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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | GROW Funds | - | - | 1179.HK, 1211.HK, 9988.HK, AHT, AMAT, AMZN, ASML, BLK, CB, GOOGL, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, valuation | AI is driving massive infrastructure investments in data centers and cloud computing, with companies like OpenAI committing $300 billion over five years. However, the gap between infrastructure spending and revenue-generating applications remains concerning, creating a dangerous bubble environment with little room for error. | MDT HTHT 1211.HK BABA |
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| 2025 Q3 | Sep 30, 2025 | Oaktree Capital Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | credit, distressed, healthcare, private equity, real estate, technology, Valuations | Artificial intelligence spending accounted for roughly 0.5% of 1H2025 GDP, or one-third of total growth. Absent AI, 1H2025 GDP growth would be closer to 0.9%. By the end of 2026, AI spend could comprise 40-50% of GDP growth. Companies with AI in the ticker trade at meaningful premiums while those without trade at discounted levels. | View | |
| 2025 Q3 | Sep 30, 2025 | Antipodes Global Fund | - | - | 000660.KS, 0700.HK, 300750.SZ, 3690.HK, 4063.T, 6367.T, 6702.T, AAPL, ALLY, ASAI3.SA, AVGO, COF, EAT, GMED, Gold, GOOGL, MRK, MSFT, MU, NG.L, NVDA, PCOR, TSLA, UBS | AI, China, Electric Vehicles, global, gold, healthcare, semiconductors, technology | AI euphoria continued driving US technology sector performance with notable capex and forward revenue headlines. Policy support for local chip manufacturers and acceleration in AI spend from China's biggest tech names fueled rallies. AI servers require three times more silicon than traditional servers, offering powerful tailwinds for semiconductor companies. | View | |
| 2025 Q3 | Sep 30, 2025 | FCL Capital | - | - | 1211.HK, AAPL, AMZN, ASML, BKNG, CHGG, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, ASML, China, Investment, Lithography, semiconductors, technology | FCL dedicates significant analysis to artificial intelligence, viewing it as transformational technology that could fundamentally alter economic logic with potential for 30-50% annual global growth. The firm discusses AI's evolution from Deep Blue defeating Kasparov to AlphaGo's creative moves, highlighting both extraordinary opportunities and existential risks including potential human extinction scenarios. | View | |
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM | AI, growth, large cap, momentum, Quality, technology, underperformance, valuation | AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure. | View | |
| 2025 Q3 | Sep 30, 2025 | Impax US Sustainable Economy Fund | 7.3% | 11.1% | AAPL, AMZN, AVGO, CARR, ELV, GOOGL, INTC, JCI, JNJ, LLY, MA, MSFT, NVDA, ORCL, PFE, PGR, TT, V | AI, Cloud, large cap, Quality, semiconductors, sustainability, technology | AI-related stocks in semiconductor and systems software industries continued to benefit from AI-related investment. Intel announced partnership with Nvidia on integrating CPUs with GPUs in AI server systems. Oracle's cloud business has large backlog after signing multi-billion dollar deals with OpenAI, xAI, Meta, Nvidia and AMD. Broadcom driven by record earnings and surging demand for AI semiconductor solutions. | View | |
| 2025 Q3 | Sep 30, 2025 | TCW Concentrated Large Cap Growth Fund | 4.1% | 12.6% | ADBE, ANET, ETN, GOOG, IT, NOW, NVDA, SHOP.TO, SPOT | AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology | AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings. | View | |
| 2025 Q3 | Sep 30, 2025 | Baron Fifth Avenue Growth Fund | 5.8% | 14.3% | AMZN, CRWD, GOOGL, GTLB, ISRG, KKR, LLY, MBLY, MELI, META, MSFT, NET, NOW, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, TTD | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI infrastructure investment is accelerating with massive scale deals like Oracle's $455 billion backlog and NVIDIA's $100 billion OpenAI investment. Enterprise adoption remains early but tangible impact is growing across the ecosystem with over 50% of global VC investment going to AI startups. | META CRWD KKR MELI ISRG TTD TSM GOOGL TSLA SHOP NVDA |
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| 2025 Q3 | Sep 30, 2025 | Peapack Private | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, inflation, monetary policy, productivity, rates, small caps, technology, Trade Policy | Hyperscalers' capital expenditure growth has been booming, soaring 75% in 2025, with leading US technology companies spending tens of billions on GPUs and AI model development. AI enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape work. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. | View | |
