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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 30, 2025 | Crossroads Capital | 36.9% | - | ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY | Concentration, gaming, Satellite, small caps, technology, Trade Policy, value | Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem. | ASTS NTDOY |
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| 2025 Q2 | Aug 7, 2025 | Wellington Management | 9.5% | 7.3% | 1810.HK, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP.TO, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is anticipated to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2025 Q2 | Aug 14, 2025 | Eagle Capital Management | - | - | ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY | gaming, Satellites, small cap, Space, tariffs, technology, value | Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling over 3.5 million consoles in the first four days and 5.82 million units through June. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and software ecosystem. | ASTS NTDOY |
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| 2024 Q2 | Aug 12, 2024 | Springview Capital Management | -3.2% | 7.7% | BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB | Concentration, fundamentals, insurance, Long/Short, value | The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y. | View | |
| 2025 Q2 | Jul 20, 2025 | The London Company Income Equity | 4.5% | 9.1% | AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS | Consumer Staples, dividends, healthcare, industrials, Quality, technology, value | AI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses. | CB CB APD PM MSFT |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2025 Q1 | May 3, 2025 | Springview Capital Management | -1.8% | -1.8% | ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS | Compounding, insurance, Long/Short, Quality, value, volatility | Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty. | WS SEG MCY SPOT |
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| 2025 Q1 | May 14, 2025 | Broyhill Asset Management | 2.8% | 2.8% | AVTR, BAX, DLTR, NTDOY, PM, SIX, UBER | diversification, Europe, global, tariffs, technology, value, volatility | Volatility was the main theme of the first quarter, particularly among US technology companies that dominate passive indices. The portfolio performed well as markets questioned capital allocation to semiconductors and data centers for AI, with Broyhill gaining 2% gross while the S&P 500 declined 6% and Magnificent Seven fell 13% during key volatile periods. | DLTR UBER SIX AVTR BAX PM |
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| 2024 Q1 | Apr 29, 2024 | Springview Capital Management | 11.3% | 11.3% | BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB | Concentration, global, insurance, Long/Short, value | The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector. | View | |
| 2023 Q1 | Apr 27, 2023 | NZS Capital – Growth | - | - | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being left behind by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries. | View | |
| 2025 Q1 | Apr 25, 2025 | Crossroads Capital | -7.6% | -7.6% | AAPL, CLMT, DAR, FTAI, GOOGL, MGNI, NFLX, NTDOY, NVR, VTY.L | Advertising, aerospace, gaming, Homebuilders, small caps, tariffs, Trade Policy, value | The administration announced reciprocal tariffs creating market uncertainty and forcing businesses into a holding pattern. Tariffs are viewed as regressive taxes that inject uncertainty rather than fix trade deficits. The fund positioned defensively against tariff-related disruption while maintaining conviction in long-term value creation. | MGNI VTY.L NTDOY CLMT FTAI |
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| 2024 Q1 | Apr 15, 2024 | Mayar Capital | 7.7% | 9.6% | 005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO | global, Quality, REITs, technology, value | The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns. | BLND.L |
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| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
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| 2024 Q1 | Apr 15, 2024 | Ariel International Fund | 7.6% | 0.0% | AMIGY, APTV, DTG.DE, ELE.MC, FMS.DE, FUJHY, JD, MABUY, NCBDY, NTDOY, OPHLF, RBGLY, SIEGY, SPXCY, STJPF, STLA, TSYHY, VEA, VIV | Autos, Cyclical, Energy Transition, international, undervalued, value | The fund initiated positions in multiple automotive companies including Daimler Truck, Stellantis, and Aptiv, viewing the sector as offering attractive entry points amid cyclical pessimism. The managers see opportunities in electric vehicle transition, operational improvements, and market share gains across different automotive segments. | SIE.DE JD APTV ELE.MC FME.DE 7832.T STLA DTG.DE 7270.T |
