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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, CMG, GART, GOOG, GWW, INTU, NKE, NVDA, NVO, WCN, WDAY | earnings, growth, innovation, moats, technology | The commentary emphasizes sustained large-cap growth leadership supported by strong earnings, balance sheet quality, and secular technology adoption. While valuations are elevated, pricing power and margin durability among dominant franchises underpin continued growth potential. Growth remains attractive as innovation and capital discipline drive long-term earnings compounding. | View | |
| 2025 Q3 | Sep 30, 2025 | Baron Fifth Avenue Growth Fund | 5.8% | 14.3% | AMZN, CRWD, GOOG, ISRG, KKR, MELI, META, MSFT, NVDA, SHOP, TSLA, TSM, TTD | earnings, growth, innovation, Market share, scalability | The manager highlights long-duration growth investing in competitively advantaged businesses with large addressable markets and strong reinvestment opportunities. Short-term volatility and style rotations are viewed as secondary to sustained revenue growth, innovation, and market share gains. Growth remains anchored in owning exceptional companies through cycles as intrinsic value compounds over time. | META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA |
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| 2025 Q3 | Sep 30, 2025 | Barometer Capital Management Inc. | - | - | AEM, AGI, AVGO, BMO CN, CLS, GOOG, HBM, LRCX, META, MS, NVDA, SAN | Copper, Energy Transition, gold, Precious Metals, uranium | The report highlights a synchronized rally in precious and industrial metals as persistent inflation, early Fed rate cuts, and geopolitical uncertainty drove renewed demand for hard assets. Gold and silver benefitted from central bank purchases and safe-haven flows, while copper, uranium, and lithium advanced on electrification, infrastructure build-out, and global energy transition policies. Barometer's positioning across bullion, miners, and commodity-linked equities is framed as both a diversification tool and a structural growth allocation tied to power demand and resource scarcity. | BMO CN |
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| 2023 Q3 | Sep 30, 2023 | Andrew Hill Investment Advisors, Inc. | - | - | CARR, DE, EQT, NVDA, OKE | - | View | ||
| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua Global Growth Fund | 9.1% | 9.8% | 2423 HK, 688235 CH, FFH CN, MU, NVDA, REGN, RYA ID, SAF FP, WCN | Competitive Advantage, Compounding, earnings, growth, secular trends | The commentary emphasizes secular growth businesses with durable earnings expansion across global markets. Management focuses on competitive advantages, reinvestment opportunities, and balance sheet strength. Short-term macro noise is deprioritized in favor of long-term compounding. | NVDA 2423 HK FFH CN SAF FP |
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| 2025 Q2 | Aug 27, 2025 | Fawkes Capital Management | 7.6% | - | AVIO IM, MAXR, NVDA, PKE, VH2 GR | ai buildout, DataCenters, Energy Demand, fiscal spending, infrastructure | The letter centers on infrastructure spending as a multi-year investment cycle, with emphasis on German and AI-related infrastructure buildouts. Management argues that energy, datacenter capacity, and grid investments are structurally underappreciated by markets. The theme is supported by government policy and secular demand growth. | MAXR PKE NVDA VH2 GR |
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| 2025 Q2 | Aug 27, 2025 | Antero Peak Group | 20.0% | 17.7% | AAPL, AMZN, AVGO, CRM, META, NVDA | Compounding, Discipline, durability, Intrinsic Value, Quality | The letter stresses disciplined ownership of high-quality, durable businesses amid volatile sentiment and shifting trade policy. Management highlights patience, selectivity, and focusing on intrinsic value rather than reacting to short-term macro noise. Quality businesses are positioned as the most reliable way to compound capital over time. | View | |
| 2025 Q2 | Aug 27, 2025 | BlackRock Science And Technology Term Trust | 19.5% | - | HXSCL, NET, NVDA, SPOT | AI, growth, innovation, private equity, technology | The letter centers on technology-driven innovation across public and private markets, including AI, semiconductors, and software. Management highlights access to private equity as a differentiator, capturing long-duration growth opportunities not available in public markets alone. Innovation is framed as a multi-year structural growth driver despite valuation volatility. | 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 | Aug 2, 2025 | Baron Global Advantage Fund | 22.6% | 11.0% | ARGX BB, DAVA, DDOG, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, TSM | alpha, fundamentals, Global Growth, long-term, volatility | The letter focuses on exploiting volatility by maintaining conviction in long-term global growth winners despite sharp drawdowns. Management stresses separating signal from noise and prioritizing fundamentals over short-term sentiment. Volatility is viewed as the price paid for long-term alpha generation. | View | |
| 2024 Q2 | Aug 2, 2024 | Alger Spectra Fund | 3.2% | 32.4% | AMD, AMZN, DKNG, MLM, MSFT, NVDA | - | View | ||
| 2025 Q2 | Aug 18, 2025 | Baron Durable Advantage Fund | 15.6% | 7.4% | APH, AVGO, GOOG, META, NVDA, TMO, TXRH, UNH | Competitive Advantage, Intrinsic Value, long-term, Pricing Power, Quality | The letter centers on owning high-quality, competitively advantaged businesses with durable growth characteristics. Management stresses focusing on what will not change over time, such as customer demand and pricing power, while ignoring short-term market noise. Volatility is viewed as a temporary disconnect between price and intrinsic value. | View | |
| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management, LLC | 5.1% | 18.6% | AAPL, AMZN, GOOG, LLY, META, MSFT, NVDA | - | View | ||
| 2025 Q2 | Aug 11, 2025 | BlackRock Global Dividend Fund | 8.4% | 9.1% | AVGO, NVDA | cash flows, dividends, global, low volatility, quality equities | The commentary focuses on global dividend growth as a defensive equity strategy offering lower volatility and consistent returns. Management emphasizes high-quality companies with durable cash flows, strong balance sheets, and the ability to grow dividends through cycles. Dividend-paying equities are positioned as resilient amid policy uncertainty and elevated valuations. | View | |
| 2025 Q2 | Jul 9, 2025 | Longriver Investment Partners | 11.7% | 11.4% | AMD, META, NVDA, TSM | Balance Sheets, cyclicality, Mean reversion, valuation gaps, value | The letter emphasizes classic value investing amid elevated dispersion between fundamentals and prices. Management highlights opportunities in underfollowed, asset-rich companies where normalized earnings power is obscured by temporary issues or cyclical pessimism. Patience and balance-sheet strength are positioned as key to capturing mean reversion. | View | |
| 2024 Q2 | Jul 9, 2024 | Palm Valley Capital Management | -0.1% | 4.2% | KELYA, MAN, NVDA, PSLV, RGP | - | View | ||
| 2024 Q2 | Jul 9, 2024 | Hosking Partners | 0.0% | 0.0% | AAL LN, AAPL, NVDA | - | View | ||
| 2025 Q2 | Jul 31, 2025 | Impax US Sustainable Economy Fund | 9.9% | 3.6% | AVGO, LLY, MRK, NVDA, ORCL, PGR | Esg, productivity, Resilience, resource efficiency, sustainable economy | The letter focuses on positioning portfolios to benefit from the transition toward a more sustainable US economy. Management highlights companies aligned with productivity enhancement, resource efficiency, and resilient business models while avoiding carbon-intensive sectors. Sustainability is framed as both a risk-management and alpha-generating lens. | MRK NVDA AVGO ORCL |
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| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | AVGO, BYD, CRWD, MELI, MSFT, NFLX, NVDA, NVO, ORLY, SPOT | Artificial Intelligence, Digital Platforms, innovation, productivity, secular growth | The letter emphasizes global innovation as the primary driver of long-term equity returns, with a focus on companies benefiting from technological change and expanding end markets. Management highlights artificial intelligence, digital platforms, and productivity-enhancing software as structural growth forces. Volatility is viewed as an opportunity to add to high-conviction innovators with durable competitive advantages. | View | |
| 2024 Q2 | Jul 30, 2024 | Penn Davis McFarland | - | - | BA, CSCO, NVDA | - | View | ||
| 2025 Q2 | Jul 29, 2025 | RiverPark Large Growth | 15.0% | 6.6% | AAPL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, UBER, UNH | Compounding, free cash flow, growth, secular trends, valuation | The commentary highlights selective large-cap growth investing focused on companies with long runways for revenue and free cash flow expansion. Management stresses discipline on valuation despite enthusiasm around secular growth trends. The outlook favors compounding businesses rather than momentum-driven winners. | PEP SBUX LLY |
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| 2025 Q2 | Jul 28, 2025 | RiverPark Long/Short Opportunity Fund | 10.3% | 3.9% | AAPL, MSFT, NFLX, NVDA, UNH | AI, defense, Long-Short Equity, Volatility Management | AAPL NFLX MSFT NVDA |
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| 2025 Q2 | Jul 28, 2025 | Harry Qelm Baabsman Ltd | - | 9.7% | ADBE, CRM, GOOG, LIGHT NA, NVDA, NXT, PUM GR, SEDG, VWSB GR, ZAL GR, ZM | dislocation, Intrinsic Value, long-term, valuation gaps, volatility | The letter discusses extreme market dislocations caused by speculative behavior in AI-linked mega caps and short-term trading dominance. Management warns that pricing volatility has decoupled from fundamentals, creating opportunities in undervalued sustainable energy, technology, and consumer businesses. The outlook favors patient capital, intrinsic value discipline, and long holding periods. | ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM |
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| 2025 Q2 | Jul 22, 2025 | Alger Spectra Fund | 29.2% | 13.0% | AAPL, GLOB, META, MSFT, NVDA, UNH | Artificial Intelligence, Cloud, Data centers, growth, monetization | The letter underscores AI as a dominant secular theme powering earnings growth in large-cap technology leaders. Management highlights data center expansion, cloud adoption, and AI monetization. The outlook remains bullish on AI beneficiaries while selectively shorting structurally challenged businesses. | GLOB UNH AAPL META MSFT NVDA |
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| 2025 Q2 | Jul 22, 2025 | Columbia Global Technology Growth Fund | 24.8% | - | AAPL, AVGO, FI, GPN, HOOD, MSFT, NVDA, ORCL, TMUS | AI, Cloud Computing, innovation, secular growth, semiconductors | The letter emphasizes powerful secular growth driven by artificial intelligence, cloud computing and digital infrastructure. Management highlights strong demand for semiconductors and software platforms with durable competitive advantages. Technology is viewed as a long-duration growth opportunity despite geopolitical and regulatory risks. | AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA |
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| 2025 Q2 | Jul 22, 2025 | Columbia Seligman Global Technology Fund | 19.5% | - | AAPL, ADBE, AVGO, BE, LRCX, MRVL, MSFT, NVDA | AI Infrastructure, cybersecurity, global tech, semiconductors, valuation | The commentary focuses on global technology opportunities driven by AI infrastructure buildouts, semiconductor demand and cybersecurity needs. Management stresses bottom-up stock selection and valuation awareness within high-growth industries. Technology remains attractive despite volatility and tariff-related risks. | SYNA 6723 JP BE AAPL LRCX |
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| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, AVGO, BSX, CEG, HUBS, MA, NFLX, NVDA, SHOP | AI Adoption, Balance Sheets, earnings momentum, innovation, Large Cap Growth | The commentary highlights resilient U.S. large-cap growth driven by AI adoption, strong earnings momentum, and corporate innovation despite tariff-related volatility. Management stresses bottom-up stock selection in companies with durable growth, pricing power, and strong balance sheets. Growth leadership is expected to broaden beyond a narrow group of mega-cap winners. | BSX SHOP HUBS |
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| 2025 Q2 | Jul 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 |
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| 2025 Q2 | Jul 21, 2025 | Davenport Core Leaders Fund | 11.1% | 7.3% | NVDA, PWR, UNH | Capital discipline, Competitive Advantage, earnings durability, market leaders, Quality | The letter emphasizes owning a concentrated portfolio of high-quality market leaders with durable competitive advantages. Earnings consistency, balance sheet strength, and long-term demand stability underpin portfolio construction. Volatility is viewed as an opportunity to add to core holdings at attractive entry points. | PWR NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR | AI, Cloud, growth, Platforms | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AVGO, CVNA, NFLX, NVDA, RARE, RBLX, SHOP, TEAM, UBER, V | AI, growth, innovation, Platforms | View | ||
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AAPL, GLBE, GOOG, META, MSFT, NFLX, NVDA, OKTA, PANW, SPOT, TEAM, TSM, V | AI, Cloud, innovation, semiconductors | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | ANET, AVGO, GOOG, NVDA | innovation, productivity, semiconductors, software, technology | The commentary centers on long-term technology adoption despite short-term volatility driven by rates and macro uncertainty. The strategy focuses on software, semiconductors, and digital infrastructure benefiting from productivity gains and secular demand. Innovation cycles are viewed as durable drivers of earnings growth. | View | |
| 2025 Q2 | Jul 18, 2025 | Impax Global Environmental Markets Fund | 12.5% | 10.5% | APH, IEX, MSFT, NVDA, WAT, ZTS | Energy Efficiency, grid investment, Pricing Power, secular growth, sustainability | The letter emphasizes long-term structural growth in environmental markets driven by energy efficiency, grid modernization, and resource optimization. Management argues that short-term political and tariff noise has not impaired secular demand for sustainability-linked solutions. The portfolio favors high-quality businesses with pricing power and resilient earnings profiles. | WAT |
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| 2025 Q2 | Jul 17, 2025 | Contrarius Global Equity Fund | 19.2% | 10.7% | NVDA, TSLA | Artificial Intelligence, Automation, Data centers, productivity, semiconductors | The commentary highlights artificial intelligence as a transformative, long-duration investment theme. Management emphasizes infrastructure, software ecosystems, and real-world AI applications as key drivers of value creation. AI is positioned as still early in adoption with broad cross-industry implications. | NVDA |
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| 2024 Q2 | Jul 17, 2024 | WestEnd Capital | 10.7% | 30.8% | AMZN, ARM, AVGO, FCX, HUT CN, META, MSFT, MU, NVDA, PWR, SMCI, TSM | AI Infrastructure, Data Center Expansion, Hyperscaler Capex, power demand, Semiconductor Supply Chain | The letter details a structural investment boom in AI-driven data center infrastructure, emphasizing GPU demand, hyperscaler capex growth, and semiconductor supply chain dominance. WestEnd positions the portfolio across the AI ecosystem, including Nvidia, TSMC, Broadcom, and power infrastructure beneficiaries, arguing that earnings growth justifies elevated valuations. The strategy remains focused on infrastructure builders rather than speculative AI applications, prioritizing durable cash flow generation and competitive advantages. | PWR HUT CN |
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| 2025 Q2 | Jul 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AON, GLOB, IDXX, NVDA, ORCL, SBUX, SHOP | Balance Sheets, Global Growth, Pricing Power, Quality, Resilience | The letter highlights global quality growth as a defensive yet compounding strategy amid geopolitical uncertainty and uneven economic growth. Management stresses balance sheet strength, pricing power, and recurring revenue as key drivers of resilience. The portfolio is positioned to benefit from long-term global demand trends rather than regional macro calls. | GLOB IDXX SBUX ORCL |
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| 2023 Q2 | Jul 14, 2023 | WestEnd Capital | - | - | AI, AMD, ET, LLY, NVDA | Artificial Intelligence Infrastructure, capital flows, Growth Stocks, Semiconductor Demand, Technology Allocation | The quarter centered on direct engagement with AI leaders, including NVIDIA and AMD, reinforcing conviction in GPU-driven infrastructure demand and software-enabled productivity gains :contentReference[oaicite:1]{index=1}. WestEnd significantly increased technology exposure, adding to semiconductor, cloud, and software leaders while trimming cyclicals and travel-related holdings. The portfolio reflects a strategic tilt toward companies positioned to benefit from massive capital flows into AI and innovation. | ET LLY AI AMD NVDA |
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| 2024 Q2 | Jul 12, 2024 | Leaven Partners | -1.4% | 7.9% | AAPL, NVDA | - | View | ||
| 2024 Q2 | Jul 12, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN NA, AMAT, AZN LN, CRM, GOOG, MSCI, NTRA, NVDA, ODFL, PANW, PCOR, TSM, WDAY | - | View | ||
| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | AMZN, MSFT, NVDA, TSM | - | View | ||
| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, CRH, DHR, EXP, MA, NVDA | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 2.4% | 20.1% | NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2025 | Barometer Capital Management Inc. | - | - | AVGO, COST, DIS, DOL, ETN, LLY, MSFT, MSI, NVDA, TRI CN, VLO | - | View | ||
| 2025 Q2 | Jun 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | 15.9% | 6.3% | ABNB, BWXT, NVDA, NVO, SNOW, UBER | innovation, scalability, secular growth, Valuation discipline, volatility | The letter focuses on secular growth businesses with long runways and scalable models. Management highlights patience through volatility and disciplined valuation. Growth is framed as selective rather than broad-based. | View | |