| 2025 Q3 | Sep 30, 2025 | Barometer Capital Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, rates, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. | BMO CN |
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| 2025 Q3 | Sep 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | -0.9% | 5.3% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 clients to bypass them with internal custom applications. Both companies are transitioning to consumption pricing models for AI modules to capture value from productivity gains. | View | |
| 2025 Q3 | Sep 30, 2025 | Edgewood Management | -1.2% | 5.5% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG SNPS ASML LLY FICO |
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| 2025 Q3 | Sep 30, 2025 | Emerald Wealth Partners – Focused Equity Strategy | 4.7% | 10.9% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, semiconductors, technology, Valuations | AI is driving massive infrastructure investments by cloud computing leaders and enterprises developing large language models. The scale of investments is staggering, with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | View | |
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 1 | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI's long-term potential, considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | View | |
| 2025 Q3 | Sep 30, 2025 | Magellan Global Opportunities Fund No. 2 | - | - | AMT, AMZN, ASML, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | View | |
| 2024 Q3 | Sep 30, 2024 | Saturna Sustainable Funds | 4.5% | 14.4% | AAPL, ACN, ADBE, HD, LLY, LOW, LULU, MSFT, NOK, NOW, NVDA, NXPI, SBUX, TEL, TSM | duration, Fed, rates, Sustainable, technology, volatility | The quarter saw significant volatility spikes, particularly on August 4 when the VIX jumped 42 points due to unwinding of popular hedge fund trades including the yen carry trade and AI-exposed technology stocks. These technical rather than fundamental disruptions created forced selling feedback loops as leveraged positions were unwound. | View | |
| 2024 Q3 | Sep 30, 2024 | Bailard Technology Strategy | -1.7% | 26.4% | AAPL, AMZN, CRWD, FISV, GOOGL, KLAC, LRCX, META, MSFT, MU, NFLX, NVDA, PANW, PSTG, SHOP.TO, SMAR, SPOT, TSM, UBER, WMT | AI, cybersecurity, growth, large cap, semiconductors, software, technology | The strategy anticipates a shift in IT budgets towards AI-enabled platforms and applications after infrastructure spending peaks. Enterprises are achieving significant productivity gains through AI solutions, with examples like Walmart improving 850 million catalog pieces and Palo Alto Networks reducing support headcount by 50%. The focus is moving from infrastructure hardware to application software as AI adoption becomes more widespread. | View | |
| 2024 Q3 | Sep 30, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.6% | 25.1% | ASML, BLK, CRWD, DAL, INTC, MSFT, NVDA, TSM | AI, cybersecurity, Election, Fed policy, growth, large cap, semiconductors, technology | Manager discusses artificial intelligence as providing a major productivity boost to whoever is elected President. References Nvidia's Blackwell product delays affecting semiconductor adoption. Mentions Jensen Huang as the person most responsible for the AI windfall. | ASML CRWD BLK |
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| 2024 Q3 | Sep 30, 2024 | EQUAM Global Value Fund | 0.1% | 4.1% | NVDA | AI, Bonds, Buybacks, Dollar, emerging markets, fiscal policy, inflation, technology | Markets have become obsessed with AI leading to a surge of productivity and profitability since ChatGPT's release in November 2022. The largest companies are investing gargantuan sums to secure AI advantages, leading to extraordinary increases in market capitalizations like Nvidia's rise from $308 billion to $4.4 trillion in three years. Any disappointment on AI would leave markets vulnerable, particularly in the US. | MIDW LN |
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| 2024 Q3 | Sep 30, 2024 | Airlie Small Companies Fund | 0.6% | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. | View | |
| 2024 Q3 | Sep 30, 2024 | PM Capital Enhanced Yield Fund | 1.6% | - | AAPL, GOOGL, NVDA, TSLA | AI, emerging markets, gold, liquidity, rates, semiconductors, technology | Technology giants drove market concentration to record levels with mega-cap strength defining the quarter. Utilities performed well supported by continued investment in artificial intelligence infrastructure. Information Technology led gains in multiple regions including China, Taiwan, and South Korea. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Global Advantage Fund | -6.1% | 9.4% | ADYEN.AS, ARGX, BAJFINANCE.NS, CPNG, CRWD, DAVA, DDOG, FVRR, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VEEV, WIX, ZI | AI, Biotechnology, E-Commerce, global, growth, small caps, technology | NVIDIA continues to exceed projections with 94% revenue growth and 192% EPS growth expected for 2023, driven by accelerating demand for Generative AI. The company raised guidance multiple times during the quarter, demonstrating the strength of AI adoption across industries. | VTWIX CPNG |