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| 2025 Q1 | Apr 15, 2024 | The London Company Income Equity | 4.4% | 4.4% | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | AI, Defensive, dividends, large cap, Quality, Recession, tariffs, value | Quality factors outperformed during the quarter as high beta and momentum driven equities corrected. The manager believes Quality factors historically post their best relative returns during periods of decelerating growth and through recessions, which may favor their portfolios if they are late in the economic cycle. | MRK GLW |
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| 2026 Q1 | Apr 13, 2026 | The London Company Income Equity | 4.2% | 4.2% | AAPL, APD, BRK/B, CVX, D, GLW, MSFT, NTDOY, QSR | dividends, energy, geopolitics, income, Iran, Quality, technology, value | QSR AAPL NTDOY MSFT APD CVX GLW |
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| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum International Fund | 0.2% | 0.2% | ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS | China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility | The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery. | View | |
| 2025 Q4 | Feb 26, 2026 | Crossroads Capital | 2.7% | 37.7% | ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR | aerospace, AI, gaming, growth, small cap, Space, technology, value | Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines. | FTAI NBIS ASTS NTDOY |
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| 2023 Q4 | Feb 21, 2024 | Springview Capital Management | 6.5% | 15.3% | BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM | Concentration, insurance, Long/Short, tax efficiency, underperformance, value | Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles. | FMX FFH SUNP IN MKL WRB |
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| 2025 Q4 | 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 |
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| 2024 Q4 | Dec 31, 2024 | Orbis International Equity | - | - | DIS, FSV.TO, NTDOY, SKG.L, WRK | global, international, Mispricings, stock selection, US Markets, Valuations, value | Nintendo remains a core holding with significant undermonetization compared to Disney despite similar core enthusiast bases. The company is gradually moving toward better IP monetization through movies and theme park partnerships while preserving brand integrity. | SKG.L FSV.TO 7974.T |
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| 2023 Q4 | Dec 31, 2023 | Orbis Global Equity | 0.0% | 0.0% | AAPL, AMZN, GOOGL, INTC, META, MSFT, NTDOY, NVDA, TSLA | Concentration, global, Indexing, Overvaluation, Passive, technology, value | The fund focuses on uncovering pockets of value while markets are driven by overvalued technology stocks. They highlight significant valuation disparities, such as Korean banks at 4x earnings versus Apple at 28x earnings, and Intel's margin of safety compared to Nvidia's slim margin for error. | View | |
| 2025 Q3 | Nov 5, 2025 | PGIM Jennison Global Opportunities Fund | 5.3% | 9.8% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology | The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth. | View | |
| 2024 Q3 | Nov 19, 2024 | Springview Capital Management | 5.6% | 13.6% | AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO | Concentration, Mega Cap, small caps, technology, value | Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value. | View | |
| 2024 Q3 | Nov 15, 2024 | Crossroads Capital | 4.2% | 8.9% | ABR, CLMT, MGNI, NFLX, NTDOY, VTY.L, ZIP | Advertising, aerospace, catalysts, concentrated, gaming, Long/Short, value | Nintendo represents a major position with the Switch 2 launch expected early 2025, opening the ecosystem to third-party AAA games and higher-spending gamers. The company is building a Nintendo Cinematic Universe with one movie per year planned over five years. Strong earnings growth expected from new console cycle and expanded monetization. | MGNI VTY.L NTDOY |
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| 2025 Q3 | Oct 29, 2025 | Eagle Capital Management | - | - | ASTS, FTAI, MGNI, NBIS, NTDOY | aerospace, AI, Compounding, gaming, infrastructure, Satellites, small caps, technology | Nintendo's Switch 2 has achieved record-breaking sales of over 10 million units in its first four months, making it the fastest-growing gaming hardware in history. The company benefits from a dual-platform position with both Switch 2 and legacy Switch contributing to profits, with strong software attach rates driving business model transformation. | LSEG LN LSEG LN |