| 2025 Q2 | Jun 30, 2025 | Mar Vista Global Equity Fund | - | 13.0% | AAPL, BRK/A, MSFT, NVDA, ORCL | AI, Competitive Advantage, free cash flow, Quality, valuation | The letter highlights quality-focused global equities with durable competitive advantages and strong free cash flow. Management favors companies benefiting from AI, cloud, and productivity trends while maintaining valuation discipline. Quality is positioned as a defense in uncertain macro environments. | GE BRK.B AAPL NVDA ORCL MSFT |
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| 2025 Q2 | Jun 30, 2025 | Munro Global Growth Fund | 16.1% | 7.7% | ENR GR, MSFT, NVDA | competitive moats, Decarbonization, earnings, Global Growth, innovation | The commentary emphasizes structural global growth themes driven by innovation, decarbonization, and digital adoption. Management invests in companies with strong competitive moats and accelerating earnings. Growth durability is favored over valuation compression risk. | ENR GR MSFT |
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| 2024 Q2 | Jun 30, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ISRG, JNJ, LLY, MSFT, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | NVDA, PUM GR, TSM | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Platinum International Fund | -0.9% | - | 300750 CH, BAX, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Merchant West Investments | - | - | GOOG, MSFT, NVDA, TFG SJ | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ADBE, AMZN, META, MSFT, NFLX, NKE, NVDA, PAYC, PYPL, TSLA, ZTS | - | View | ||
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AAPL, ABNB, ADBE, AMZN, GLOB, NESR GR, NVDA, PAYC, SAP GR, SGE LN | - | View | ||
| 2024 Q1 | May 8, 2024 | Aoris International Fund | 3.1% | 0.0% | ACO GR, COST, CPG LN, NVDA, TSCO, V | - | View | ||
| 2024 Q1 | May 8, 2024 | Mott Capital Management Thematic Growth Portfolio | 2.8% | 2.8% | AAPL, AMZN, BA, NVDA | - | View | ||
| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, LULU, MSFT, NVDA | - | View | ||
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AMZN, C, NCLH, NVDA, QXO, RPRX, UAL | - | View | ||
| 2025 Q1 | Apr 3, 2025 | Rodrigo Benedetti | - | - | NVDA, TKA GR | - | View | ||
| 2024 Q1 | Apr 3, 2024 | Seeking Winners | 14.5% | 14.5% | EVO SS, NVDA | - | View | ||
| 2025 Q1 | Apr 25, 2025 | O’Keefe Stevens Advisory, Inc | - | - | BMW GR, CMP, DGFIN, FPH, NVDA | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Patient Capital Management | 5.6% | 15.8% | BIIB, C, EXPE, META, NVDA, PTON, SOFI | - | View | ||
| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | DIS, DTE, META, NVDA | - | View | ||
| 2024 Q1 | Apr 2, 2024 | WestEnd Capital | 18.2% | 18.2% | AXP, BA, NVDA, TSM | Artificial Intelligence, Data centers, earnings momentum, quality growth, Semiconductor Growth | The quarter review highlights continued leadership from profitable technology companies, especially Nvidia and semiconductor-related beneficiaries of AI infrastructure expansion. WestEnd stresses that earnings acceleration, free cash flow strength, and disciplined capital allocation differentiate the current AI cycle from prior speculative bubbles. Portfolio positioning remains concentrated in companies driving cloud, data center, and semiconductor growth while actively managing risk through selective trimming and exits. | BA AXP TSM NVDA |
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| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABT, ADYEN NA, AMZN, AON, GLOB, MELI, NVDA, NVO, SAP GR, WTW | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, DAR, NVDA, ZTS | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AAPL, DAR, NVDA, ZTS | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AVGO, INDI, MSFT, NVDA, RIVN, TSLA, TSM, VKTX | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | JD, NVDA | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | NVDA, SMCI | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Growth Fund | 0.0% | 19.0% | CASY, NVDA, RHHBY, ULTA, VZ | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AMP, CASY, FI, NVDA, PG, TGT, WFC | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, LBRDA, NVDA, RIVN, SBH, VST | - | View | ||
| 2024 Q1 | Apr 15, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, DIS, FIVN, META, NVDA, SNAP | - | View | ||
| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, DIS, FIVN, META, NFLX, NKE, NVDA, SNAP, UBER | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | NFLX, NVDA, ROK, SU FP, VRTX | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Alger Spectra Fund | 3.2% | 32.4% | AAPL, MBLY, META, MSFT, NVDA, TSLA | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Polen Capital – Focus Growth | -6.3% | -6.3% | AON, NVDA, NVO, ORCL, SBUX, TSLA | - | View | ||
| 2023 Q1 | Apr 14, 2023 | WestEnd Capital | 4.9% | 4.9% | AMD, CSCO, DIS, GOOG, JNJ, META, NVDA | Artificial Intelligence, Bank Stress, Cost Cutting, Liquidity Expansion, Profitability Bias | The letter analyzes regional bank failures as isolated mismanagement events rather than systemic risk, citing strong Tier 1 capital ratios and concentrated Federal Reserve liquidity support :contentReference[oaicite:0]{index=0}. WestEnd highlights a profitability bias in markets, with mega-cap technology driving returns, and frames cost cutting as a core earnings lever for 2023. Generative artificial intelligence is positioned as a transformative force capable of materially boosting productivity and corporate profits. | GOOGL NVDA AMD |
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| 2025 Q1 | Apr 10, 2025 | Ennismore Global Equity Fund | 1.8% | 1.8% | ADM LN, CLMT, LTMC IM, NVDA, SCHA NO | - | View | ||
| 2024 Q1 | Apr 1, 2024 | Infuse Partners | 31.2% | 31.2% | NU, NVDA | - | View | ||
| Q4 2025 | Mar 9, 2026 | RiverPark Large Growth | 1.3% | 13.0% | AAPL, AMAT, AMZN, DIS, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, Cloud, growth, healthcare, large cap, semiconductors, Streaming, technology | Portfolio maintains significant exposure to AI infrastructure and monetization opportunities across cloud computing, semiconductors, and enterprise applications. Companies like Microsoft, Alphabet, and Applied Materials are benefiting from accelerating AI adoption and infrastructure buildout. The fund views AI as a multi-year secular growth driver with expanding monetization across the technology stack. Cloud computing remains a core portfolio theme with strong positioning in hyperscale providers and infrastructure companies. Microsoft Azure showed 39% growth while Google Cloud exceeded 30% growth, both supported by AI workload adoption. The fund sees continued multi-year demand for cloud infrastructure and services as enterprises accelerate digital transformation. The portfolio maintains exposure to e-commerce platforms and enablement technologies through holdings like Amazon and Shopify. The fund views e-commerce as benefiting from secular shifts in consumer behavior and continued digital commerce adoption across retail categories. Eli Lilly represents the fund's exposure to the GLP-1 obesity and diabetes treatment market, which continues to show exceptional growth. Mounjaro and Zepbound sales more than doubled year-over-year, with demand continuing to outpace supply. The fund sees this as a multi-decade growth opportunity with expanding indications and sustained competitive advantages. The fund maintains exposure to semiconductor equipment and chip companies benefiting from AI infrastructure buildout. Applied Materials saw strength in AI-related capacity orders, particularly for advanced logic and high-bandwidth memory. The portfolio views semiconductors as benefiting from structural increases in semiconductor intensity and AI infrastructure demand. Netflix represents the fund's exposure to global streaming entertainment, despite near-term headwinds from subscriber growth concerns and content spending. The fund continues to view Netflix as the dominant global streaming platform with durable competitive advantages through its content library, technology infrastructure, and growing advertising business. | View | |
| Q4 2025 | Mar 9, 2026 | RiverPark Long/Short Opportunity Fund | 0.1% | 8.5% | AAPL, AMZN, COMP, DIS, DUOL, FIS, GOOGL, ISRG, KMX, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, growth, healthcare, Long/Short, Quality, technology | AI monetization is a key driver across multiple holdings, with Alphabet benefiting from AI training and inference services in Google Cloud, and the fund maintaining significant exposure to AI/Cloud Computing at 16.9% of the long portfolio. The manager views AI as creating substantial growth opportunities for companies with scale and data advantages. Netflix remains the dominant global streaming platform despite near-term headwinds from subscriber growth concerns and rising content spending. The manager believes Netflix's unmatched content library, scalable technology infrastructure, and growing advertising business provide multiple monetization pillars for long-term growth. E-commerce represents 7.5% of the long portfolio themes, with the fund maintaining exposure to companies benefiting from secular shifts toward on-demand commerce and digital platforms. This includes positions in companies like Uber that benefit from local commerce expansion. Eli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. Semiconductors represent 5.0% of the long portfolio themes, with the fund maintaining exposure to companies positioned to benefit from AI infrastructure demand and next-generation computing requirements. This includes holdings in companies with differentiated semiconductor architectures. | View | |
| Q4 2025 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| Q4 2025 | Mar 6, 2026 | Bireme Capital | - | 33.0% | AAPL, BLNK, COST, GOOGL, INTC, META, MSFT, NKLA, NVDA, RIVN, SPCE, TSLA | AI, Bubble, Corruption, Institutional, international, Speculation, Valuations | US equity valuations are at perilous highs with S&P 500 forward P/E at 23x and CAPE near 40x, while international markets offer significant discounts. European and Japanese equities trade around 15x forward earnings, roughly 30% discount to US multiples. Latin America trades at mere 10x forward earnings with 5%+ dividend yield. Artificial intelligence investments show artificial profit today due to massive capex creating revenue for picks-and-shovels companies while depreciation lags cash expenses. The AI complex is moving toward commoditization with intense competition evident across cloud providers, compute, and models themselves. Circular investments within the AI ecosystem are reminiscent of dotcom-era vendor financing. American institutional excellence is under unprecedented attack including rule of law, independent judiciary, competent bureaucracy, and fiscal prudence. The current administration has conducted mass purges of government watchdogs, attacked Federal Reserve independence, and systematically undermined the norms that define proper federal government role. Markets are experiencing extreme speculation with vibe investing replacing fundamental analysis. Assets are priced on fantastical stories rather than cash flows, with leveraged ETFs, retail options trading, and story stocks reaching bubble-like levels. This madness can only end in disaster. High-quality international businesses trade at fractions of US multiples, with the manager positioning clients to take advantage of this divergence. Despite US equity market dominating investor mindshare, the rest of the world returned 32.6% in dollar terms in 2025 versus SPY's 17.7%. | View | |
| Q4 2025 | Mar 4, 2026 | Saltlight Capital | - | 30.8% | AMD, AMZN, ASML, BLU.JO, CCL.JO, GOOGL, INTC, MELI, MSFT, NVDA, SE, TSM | AI, global, growth, semiconductors, software, technology | AI represents a general-purpose technological revolution with multi-decade second-order effects across industries, labor markets, and national competitiveness. The manager views AI as creating opportunities through enabling constraints and compounding downstream optionality, while complexity causes market participants to misprice assets. The AI epoch remains transformational and has dominated US equity markets in both size and mindshare. Upstream supply-chain participants are increasingly signaling that 2028 and beyond capex could be materially higher, not lower, contradicting the widely held digestion narrative. TSMC lifted capex expectations, ASML's bookings re-accelerated, and Intel found itself unexpectedly capacity-constrained in data-centre CPUs. The semiconductor supply chain is signaling acceleration rather than the expected digestion phase. The market is being asked to underwrite multiple Stargate-scale campuses every year for several years, with analyst forecasts implying roughly 10 GW in FY27E, 12 GW in FY28E, 13 GW in FY29E, and 16 GW in FY30E-FY31E. A 1 GW data centre costs roughly $50-60 billion, with NVIDIA capturing around $35 billion of that via its share of the stack. Software multiples have compressed as if AI disruption is inevitable, while hyperscalers and enterprises still struggle to demonstrate clear AI ROI. The traditional SaaS playbook faces challenges from AI eating into margins, attacking the pricing unit, and creating cannibalization problems. The software total addressable market is likely to grow 2-3x as AI replaces some work and the gap between software spend and headcount narrows. | View | |
| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality Select | -4.5% | -4.5% | AAPL, AVGO, GOOG, JNJ, NVDA, PEP, TDG, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality | -3.1% | -3.1% | AVGO, BRK/A, CRM, JNJ, MSFT, NVDA, PEP, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Davenport Core Leaders Fund | -3.5% | -3.5% | NVDA, TT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds (SEEFX, SEBFX) | -3.7% | -3.7% | AV/ LN, NVDA, STMPA FP | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Global Advantage Fund | -9.5% | -9.5% | 0609969D IN, BAF IN, DDOG, MELI, NET, NVDA, SHOP, TSM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AVGO, MPWR, NARI, NVDA, SNOW, SPOT, TSLA, TSM, TTD | - | View | ||
| 2025 Q1 | Mar 31, 2025 | BlackRock Global Dividend Fund | 0.7% | 0.7% | AVGO, NVDA | - | 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 | Columbia Seligman Global Technology Fund | -12.7% | -12.7% | AAPL, AVGO, BE, LRCX, MSFT, NVDA | - | 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 Global Environmental Markets Fund | -1.8% | -1.8% | A, AI FP, MSFT, NVDA, SIE GR, WM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Orbis Global Equity | - | - | 402340 KS, ELV, GMAB DC, NVDA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ | - | 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 Q1 | Mar 31, 2025 | Stewart Asset Management | -7.6% | -7.6% | NVDA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | RiverPark Large Growth | -7.2% | -7.2% | AAPL, AMZN, GOOG, LLY, MSFT, NVDA, SCHW, UBER, UNH, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | RiverPark Long/Short Opportunity Fund | -5.8% | -5.8% | AAPL, GOOG, NVDA, SCHW, UBER, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | ANET, NVDA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Artemis Global Select Fund (converted to Artemis SmartGARP Global Smaller Companies Fund on October 6, 2025) | -7.5% | -7.5% | GLOB, META, NVDA, PG, TTEK | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Platinum Asia Fund | 7.2% | 7.2% | 300833 CH, MAPA IJ, MEGA TB, NVDA, TSM | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Platinum International Brands Fund | 0.7% | 0.7% | DNOPY, NVDA | - | View | ||
| 2024 Q1 | Mar 31, 2024 | ACATIS Investment | 5.6% | 5.6% | CTSH, ECV GR, FRE GR, IFX GR, LONN SW, NVDA, PLTR, RMD, WAGA FP | Behavioral Finance, geopolitics, Market Concentration, Market Volatility, small caps | The report emphasizes heightened market volatility driven by geopolitical tensions, shifting monetary policy expectations, and concentrated equity market leadership. Behavioral dynamics such as momentum, fear of missing out, and short-term performance pressures are contributing to pricing distortions across sectors and regions. The firm views volatility as both a risk and an opportunity, particularly where smaller companies and overlooked industries are mispriced relative to fundamentals. | PLTR FRE GR LONN SW |
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| Q4 2025 | Mar 2, 2026 | Baron Global Opportunity Fund | 6.5% | 27.5% | ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS | AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology | AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms. | View | |
| Q4 2025 | Mar 1, 2026 | iMGP Small Company Fund | 1.3% | 0.0% | AAP, AMKR, APPF, MANH, NVDA, PRM, RBC, UAMY | AI, Biotech, defense, growth, healthcare, Quality, small caps, technology | AI remained a significant driver throughout 2025, with AI-related stocks recovering after initial volatility from Chinese competitor DeepSeek and becoming the dominant theme again in late 2025. The market saw broadening beyond AI with materials performing well, but AI continues to be a desired area driving investment decisions. Biotech companies rallied over 25% in the fourth quarter, driven by a series of high-profile biotech acquisitions by large pharma buyers. The managers generally avoid biotech stocks due to their highly binary nature, though they participate through investments in companies that sell products and services to biotech customers. Defense spending themes emerged through specific investments like Antimony Corporation, which won a $245 million five-year sole source contract to rebuild the U.S. antimony supply for military use, taking advantage of export restrictions from China. RBC Bearings' Aerospace and Defense business was particularly strong. | View | |
| 2024 Q4 | Mar 1, 2025 | Columbia Global Technology Growth Fund | 6.1% | 31.7% | AVGO, GOOG, NVDA, RDDT | - | View | ||
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | APPL, AVGO, BE, LRCX, MRVL, MSFT, NVDA | - | 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 |
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| 2025 Q4 | Feb 8, 2026 | Fidelity Dividend Growth Fund | 5.1% | 22.5% | 000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, large cap, semiconductors, technology | The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks. | GEV AAPL PAYC 000660 KS GOOGL |