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| 2023 Q3 | Sep 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | -0.5% | 35.9% | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | The fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. | View | |
| 2023 Q3 | Sep 30, 2023 | Andrew Hill Investment Advisors | - | - | ANET, CARR, DE, EQT, GOOGL, MSFT, NVDA, OKE, PANW | AI, Automation, energy, fixed income, interest rates, Natural Gas, technology | Manager maintains focus on AI leaders including Nvidia as the semiconductor chip leader for highest level AI applications. Microsoft and Google purchase high-end chips from Nvidia to run new AI applications. Palo Alto Networks protects technology infrastructure with new AI products to enhance security. | 2HP.DE PANW ANET GOOGL AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH GRMN EQT COKE CARR |
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| 2023 Q3 | Sep 30, 2023 | Platinum International Technology Fund | -0.9% | - | 000660.KS, 005930.KS, 006400.KS, 2330.TW, 2432.T, 6861.T, AAPL, ADBE, AMZN, ASML, BKI, BKNG, CSU.TO, GOOGL, IFX.DE, MBLY, MCHP, META, MSFT, MU, NVDA, PYPL, SOI.PA, STM, UMG.AS | AI, Automation, global, semiconductors, software, technology | The fund focuses on companies where generative AI will likely be a sustaining innovation creating new revenue growth and strengthening competitive position. Adobe is highlighted as an example with its Firefly genAI product embedded within its apps, which could significantly increase productivity and replace stock library costs for creative professionals. | View | |
| 2023 Q3 | Sep 30, 2023 | Merchant West | - | - | ATD.TO, NVDA | adaptation, Global Markets, Investment Process, Long Term, Quality, South Africa, technology, value | Artificial Intelligence is discussed as a rapidly evolving technology with exponential growth trajectory. The manager notes that AI development has been ongoing for 15 years, with large language models expected to be 100 times more powerful than GPT-4 within two years. Nvidia is highlighted as dominating the AI sector with significant share price gains. | ATD.TO |
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| 2023 Q3 | Sep 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Equity, global, growth, international, Magnificent Seven, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing significant potential benefit upfront, with wide range of outcomes still possible. | View | |
| 2023 Q3 | Sep 30, 2023 | Mondrian International Equity Value Opportunities | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, Opportunities, technology, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the firm has identified attractive investments in companies that could benefit from AI growth. | View | |
| 2023 Q3 | Sep 30, 2023 | Evolve Private Wealth | - | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NKE, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, Athleisure, global, growth, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Guinness China | - | - | ADS.DE, AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, INTC, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, YUM | AI, consumer, global, Quality, semiconductors, Sportswear, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 2023 Q3 | Sep 30, 2023 | Guinness Global Innovators | - | 20.9% | AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA | AI, Debt, diversification, long-term, rates, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2023 Q3 | Sep 30, 2023 | Nixon Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through investments in custom silicon and networking equipment for AI datacenter buildouts. | FICO AVGO BSX |
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| 2023 Q3 | Sep 30, 2023 | TMR Long Short Opportunities | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth attributed to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk in the broader market. | View | |