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| 2025 Q3 | Oct 28, 2025 | The London Company Income Equity | 5.8% | 15.4% | AAPL, CMI, DEO, FIS, GLW, NSGRY, NTDOY, PM, TEL, UNH | AI, dividends, healthcare, large cap, Quality, technology, value | AI spending is driving performance across multiple holdings, with TE Connectivity benefiting from AI-related demand and Corning seeing strong demand in GenAI-related optical communications products. Data speed and bandwidth requirements both inside and outside data centers are boosting demand for AI infrastructure components. | UNH TEL GLW UNH TEL GLW |
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| 2025 Q3 | Oct 24, 2025 | Wellington Management | 8.1% | 16.0% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is expected to benefit from its latest AI model, Gemini 2.0. | View | |
| 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 | FPA Crescent Fund | 3.1% | 17.7% | ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | AI, global, healthcare, Quality, small caps, technology, value | The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined. | MSFT |
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| 2025 Q4 | Jan 21, 2026 | The London Company Income Equity | -1.6% | 13.5% | BLK, CMI, CSCO, FAST, GLW, NTDOY | Defensive, dividends, income, large cap, Quality, value | AI investment scrutiny emerged as a headwind during the quarter, with concerns about AI returns affecting market sentiment. However, AI momentum accelerated for companies like Cisco, driven by GenAI-related products and increasing data speed and bandwidth requirements both inside and outside data centers. Data center demand drove strong performance for portfolio holdings, with Cummins benefiting from backup power requirements and Corning seeing strong demand in Optical Communications for GenAI-related products. The market recognizes few global suppliers capable of supporting large-scale data center infrastructure needs. The Income Equity strategy maintains a focus on higher overall dividend yield orientation, emphasizing income generation alongside capital preservation and growth. The portfolio is designed to provide greater yield and downside protection through dividend-paying securities. Quality factors were headwinds during the quarter as Value factors led performance, but the portfolio maintains its tilt toward quality attributes. The manager believes quality characteristics like high returns on invested capital, conservative leverage, and reasonable valuations will provide more resilient performance through shifting market regimes. | BLK NTDOY GLW CSCO CMI |
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| 2023 Q4 | Jan 17, 2024 | Ensemble Capital | 0.0% | 8.0% | BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD | AI, earnings, growth, Streaming, technology | The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q4 | Jan 16, 2026 | Janus Henderson Global Sustainable Equity Fund | -1.5% | 9.2% | 1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK | AI, Climate, Energy Transition, global, semiconductors, sustainability, technology | AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term. | View | |
| 2025 Q4 | Jan 16, 2026 | Richie Capital Group | - | - | AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO | AI, Data centers, emerging markets, geopolitics, rates, technology | The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026. | View | |
| 2024 Q2 | Aug 31, 2024 | Crossroads Capital | 4.2% | 8.9% | NTDOY, VTY.L | Concentration, gaming, Homebuilders, Long/Short, small caps, value | Nintendo represents a leading integrated hardware/software videogame platform business with popular franchises. The Switch platform aims to become indefinitely-lived like Apple's iPhone, with a growing user base rather than resetting with each console generation. Nintendo is aggressively leveraging world-class IP via movies, licensing, theme parks, and other sources of latent optionality. | VTY.L NTDOY |
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| 2024 Q2 | Jul 22, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ | Buybacks, Consumer Staples, dividends, income, large cap, Quality, technology, value | The portfolio focuses on higher overall dividend yield orientation with income generation as a core objective. Apple announced a 4% dividend increase and $110B share repurchase authorization. The strategy emphasizes shareholder yield through dividends, share repurchases, and debt reduction as comprising a significant percentage of total return. | TEL |