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| 2025 Q4 | Feb 8, 2026 | BlackRock Science And Technology Term Trust | 1.5% | 0.0% | ATE, CIEN, CLS, CRDO, FN, LITE, NVDA, TSEM | AI, Cloud, growth, infrastructure, private equity, semiconductors, technology | AI investment is expanding beyond infrastructure-heavy phase toward scaled adoption at the application layer. Current AI infrastructure investment is driven by rollout of newer Blackwell-class GPUs and ramp-up in compute capacity by hyperscalers and sovereign governments. The Trust seeks companies with strong AI monetization strategies and durable competitive moats. Technology sector supported by sustained investment in cloud and data center infrastructure. Accelerating cloud infrastructure spending is driving robust AI-driven demand. National AI and cloud initiatives have been matching or exceeding the scale of traditional hyperscaler investments. Strong demand for advanced semiconductors driven by AI infrastructure rollout and compute capacity expansion. Semiconductor companies in the portfolio benefited from strong earnings momentum and investor optimism around AI-related products. The Trust increased allocations to semiconductors during the quarter. | View | |
| 2025 Q4 | Feb 8, 2026 | BlackRock Advantage Global Fund | 3.8% | 23.9% | AAPL, AMZN, CME, GOOGL, JPM, MS, MSFT, NVDA, PFE, TSM | global, large cap, quantitative, Sentiment, technology | Large-cap technology stocks led for much of 2025 but weakened into year-end, with more speculative names under pressure. Macro-thematic measures helped motivate successful overweight positions in U.S. and Taiwanese technology stocks. | View | |
| 2025 Q4 | Feb 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| Q4 2025 | Feb 5, 2026 | Polen Capital – U.S. Small Company Growth | -1.5% | 25.1% | AGX, BE, CORT, LRN, METC, NVDA, WGS | AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps | AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy that provide power solutions for AI workloads. The theme faced scrutiny in early Q4 but reasserted dominance after NVIDIA's strong earnings, with AI also providing structural tailwinds for biotech through drug discovery efficiencies. The portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. Biotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. The portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter. | View | |
| 2025 Q4 | Feb 5, 2026 | Richie Capital Group | 0.0% | 0.0% | 7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX | AI, earnings, equities, fixed income, Global Markets, inflation, rates | AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target. | View | |
| 2025 Q4 | Feb 4, 2026 | Brookfield Asset Management Ltd. | 0.0% | 0.0% | NVDA, OAK | AI, credit, Energy Transition, Fundraising, infrastructure, Onshoring, private equity, real estate | The buildout of AI infrastructure is one of the largest infrastructure investment cycles in history, driving unprecedented demand for power, data centers, compute infrastructure, and grid modernization. Brookfield launched an AI Infrastructure Fund anchored by founding partners NVIDIA and KIA as part of their $100 billion AI Infrastructure Program. Growing power demand remains a key global priority, requiring large investment to participate in the generational buildout of power generation and energy transition solutions to support sustainable growth. This represents multi-trillion-dollar investment opportunities globally. Deglobalization is reshaping supply chains and increasing demand for localized, resilient industrial and logistics assets. Supply chains are being re-wired and manufacturing capabilities are being re-evaluated as companies modernize operations. Brookfield sees significant growth opportunities in infrastructure with the upcoming launch of their sixth flagship infrastructure fund expected to be their largest vintage ever. The convergence of digitalization, deglobalization, and power demand creates a deep investment pipeline. Momentum continues to build across credit platforms with Brookfield's acquisition of the remaining stake in Oaktree to enhance collaboration across their credit business and strengthen their ability to deliver long-term value for clients. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| Q4 2025 | 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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| 2025 Q4 | Feb 25, 2026 | GMO (Grantham, Mayo, Van Otterloo & Co. LLC) | 0.0% | 0.0% | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | HUBS |
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| Q4 2025 | Feb 25, 2026 | The D. E. Shaw Group | - | - | AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM | active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology | Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively. | 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 17, 2026 | Cullen Enhanced Equity Income Fund | 2.0% | 7.5% | AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP | AI, dividends, growth, healthcare, income, rates, technology, value | The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops. | NSC JPM KVUE UNP UNH QCOM |
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| 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 |
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| Q4 2025 | Feb 10, 2026 | PRESCIENT GLOBAL FUNDS ICAV – Fairtree Global Equity Fund | 1.7% | - | 6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM | AI, emerging markets, global, rates, semiconductors, technology | AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions. | View | |
| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | View | |
| 2025 Q4 | Dec 31, 2025 | ACATIS Investment | 0.0% | 0.3% | ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS | AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM |
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| 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 |
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| 2025 Q4 | Dec 31, 2025 | Royal London Global Equity Diversified Fund | 4.8% | 12.5% | 7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V | AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations | The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index. | HAG GR ITW RACE LW MU LLY GOOG |
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| 2024 Q4 | Dec 31, 2024 | L1 Capital International Fund | 11.4% | 29.0% | BKNG, EXP, GPK, HCA, MSFT, NVDA, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Fundamental Stability & Value | - | 12.8% | NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Large Cap Value | - | 13.3% | NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | ACN, ASML, AVGO, NFLX, NVDA, SU FP, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Mairs & Power – Growth Fund | - | 19.6% | CLFD, NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Alger Spectra Fund | 5.6% | 39.9% | AMZN, APP, LLY, MELI, MSFT, NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | ANET, CYBR, LPLA, MSFT, NARI, NVDA, TSLA, VKTX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299 HK, AZO, B3SA3 BZ, BKRKY, EL, HDB, NVDA, RTO LN, ZTS | - | View | ||
| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | ADBE, AMZN, GOOG, LLY, NFLX, NKE, NVDA, SHOP, UBER, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | RiverPark Long/Short Opportunity Fund | 4.3% | 15.9% | AMZN, IGV, LLY, NVDA, SHOP, UBER | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Growth Equity Fund | 4.9% | 26.9% | AKAM, AMAT, AMD, AVGO, AZN, BSX, CRM, DASH, DDOG, EFX, EXAS, FERG, INTU, MC FP, MELI, MSFT, NTRA, NVDA, PCOR, TEAM, TMO, TSM, UNH, VRTX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Moerus Capital Management LLC | - | 16.0% | 1821 HK, 1910 HK, 83 HK, AAL LN, BMA, DESP, EFX CN, JEF, NVDA, TDW, TURSG TI | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Barometer Capital Management Inc. | - | - | AAPL, ATRL CN, AXON, BMO, CCO CN, FFH CN, HWM, JPM, MSI, NEE, NVDA, TECK/B CN, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Saturna Sustainable Funds (SEEFX, SEBFX) | -4.2% | 9.6% | AVGO, DOL CN, NVDA, STMPA FP | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Alger Spectra Fund | 3.2% | 32.4% | AMZN, MSFT, NVDA, SLB, TSLA, TTD | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Platinum International Technology Fund | 6.8% | 24.9% | NVDA | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2025 Q4 | Dec 28, 2025 | Stone Ridge Asset Management | 0.0% | 0.0% | AAPL, AMZN, NVDA | Bayesian, Bitcoin, energy, Human Rights, Natural Gas, operations, Reinsurance | Stone Ridge discovered significant untapped natural gas reserves in Arkansas' Fayetteville Shale through disciplined testing on 60,000 acres of undeveloped land. The discovery increased expected lifetime revenue from $10 billion to $15 billion, demonstrating the value of technological improvements and cost reductions in drilling and completion. Longtail Re executed a landmark $1.4 billion retrospective reinsurance transaction with Everest Group, growing assets to over $6 billion. The firm has delivered 20% annualized ROE since inception, focusing on selective legacy transactions while maintaining core prospective quota share business. Bitcoin serves as a critical tool for human rights activists and populations under authoritarian regimes, providing uncensorable money and financial freedom. The letter highlights bitcoin's role in supporting Venezuelan opposition leader María Corina Machado and its importance for financial sovereignty in countries with currency devaluation. Stone Ridge Energy has purchased almost $11 billion of energy assets through proprietary securitizations, achieving over 20% annual returns with low volatility. The firm operates 5,596 wells powering four million American families and is positioned to become a top three U.S. hydrocarbon producer. | View | |
| Q4 2025 | Dec 27, 2025 | ServeTheHome | - | - | AMZN, CSCO, DELL, NVDA | AI, content, hardware, infrastructure, Networking, technology, Testing | Significant focus on AI infrastructure including NVIDIA DGX systems, AI workstations, and AI server testing. The organization is actively reviewing AI hardware and has multiple AI-related products in their testing pipeline. Extensive coverage of data center infrastructure including tours of Equinix facilities, data center testing equipment, and data center-focused content production. This represents a core focus area for the organization. Major investment in network testing capabilities including 800Gbps NICs, network security testing, and plans to expand network testing in 2026. The organization has made substantial investments in networking test equipment despite lack of ad revenue from this segment. | View | |
| 2024 Q3 | Dec 23, 2024 | Spear Advisors | -3.5% | 0.0% | CEG, NVDA, TSLA | - | View | ||
| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, AMZN, ANET, CEG, GEV, GRMN, GS, JPM, MSFT, NVDA | - | View | ||
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, AMZN, CRM, ILMN, MSFT, NFLX, NOW, NVDA | - | View | ||
| 2025 Q3 | Nov 8, 2025 | Baron Durable Advantage Fund | 5.5% | 13.3% | GOOG, INTU, LPLA, META, MSFT, NVDA, SPGI, TSM | AI, Hyperscalers, infrastructure, semiconductors, Valuations | The letter describes an accelerating cycle of AI infrastructure investment, highlighted by massive multi-billion-dollar commitments from Oracle, NVIDIA, Meta, and other hyperscalers. Despite comparisons to past bubbles, the manager argues valuations remain rational and AI demand is broad-based, with leading platforms showing durable competitive moats. The fund remains focused on high-quality compounders positioned to benefit from long-term AI adoption. | TSM NVDA GOOGL LOAR VRSK |
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| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, AVGO, HTFL, IT, NVDA, PAR, SNPS, SPOT, TEAM, TSLA, TTD | AI, Cloud, compute, innovation, semiconductors | The fund notes unprecedented AI-driven capital spending, including multigigawatt compute commitments and expanding TAM projections across software, semiconductors, and cloud. Managers evaluate AI through multiple vectorscommercial displacement, labor transformation, and innovation accelerationwhile emphasizing real monetization pathways. AI remains the dominant secular growth engine shaping portfolio construction and opportunity assessment. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund (Class I Accumulation Shares GBP) | -2.7% | - | BLDR, MCK, NVDA, VST, WDC | - | 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 26, 2025 | Saltlight Capital | 17.9% | - | NVDA | AI, Capex, Hyperscalers, infrastructure, software | Saltlight remains long-term bullish on AI but increasingly selective due to extreme CAPEX cycles, vendor financing, and uncertain returns across layers of the AI stack. The firm prefers businesses capturing value through distribution advantages and AI-driven efficiency rather than capital-intensive infrastructure plays. AI continues to reshape industry economics, but risk concentration sits at the hardware and data-center layers. | NVDA |
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| 2025 Q3 | Nov 25, 2025 | BlackRock Science And Technology Term Trust | 11.6% | - | APP, NVDA, SNDK, TBRG | AI, Capex, Cloud, infrastructure, semiconductors | The trust substantially increased exposure to the AI supply chain, reallocating toward semiconductors, networking infrastructure, and robotics amid accelerating global AI CAPEX. AI-driven earnings strength and hyperscaler investment continue to dominate sector performance, with Databricks, Nvidia, and AppLovin noted as major contributors. AI remains the central structural driver of tech valuations, capital flows, and portfolio positioning. | 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 | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | EL, LLY, NKE, NVDA, SE, TGT, UNH, UNP, V | - | View | ||
| 2023 Q2 | Nov 7, 2023 | Akre Focus Fund | 11.8% | 18.6% | NVDA | - | View | ||
| 2024 Q2 | Nov 7, 2022 | Patient Capital Management | 5.6% | 15.8% | BIIB, DAL, EVRI, EXPE, IAC, KOS, NCLH, NVDA | - | View | ||
| 2025 Q3 | Oct 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AVGO, BSX, INTU, IT, NVDA, ORCL, SNPS, TMO, UBER | AI, Cloud, growth, Quality, semiconductors | Market performance remains dominated by AI enthusiasm and semiconductor strength. Polen emphasizes high-quality, durable businesses like Oracle and Broadcom, expecting AI infrastructure demand to sustain earnings growth despite short-term volatility. | UBER SNPS BSX INTU AVGO NVDA |
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| 2024 Q3 | Oct 8, 2024 | Manole Capital Management | 0.0% | 0.0% | NVDA | - | View | ||
| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 6.4% | 16.1% | AAPL, ADBE, GOOG, INTU, MCO, NVDA, SAP | Artificial Intelligence, diversification, Growth Stocks, technology, valuation | The fund emphasizes owning a concentrated portfolio of exceptional U.S. businesses with durable competitive advantages. High returns on capital, pricing power, and disciplined management underpin long-term value creation. Quality is viewed as the most reliable driver of compounding through cycles. | 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 |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN, AKAM, AMAT, ARNB, CHTR, CMG, DHR, INTU, MAR, MELI, MSCI, NVDA, PCOR, SHW | - | View | ||
| 2023 Q3 | Oct 26, 2023 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | HT, NVDA | - | 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 | ||
| 2024 Q3 | Oct 23, 2024 | Mobius Capital Partners | 6.6% | 0.0% | 2360 TT, NVDA | - | View | ||
| 2025 Q3 | Oct 22, 2025 | Brasada Focused Equity Strategy | - | - | AMD, AVGO, FERG, NVDA | AI, Housing, inflation, infrastructure, semiconductors | Brasada highlights AIs debt-fueled capital spending cycle as a late-stage bubble reminiscent of the telecom era. Managers remain selective, preferring high-quality platforms and suppliers like Broadcom and Ferguson with durable cash flows and pricing power. They see benefits in infrastructure, plumbing, and data center demand as inflation moderates and rates decline. | AVGO FERG AVGO FERG |
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| 2025 Q3 | Oct 21, 2025 | Columbia Seligman Global Technology Fund | 23.7% | - | AAPL, AVGO, BE, LRCX, NVDA, ORCL | AI, Cloud, cybersecurity, energy, semiconductors | The fund outperformed benchmarks with 23.7% gains, driven by semiconductors, cloud infrastructure, and AI data center demand. Bloom Energy and Lam Research were key contributors, benefiting from AI-related power and chip investments. Managers expect continued growth in AI infrastructure and cybersecurity spending despite sector concentration risks. | ORCL AVGO WDC BE AVGO WDC LRCX BE |
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| 2025 Q3 | Oct 21, 2025 | Bailard Technology Strategy | 9.4% | 21.9% | APP, FI, INTU, LRCX, NVDA, SPOT | AI, Data centers, energy, semiconductors, software | Technology fundamentals strengthened as AI-driven investment and energy efficiency dominated sector dynamics. Nvidia, Applovin, and Lam Research led gains, while the strategy reduced exposure to overvalued software and expanded in data infrastructure. Managers highlight tokens per watt as the key metric shaping the next phase of AI economics. | View | |