| 2024 Q3 | Sep 29, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, AMZN, AXON, CEG, CMG, EQT, GEV, HIW, ISRG, LLY, MSFT, MSI, NEE, NVDA, UTHR | AI, Energy Transition, Rate Cuts, real estate, technology, Utilities | Due to increasing power needs driven by Artificial Intelligence, utility stocks saw the greatest appreciation during the quarter. AHIA identified this trend early and favored the utility sector with positions in companies providing carbon-free reliable electricity. The firm sees continued room for appreciation as lower rates benefit these sectors. | UTHR ISRG AXON MSI CMG LLY HIW NEE GEV CEG |
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| 2025 Q3 | Sep 24, 2025 | Andrew Hill Investment Advisors | - | - | AMSC, COST, EQT, GE, GEV, GLD, GOOGL, META, MSFT, NVDA, NXT, SEDG, SYK, TMO, VRTX, YETI | AI, Energy Transition, equities, Federal Reserve, gold, Rate Cuts, Solar, technology | The AI buildout continues to drive equity market performance with companies like Microsoft and Meta showing strong results from AI products. However, momentum is stalling for first-tier AI companies despite excellent earnings, suggesting the next phase may be led by second-tier companies focused on energy infrastructure for data centers. | YETI |
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| 2025 Q2 | Sep 21, 2025 | Barometer Capital Management | - | - | AEM.TO, BKR, BVN, ERJ, EWA, EWS, FFH.TO, GE, GEV, HWM, IBIT, K.TO, MSFT, NFLX, NVDA, SAN, TMX.TO, TOU.TO, UUP, WSP.TO | aerospace, energy, financials, global, materials, Multi-Strategy, technology, volatility | Strong performance driven by commercial aircraft production disruptions creating demand for aftermarket parts and services. Embraer received largest-ever executive jet order worth up to $7 billion for 182 aircraft. Howmet Aerospace and GE Aerospace benefiting from persistent aircraft production dislocations forcing extended service life. | View | |
| 2023 Q2 | Aug 9, 2023 | Brookfield Asset Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | The manager discusses the debate around whether AI will drive increased adoption of enterprise software or allow companies to bypass these platforms with internal solutions. He believes platform companies like ServiceNow and Salesforce will be critical partners for Fortune 2000 enterprises in implementing AI solutions, despite current market skepticism. | View | |
| 2023 Q2 | Aug 8, 2023 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BX, CRM, GOOGL, KKR, META, MSFT, NOW, NVDA, SPOT, TSLA | AI, Alternative Assets, Cloud, growth, large cap, technology, US | AI is driving a multi-trillion-dollar opportunity in cloud computing, with AWS and Microsoft Azure capitalizing through specialized chips, machine learning models, and AI-assisted programs. Microsoft's Copilot AI assistant promises 40% premium pricing for Office applications, while Meta uses AI for content recommendations and ad targeting to overcome previous headwinds. | KKR ABX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH AMZN |
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| 2025 Q2 | Aug 7, 2025 | Horizon Kinetics | - | - | 0388.HK, 6544.T, AAPL, AB, AMZN, CME, CVX, FCX, GOOGL, LSEG.L, MA, META, MSFT, NEM, NRG, NVDA, TPL, TREE, TSLA, V, XOM | AI, Data centers, ETFs, gold, Indexation, Japan, Owner-Operators, Scarcity | AI poses competitive threats to the Magnificent 7 companies through creative destruction. OpenAI's ChatGPT could provide competition to Google's search engine, while Sora Video Generator threatens YouTube's content model. The Private Mag 7 companies represent significant competitive risks to the Public Mag 7. | 6544.T AB 6544 JP |
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| 2025 Q2 | Aug 7, 2025 | NCG Large Cap Growth Strategy | 20.0% | 5.4% | AAPL, BROS, CAT, CDNS, CMG, CYBR, MRVL, MSFT, NVDA, SAIA, SNOW, TOST, TTD, UNH | growth, industrials, Infrastructure Spending, small caps, technology, Trade Policy | The quarter was marked by President Trump's Liberation Day tariff announcement on April 2nd, which created considerable concern for global markets due to the breadth of countries included, level of tariff rates imposed, and short implementation timeframe. However, the administration later put in place a 90-day pause on tariff implementation and started talking about numerous ongoing trade deal negotiations, causing markets to reverse course. | View | |
| 2025 Q2 | Aug 7, 2025 | Wellington Management | 9.5% | 7.3% | 1810.HK, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP.TO, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is anticipated to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua International Growth Fund | 7.7% | 13.1% | 2423.HK, ADYEN.AS, COLOB.CO, CP.TO, CSU.TO, FFH.TO, HDB, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN | China, growth, international, tariffs, technology, Travel, Valuations | President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact. | View | |
