL, AMZN, ARM, AVGO, AXP, COO, CRM, DHR, GOOGL, GWW, INTU, META, MSFT, NFLX, NKE, NOW, SPGI, V, WM, YUM	AI, growth, large cap, momentum, Quality, semiconductors, valuation	AI capital expenditures are expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability. Hyperscaler CapEx spending has reached historically high proportions of revenues and operating cash flows. The most attractive long-term AI opportunities reside with businesses building long-term value rather than companies exposed to cyclical swings. 2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. Quality growth companies with stable fundamentals have seen relative valuations plummet to lowest levels in decades while cyclicals trade at historically high levels. The portfolio focuses on reliable and durable growth companies with lower variability that continue to compound earnings and cash flows attractively despite not being rewarded by the market currently. Semiconductor and AI capital equipment stocks were among market darlings, buoyed by massive AI infrastructure spending. However, purely cyclical sectors exposed to hyperscaler CapEx growth rates will have a shorter runway of growth left as further upward growth revisions become challenging.	ALC YUM IT META MSFT ARM AVGO CRM COO GOOG	View
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	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	View
2025 Q4	Feb 23, 2026	Bailard Technology Strategy	-2.2%	19.2%	ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD	AI, growth, infrastructure, positioning, semiconductors, software, technology	The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements.		View
2025 Q4	Feb 11, 2026	Baron Fifth Avenue Growth Fund	3.3%	18.2%	ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models.	MELI CPNG META SHOP NVDA MPWR AVGO GOOGL	View
Q4 2025	Feb 10, 2026	FPA Source Capital	4.3%	18.4%	ADI, CRM, GOOGL, IFF, META, MSFT, MTN, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	Balanced, credit, private credit, Quality, small caps, value	The fund emphasizes being 'value aware' and focuses on finding rare cases where both quality and value intersect. They regularly search the 52-week low list for potential opportunities rather than momentum plays. The managers believe the investment community is casting its gaze away from various market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. The fund is actively investing in global securities with lower market capitalizations, believing these offer attractive opportunities that are being overlooked. They note there may be a shrinking pool of active investors with the interest and resources to conduct in-depth research on lower market-cap names. Source has 25.9% committed to private credit including called and uncalled capital as of quarter-end. The managers continue to look for opportunities to increase that exposure, viewing private credit as an attractive asset class for the fund's balanced strategy. The fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads.	MSFT MTN IFF SAF FP TEL	View
2025 Q4	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy	2.0%	7.4%	AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG	AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy	The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act.		View
2025 Q4	Dec 31, 2025	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	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	Sands Capital Technology Innovators Fund	9.0%	37.7%	300750 CH, APP, AXON, CRWD, MNDY, NOW, NU, RBLX, SSFN, TSM	-			View
2024 Q4	Dec 31, 2024	Sands Capital Emerging Markets Growth Fund	-10.8%	3.1%	300750 CH, 603288 CH, APP, BYD, GRAB, HTHT, LAM, NOW, NU, RENT3 BZ, RJHI AB, SSFN, TSM, YMM	-			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 5, 2025	PGIM Jennison Global Opportunities Fund	5.3%	9.8%	1810 HK, APP, GOOG, HOOD, LLY, MELI, NOW, NVDA, ORCL, SHOP, TSM	Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, technology	The fund focuses on global growth leaders benefiting from secular AI adoption and innovation-led earnings expansion. Top contributors included NVIDIA, AppLovin, and TSMC, while weakness came from Netflix and MercadoLibre. Jennison remains overweight technology and communication services, expecting durable growth from cloud, semiconductors, and digital platforms.		View
2025 Q3	Nov 16, 2025	Aristotle Atlantic Core Equity Strategy	7.1%	15.1%	ADPT, AR, BDX, BKR, CEG, DAR, DXCM, HAL, NOW, ORCL	earnings, policy, tariffs, technology, Trade	The letter highlights tariff-driven volatility as a defining macro theme influencing U.S. growth, trade flows and sector earnings. Policy uncertainty has created dispersion across industries, while resilient corporate earningsparticularly in technologydemonstrate adaptability amid shifting trade dynamics. The manager emphasizes investing in companies with structural growth tailwinds, strong balance sheets and product-driven cycles that can endure policy shocks.	BDX BKR CEG DXCM ADPT ORCL AR DAR	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