| 2025 Q3 | Oct 20, 2025 | Davenport Core Leaders Fund | 3.2% | - | EA, NVDA, NVO | Artificial Intelligence, healthcare, Large Caps, Robotics, technology | The funds performance was driven by large-cap technology names like NVIDIA, Alphabet, and Apple benefiting from ongoing AI investment cycles. The managers maintained an underweight in the Magnificent 7 for valuation and risk reasons while adding to Intuitive Surgical, citing long-term growth in robotic-assisted healthcare. Despite lagging the S&P 500, the fund remains focused on disciplined capital allocation and steady compounders. | NVO NVDA |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | AXON, CVNA, DXCM, GALD SW, GOOG, III LN, IMCD NA, ISRG, NFLX, NVDA, RGEN, SHOP, SIKA SW, TEAM, TSM | Artificial Intelligence, E-Commerce, Global Growth, healthcare, semiconductors | The fund emphasizes durable global growth from AI infrastructure, digital platforms, and healthcare innovation. NVIDIA, Alphabet, and TSMC lead performance as AI capital investment accelerates worldwide. Managers added new positions in Galderma and 3i Group to balance cyclical risk while maintaining exposure to long-term technology and consumer adoption trends. | TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AAP, AVGO, DXCM, GOOG, ICE, NFLX, NOW, NVDA, ORCL, RBLX, TEAM, TSM | Artificial Intelligence, Cloud infrastructure, E-Commerce, semiconductors, software | AI-driven capital spending and infrastructure buildouts dominated the portfolios focus, with holdings in NVIDIA, Broadcom, and Oracle leading performance. Managers increased exposure to cloud and software platforms poised for monetization of AI capabilities. Consumer internet and e-commerce holdings like Roblox and Amazon provided diversification amid cyclical volatility. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | APP, CRWD, DUOL, FIG, KVYO, MNDY, NFLX, NOW, NVDA, OKTA, RBLX, TEAM, TSM | Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, software | AI remained the dominant theme as the fund balanced infrastructure enablers like NVIDIA and TSMC with software innovators such as ServiceNow and Atlassian. Managers acknowledge valuation pressure from AI euphoria but see durable earnings growth from leaders integrating AI into workflow and enterprise platforms. Portfolio exposure centers on data infrastructure, cloud applications, and gaming ecosystems. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 20, 2025 | L1 Capital International Fund | 2.6% | - | EXP, HCA, NVDA, WEIR LN | Artificial Intelligence, Global Equities, Quality Investing, semiconductors, software | The fund examines whether AI is a sustainable productivity revolution or speculative bubble, noting parallels to the dot-com era. Managers favor high-quality global leaders like Nvidia, TSMC, and Intuit that integrate AI across operations with strong balance sheets. The portfolio balances exposure across technology, payments, and industrials while trimming cyclical risk. | View | |
| 2024 Q3 | Oct 2, 2024 | JB Global Capital Fund | 34.9% | 43.0% | BABA, NVDA | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | IDXX, NVDA, ORCL, SBUX | Artificial Intelligence, consumer, healthcare, quality growth, semiconductors | Polen highlights AI leadership and cyclicals as key market drivers, with semiconductors up nearly 60% for the quarter. While the fund lagged due to limited exposure to semis, it added positions in Oracle, IDEXX, and Starbucks to balance growth exposure. The team maintains a disciplined focus on durable earnings compounding through high-quality, globally diversified franchises. | GLOB IDXX SBUX ORCL |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisory Large-Cap Growth Strategy | -0.9% | 6.5% | CDNS, FICO, GOOG, INTU, IOT, ISRG, MRVL, NFLX, NVDA, TTD, WDAY, WST | Artificial Intelligence, Large Caps, quality growth, semiconductors, software | The letter discusses how AI-driven enthusiasm has concentrated market returns among a few Magnificent Seven stocks, raising valuation risks. Brown Advisory focuses on owning durable growth companies that integrate AI productively while avoiding speculative momentum plays. The strategy emphasizes quality growth, diversification, and resilience across technology, industrials, and healthcare sectors. | View | |
| 2025 Q3 | Oct 14, 2025 | Alger Spectra Fund | 16.0% | 31.0% | APP, ISRG, JHX, NBIS, NFLX, NVDA | Advertising, Artificial Intelligence, Cloud, healthcare, Streaming | The Spectra Fund outperformed on strong AI exposure through Nvidia and Nebius, both central to global compute infrastructure. AppLovins AI-driven ad platform reinforced the dominance of machine learning in monetization models. Despite near-term weakness in Netflix and healthcare names, the fund sees AI integration across sectors as a durable growth driver. | NVDA APP |
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| 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 | |
| 2025 Q3 | Oct 14, 2025 | Warden Capital | 4.6% | 2.3% | NVDA, PLYM | Artificial Intelligence, Housing, Market Bubble, Quantum Computing, Recession | The letter warns of a full-blown market mania driven by excessive AI capex and speculative tech valuations. The fund is heavily defensive, expecting the bubble to unwind as growth slows and housing softens. Quantum computing and AI are viewed as overvalued sectors ripe for correction. | QUBT NVDA |
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| 2025 Q3 | Oct 11, 2025 | Torre Financial | 1.7% | 6.5% | ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM | AI, growth, large cap, Quality, semiconductors, technology, US | AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500. | View | |
| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | NVDA, TSM | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | View | |
| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | 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 |
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| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2025 Q4 | Jan 8, 2026 | NS Partners Ltd | - | - | GOOGL, KO, NVDA, PG | AI, Biotechnology, commodities, emerging markets, energy, global, private equity, technology | The AI build-out is capital intensive with uncertain returns, as leading companies spend gigantic sums in an arms race. Unlike the internet boom, AI requires massive capital investment with datacentres subject to rapid obsolescence. The relentless innovation could make current cutting-edge technology obsolete within years, making satisfactory returns challenging. Private equity and debt markets face significant challenges with funds struggling to exit investments at elevated prices. The industry has taken more companies into funds than can be sold into public markets, creating a major logjam. Rising interest rates and overinvestment have caused pressure to reduce prices, potentially forcing substantial losses. Hard assets offer protection against monetary inflation as governments attempt to print their way out of decline. Construction of datacentres and infrastructure in booming countries require commodities when mines have suffered from underinvestment. Competition between China and the US for strategic metals underpins the outlook for these resources. The oil market has been in three-year consolidation due to subdued growth and large OPEC supply increases. Lower prices damage future supply as producers pull back on new capacity spending. OPEC's spare capacity is limited, and while the world isn't running out of oil, it's running out of oil producible below $60. The biotech sector offers exceptional long-term performance potential despite poor performance in the 2020s. AI is reducing costs and speeding up product development, while new technologies and cost declines are unleashing a wave of new treatments. This combination can underpin a new cycle in a huge market. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Large Cap Growth Strategy | 1.2% | 0.0% | ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY | AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance | AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher. | View | |
| 2025 Q4 | Jan 7, 2026 | Bridgewater Associates | 0.0% | 0.0% | AAPL, META, NVDA | AI, Capex, Data centers, Fed, growth, inflation, Labor, productivity | AI capex boom is set to significantly support US growth with estimated 140bp boost in 2026 and 150bp boost in 2027. The resource grab phase involves massive data center build-out primarily in the US, creating acute price pressures in power, memory chips, and materials while having limited labor market impact. Global data center capacity build-out is accelerating with majority occurring in the US. The construction creates supply chain pressures for key components like memory chips, generators, and transformers, while requiring minimal labor relative to capital investment. Memory chip supply chains are overwhelmed with companies like SK Hynix sold out until 2027. These supply pressures affect other goods using same inputs, with memory chips representing about 10% of iPhone cost of goods sold. Surging compute demand is hitting power availability constraints in the US, including insufficient peak generation capacity and transmission capacity. Hyperscalers are turning to behind-the-meter solutions like natural gas turbines despite cost disadvantages. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | MDLZ, MET, NVDA | - | View | ||
| 2025 Q4 | Jan 6, 2026 | Lansing Street Advisors | 0.0% | 0.0% | COST, CSCO, NVDA, WMT | AI, Bitcoin, demographics, Leverage, Options, Predictions, technology, Valuations | The manager extensively compares current AI valuations to the 1999 internet bubble, arguing AI represents a trend rather than a fad. Technology companies have doubled net income over four years and grown earnings 550% since 2008, demonstrating sustainable profitability unlike the dot-com era where 74% of internet companies had negative cash flows. Bitcoin declined roughly 6% in 2025 despite widespread price targets of $200,000 from major firms and up to $1.5 million by 2030 from Cathie Wood. The manager uses Bitcoin's volatile history to illustrate the futility of one-year predictions for highly speculative assets. | View | |
| 2025 Q4 | Jan 6, 2026 | Smallvalue | 6.6% | 37.7% | AVGO, NVDA, OLVI.HE, ORCL, PLTR, SFM, TSLA | AI, Beverages, Copper, Data centers, Europe, Grocers, small caps, value | Artificial intelligence was the central theme of 2025, driving stock indices and sparking debate between believers and bubble warnings. The conversation is shaped by massive capital requirements for AI infrastructure, enormous energy consumption, uncertainty over profitability, and asset depreciation risk. AI-related capital investment represents around 2% of U.S. GDP, highlighting extraordinary scale and complexity. Data centers are industrial facilities requiring copper, steel, cement, concrete, and energy. Each megawatt of capacity requires tons of copper, cooling systems, and diesel backup generators. The cloud is not ethereal—it is heavy industry. Real beneficiaries are indirect players: industrial manufacturers, component distributors, and raw material suppliers. Without copper, there is no electrification, digitalization, AI, or data centers. Each megawatt of data center capacity requires roughly 30 tons of copper; with 10,000 MW added annually, this amounts to approximately 300,000 tons—about 1% of the 30 million ton annual market. Minor supply deficits can trigger significant price volatility, reinforcing a structural, long-term bullish outlook. Sprouts Farmers Market remains a high-quality business with some of the best operating margins in its sector and continues to repurchase shares aggressively. The company has ambitious expansion plans, aiming to triple its footprint from 450 to 1,400 stores nationwide while maintaining its fresh-first mission. Olvi Oyj announced strategic acquisitions in Q1 2026, including Estonia's leading mineral water producer Värska Originaal, Bosnia's largest brewery Banjalucka Pivara, and a 51% acquisition of Brewery International. These transactions expand Olvi's non-alcoholic and alcoholic beverage portfolios, increase sales volumes, and strengthen production capabilities across the Baltics, Nordics, and Mediterranean markets. | SFM |
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| 2025 Q4 | Jan 6, 2026 | Ghosh Capital | -13.3% | 12.6% | AEM, APH, AVGO, CWAN, GOOGL, HOOD, MSFT, MU, NVDA, RHM.DE, SII, WIX | Concentration, Leverage, Options, risk management, SaaS, technology, value | Manager learned hard lessons about position sizing and concentration risk after Kneat position at 30% of portfolio caused significant drawdown. Establishing strict rules around maximum position sizing regardless of conviction level. Used long-dated deep in-the-money options for leverage on Wix and Clearwater Analytics positions but found the inherent leverage made it difficult to hold positions through volatility. Planning to use options more sparingly going forward. Kneat remains largest holding despite poor Q2/Q3 results with net new ARR below expectations due to macro headwinds and deal delays. Company ended 2025 with highest number of new strategic customer wins in history, setting up for growth in 2026-2027. | WIX KSI CN |
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| 2025 Q4 | Jan 6, 2026 | JB Global Capital Fund | -8.9% | 67.5% | AMZN, BABA, CLX, GOOGL, LULU, NKE, NVDA | AI, China, Concentration, consumer, technology, valuation, value | Manager deliberately avoids U.S. AI infrastructure stocks due to valuation concerns, drawing parallels to historical technology bubbles. Argues that obvious growth prospects are priced so aggressively that even excellent execution cannot generate adequate returns. Maintains AI exposure through Alibaba's cloud division at more reasonable valuations. Significant exposure through Alibaba position, which represents 43% of portfolio. Monitoring competitive pressures in Chinese quick commerce and margin compression from aggressive investments. Cloud revenue growing 34% year-over-year with AI-related products showing triple-digit growth. New position in Clorox at decade-low valuations following ERP implementation disaster. Company dominates essential categories with 61% of North American bleach market and generates 35%+ returns on invested capital. Temporary operational disruption creates opportunity in quality franchise. Core investment philosophy emphasizing valuation discipline over growth narratives. Seeking asymmetric risk/reward opportunities where temporary complexity obscures underlying business quality. Concentrated portfolio approach with deep research on handful of ideas. | CLX BABA |
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| 2025 Q4 | Jan 6, 2026 | North Sky Capital, LLC | 0.0% | 0.0% | MSFT, NVDA, TSLA | Clean Technology, Energy Storage, impact investing, infrastructure, private equity, Renewable Energy, Secondary Markets, Solar | Solar and storage dominated renewable generation with 85% of new capacity additions. Solar installed 11.7 GW in Q3 2025, accounting for 58% of all new electricity-generating capacity. Battery prices continued declining to $108 per kilowatt-hour, representing a 12.6% annual decline since 2013. Parabolic increase in energy demand from datacenters due to AI is driving massive power requirements. Microsoft's Fairwater datacenter will consume 3.3 GWs of electricity when fully operational, more than the city of Los Angeles, spanning 315 acres with hundreds of thousands of NVIDIA GPUs. EV tax incentives were curtailed by July's One Big Beautiful Bill, causing a surge in Q3 sales followed by a sharp Q4 drop. However, EV charging infrastructure remained consistent with over 230,000 publicly available chargers deployed in the US for the first time. Rice University chemist James Tour developed breakthrough flash Joule heating process to recover rare earth elements from electronic waste, cutting energy use by 87% and offering path to domestic independence from China's 90% dominance in REE processing. Exit environment steadily improved with Q3 2025 global M&A increasing 26% QoQ and 35% YoY. Secondary market volume expected to reach $210B in 2025, split 52% GP-led and 48% LP-led, with favorable dynamics for impact secondary buyers. | View | |
| 2025 Q4 | Jan 6, 2026 | Broadleaf Partners | -1.8% | 14.5% | NVDA, ORCL, PLTR | AI, Concentration, credit, growth, innovation, large cap, technology | AI remains central to investment thesis despite bubble concerns. The technology development is in infant stages requiring sustained financial support. AI-related spending drove economic growth across multiple sectors in 2025, though concerns about data center spending and funding levels created volatility. All eyes remain on artificial intelligence as the primary innovation driver. The manager expects AI productivity gains to broaden beyond the Magnificent 7 to benefit the broader S&P 493 companies through reduced labor costs and improved efficiency. For the first time in years, the financial sector led by banks has started to outperform. Debt markets both public and private have become more popular as funding sources. The manager sees greater contributions from the Credit Cycle needed to realize AI's long-term dreams. | View | |
| 2025 Q4 | Jan 6, 2026 | Westfield Capital Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Breadth, cyclicals, earnings, Fed, small caps, technology, Valuations | AI remains the largest structural EPS driver into 2026, but investors are increasingly focused on companies translating AI spend into pricing power, margin leverage, and measurable revenue outcomes. The early-year AI melt-up reversed sharply in April, exposing speculative excess as story stocks began to lose momentum. ROI discipline and selectivity now define performance, reinforcing a true stock-picker's market. Small caps are breaking multi-year bases with early signs of leadership rotation beneath the surface. Small cap earnings revisions turned positive for the first time in years, reinforcing the durability of market broadening into 2026. Small caps and cyclicals trade at a meaningful discount to large caps, creating attractive opportunities where fundamentals are improving faster than prices. Earnings leadership is broadening across Financials, Industrials, Health Care, and small caps. Small- and mid-cap earnings expectations are inflecting higher after several years of underperformance, narrowing the growth gap versus the largest stocks. Consensus points to more balanced EPS growth across market segments in 2025-26, supporting a healthier and less concentrated earnings backdrop. | View | |
| 2024 Q4 | Jan 6, 2025 | Infuse Partners | - | 12.0% | 0RNZ LN, AXON, HFG GR, INT SS, MELI, NU, NVDA, TSLA | - | View | ||
| 2025 Q4 | Jan 5, 2026 | St. James Investment Company | 0.0% | 0.0% | NVDA | AI, Bubble, ETFs, Market Risk, Passive investing, Probability, Valuations, value | Manager discusses artificial intelligence as a current market obsession, noting that there is no edge to investing in AI stocks when Nvidia trades at 23x sales. Argues that enthusiasm for AI is lifting overall stock market indices and causing investors to abandon fundamental analysis, paying any price to own popular AI stocks. Manager extensively discusses extreme market valuations across multiple metrics. The S&P 500 trades at 25x P/E, price-to-sales ratio is at record highs above tech bubble levels, and more than 30% of US market cap trades above 10x sales. Notes that based on average earnings, workers need over 200 hours of labor to buy one unit of the S&P 500. Manager discusses the massive growth of passive investing through ETFs and index funds, noting that passive strategies force managers to buy stocks in proportion to benchmark weights regardless of fundamentals. Warns that with passive vehicles holding over 50% of US equity assets, synchronized outflows could worsen market drops and amplify volatility. Manager advocates for value investing principles, emphasizing Benjamin Graham's philosophy of buying undervalued stocks with strong fundamentals. Notes that some opportunities remain attractive in value-oriented investments, particularly in energy and defensive sectors with pockets of value in consumer staples. | View | |