| 2025 Q2 | Aug 7, 2025 | The Baird Chautauqua Global Growth Fund | 9.1% | 9.8% | 0388.HK, ADYEN.AS, BEKE, COLO-B.CO, CP.TO, CSU.TO, FFH.TO, HDB, ILMN, LULU, MU, NVDA, NVO, OLED, REGN, RYA.L, SAF.PA, SE, TCS.NS, TEAM, WCN | AI, China, growth, semiconductors, tariffs, technology, Trade Policy, Travel | President Trump imposed baseline 10% tariffs and reciprocal tariffs up to 50% on trading partners, creating market volatility. The U.S. and China de-escalated tensions with tariff reductions, but uncertainty remains about future trade deals and their economic impact. | NVDA 2423 HK FFH CN SAF FP |
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| 2024 Q2 | Aug 7, 2024 | Brookfield Asset Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption across global markets. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Aug 5, 2025 | Baron Opportunity Fund | 23.2% | 8.4% | AAPL, AMZN, ANET, ARGX, AVGO, DKNG, DUOL, EXAS, HUBS, LLY, META, MSFT, NET, NVDA, SPOT, TSLA, TSM, TTD, VRT, ZS | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI adoption and revenue growth accelerating with ChatGPT reaching 800 million weekly active users by April 2025. Multiple AI scaling laws remain intact including pre-training, post-training, and test-time compute. Companies investing massive amounts in AI infrastructure with NVIDIA CEO stating no technology has ever had opportunity to address larger part of world's GDP than AI. | View | |
| 2025 Q2 | Aug 4, 2025 | Franklin Growth Opportunities Fund | 16.9% | 5.7% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI beneficiaries like Axon Enterprise in law enforcement digitalization and AppLovin's AI-powered advertising technology. | View | |
| 2025 Q2 | Aug 4, 2025 | Artemis US Select Fund | 10.1% | -6.2% | AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT | Data centers, nuclear, semiconductors, tariffs, technology, US | The fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers. | NVDA CMG AAPL |
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| 2025 Q2 | Aug 4, 2025 | Artemis Global Select Fund | 4.2% | -7.5% | 000660.KS, FI, NU, NVDA, RYA.L, SDZ.SW, TSM, TTEK, TXN, UNH | Biosimilars, Europe, Fintech, global, healthcare, semiconductors, tariffs, Trade Policy | Semiconductor shares rebounded strongly during the quarter with SK Hynix, TSMC, Nvidia and Texas Instruments among top contributors. Texas Instruments was initiated as a major position based on being at the trough of the industrial cycle with inventory run down, and coming to the end of heavy factory investment cycle in the US. | SDZ TXN |
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| 2025 Q2 | Aug 27, 2025 | Fawkes Capital Management | 7.6% | - | AEHR, ARGO, BE, GNRC, GOOGL, MAXR, NVDA, NVTS, NVX.AX, PKE, PSIX, SYR.AX, TDY, TGEN, WWR | AI, China, commodities, defense, energy, Germany, infrastructure | Fund is positioned across Western AI beneficiaries including NVIDIA's next-generation Rubin architecture and energy infrastructure requirements for data centers. Believes Google's TPU technology represents the only real challenger to NVIDIA's GPUs and sees significant undervaluation in Alphabet. Also investing in Chinese AI development through Malaysian data center infrastructure as China works around US export controls. | AVIO.MI PKE CMEC.SS GOOGL MAXR PKE NVDA VH2 GR |
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| 2025 Q2 | Aug 27, 2025 | Antero Peak Group | 20.0% | 17.7% | AAPL, AMZN, APO, AVGO, AXON, CCI, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RYCEY, SMNEY, TSM, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology | The manager provides extensive analysis of the AI infrastructure landscape, expecting robust investment through 2030 to support generative AI growth and agentic AI. Training clusters are getting bigger with mega-scale infrastructure projects having long runways, while agentic AI is driving material spending in inferencing infrastructure. | View | |
| 2025 Q2 | Aug 27, 2025 | Cullen Enhanced Equity Income Fund | -1.2% | 4.5% | AAPL, AMZN, COP, CVX, DOW, GOOGL, JCI, META, MSFT, NSC, NVDA, PCAR, PPG, RTX, TSLA | AI, defensives, dividends, energy, growth, Options, tariffs, value | The strategy focuses on dividend-paying stocks with a 4.2% annualized dividend yield. Dividend increases improved to 5%, declared by 15 of the 33 active holdings. Value and High Dividend stocks have underperformed over the past several years, presenting a compelling opportunity as investor interest in dividend strategies is near record lows. | NSC COP PPG PCAR NSC COP PPG PCAR |