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| 2023 Q4 | Apr 30, 2024 | Crossroads Capital | 4.2% | 8.9% | AAPL, AMZN, AWE.L, CLMT, GOOGL, META, MSFT, NTDOY, NVDA, NVR, THC, TSLA, VTY.L, XLK | AI, China, Energy Transition, gaming, Homebuilders, small caps, technology, value | Manager discusses AI as a revolutionary technology driving data center infrastructure investment and creating bottlenecks in networking. Highlights Alphawave Semi's exposure to AI-driven demand with 60% of pipeline tied to AI applications. | View | |
| 2023 Q1 | Apr 28, 2023 | NZS Capital – Select | 15.6% | 15.6% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users faster than any app in history. Enterprise SaaS companies must adopt AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2023 Q1 | Apr 28, 2023 | NZS Capital – Technology | 19.9% | 19.9% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2023 Q1 | Apr 25, 2023 | Tidefall Capital Management | 2.4% | 6.9% | MTCH, NTDOY | gaming, growth, Media, technology, value | Nintendo Switch entering seventh year with investor fears about console cycle transition. Manager confident next generation will remain backwards compatible, combined with world-class IP and unified hardware strategy for smooth transition. Switch has shipped 122 million units, moving to iPhone-like upgrade cycle with assured developer buy-in. | BMBL; MTCH NTDOY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | The London Company Income Equity | Nintendo Co., Ltd. ADR | Electronic Gaming & Multimedia | Interactive Home Entertainment | Bull | AI competition, entertainment, Gaming, Hardware-Software, Intellectual Property, Mario Bros, Switch 2 | View Pitch | |
| Apr 27, 2026 | Fund Letters | Tidefall Capital Management | Nintendo Co., Ltd. | Communication Services | Interactive Home Entertainment | Bull | OTC | Console, entertainment, Gaming, Hardware, Intellectual Property, Media Franchise, recurring revenue, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Eagle Capital Management | Nintendo Co., Ltd. | Communication Services | Interactive Media & Services | Bull | OTC | Console, Digital, Ecosystem, entertainment, franchise, Gaming, Hardware, Ip, Japan, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Crossroads Capital | Nintendo | Communication Services | Interactive Media & Services | Bull | OTC | AAA Games, Console, Ecosystem, Gaming, Ip, Microtransactions, Movies, Switch 2, theme parks | View Pitch |
| Apr 13, 2026 | Fund Letters | Crossroads Capital | Nintendo Co., Ltd. | Communication Services | Interactive Media & Services | Bull | OTC | Console, Digital Ecosystem, entertainment, Gaming, growth, Hardware, Intellectual Property, Japan, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Crossroads Capital | Nintendo Co., Ltd. | Communication Services | Interactive Media & Services | Bull | NASDAQ | digital distribution, Ecosystem, entertainment, Gaming, growth, Hardware, Ip, Japan, platform, Software | View Pitch |
| Apr 13, 2026 | Fund Letters | Crossroads Capital | Nintendo Co., Ltd. | Communication Services | Interactive Media & Services | Bull | OTC | Console, digital sales, Ecosystem, entertainment, Gaming, IP monetization, Japan, Movies, theme parks | View Pitch |
| Feb 27, 2026 | Fund Letters | Ryan O'Connor | Nintendo Co., Ltd. | Communication Services | Interactive Home Entertainment | Bull | Dubai Financial Market | Ecosystem Monetization, Installed base, IP Licensing, Margin Misperception, Pricing power, recurring revenue, Software Attach Rate | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | Nintendo Co Ltd ADR | Communication Services | Interactive Home Entertainment | Bull | Dubai Financial Market | balance sheet, Consoles, Gaming, Ip, Platforms | View Pitch |
| Jan 10, 2026 | Substack | Winter Gems | Nintendo Co., Ltd. | Communication Services | Interactive Home Entertainment | Bull | Over-the-Counter | competitive position, Japan, Nintendo, profitability, Supreme Court, Switch2, tariff, trade environment, US market, Video games | View Pitch |
| Jan 8, 2026 | Fund Letters | Ryan O'Connor | Nintendo Co., Ltd. | Communication Services | Interactive Home Entertainment | Bull | OTC (US ADR) | Ecosystem, Gaming, growth, Hardware, Software | View Pitch |
| Jan 8, 2026 | Substack | Winter Gems | Nintendo | Video Games | Game Development | Bull | Over-the-Counter Market | buying opportunity, cyclical issue, earnings growth, Franchises, gaming consoles, memory pricing, Nintendo, valuation, Video games | View Pitch |
| Sep 19, 2025 | Seeking Alpha | Seeking Alpha | Nintendo Co., Ltd. | Electronic Gaming & Multimedia | Neutral | console sales, gaming consoles, gross profit margin, Nintendo Switch 2, operating margin, production costs, profit margins, software sales, tariffs, video game industry | View Pitch | ||
| Aug 7, 2025 | Substack | The Finance Corner | Nintendo Co., Ltd. | Communication Services | Electronic Gaming & Multimedia | Neutral | NYSE | — | 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. | ||||||||