| 2025 Q4 | Jan 5, 2026 | Douglass Winthrop Advisors, LLC | 0.0% | 0.0% | AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER | AI, inflation, Quality, technology, Trade Policy, value | AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies. | View | |
| 2025 Q4 | Jan 31, 2026 | White Brook Capital | 0.0% | 0.0% | BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM | AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value | The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave. | 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 30, 2026 | Legacy Ridge Capital | 0.0% | 7.0% | AAPL, AMZN, GOOGL, KRP, META, MNR, MSFT, NVDA, PII, PLTR, TSLA | Capital Allocation, Cash, dividends, energy, Exploration & Production, value | Fund maintains 30% cash position as defensive measure against expensive market valuations. Cash provides optionality for opportunistic deployment when attractive opportunities arise. Management views current cash levels as necessary given stretched valuations across broader markets. Portfolio focused on dividend-paying companies with 6% yield, emphasizing businesses that return excess cash to shareholders. Key holdings KRP and MNR have dividend policies returning 75% and over 50% of cash flow respectively. Dividend income provides steady cash flow for redeployment opportunities. Significant allocation to energy sector through Mach Natural Resources and Kimbell Royalty Partners. Focus on companies with disciplined capital allocation, low leverage, and high distribution yields. Both companies emphasize acquiring cash-flowing assets and returning capital to shareholders. Investment philosophy centered on buying businesses at discounts to intrinsic value based on discounted cash flows. Contrasts current approach with expensive growth stocks trading at extreme valuations. Emphasizes margin of safety and business owner mentality in stock selection. | MNR |
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| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
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| 2025 Q4 | Jan 30, 2026 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | FNMA, GLW, HCC, ICLTF, MODG, NVDA, PRGO, SCL, SPHR, WY | AI, Cash, Entertainment, Lumber, Portfolio Management, positioning, technology, value | 2025 marked the year of AI exploration and testing, with 2026 expected to be the year of implementation. AI will unlock efficiency but create uneven impacts across businesses, particularly those with seat-based pricing models. The manager views AI as table stakes that may dilute alpha over time as it democratizes information access. The lumber industry has been in a 3+ year downturn following COVID demand. Canadian softwood exports to the US are near Great Financial Crisis levels, with significant capacity offline. The manager believes they are at or near the beginning of a lumber price rebound as supply has come offline and inventory liquidation is ending. Sphere made significant progress with strong ticket sales for The Wizard of Oz content, selling over 1.6-1.7 million tickets. The economics are evolving as AI-driven tools reduce content production costs from $100m to potentially $10m, improving unit economics for future Spheres and enabling franchise partnerships. | View | |
| 2025 Q4 | Jan 30, 2026 | Artisan Focus Fund | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC | aerospace, AI, energy, financials, growth, industrials, semiconductors, technology | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing. | GE |
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| 2025 Q4 | Jan 30, 2026 | Optimum Fixed Income Fund | 1.1% | 7.6% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, credit, duration, fixed income, interest rates, Mortgage, TIPS | Artificial intelligence remained a major investment theme during the quarter, driven by heavy spending from large technology companies. However, concerns emerged around profitability and rising costs associated with AI investments. | View | |
| 2025 Q4 | Jan 30, 2026 | Optimum Large Cap Growth Fund | 1.6% | 15.9% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Biotech, Communication Services, growth, healthcare, large cap, semiconductors, technology | Artificial intelligence remained a major investment theme, driven by heavy spending from large technology companies, though concerns emerged around profitability and rising costs. | View | |
| 2025 Q4 | Jan 30, 2026 | Baron Durable Advantage Fund | 2.7% | 16.6% | AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade. | WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG |
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| Q4 2025 | Jan 3, 2026 | Torre Financial | 1.9% | 8.5% | ADBE, AMZN, ANET, ASML, CRM, FDS, GOOGL, LLY, META, MSFT, NVDA, PYPL, TSM, UBER, UNH | AI, competition, growth, healthcare, Quality, technology, value | The race for AI has drawn in technology companies and nation states, with massive capital spending from Google, Microsoft, Amazon, Meta, and OpenAI driving Nvidia to become the first 5 trillion market cap company. The US has launched the Genesis Mission to ensure America wins the AI race, while China has shown innovation with DeepSeek. The portfolio focuses on strong, proven businesses with attractive business models, exhibiting strong returns on capital, competitive advantages, and durable growth. High quality, cash-flowing companies were not particularly sought after in 2025, with many high quality compounders selling off significantly. Eli Lilly's performance was propelled by their GLP-1 offerings and promising pipeline, contributing to the portfolio's top performers in 2025. | View | |
| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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| 2025 Q4 | Jan 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2025 Q4 | Jan 28, 2026 | GMO (Grantham, Mayo, Van Otterloo & Co. LLC) | - | - | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | View | |
| Q4 2025 | Jan 27, 2026 | Antero Peak Group | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RYCEY, SHOP, SMNEY, TSM, WELL, WFC | aerospace, AI, Capital markets, Data centers, energy, productivity, ROIC, semiconductors | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025, with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with Caterpillar positioned for multi-year upcycle as power demand creates new secular growth at a cyclical trough. Data center reaches deep into Caterpillar's portfolio with co-located power capability. Analog Devices represents the premium analog compounder as the cycle turns, with best economics in analog including 70%+ gross margins and 45-50% EBIT target. The team believes 2Q25 marked the restart with pricing and margin inflection underway. Data monetization theme involves machine learning, AI, and cloud causing the economic value of data to structurally accelerate through new products and applications. Companies include financial services firms like Capital One, JPMorgan Chase, Goldman Sachs, Wells Fargo, and Nasdaq. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies include Constellation Energy, GE Vernova, Siemens Energy, and Vistra Corp. | ADI CAT |
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| 2025 Q4 | Jan 26, 2026 | Impax US Sustainable Economy Fund | 4.2% | 16.0% | AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS | AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology | AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed. | 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 |
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| 2025 Q4 | Jan 26, 2026 | Cambiar SMID Fund | 1.6% | 0.0% | ACVA, ALGN, BOKF, COO, EEFT, FNF, GOOGL, JBHT, LAZ, MAS, NVDA, WFC, WSC | AI, Credit Stress, financials, healthcare, Quality, small caps, value | The market has priced in a near-flawless AI future for years, but sentiment is shifting as investors become more scrutinizing. Only two of the Mag7 outperformed in 2025, and the market is now more discerning about how AI investments will translate into financial returns. Increased debt financing for AI capex creates vulnerability to credit tightening. The fourth quarter saw a reversal in the growth versus value trade, with traditional value sectors like Healthcare and Financials performing well while Mag7 largely lagged. The fund's quality bias and valuation sensitivity were out of step with a market prioritizing higher-beta momentum stocks. Value stocks offer attractive return potential going forward. Small cap stocks trailed larger cap counterparts for the year despite posting respectable 12.8% gains. Companies with negative income outperformed by wide margins in 2025, creating challenges for quality-focused strategies. The market environment paralleled 2021's speculative period with little regard for valuation or earnings. Corporate bankruptcies spiked in 2025, highlighting growing financial pressure amid elevated borrowing costs. Middle and lower income consumers are increasingly stretched with high credit card balances and subprime auto loan delinquencies at highest levels since 2008. Rising unemployment likely to amplify these pressures. | COO |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments | - | - | AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM | Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value | The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields. | View | |
| 2025 Q4 | Jan 23, 2026 | FCL Capital | 0.0% | 4.1% | 0700.HK, 1211.HK, 6367.T, AAPL, FCX, GLEN.L, HBM.TO, HDB, KGH.WA, KWEB, MSFT, NVDA, SCCO, TSLA | AI, Brazil, Copper, crypto, emerging markets, Energy Transition, technology, value | FCL has built a position in copper miners as an indirect play on AI, energy transition, and urbanization. The fund views copper as undervalued relative to its role in data centers, electric vehicles, and renewable energy infrastructure, while copper mining stocks trade at traditional commodity multiples despite exposure to revolutionary trends. The letter discusses AI's massive energy requirements for data centers, estimating 500-700 thousand tonnes of copper demand by 2028-2030. FCL sees AI as driving fundamental changes in commodity demand while noting that direct AI investments trade at expensive valuations compared to indirect plays through commodities. Renewable energy systems are highly copper-intensive, requiring much more copper per unit of capacity than fossil fuel generation. Wind turbines need 8 tonnes of copper per MW offshore and 2.5-3 tonnes onshore, while solar requires 2-5 tonnes per MW, driving substantial copper demand growth. FCL revisits their 2017 crypto thesis, highlighting tokenization of real-world assets and prediction markets as the next evolution. They see tokenization enabling 24/7 global trading of traditionally illiquid assets, while prediction markets like Polymarket demonstrate superior forecasting ability compared to traditional polling. Brazilian investors have developed a false belief in risk-free returns through CDI investments due to high interest rates. FCL argues this creates a paradox where avoiding risk actually increases long-term purchasing power risk, as CDI has delivered near-zero returns in USD terms over the past decade. The fund emphasizes valuation disparities between expensive US tech stocks and cheaper alternatives in emerging markets and commodities. They highlight that copper miners trade at traditional multiples despite exposure to AI and energy transition themes, presenting attractive risk-adjusted opportunities. | View | |
| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
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| 2025 Q4 | Jan 23, 2026 | Downing Fox Funds | 0.0% | 0.0% | NVDA | active management, diversification, global, Multi-Strategy, Quality, small caps, Uk, value | The fund maintains significant exposure to small and mid-cap companies, which has been a drag on relative performance as markets favored large-caps. The manager believes this positioning offers better long-term opportunities with higher potential returns and lower risk of permanent loss. Small-cap valuations appear attractive compared to mega-caps. Value investing style has performed well in 2025 after years of underperformance. The manager highlights successful value managers like Sean Peche at Ranmore Global Equity who delivered strong returns. Value stocks are becoming more attractive as quality companies fall to reasonable valuations. Quality investing has faced headwinds in 2025, with quality managers like Terry Smith underperforming. However, the manager sees this as an opportunity as high-quality companies have fallen to attractive valuations. The fund is beginning to double up on quality stocks that value managers are also buying. The AI frenzy continued to dominate markets, with NVIDIA and mega-cap tech stocks leading performance. The fund's diversified approach meant missing some of this concentrated AI rally. Chinese AI company DeepSeek caused market volatility by disrupting NVIDIA's dominance in the space. | View | |
| 2025 Q4 | Jan 22, 2026 | Jensen Investment | 0.0% | 5.6% | AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM | AI, growth, large cap, Market Concentration, Quality, semiconductors, technology | The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022. | AVGO SYK WM CPRT MMC ACN LLY APH KLAC |
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| 2025 Q4 | Jan 22, 2026 | Square Peg Capital | 0.0% | 0.0% | GOOGL, LYFT, NVDA, TSLA, UBER | AI, Applications, growth, innovation, portfolio, Robotics, technology, Venture Capital | The fund views AI as creating profound technological and societal change with no historical precedent. They believe industry by industry will be transformed by AI-native applications over the next few years, and they are in the very early days of that evolution. Most of their investing activity focuses on the application layer, including companies like Aidoc, Sumble, Cuttable, and Lorikeet. The fund observes robots delivering items in hotels and competing robotaxi services from Waymo and Tesla as examples of how the future is already here but unevenly distributed. They expect robots will eventually drive cars faster than Formula 1 drivers and beat the best athletes, though people will still prefer human competition. | 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 |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2025 Q4 | Jan 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
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| 2025 Q4 | Jan 21, 2026 | Columbia Global Technology Growth Fund | 2.0% | 25.1% | AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM | AI, Cloud, global, growth, semiconductors, technology | The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies. | NOW MU TSM GOOGL |
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| 2025 Q4 | Jan 21, 2026 | Columbia Seligman Global Technology Fund | 5.0% | 35.4% | AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX | AI, Data centers, Equipment, global, growth, semiconductors, technology | AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption. | AMAT TER WDC BE LRCX NVDA |
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| 2025 Q4 | Jan 21, 2026 | Advisors Capital Management, LLC | - | - | AAPL, AMD, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, SLB, TSLA | AI, energy, Geopolitical, inflation, productivity, technology, Venezuela | AI-driven capital spending remains a powerful force propelling company valuations higher over the past three years. AI adoption is proceeding rapidly with productivity gains helping offset wage pressures and containing inflation. The technology is displacing many jobs while reducing business costs, creating an almost ideal environment for stock prices. The capture of Nicolás Maduro represents a dramatic change in U.S. foreign policies under the Monroe-Trump Doctrine. This signals a more assertive approach to countering hostile regimes in the Western Hemisphere, with implications for Cuba, Iran, and China's strategic positioning in Latin America. Venezuela's leadership change may lower global oil prices and benefit energy companies and oilfield service providers. Oil prices are likely to decline further with positive economic consequences globally, boosting real household income and helping reduce inflation measures. Inflation has moderated meaningfully from its 2022 peak and while it remains above the Fed's target, pressures are expected to ease further into 2026. AI-driven productivity gains may help offset wage pressures, keeping inflation and interest rates relatively contained. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2025 Q4 | Jan 21, 2026 | Ophir Asset Management | 0.0% | 0.0% | AAPL, GOOGL, META, MSFT, NVDA | earnings, global, Outperformance, small caps, stock picking, technology | After prolonged underperformance, small caps are positioned for sustained outperformance as the missing ingredient - earnings growth - has finally arrived. Small cap earnings expectations relative to large caps are improving for the first time since 2022, supported by cyclical economic factors and broader market participation. Earnings are identified as the primary long-term driver of index performance and the key catalyst that has been missing for sustained small cap outperformance. Small cap earnings expectations relative to large caps are now showing compelling evidence of improvement after years of underperformance. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Capital Appreciation Fund | 0.8% | 14.0% | AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector. | MRK APH |