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| 2025 Q2 | Aug 27, 2025 | Cullen Small Cap Value Equity | 2.1% | -7.6% | AMZN, DENN, DOUG, GLDD, GOOGL, HIW, HP, META, MSFT, NMRK, NVDA, TEX, TREE | AI, Fed policy, real estate, small caps, tariffs, Trade Policy, value | Small caps are emerging from a prolonged earnings recession with improving fundamentals and attractive valuations. Credit spreads have normalized, volatility has fallen, and the yield curve has steepened - all historically favorable conditions for small-cap performance. The environment is becoming more favorable for active managers who focus on fundamentals as quality metrics like return on invested capital start to improve. | NMRK NMRK |
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| 2025 Q2 | Aug 27, 2025 | Cullen Value Fund | 7.0% | 8.5% | AAPL, AMAT, AMZN, AXP, AXTA, C, CI, COP, CVX, GOOGL, JPM, KVUE, MDT, META, MS, MSFT, NVDA, ORCL, TSLA | AI, financials, growth, tariffs, technology, value | Value stocks continue to trade at a meaningful discount relative to the broader market and Growth equities. The valuation gap between Growth and Value stocks has reached historically extreme levels, with Growth stocks trading at a 130% premium to Value stocks. This valuation gap, combined with the potential for a shift in sentiment and improving asset flows as relative growth rates converge, serves as a catalyst for improved relative performance. | KVUE AMAT ORCL |
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| 2025 Q2 | Aug 27, 2025 | BlackRock Science And Technology Term Trust | 19.5% | - | 000660.KS, CLS, MELI, NET, NVDA, SNOW, SPOT | AI, Cloud, growth, private equity, semiconductors, technology | The technology sector rebounded strongly in Q2 2025 as AI-driven earnings accelerated. The recent market recovery has reaffirmed the value of high-quality AI enablers and application leaders. The team is selectively adding to companies with AI monetization strategies as the AI infrastructure buildout continues to shape market dynamics. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisory Large-Cap Growth Strategy | 16.4% | 7.6% | AAPL, AMZN, AVGO, COST, CTAS, DKNG, FICO, META, MRVL, MSFT, NFLX, NOW, NVDA, PGR, SPGI, TDG, TTD, UBER, WST, ZTS | AI, growth, large cap, Performance, Streaming, technology, volatility | AI infrastructure stocks experienced volatility in Q1 2025 but rebounded strongly in Q2. NVIDIA recovered after production complexities with Blackwell chips, while The Trade Desk's AI-powered advertising platform reached 65% client adoption. AI demand remains strong with improving production of next-generation chips. | FICO DKNG TTD NFLX |
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| 2025 Q2 | Aug 25, 2025 | Saltlight Capital | 24.5% | - | 0700.HK, BAM, BIDU, BLU.JO, GOOGL, NVDA, RBLX, UBER | AI, Data centers, infrastructure, Long/Short, Multi-Geography, private credit, semiconductors, technology | AI is viewed as a multi-decade technology epoch spanning 40-60 years, currently in the installation phase marked by significant capital expenditure. The manager sees AI as capital-intensive, with $300-400 billion projected spending this year, building strategic positions for future robotics and physical AI applications. | GOOGL |
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| 2025 Q2 | Aug 25, 2025 | Lyrical Asset Management | 12.7% | 11.9% | AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX | growth, international, Outperformance, stock selection, valuation, value | Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed. | View | |
| 2025 Q2 | Aug 23, 2025 | Argosy Investors | - | - | DAVA, DFH, FERG, HOV, LLY, NVDA, NVO, POST, W | AI, Capital Allocation, Credit Stress, GLP1, Homebuilders, Portfolio Management, value | Detailed analysis of Tricolor subprime auto lender collapse and widespread fraud, highlighting how stability breeds instability in credit markets. Auto lending has deteriorated significantly since 2008 with higher LTVs, longer terms, and weaker underwriting standards. | NVO DAVA POST |
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| 2025 Q2 | Aug 22, 2025 | Shelton Equity Income Strategy | 7.2% | - | AAPL, APH, BMY, HPQ, JCI, META, MRK, MSFT, NRG, NVDA, OMC, ORCL, XOM | dividends, income, Options, tariffs, technology, volatility | The second quarter brought dramatic market volatility with the S&P 500 plunging into bear market territory in March-April due to Liberation Day tariffs before staging one of the fastest recoveries in history. The strategy is positioned to capitalize on volatility and buffer pullbacks. | View | |
| 2025 Q2 | Aug 21, 2025 | GMO | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, TSM | Dollar, growth, international, Supply Shocks, tariffs, technology, Valuations | U.S. stocks trade at significant premiums to international peers despite similar growth prospects. International stocks offer 15-50% valuation discounts to U.S. counterparts with comparable expected growth rates. U.S. valuations are between 90th percentile on simple ratios and near all-time records relative to opportunity costs. | View | |