2025 Q3	Oct 28, 2025	Columbia Global Technology Growth Fund	12.1%	-	ACN, ALAB, AVGO, CRM, HOOD, NOW, NVDA, TTD	Artificial Intelligence, Cloud, Data centers, semiconductors, tariffs	The funds returns were powered by surging demand for AI infrastructure, led by NVIDIA and Broadcom, as hyperscalers invested heavily in next-generation data centers. Management emphasized that AI remains in early innings, driving long-term secular growth across semiconductors, cloud, and enterprise software. The fund also noted that easing U.S. tariff risks and improving trade policy provided macro support for technology valuations and investor sentiment.	NOW CRM ACN TTD AVGO NVDA HOOD ALAB AVGO US NVDA US ALAB US AVGO US NVDA US ALAB US	View
2024 Q3	Oct 23, 2024	Polen Capital – Focus Growth	3.0%	11.0%	ABNB, APPL, CRM, GOOG, MSCI, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TSLA	-			View
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	View
2024 Q3	Oct 17, 2024	Montaka Global Investments	-	-	AMZN, BX, FND, MA, NOW	-			View
2024 Q3	Oct 16, 2024	Ithaka US Growth Strategy	0.2%	0.0%	ASML, BX, DXCM, ELF, MA, NOW	-			View
2025 Q3	Oct 14, 2025	Ithaka US Growth Strategy	1.0%	-	CMG, HOOD, ISRG, NOW, NVDA, SHOP	Artificial Intelligence, infrastructure, monetary policy, technology, valuation	The letter frames the U.S. market rally around an unprecedented AI-driven capital expenditure boom comparable to the Internet buildout, with AI infrastructure spending expected to reach up to $600B in 2025. While supportive of growth and equity valuations, it also raises concerns about potential overvaluation and circular funding structures. The Feds rate cuts and fiscal stimulus have further fueled liquidity, reinforcing equity momentum but leaving markets vulnerable to policy shifts.		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
2025 Q4	Jan 9, 2026	Vision Capital	-5.0%	9.8%	000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS	AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology	Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers.	SE	View
2024 Q4	Jan 7, 2025	Montaka Global Investments	-	-	GOOG, MC FP, MDB, NOW, SPGI	-			View
2025 Q4	Jan 31, 2026	Montaka Global Investments	0.0%	0.0%	0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V	AI, Cloud, geopolitics, Lithium, software, technology, value	AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses.	KKR BX NOW FND ALB	View
2025 Q4	Jan 29, 2026	FPA Crescent Fund	3.1%	17.7%	ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	AI, global, healthcare, Quality, small caps, technology, value	The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined.	MSFT	View
2025 Q4	Jan 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
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	View
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	View
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	View
2025 Q4	Jan 21, 2026	Columbia Global Technology Growth Fund	2.0%	25.1%	AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM	AI, Cloud, global, growth, semiconductors, technology	The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies.	NOW MU TSM GOOGL	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	View
2025 Q4	Jan 20, 2026	Sawgrass Asset Management – Large Cap Quality Growth	3.2%	0.0%	AMAT, AMD, AVGO, AZO, CMCSA, DHR, INCY, LLY, NOW, UTHR, WDAY, ZTS	AI, Biotechnology, growth, healthcare, Quality, Rotation, semiconductors, technology	Doubts about the circularity of AI revenue deals began to surface, with some chip stocks avoiding negative sentiment while software stocks were depressed by AI threats to subscription revenues. Investors posit that coming AI efficiencies could reduce future subscription volumes for software companies. Chip-related stocks helped portfolio performance as some avoided negative sentiment plaguing other AI/chip stocks. Advanced Micro Devices, Broadcom, and Applied Materials performed well despite broader concerns about AI revenue circularity. Biotech stocks contributed positively to strong Q4 performance as part of broad rotation into healthcare sector. Incyte and United Therapeutics were specifically mentioned as contributors to portfolio gains.		View
2025 Q4	Jan 20, 2026	Harding Loevner Global Small Companies	0.4%	8.5%	AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN	global, healthcare, momentum, Quality, small caps, technology, value	The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns.	2344 TT DIA IM 298380 KS	View
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	View
2025 Q4	Jan 18, 2026	BNY Mellon Appreciation Fund	1.3%	10.2%	AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V	AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility	Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk.		View
2025 Q4	Jan 18, 2026	Davenport Core Leaders Fund	0.1%	10.7%	AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX	AI, diversification, large cap, Quality, risk management, technology, value	AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios.	MRVL CTAS GOOG	View
2025 Q4	Jan 18, 2026	The Davenport Value & Income Fund	1.5%	13.7%	ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX	AI, Buybacks, dividends, large cap, technology, value	Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before.		View
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	ROCKLINC Partners Fund	0.7%	20.3%	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure.	SII	View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Focused Equity Strategy	2.1%	13.2%	1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO	AI, China, Quality, semiconductors, technology, Trade Policy, value	AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows.		View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Growth Equity Strategy	3.0%	16.0%	0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM	AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology	AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility.		View