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| 2025 Q4 | Jan 20, 2026 | Minotaur Global Opportunities Fund | 0.0% | 0.0% | ADBE, CRM, GOOGL, HUBS, HUT, MSFT, NVDA, TEAM | AI, Automation, Data centers, infrastructure, software, technology | AI has experienced a step-change in capability through two key shifts: skills that expand what AI can touch, and loops that move from chatting to continuous iteration. The Ralph Wiggum technique of running AI in loops until tasks are complete has gone viral, enabled by better models like Claude Opus 4.5 and GPT-5.2. Software stocks have been hammered as AI threatens traditional software business models through build vs buy dynamics, competitive intensity, and per-seat pricing pressure. The fund reduced software exposure including cutting Atlassian due to shifting unit economics and defensibility concerns. The fund initiated a position in Hut 8 following their 15-year, $7 billion data center lease to Anthropic backed by Google. The project yields approximately 15% unlevered in year one with 3% annual escalators, representing contracted investment-grade infrastructure. | TEAM HUT |
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| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | 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 |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 20, 2026 | OAM Asian Recovery Fund | 0.0% | 9.5% | 0700.HK, 1919.HK, AAXJ, MDLZ, MMYT, NVDA | ASEAN, Asia, China, Consumer Finance, Quality, Travel, value | India's burgeoning travel sector exemplified by MakeMyTrip benefits from rising household incomes and expanding middle class. India opened more than 70 new airports last year and airlines have massive order books for new jets. The transformation of Mumbai's airport terminal from chaos to capacity constraints demonstrates the rapid growth in India's traveling class. Asian retail investors are shifting from traditional assets like gold and property toward equities through systematic investment plans. In India, retail investors are moving monthly savings to SIPs similar to US 401K plans. Chinese households are also shifting from property concentration toward equities as private pension products open new channels for capital market flows. Quality companies in emerging economies with high return on equity, low debt, and steady growth characteristics underperformed benchmark indices by 17 percentage points last year. The fund invests in steadily growing, high ROE, low debt or net cash companies serving ASEAN consumers that are trading at less than 11x earnings with over 30% return on capital employed. Asian equities are moderately valued while US equities are very expensive, similar to conditions in 2000. ASEAN markets are trading at valuation levels last seen during the Global Financial Crisis. The fund's quality holdings are trading at less than 11x earnings with 5% dividend yields despite generating 30% returns on capital. Chinese households are shifting from property concentration toward equities as real estate weakness changes attitudes. Private pension products are opening new channels for household wealth to flow into capital markets with annual inflows estimated to increase 10-fold to over RMB 1 trillion by 2030. The RMB appears significantly undervalued and poised for appreciation. ASEAN markets are completely off foreign investors' radar screens and have been massively de-rated over the past four years. Most ASEAN markets now have a total market value less than America's largest company. Indonesia and Philippines are trading at valuation levels last seen during the Global Financial Crisis. | MMYT |
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| 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 | Troy Multi-Asset Strategy | 0.0% | 0.0% | AMZN, DEO, EXPN.L, FI, GOOGL, LSEG.L, META, MSFT, NVDA | AI, Cloud, Data, global, Quality, technology, value | AI disruption is more imagined than real at this point, with earnings for companies in the crosshairs remaining sound. The Strategy sees significant opportunity as several portfolio companies are temporarily misjudged in debates about AI's potential impact. Capital expenditure estimates for major tech companies are over 50% above where they were 18 months ago, but scaling laws continue to hold and AI demand currently outstrips supply. Data and information service providers face hypothetical challenges focused on AI's potential to change competitive dynamics, leading to valuation de-rating despite solid operating results. Companies like Experian and LSEG have proprietary datasets that cannot be easily replicated by AI, with deep regulatory moats and embedded customer relationships providing protection. Cloud service revenues are accelerating as capacity comes online, with contracted backlogs growing substantially faster than revenues. Despite enormous scale, revenue growth has accelerated across major cloud providers including Azure, Google Cloud, and AWS, driven by AI demand that currently outstrips supply. | EXPN LN LSEG LN DGE LN FISV |
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| 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 |
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| 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 | |
| 2025 Q4 | Jan 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Growth Fund | 2.7% | 10.5% | FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS | AI, growth, healthcare, large cap, technology, valuation | AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare. | View | |
| 2025 Q4 | Jan 16, 2026 | 103 Advisory Group LLC | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | consumer, credit, earnings, Federal Reserve, inflation, K-shaped, Midterms, rates | Headline CPI eased to 2.7% year-over-year in November, driven largely by slowing shelter costs. The shelter component slowed from 3.8% in September to 3.0% in November, the lowest reading since August 2021. The CPI report surprised all economists, with none predicting this low of a reading. Lower-income households are reducing discretionary spending while higher-income households maintain resilient demand. Bank of America data shows lower-income households recorded only 0.6% year-over-year spending growth versus 2.6% for higher-income households. Buy-now-pay-later usage rose 9% year-over-year. Aggregate credit card limits have risen to a record $5.3 trillion, a 35% increase over five years. Outstanding credit card balances total $1.2 trillion, up 6% over 12 months. Credit card delinquencies edged higher in the third quarter, coinciding with elevated interest rates at 21%. The Federal Reserve has pivoted toward a more accommodative stance, lowering interest rates and restarting balance sheet expansion. Treasury bill purchases began in December at roughly $40 billion per month. Market expectations price in two rate cuts in 2026 versus Fed projections of only one. | View | |
| 2025 Q4 | Jan 16, 2026 | Janus Henderson Forty Fund | 0.3% | 18.4% | AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM | AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology | AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy. | MDGL LLY ETN ORCL |
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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 | Peak Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, MSFT, NVDA | AI, large cap, Overvaluation, risk management, technology, value | AI innovations are driving vast spending on building new data centers, which will be at the top of investors' minds for the next few years or until the economy turns south again. This represents a bright spot in an otherwise contracting manufacturing environment. The manager maintains a risk averse approach to asset allocation with strong balance of Treasury Notes, bond ladders and cash substitutes as safe havens against an inevitable correction. They focus on keeping clients secure and relatively immune to large market dislocations. | View | |
| 2025 Q4 | Jan 15, 2026 | Chevy Chase Trust | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL, TSLA | AI, Automation, Genomics, global, healthcare, inflation, technology, thematic | AI is extremely capital-intensive and competitive, unlikely to produce extraordinary profitability of prior tech companies. Capital spending and R&D consume greater share of sales for largest AI providers than drug stocks. Manager reduced exposure to AI-related companies over the last year due to concerns about future return on AI investment. After four decades of declining interest rates and ten years of very low inflation, both rates and inflation have returned to long-term norms. This marks a notable shift in the global investment landscape that has not yet been reflected in most investors' portfolio positioning. As the global labor force ages and need for supply-chain redundancies becomes more acute, companies increasingly seek ways to do more with fewer people. Automation technologies have matured and reached an inflection point, now offering attractive returns on investment across many industries. Breakthroughs in genomics have changed the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics have converged to generate diagnostics and treatments specific to individual patients and diseases. Companies leading the genomic medical revolution are well positioned for long-term outperformance. | View | |
| 2025 Q4 | Jan 15, 2026 | Contrarius Global Equity Fund | 6.5% | 54.4% | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries. | SATS |
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| 2025 Q4 | Jan 15, 2026 | East Capital | 0.0% | 0.0% | 000660.KS, 005930.KS, 8306.T, NVDA | AI, China, emerging markets, frontier markets, Korea, Memory, Outperformance, Valuations | China's Deep Seek moment demonstrated competitive AI capabilities potentially more cost-efficient than US hyperscalers. Chinese technological prowess remains underappreciated in AI, driving memory demand from data centers that vastly outstrips supply. This theme expected to be primary catalyst for Chinese and emerging market returns for many years. Memory stocks Samsung and SK Hynix returned 130% and 278% respectively, driven by AI data center demand vastly outstripping supply. SK Hynix expected to increase server DRAM prices 60-70% quarter-on-quarter in Q1 2026, driving earnings upgrades while stocks remain attractively valued at 8.4x P/E versus Nvidia's 21.4x. Emerging markets returned 34% for 2025, outperforming S&P 500 by 16.5% - strongest relative performance since 2008. Driven by weakening USD, concerns about US over-concentration, and strong country-specific drivers. Markets offer higher earnings growth and lower valuations with 18% EPS growth and 0.8x PEG ratio versus S&P 500's 16% and 1.5x. Frontier markets returned 47% in 2025, delivering attractive risk-adjusted returns supported by low correlations across diverse universe of 20 markets. Expected 4-4.5% structural growth supported by large young populations and reform momentum, with easing monetary conditions supporting domestic investment and consumption. | 000660 KS |
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| 2025 Q4 | Jan 15, 2026 | GROW Funds LLC | 0.0% | 0.0% | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation | The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection. | MDXH AXSM MAMA |
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| 2025 Q4 | Jan 15, 2026 | MASECO Private Wealth | 0.0% | 0.0% | NVDA | AI, Central Banks, diversification, Dollar, emerging markets, fixed income, global, Trade Policy | AI dominated market headlines throughout 2025, with NVIDIA briefly becoming the first public company to reach a $5 trillion market cap. The AI theme touches many sectors beyond the Magnificent 7, allowing diversified portfolios to participate without concentration risk. The first half of 2025 was dominated by trade concerns as the United States raised tariff rates on nearly all trading partners to levels not seen since the 1930s. By year-end, trade tensions eased as negotiations progressed and retaliatory threats diminished. International and emerging market equities dominated performance with annual returns above 30%, reinforcing the case for global diversification. Non-US developed markets gained 31.9% while emerging markets gained 33.6% for 2025. | View | |
| 2025 Q4 | Jan 15, 2026 | M&G Investment | 0.0% | 0.0% | 000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC | AI, geopolitics, Polarisation, Quality, semiconductors, technology, value | AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics. | View | |
| 2025 Q4 | Jan 15, 2026 | Moon Capital Management | 0.0% | 0.0% | AAPL, MOH, NVDA | Compounding, fundamentals, healthcare, Managed Care, Margins, Medicaid, value | Molina Healthcare represents a mispriced compounder experiencing transitory margin pressure in the Medicaid industry. The company serves 5.6 million members with Medicaid representing 75% of premium revenue. Despite industry-wide losses, Molina continues generating profit with MLR running 250 basis points better than industry average. | MOH |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | 2.7% | 28.0% | AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY | AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US | The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement. | TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2025 Q4 | Jan 15, 2026 | MacNicol & Associates Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Canada, Currency, Federal Reserve, Precious Metals, real assets, Trade Policy, volatility | Artificial intelligence continued to drive market returns with the Magnificent Seven contributing over 60% of S&P 500 gains. The narrative is evolving from infrastructure spending to productivity results, with markets likely to reward companies that translate AI adoption into real efficiency gains in 2026. Gold rose more than 64% in 2025, marking its strongest annual gain in over four decades. Demand was driven primarily by non-Western central banks and international investors seeking diversification away from US financial assets amid concerns around fiscal discipline and geopolitical risk. Silver surged 142% in 2025, its largest increase since the late 1970s, due to its dual role as a safe haven asset and critical industrial component for AI data centers and solar infrastructure. Markets experienced a brief 'tariff tantrum' in April 2025 following announcement of sweeping trade tariffs, with equity markets dropping 10-15% and volatility spiking into the 50s before quickly recovering by year end. | View | |
| 2025 Q4 | Jan 15, 2026 | Lyrical Asset Management | 2.0% | 17.9% | AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI | EPS Growth, growth, international, Performance, valuation, value | Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025. | View | |
| 2025 Q4 | Jan 14, 2026 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L | Asia, Concentration, gaming, global, long-term, payments, semiconductors, value | Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years. | WISE LN |
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| 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 14, 2026 | Horos Asset Management | 0.0% | 0.0% | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value | The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels. | TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER |
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| 2025 Q4 | Jan 13, 2026 | AVI Global Trust | 0.0% | -0.9% | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value | Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference. | 028260 KS CHRY LN |
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| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 0.2% | 12.8% | AAPL, AMZN, APH, AVGO, CRM, DHR, EFX, GOOG, JNJ, LIN, META, MSFT, NFLX, NVDA, ORCL, ROP, SAP, TSM, V | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors. Companies deploying AI infrastructure are seeing tangible improvements in ROIC through more efficient ad targeting and premium AI cloud services. Cloud computing continues to be a key beneficiary of AI infrastructure deployment. Google Cloud emerged as a standout performer with 34% revenue growth and $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth and increasing adoption of Copilot offerings. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Netflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel. | View | |
| Q4 2025 | Jan 13, 2026 | Mar Vista US Quality Select | 1.8% | 18.2% | AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse. | ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG |
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| 2025 Q4 | Jan 13, 2026 | Carrington Wealth Management | - | - | AMZN, META, MSFT, NVDA, ORCL | AI, China, Geopolitical, global, gold, oil, technology, value | AI bubble concerns dominated Q4 headlines despite tech rally. US tech companies plan $500bn+ annual AI infrastructure spending by early 2030s without consistent profits. Market cap expands $3 for every $1 of AI investment announced. Value investing made a comeback in 2025. The firm's tilt toward active value managers provided good balance. UK and Chinese equity markets offered particularly attractive value opportunities with strong performance. Precious metals were the best performing asset class in 2025. Gold mining ETF finished up 138%, physical gold ETC gained 65%. Performance fueled by falling interest rates, geopolitical tensions, and inflation expectations. China asserted itself as AI leader, bringing competition to US tech. Hang Seng closed up 33%. New 5-year plan focuses on innovation and technological self-reliance. Value remains despite strong 2-year performance. Geopolitical tensions continue to dominate global economic landscape. US capture of Venezuelan President set precedent for military action for economic gains. Oil deal estimated to add 1.2 million barrels daily supply. | View | |
| 2025 Q4 | Jan 12, 2026 | QV Investors Inc. | 0.0% | 0.0% | 005930.KS, 0700.HK, BABA, CAT, CNI, DG, FTT.TO, GOOGL, MU, NVDA, TPZ.TO, UNP | AI, commodities, Dollar, financials, gold, international, Market Concentration, value | AI narrative shifted from Magnificent 7 to hardware providers building data centers. Memory chip providers like Micron and Samsung surged 240% and 120% respectively. Industrial businesses like Caterpillar and Finning benefited from AI-related capital spending for power generation equipment. Gold prices rose 64% as global central banks bolstered reserves and investors sought store of value amid geopolitical concerns and US deficit levels. Precious metals had their best year since 1979, contributing significantly to Canadian market returns. European financials rose 65.7% in 2025 as positive interest rates re-ignited profitability. Canadian bank stocks rose 43.4% as falling rates caused yield curve steepening. Over five years, European financials returned 111.5% versus S&P 500's 82.3%. Manager emphasizes opportunities in defensive areas like healthcare and consumer staples trading at historically low multiples. European cyclicals and smaller cap companies globally trade at low earnings multiples with depressed margins, offering reasonable returns with conservative assumptions. Industrial metals moved to new highs following precious metals surge. Manager sees opportunity in companies that manufacture raw materials into value-added products and pass through cost increases. Commodities rising alongside capital expenditure and fiscal stimulus. | TPZ CN FTT CN DG 005930 KS |