| 2025 Q2 | Aug 20, 2025 | Lux Capital | - | - | AAPL, AMZN, ASML, BTC-USD, CAT, GOOGL, GPRO, KKD, META, MSFT, NVDA, TSLA | AI, Biotechnology, defense, Friction Frontier, Robotics, semiconductors, Space, Venture Capital | AI infrastructure capex surge consuming 5% of U.S. GDP, comparable to 2000 tech boom. Market split between closed models (OpenAI, Anthropic) with high margins but rapid capital burn versus open-source alternatives achieving near-parity performance. Verification and labeled nuance becoming the rate-limiting step for AI progress rather than compute power. | View | |
| 2025 Q2 | Aug 2, 2025 | Baron Global Advantage Fund | 22.6% | 11.0% | ARGX, BILL, CPNG, CRWD, DDOG, ENDV, GLOB, ILMN, LOAR, MELI, NET, NU, NVDA, PDD, SHOP, SNOW, TSLA, TSM, TTAN, ZS | AI, E-Commerce, global, growth, semiconductors, technology, volatility | AI infrastructure buildout is durable with NVIDIA maintaining leadership. Scaling laws have expanded beyond pre-training to post-training and test-time scaling, driving GPU demand. AI workloads will be supported by large language models in datacenters, unlocking trillions in value across intelligence-bottlenecked industries. | View | |
| 2024 Q2 | Aug 2, 2024 | Alger Spectra Fund | 3.2% | 32.4% | AMD, AMZN, DKNG, MLM, MSFT, NVDA | AI, Cloud, growth, large cap, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. NVIDIA's computational power is a critical enabler of AI and therefore essential to AI adoption. Microsoft's Azure cloud business grew 31% with 7% AI-related growth, and most AI revenue stems from inference rather than training, indicating high quality AI applications. | MLM DKNG AMD MSFT AMZN NVDA |
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| 2025 Q2 | Aug 18, 2025 | Baron Durable Advantage Fund | 15.6% | 7.4% | ACGL, ACN, AMZN, APH, AVGO, CME, DHR, GOOGL, LPLA, META, MPWR, MSFT, NVDA, SPGI, TMO, TSM, TXN, TXRH, UNH, V, WELL | AI, growth, large cap, Quality, semiconductors, technology | AI infrastructure buildout is proving durable with NVIDIA maintaining leadership position. The company disclosed line of sight to projects requiring tens of gigawatts of AI infrastructure, with every gigawatt representing $40-50 billion opportunity. Scaling laws have expanded beyond pre-training to post-training and time-test scaling, all driving GPU demand. | CME APH UNH META NVDA AVGO |
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| 2025 Q2 | Aug 18, 2025 | Blackstone Private Equity Strategies Fund | 4.1% | 8.1% | MRNA, NVDA, SMAR | AI, diversification, growth, healthcare, Media, Opportunistic, private equity | BXPE invests behind AI & Data Generation as a high-conviction theme, with 70% of the portfolio invested in these themes. CoreWeave exemplifies this approach as a cloud services company providing compute to power large language models, structured through innovative GPU financing facilities. | View | |
| 2024 Q2 | Aug 13, 2024 | Advisory Research – Global Select Dividend | - | 9.3% | NVDA | dividends, Fed policy, global, Recession, small caps, technology | The Select Dividend strategies have mostly kept pace with their broad strategy benchmarks year-to-date despite the narrowly driven tech market. The strategies remain in the top quartile of their peer group for the YTD period. | View | |
| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management | 5.1% | 18.6% | AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA | Concentration, large cap, Passive, S&P 500, technology, valuation | The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically. | View | |
| 2024 Q2 | Aug 12, 2024 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, AZO, CCO, CNQ.TO, EQIX, FTNT, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, REGN, TOL, VST | AI, Canada, Diversified, infrastructure, large cap, technology | AI continues to dominate market performance with tech and large-cap growth stocks leading gains. The energy demands of generative AI are significantly increasing power consumption, creating infrastructure investment opportunities. Data centers are building closer to power sources and investing in alternative energy solutions. | View | |
| 2025 Q2 | Aug 11, 2025 | BlackRock Advantage Global Fund | 10.7% | 9.5% | AAPL, AMZN, BAC, GOOGL, MS, MSFT, NVDA, NVS, PFE, SPGI | AI, defense, energy, Europe, Global Equities, Japan, technology | The fund benefited from macro-thematic impulses that correctly captured evolving AI themes. AI leaders regained market leadership following stronger-than-expected earnings and guidance from technology stalwarts. The AI theme broadened from enablers to infrastructure providers, supporting positioning in European energy companies. | View | |