2025 Q4	Jan 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	View
2024 Q4	Jan 10, 2025	Sandhill Investment Management	-	-	ANET, CDNS, HUBB, ISRG, JPM, NOW, PANW, SPXC, TT	Inflation Risk, Investment Grade Bonds, Market Concentration, quality growth, Valuation discipline	The newsletter underscores a continued focus on high-quality U.S. equities with durable competitive advantages, while acknowledging elevated market concentration and valuations near historical extremes that warrant caution. Sandhill highlights disciplined positioning with increased cash levels, short-duration investment grade bonds, and selective rotation into companies such as J.P. Morgan, Arista Networks and Trane Technologies amid volatility. Looking into 2025, inflation risks, fiscal imbalances and expensive equity multiples frame a backdrop of heightened volatility, reinforcing an emphasis on balance sheet strength and valuation discipline.	JPM	View
2022 Q3	Sep 30, 2022	Baron Opportunity Fund	4.0%	25.1%	ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI	-			View
2023 Q2	Jun 30, 2023	Ensemble Capital	0.0%	8.0%	FRC, GOOG, HD, ILMN, MASI, NFLX, NKE, NOW	-			View
2025 Q1	Apr 22, 2025	Ithaka US Growth Strategy	-10.5%	-10.5%	NOW, NVDA, PLTR, TTD, UBER, V	-			View
2025 Q1	Mar 31, 2025	Aristotle Atlantic Core Equity Strategy	-6.0%	-6.0%	ADI, AVGO, GH, ICE, NOW	-			View
2023 Q4	Jan 31, 2024	Harding Loevner Global Equity	5.2%	15.6%	AMZN, ISRG, NOW, SAP, SND GR, VERX	-			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
2024 Q4	Jan 14, 2025	Ithaka US Growth Strategy	8.2%	30.2%	AMD, AMZN, ASML, NOW, PLTR, UBER	-			View
2023 Q4	Jan 13, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	CTAS, NOW, U	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Andrew Macken	ServiceNow, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Agentic, Automation, enterprise, Subscriptions, switching costs, Workflow	View Pitch
Feb 21, 2026	Fund Letters	HRISHIKESH (HK) GUPTA	ServiceNow, Inc.	Information Technology	Application Software	Bear	New York Stock Exchange	growth deceleration, Integration, M&A, Valuation risk, workflow automation	View Pitch
Feb 4, 2026	Substack	Rijnberk Invest Insights	ServiceNow	Technology	Enterprise Software	Bull	New York Stock Exchange	AI Orchestration, customer retention, cybersecurity, Enterprise software, Free Cash Flow, high switching costs, M&A activity, Platform Innovation, Revenue Growth, valuation discount	View Pitch
Jan 30, 2026	Substack	Sleepy Sol	ServiceNow, Inc.	Software	Enterprise Software	Neutral	New York Stock Exchange	dividends, enterprise cloud computing, EPS growth, management strategy, market correction, Revenue Growth, ServiceNow, Share Buybacks, shareholder returns, software industry	View Pitch
Jan 28, 2026	Fund Letters	KEN STUZI	ServiceNow Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, Enterprise software, Margins, Sentiment, Workflow	View Pitch
Jan 28, 2026	Fund Letters	Thomas Küpfer	ServiceNow Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, Automation, Enterprise software, Stickiness, Workflow	View Pitch
Jan 24, 2026	Fund Letters	Frank M. Sands	ServiceNow Inc.	Information Technology	Software	Bull	New York Stock Exchange	Automation, Competition, disruption, Sentiment, Software, valuation, Workflow	View Pitch
Jan 24, 2026	Fund Letters	Rahul Narang	ServiceNow, Inc.	Information Technology	Application Software	Bear	New York Stock Exchange	Acquisitions, AI, Software, valuation, Workflow	View Pitch
Jan 23, 2026	Fund Letters	Scott O'Gorman	ServiceNow, Inc.	Information Technology	Application Software	Bear	New York Stock Exchange	AI, Automation, SaaS, valuation, Workflow	View Pitch
Jan 20, 2026	Substack	Alpha Seeker 84	ServiceNow, Inc.	Software	Application Software	Bull	New York Stock Exchange	agent actions, AI add-ons, audit trails, control plane, Enterprise software, governed execution, permissions, seat-driven workflow, ServiceNow, workflow automation	View Pitch
Jan 8, 2026	Fund Letters	Scott O'Gorman	ServiceNow, Inc.	Information Technology	Systems Software	Bull	New York Stock Exchange	Automation, Government Spending, ITSM, resilience, Workflow	View Pitch
Dec 5, 2025	Fund Letters	Robert Feitler	ServiceNow, Inc.	Information Technology	Systems Software	Bull	NYSE	Automation, enterprise, Margins, SaaS, Workflows	View Pitch
Dec 5, 2025	Fund Letters	Peter Bourbeau	ServiceNow, Inc.	Information Technology	Systems Software	Bull	NYSE	AI, Automation, Margins, SaaS, Workflows	View Pitch
Dec 3, 2025	Fund Letters	Rahul Narang	ServiceNow Inc	Information Technology	Software	Bear	NYSE	AI, Automation, enterprise, Renewals, Workflow	View Pitch
Aug 13, 2025	Seeking Alpha	PropNotes	ServiceNow	Information Technology	Software - Application	Bull	NYSE	—	View Pitch
Aug 13, 2025	Seeking Alpha	Redfox Capital Ideas	ServiceNow, Inc.	Information Technology	Software - Application	Bull	NYSE	—	View Pitch

BSD Shareholders of NOW

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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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