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| 2025 Q4 | Jan 12, 2026 | Pabrai Wagons Fund | 0.0% | 3.7% | AAPL, AMR, AMZN, AN, GOOGL, HMT.L, META, MSFT, NVDA, PHM, RIG, TOL, TSLA | Airports, Auto Dealers, Buybacks, Coal, global, Homebuilders, Oil Services, value | The fund focuses on businesses with enlightened managements that buy back their stock at compelling valuations. Three businesses in the portfolio that fit this mold have committed to return capital to shareholders through buybacks or dividends. The fund believes these businesses could deliver higher returns going forward than the Magnificent 7 through buybacks. The fund is invested in a handful of metallurgical coal businesses, with two near the bottom quartile of the cost curve and all led by exceptional managers. All three businesses have some of the best met coal reserves on the planet. The fund believes there will be no meaningful alternative to using met coal to produce steel for several decades. The fund trades at a trailing P/E of 11 compared to the S&P 500's trailing P/E of 30. The fund seeks to buy capital-light businesses with high returns on equity at no more than a bit more than tangible book value. The fund believes a metallurgical coal miner or offshore oil driller that earns even single digit returns can be a fantastic investment if purchased at a fraction of replacement cost. TAV operates 15 airports in 8 countries with guidance of 10-14% annual passenger growth across its airports, which may continue for decades. TAV has high operating leverage where if passengers grow 12%, cash flow may grow at more than 2x that. The fund believes it is led by an exceptional management team and is very cheap compared to other global airport operators. The fund is invested in a couple of U.S. homebuilders who have morphed into asset-light, efficient factories with shrewd capital return policies. The U.S. is structurally underbuilt with a deficit of 4-7 million homes. The high-quality, scale homebuilders have unique advantages that could allow them to capture a growing portion of this growing pie. Traditional car dealerships are hated by the market due to concerns with the rise of electric vehicles and the perception that EVs do not carry the same parts and repair content as traditional ICE vehicles. The fund believes the market's concerns are overblown and not valid. These are great businesses with high-margin recurring revenues that will continue for decades. The fund has a position in U.S. offshore oil services. Offshore accounts for 1/3 of global oil and gas production and breaks even at levels far below fracking. Drillships are complex and expensive with no new supply in the pipeline. The fund believes supply-demand tightness can yield very high day rates for these ships. | TAVHL TI |
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| 2025 Q4 | Jan 12, 2026 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2025 Q4 | Jan 12, 2026 | Munro Global Growth Fund | -0.7% | 12.2% | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout. | CIEN GOOGL |
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| 2025 Q4 | Jan 12, 2026 | TEAM Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Central Banks, China, commodities, gold, rates, Silver, technology | Hyperscalers plan close to $500 billion in AI capex spending for 2026, raising questions about converting this investment into meaningful profits. The AI chip rental market remains competitive with sticky pricing, suggesting the AI bubble has not yet burst. Survey data shows substantial increase in AI use among large American companies with 40% expecting additional AI use in 2026. Physical gold recorded new all-time highs during the quarter driven by geopolitical instability, currency debasement, and physical supply shortages. Central banks have been the marginal buyer, purchasing record amounts including 634 tonnes in the first three quarters of 2025. Gold ended 2025 with gains of 65%, its best calendar year in decades. Silver returned 54% in Q4 driven by a deepening structural deficit from exhaustion of above-ground inventories and absence of new production. Silver's transition to a strategic industrial asset for AI data centers, solar panels, and EVs created supply/demand mismatch. The US officially added silver to its Critical Minerals List, acknowledging its vital role in national security and energy transition. The Federal Reserve cut rates by 25 basis points but exposed deep fractures within the FOMC over prioritizing weakening jobs versus high inflation. The ECB left rates unchanged at 2% with President Lagarde suggesting the rate cutting cycle is complete. The Bank of Japan raised rates to a 30-year high, forcing a global bond re-pricing. Chinese equities broke out to decade-plus highs despite the country remaining firmly in deflation with no sign of consumption recovery. China's growing competitiveness across high-tech sectors including EVs, battery storage, robots and automation is underappreciated. China's formidable edge regarding cheap and limitless access to energy power is likely to become a major talking point. | View | |
| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View | |
| 2025 Q4 | Jan 11, 2026 | Kathmandu Capital | 10.9% | 45.6% | ACMR, GOOGL, HII, LITE, NVDA, ORCL, VICR | AI, China, defense, geopolitics, gold, Power Electronics, semiconductors, technology | Market concerns about AI capex cycle intensified with Oracle results falling short. The fund is positioned to benefit from AI-driven power requirements and data center architecture transitions, particularly through holdings like Vicor which provides power solutions for XPU applications. China still lacks ability to design and manufacture leading-edge chips at US levels. The fund holds ACM Research, China's leading wafer-fab cleaning equipment manufacturer, positioned to benefit from China's semiconductor self-sufficiency push. National security has become central focus for both US and China. Added Huntington Ingalls to capture increased shipbuilding needs as defense becomes key battleground between rivals and government spending focuses on naval readiness. Portfolio ended quarter with approximately 35 percent in gold and cash. Hold precious metals as hedge positions to protect portfolio against inflation and potential economic setbacks. | View | |
| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone Global Large Cap | 6.3% | 34.7% | 005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW | AI, diversification, global, Luxury, semiconductors, technology, value | AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI All Cap Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, Capex, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The top five hyperscalers are expected to spend over $500 billion on capex this year alone, with capex-to-revenue reaching 29% in aggregate by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential bubble conditions similar to the 2000 tech crash. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed low-quality sharply in 2025, particularly in small caps where money-losing companies have dominated. Despite recent headwinds, Quality Value's long-term relative outperformance is unmistakable and offers superior downside protection during market downturns. The firm maintains a value orientation, tracking Quality Value versus other gradients including cheap stocks and junky value. They believe buying advantaged businesses at discount valuations is a winning formula, though value has faced headwinds in the current junk rally environment where low-quality stocks have outperformed significantly. | View | |
| Q4 2025 | Jan 11, 2026 | FMI International Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has had a staggering impact on global stock markets, with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. However, FMI questions whether the enormous capital spending will generate attractive returns, citing OpenAI's unsustainable economics and hyperscalers' 29% capex-to-revenue ratios. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed in the current junk rally, but historically provides superior downside protection and long-term outperformance through economic cycles. Quality Value (cheap stocks that rank high on quality metrics) has demonstrated long-term relative outperformance despite recent headwinds. FMI believes buying advantaged businesses at discount valuations creates margin of safety and superior risk-adjusted returns over time. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Large Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI-related companies continued to dominate markets in 2025, with 42 AI stocks representing 45% of S&P 500 market cap and accounting for 78% of returns. The top five hyperscalers are expected to spend over $500 billion on capex this year, with capital intensity reaching 29% of revenue by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential downside risks similar to the 2000 tech bubble. High-quality businesses have underperformed low-quality sharply in 2025, despite outperforming over the long run. FMI maintains their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. They believe quality value investing offers superior downside protection during market downturns and creates a powerful compounding effect over time. Small cap active managers have struggled to keep pace during the junk rally, with companies that lose money, have low ROE, or are high beta dominating since April 2025. The Russell 2000 gained 12.81% in 2025, but quality has been a meaningful laggard as investors extended out along the risk curve and were rewarded for taking on more speculative positions. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Small Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The capital intensity of hyperscalers is reaching 29% capex-to-revenue by 2026, raising questions about return generation. FMI sees long-term potential but questions whether enormous capital spending will generate attractive returns. Quality businesses have underperformed significantly in 2025 as investors favored low-quality junk rally stocks. FMI maintains focus on businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality Value has demonstrated superior long-term performance despite recent headwinds. Small cap markets have been dominated by companies that lose money, have low ROE, or lack sales since April 2025. Active small cap managers have struggled to keep pace during this junk rally environment. FMI continues finding attractive opportunities despite challenging backdrop. | View | |
| 2025 Q4 | Jan 11, 2026 | Penn Davis McFarland | 0.0% | 0.0% | COST, NVDA, ORCL | AI, Debt Markets, Fed policy, regulation, tariffs, technology, Valuations | AI boom entering new phase with tech companies turning to debt markets to fund infrastructure investment. Over $400 billion in debt issued by global tech companies in 2025. OpenAI considering IPO in 2026 with $1.4 trillion capital expenditure commitments for data centers and chips. Tariffs remained a clear headwind throughout 2025, creating uncertainty for supply chain planning. Tariffs at 125% against China with frequent changes making strategic planning difficult. Companies like Costco have sued the government for potential refunds if tariffs deemed illegal. Federal Reserve announced $40 billion monthly Treasury Bill purchases on December 10, moving back to quantitative easing under reserve management guise. Fed balance sheet normalized from $9 trillion peak in 2022 to $6.5 trillion before new purchases began. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, EIX, ENB, INTC, NVDA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ACN, APTV, CMG, EL, NVDA, SBUX, TEAM | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AVGO, CRWD, DUOL, GDS, GWRE, INDI, MBLY, META, MSFT, NVDA, PAR, TEAM, TSLA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AMP, CASY, HSY, LFUS, LLY, NVDA, TTC | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AAPL, AVGO, GDDY, GOOG, NVDA, ORCL, SMTC | - | View | ||
| 2024 Q3 | Sep 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | ALLE, AMAT, NVDA, NVO | - | View | ||
| 2024 Q3 | Sep 30, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, CRH, EXP, MSFT, NRP, NVDA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | DG, KDP, KO, MCHP, NVDA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Barometer Capital Management Inc. | - | - | AVGO, BWXT, CCO, CIBC, GE, HWM, NEE, NVDA, PGR, QCOM, TRP, VLO | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | ARGX, DT, INDU, LEGN, MSFT, NVDA, RIVN | - | 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 | Sep 14, 2023 | Spear Advisors | -3.5% | 0.0% | AMD, HUBS, MRVL, NVDA, S, SHOP, SNOW | - | View | ||
| 2022 Q3 | Sep 11, 2022 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | APP, ARES, ELV, NVDA | - | View | ||
| 2024 Q2 | Aug 31, 2024 | Horos Asset Management | 2.9% | 9.8% | AAPL, LBTYA, NVDA, TSLA, ZM | - | View | ||
| 2023 Q2 | Aug 19, 2023 | FPA U.S. Core Equity Fund, Inc. | 10.0% | 21.5% | AAPL, GOOG, MSFT, NVDA, TSLA | - | View | ||
| 2023 Q4 | Aug 2, 2024 | Jackson Peak Capital | 9.9% | 0.0% | BUR, NVDA | - | View | ||
| 2024 Q2 | Jul 31, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMD, AVGO, DIS, ETN, FICO, LLY, MC FP, MDB, NVDA, NVO | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AMC, DHR, MSFT, NVDA, SHEL, UPST | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, DAVA, ILMN, INDU, MBLY, MSFT, NVDA, RIVN, ZI | - | View | ||
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | NVDA | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Mairs & Power – Growth Fund | 0.0% | 19.0% | NVDA, NVT, QCOM | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, AMZN, CRM, DXCM, NVDA, VEEV | - | View | ||
| 2024 Q2 | Jul 21, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, NVDA, SII, TDW, VAL | - | View | ||
| 2024 Q2 | Jul 20, 2024 | Aoris International Fund | 3.1% | 0.0% | CDW, MC FP, MSCI, NVDA | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AMZN, MELI, MSFT, NVDA, PODD, PYPL | - | View | ||
| 2024 Q2 | Jul 19, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | GLW, NVDA, PRGO, QCOM | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, GLOB, MSFT, NVDA, TMO, WDAY | - | View | ||
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | AAPL, ADYEN NA, ASML, CRM, DHR, GLOB, MSFT, NVDA, TSM, VRTX | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADBE, ADSK, AMZN, GOOG, MC FP, MSCI, NVDA, PAYC, SHOP, WDAY, ZTS | - | View | ||
| 2024 Q2 | Jul 16, 2022 | Ensemble Capital | 0.0% | 8.0% | ADI, CMG, CSCO, ILMN, NVDA, VEEV | - | View | ||
| 2023 Q2 | Jul 14, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NVDA, NYT, QUAD, WAL | - | View | ||
| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 39A GR, AAPL, ARHI, AZM IM, ENO SM, GOOG, MEL SM, META, MSFT, NVDA, TGS, TLGO SM | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, CLVT, CMP, KBR, LFCR, LGF/B, NEU, NVDA, RDVT, SIX, SSP, SXI, VSAT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AVGO, CRM, DIS, GOOG, META, MSFT, NKE, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | CAG, NVDA, STZ | - | View | ||
| 2024 Q2 | Jun 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEN, DIS, FIVN, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEN, DIS, FIVN, GOOG, NKE, NVDA, PINS, SHOP, SNAP | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMZN, AVGO, CSGP, EXAS, GWRE, IOT, MSFT, NVDA, TSM, VKTX, WDAY | - | View | ||
| 2024 Q2 | Jun 30, 2024 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, AMD, AVGO, CRM, NVDA | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AVGO, BE, GDDY, GOOG, GPN, MSFT, NVDA, ORCL, TER | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, NVDA, VST | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Bell Global Equities Fund | -3.5% | 5.8% | 4684 JP, NVDA, ULVR LN | - | View | ||
| 2024 Q2 | Jun 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | NVDA, TSM | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Alger Spectra Fund | 3.2% | 32.4% | 1732020D, ABBV, MELI, MSFT, NTRA, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, GE, NVDA, TSLA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ADBE, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Growth Fund | 0.0% | 19.0% | AMZN, MSFT, NVDA | - | View | ||
| 2023 Q2 | Jun 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | ADSK, AMZN, COST, DIS, ILMN, META, NKE, NVDA, PYPL, SHOP, UBER, ZTS | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Barometer Capital Management Inc. | - | - | AVGO, COST, DIS, DOL, EFN, L, LLY, MSFT, NVDA, TOY, TRI | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA | - | View | ||
| 2023 Q1 | May 24, 2023 | Alger Spectra Fund | 3.2% | 32.4% | AAPL, ACHC, LLY, MSFT, NVDA, UNH | - | View | ||
| 2025 Q1 | Apr 22, 2025 | Ithaka US Growth Strategy | -10.5% | -10.5% | NOW, NVDA, PLTR, TTD, UBER, V | - | View | ||
| 2023 Q1 | Apr 18, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | CRM, DXCM, ISRG, MSFT, NVDA, SNOW | - | View | ||
| 2025 Q1 | Apr 13, 2025 | Munro Global Growth Fund | -7.3% | -7.3% | NVDA, RHM GR | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vista Global Equity Fund | -3.0% | -3.0% | AVGO, BRK/A, CRM, MSFT, NESN SW, NVDA, SAF FP | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alger Spectra Fund | -17.2% | -17.2% | AMZN, GFL CN, HEI, MSFT, NVDA, SPOT | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | CI, CTLT, EXPE, NSC, NVDA, PSX, ZTS | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARWR, CSGP, DAVA, DXCM, EW, INDU, IT, META, MRVL, MSFT, NVDA, RIVN, TSLA, ZI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | ACN, LLY, NVDA, TXG | - | View | ||
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | LLY, MSFT, NEE, NVDA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | BIRG LN, HCC, NVDA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, DDOG, ISRG, LULU, META, NVDA, SCHW, SHOP, UBER, UHN | - | View | ||
| 2023 Q1 | Mar 31, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ARNB, EZU, LULU, META, NVDA, SCHW, SHOP, UBER, UNH, XHB, XLI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Barometer Capital Management Inc. | - | - | AVGO, CS CN, NVDA, ORCL | - | View | ||
| 2023 Q1 | Mar 5, 2023 | Spear Advisors | -3.5% | 0.0% | NVDA, SNOW, ZS | - | View | ||
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AMZN, DXCM, EL, ICE, MFT, NVDA, SPLK, U | - | View | ||
| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, BHE, BRK/A, GOOG, META, MSFT, NVDA, TSLA | - | View | ||
| 2024 Q4 | Feb 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BHE, BRK/A, COST, DG, GOOG, KKR, MCY, META, MSFT, NVDA, ORLY, TSLA | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARGX, GPCR, ILMN, LRCX, MSFT, NVDA, TTD | - | View | ||
| 2023 Q4 | Jan 24, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, EAF, FPH, HCC, LL, NVDA, TSLA | - | View | ||
| 2024 Q4 | Jan 18, 2025 | Mayar Capital | -10.0% | -1.5% | AHT LN, CSCO, MSTR, NVDA, OR FP | - | View | ||
| 2024 Q4 | Jan 15, 2025 | Wedgewood Partners | 5.5% | 29.1% | CDW, EW, NVDA, ORLY, TPL, TSCO, TSM | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | COIN, CPNG, ILMN, LULU, NVDA, PAGS, PMC CN, S, SE, UPST, ZI | - | View | ||
| 2024 Q4 | Jan 14, 2025 | Myrmikan Research | - | - | MSTR, NVDA | - | View | ||
| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, ATCOA SS, BF/B, DEO, IDXX, META, MKC, NKE, NVDA, NVO, OR FP, PM, TXN | - | View | ||
| 2023 Q2 | Jan 8, 2023 | Saltlight Capital | 15.6% | 35.6% | APP, ASML, BLU AJ, LRCX, NVDA, PPE SJ, TCP AJ | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | George Bolton | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, AI, CUDA, datacenter, Ecosystem, GPUs, platform, Software, Training | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, earnings growth, GPUs, semiconductors | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, earnings growth, Margins, semiconductors | View Pitch |
| Feb 21, 2026 | Fund Letters | Alex Umansky | NVIDIA Corporation | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI, Cadence, CapEx, Competition, Ecosystem, GPUs, infrastructure, Margins, semiconductors | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Nvidia Corporation | Semiconductors | Graphics Processing Units | Bull | NASDAQ Stock Market | Advanced Packaging, AI accelerators, data center, GPUs, Growth Opportunities, Hyperscale Cloud, NVIDIA, semiconductors, supply chain, TSMC | View Pitch |
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | Nvidia Corporation | Semiconductors | Graphics Processing Units | Bull | NASDAQ Stock Market | AI, digital workers, earnings beat, GPUs, NVIDIA, Rubin platform, software solutions, strategic monopsony, TSMC, undervaluation | View Pitch |
| Feb 4, 2026 | Twitter / X | @MarkosAAIG | NVIDIA Corporation | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | accelerators, CoWoS, data centers, GPUs, HBM, HBM3E, HBM4, Packaging | View Pitch |
| Feb 4, 2026 | Fund Letters | Alex Umansky | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, Ecosystem, GPUs, innovation | View Pitch |
| Jan 28, 2026 | Fund Letters | KEN STUZI | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, GPUs, Roadmap, semiconductors | View Pitch |
| Jan 28, 2026 | Fund Letters | Thomas Küpfer | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, Gpu, inference, semiconductors | View Pitch |
| Jan 24, 2026 | Fund Letters | Vimal Patel | NVIDIA Corporation | Information Technology | Semiconductors | Bear | NASDAQ | AI, datacenters, GPUs, guidance, Margins, valuation | View Pitch |
| Jan 22, 2026 | Twitter / X | @tbu12345678 | NVIDIA Corporation | Information Technology | Semiconductors | Bull | Nasdaq | China, Infra, Networking, NVDA, NVIDIA, Payments, semiconductors, Simulation | View Pitch |
| Jan 20, 2026 | Fund Letters | Scott Goodwin | NVIDIA Corporation | Information Technology | Semiconductors | Bear | NASDAQ | CapEx, GPUs, Productcycle, scaling, semiconductors | View Pitch |
| Jan 11, 2026 | Substack | Alpha Seeker 84 | NVIDIA Corporation | Semiconductors | Graphics & Multimedia | Bull | NASDAQ Stock Market | AI hardware, AI market strategy, deterministic execution, Groq, inference technology, latency consistency, licensing agreement, memory locality, NVIDIA, specialized appliances | View Pitch |
| Jan 9, 2026 | Fund Letters | Matthew Page | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, Competition, datacenters, inference, semiconductors, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott O'Gorman | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CUDA, data center, GPUs, infrastructure | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott LaBreche | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, datacenters, Ecosystem, GPUs, growth, hyperscalers, Margins | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Blackwell, Compute Power, infrastructure, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | David A. Rolfe | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cloud, Data_centers, growth, hyperscale, Moats, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | George L. Smith III | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, datacenters, GPUs, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Jesse Flores | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, datacenters, Export controls, GPUs | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Graphics & Multimedia | Bull | Nasdaq Stock Market | AI, Blackwell, data center, growth, inference performance, NVIDIA, robotics, semiconductors, target price, Vera Rubin | View Pitch |
| Jan 8, 2026 | Fund Letters | Emerson Bluhm | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, cloud, datacenters, GPUs, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian A. Christiansen | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, datacenters, hyperscalers, infrastructure, Margins, semiconductors | View Pitch |
| Jan 8, 2026 | Fund Letters | Alex Umansky | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, GPUs, infrastructure, semiconductors | View Pitch |
| Dec 5, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | Advanced computing, AI, EPS growth, GPUs, growth potential, innovation, market opportunities, NVIDIA, semiconductors, technology leadership | View Pitch | ||
| Dec 5, 2025 | Fund Letters | Xinyu Ru | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Datacentres, energy, materials, semiconductors, Supercapacitors | View Pitch |
| Dec 5, 2025 | Fund Letters | Simon Raubenheimer | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, data centers, Ecosystems, growth, semiconductors | View Pitch |
| Dec 5, 2025 | Fund Letters | Rahul Narang | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenters, Demand, efficiency, GPUs | View Pitch |
| Dec 3, 2025 | Fund Letters | Christopher Smith | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Data, efficiency, hyperscalers, inference, Margins, Moats, Roadmap, semiconductors, Software | View Pitch |
| Dec 3, 2025 | Fund Letters | Cormac Weldon | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, datacenter, growth, Margins, semiconductors, valuation | View Pitch |
| Dec 3, 2025 | Fund Letters | Rahul Narang | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Acceleration, AI, data centers, GPUs, hyperscalers | View Pitch |
| Dec 3, 2025 | Fund Letters | Ankur Crawford | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Computing, datacenters, growth, semiconductors | View Pitch |
| Dec 3, 2025 | Seeking Alpha | Seeking Alpha | Nvidia Corporation | Semiconductors | Bull | AI revolution, Competition, data center, Export controls, GPUs, gross margins, innovation, NVIDIA, P/E ratio | View Pitch | ||
| Nov 29, 2025 | Fund Letters | Alan R.Christensen | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, growth, leadership, Margins, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Hawkins Entrekin | NVIDIA Corp. | Information Technology | Semiconductors | Bear | NASDAQ | AI, Bubble, CapEx, semiconductors, Speculation, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Ali Motamed | NVIDIA Corp. | Information Technology | Semiconductors | Bear | NASDAQ | — | View Pitch |
| Nov 29, 2025 | Fund Letters | Dan Davidowitz | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI accelerators, Ecosystem moat, FCF, hyperscaler capex, Networking | View Pitch |
| Nov 29, 2025 | Fund Letters | Robert J. Mark | NVIDIA Corp. | Information Technology | Semiconductors | Bear | NASDAQ | — | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian A. Christiansen | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Compute, datacenter, growth, innovation, margin, Pricing, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Christopher Smith | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, capital intensity, data centers, earnings growth, GPUs, hyperscale, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CUDA, datacenter, leadership, Pricing power, semiconductors, TAM expansion, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Daniel S. Loeb | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Compute, data centers, GPUs, growth, infrastructure, Margins, Reasoning, semiconductors, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Deiya Pernas | NVIDIA Corp. | Information Technology | Semiconductors & AI Hardware | Bull | NASDAQ | AI, CapEx, data centers, Demand, GPUs, semiconductors, Utilization | View Pitch |
| Nov 29, 2025 | Fund Letters | Emerson Bluhm | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | George L. Smith III | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, Ecosystem, Gpu, growth, Pricing power, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael A. Lippert | NVIDIA Corporation | Information Technology | Graphics & AI processors | Bull | NASDAQ | Artificial Intelligence, competitive moat, data centers, Free Cash Flow, GPUs, hyperscalers, semiconductors, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Alex Umansky | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | datacenters, GPUs, growth, Moats, TAM | View Pitch |
| Nov 29, 2025 | Fund Letters | Alain Chung | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Bubble, growth, innovation, semiconductors, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Bradley J. Eixmann | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, growth, Hardware, leadership, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Mark Boyar | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, growth, Hardware, semiconductors, technology | View Pitch |
| Nov 29, 2025 | Fund Letters | Tom Press | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Computing, data centers, FCF, GPUs, hyperscalers, innovation, Margins, semiconductors, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Ankur Crawford | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Chips, cloud, Compute, datacenter, GPUs, growth, Hardware, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Ali Motamed | NVIDIA Corp. | Information Technology | Semiconductors | Bear | NASDAQ | — | View Pitch |
| Nov 29, 2025 | Fund Letters | Christopher Smith | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, capital intensity, data centers, earnings growth, GPUs, hyperscale, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CUDA, datacenter, leadership, Pricing power, semiconductors, TAM expansion, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Daniel S. Loeb | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Compute, data centers, GPUs, growth, infrastructure, Margins, Reasoning, semiconductors, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Deiya Pernas | NVIDIA Corp. | Information Technology | Semiconductors & AI Hardware | Bull | NASDAQ | AI, CapEx, data centers, Demand, GPUs, semiconductors, Utilization | View Pitch |
| Nov 28, 2025 | Fund Letters | Emerson Bluhm | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, hyperscalers, Pricing power, semiconductors | View Pitch |
| Nov 28, 2025 | Fund Letters | David Eborall | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CapEx, data centers, growth, Monopoly, semiconductors, valuation | View Pitch |
| Nov 28, 2025 | Substack | Sleepy Sol | NVIDIA Corporation | Information Technology | Semiconductors | Bear | ASICs, competitive landscape, cryptocurrency, earnings, Margins, market dominance, NVIDIA, semiconductors, TPU | View Pitch | |
| Nov 27, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI revolution, Automation, data centers, depreciation schedule, Fed rate, market volatility, NVIDIA, Revenue Growth, semiconductors, Unemployment | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI infrastructure, China market, GPUs, Intel partnership, NVIDIA, OpenAI, recurring revenue, strategic investments | View Pitch | ||
| Nov 4, 2025 | Seeking Alpha | Seeking Alpha | Nvidia Corporation | Semiconductors | Bear | AI, circular deals, Competition, energy constraints, geopolitical risk, Market Saturation, NVIDIA, priced to perfection, semiconductors, Universal Basic Income | View Pitch | ||
| Nov 3, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bear | Graphics Processing Units, Market Saturation, NVIDIA, semiconductors, Stake Reduction | View Pitch | ||
| Oct 28, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI chips, AI infrastructure, competitive moat, earnings growth, GPUs, investment thesis, market demand, NVIDIA, semiconductors, technology | View Pitch | ||
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI, Blackwell chips, cloud providers, computational power, data centers, enterprise, NVIDIA, Revenue Growth, super-computing, technology leadership | View Pitch | ||
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI adoption, AI-focused chips, Blackwell chips, cloud providers, computational power, data centers, enterprise customers, NVIDIA, super-computing, technology leadership | View Pitch | ||
| Oct 24, 2025 | Value Investors Club | lars | NVIDIA Corp | Information Technology | Semiconductors | Bear | NASDAQ | AI capex cycle, CoreWeave, Moat, Multiple compression, Reflexivity, tariffs, Trainium | View Pitch |
| Oct 5, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI Computing, GPUs, innovation, market position, NVIDIA, R&D Capabilities, Revenue Growth, shareholder returns, technology sector, Volatility | View Pitch | ||
| Sep 30, 2025 | Substack | Shareholders Unite | Nvidia Corporation | Technology | Semiconductors | Bull | AI-driven robotics, autonomous robots, embedded AI, GR00T foundation model, industry standard, Isaac Platform, Jetson Thor, NVIDIA, robotics, semiconductors | View Pitch | |
| Sep 9, 2025 | Seeking Alpha | Seeking Alpha | Nvidia Corporation | Semiconductors | Bull | AI accelerators, AI infrastructure, China market challenges, double-digit growth, GPU data center, long-term investment, Nvidia's market dominance, Revenue Growth, semiconductor industry, Undervalued Stock | View Pitch | ||
| Sep 1, 2025 | Substack | Monopolistic Investor | Nvidia Corporation | Technology | Semiconductors | Bear | AI, CUDA, Free Cash Flow, GPUs, Monopolistic Traits, NVIDIA, Omniverse, Overvaluation, R&D, semiconductors | View Pitch | |
| Sep 1, 2025 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Bull | AI, data centers, GPUs, growth potential, innovation, investment thesis, market leadership, NVIDIA, semiconductors, valuation | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Hunting Alpha | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Financial Sense | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NasdaqGS | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Investing Experts Podcast | NVIDIA Corporation | Information Technology | Semiconductors | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The European View | Nvidia Corporation | Information Technology | Semiconductors | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | On the Pulse | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Star Investments | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | DT Invest | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Agar Capital | Nvidia Corporation | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Wall Street Breakfast | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Steven Cress, Quant Team | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Alpha Analyst | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Louis Stevens | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Michael Fitzsimmons | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Tradevestor | Nvidia Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Anna Sokolidou | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Asian Investor | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NasdaqGS | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Bill Maurer | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Tech Stock Pros | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Oliver Rodzianko | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Asian Investor | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Brett Ashcroft Green | NVIDIA Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Jason Kelly | Nvidia Corporation | Information Technology | Semiconductors | Bull | Nasdaq | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Asian Investor | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Rick Orford | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Cash Flow Venue | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | LL Insights | Nvidia Corporation | Information Technology | Semiconductors | Bull | NasdaqGS | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Jack Bowman | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Doodad Capital | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | JR Research | NVIDIA Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Kennedy Njagi | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Oriental Trader | Nvidia Corporation | Information Technology | Semiconductors | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Pythia Research | Nvidia Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Stone Fox Capital | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Osterweis Capital Management | Nvidia | Information Technology | Semiconductors | Bull | NasdaqGS | — | 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. | ||||||||