| 2025 Q2 | Aug 11, 2025 | BlackRock Global Dividend Fund | 8.4% | 9.1% | AVGO, AZN, CMS, KO, META, MSFT, NVDA, ORCL, RELX, TSM, UNH, VMW, WMT | dividends, global, healthcare, Quality, technology, Utilities, volatility | Strong AI semiconductor demand drove performance for holdings like Broadcom and Taiwan Semiconductor. Oracle benefited from robust cloud and database growth with a landmark multi-cloud deal projected to generate $30 billion annually. The fund avoided Nvidia despite AI-driven rallies due to valuation concerns. | View | |
| 2025 Q2 | Aug 11, 2025 | Fairtree Global Equity Fund | 10.9% | - | 000660.KS, 005930.KS, AMAT, AVGO, BP, FI, GFI, GLEN.L, GOOGL, JD, KASPI.L, LOW, MSFT, NVDA, PDD, PGR, ROST, SYY, UNH, VRT | AI, emerging markets, Europe, Global Equity, semiconductors, tariffs, technology, Trade Policy | The fund maintains significant exposure to AI-related semiconductor demand, particularly through Taiwan positions. AI-driven semiconductor demand continues to drive strong performance in technology holdings, with companies like Nvidia and Broadcom contributing meaningfully to returns. | View | |
| 2024 Q2 | Aug 1, 2024 | Mott Capital Management | - | 5.3% | AAPL, AMZN, BA, CSCO, GILD, GOOGL, ILMN, ISRG, MA, MSFT, NVDA, SHOP, TSLA, V | Concentration, growth, healthcare, Mega Cap, technology, valuation | Rapid advancements in AI applications will likely support healthcare companies making meaningful advances in formulary and product development. The market has seen significant rotation into mega-cap stocks primarily led by Nvidia, creating substantial divergences across the market. | ILMN |
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| 2025 Q2 | Jul 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AAPL, AVGO, BDX, DIS, GM, LHX, MSFT, NVDA, ORCL, PPG, TEL, TMUS, UNH, V, XOM | AI, defense, diversification, dividends, energy, Quality, valuation, value | The strategy emphasizes dividend-paying companies with the ability to grow dividends significantly over time. Over the last eight years, the average portfolio company has grown its dividend by 7%, well in excess of inflation. Dividend growth is becoming increasingly critical as inflation expectations become more entrenched and stagflation becomes a concern. | ORCL AVGO XOM LHX AVGO XOM LHX |
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| 2025 Q2 | Jul 9, 2025 | Longriver Investment Partners | 11.7% | 11.4% | 0700.HK, 1523.HK, 2359.HK, 9442.T, AAPL, AMD, AMZN, BABA, BIDU, FUTU, GAW.L, GOOGL, INTC, META, MSFT, NVDA, ORCL, TOI.TO, TSM, VTC.L, WISE.L | AI, Big tech, China, Cloud, growth, semiconductors, technology | AI is moving from hype to habit with real usage growth, as evidenced by Microsoft processing over 100 trillion tokens quarterly. OpenAI leads in product and distribution with ChatGPT becoming a household verb, while Meta uses AI to enhance ad platform performance. The shift from training-heavy to inference-focused infrastructure spending is reshaping capex priorities across the industry. | NVDA TSM 0700.HK META |
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| 2025 Q2 | Jul 9, 2025 | MacNicol & Associates Asset Management | - | - | BCE.TO, BMO.TO, NVDA, SHW | AI, dividends, real estate, semiconductors, tariffs, technology, Valuations | The artificial intelligence boom has driven massive gains in tech stocks, particularly Nvidia, which reached a market cap of $3.89 trillion. The AI craze kicked off with ChatGPT in November 2022, leading to enormous valuations that the manager views as potentially excessive. | VZ |
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| 2025 Q2 | Jul 9, 2025 | AssetMark | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, consumer, growth, policy, technology, Trade | Consumer resilience has weathered policy uncertainty with wage growth consistently outpacing price growth since mid-2023. Personal income rose 0.7% in April, helping consumers strengthen balance sheets and sustain higher spending levels. This powerful engine continues to drive the economy despite trade policy concerns. | View | |
| 2024 Q2 | Jul 9, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | AI.PA, ASML, DOL.TO, EDEN.PA, GOOGL, IPS.PA, MC.PA, MSFT, NKE, NVDA, PET.TO, RELX, TSM, VRSK, WKL, ZZZ.TO | AI, consumer, global, semiconductors, technology, valuation | AI-related companies drove market strength in Q2, with semiconductor holdings like TSMC, ASM International, and ASML benefiting from technological advantages and high barriers to entry. Companies with access to large amounts of proprietary data including Verisk Analytics, RELX, and Wolters Kluwer also performed well. However, Mawer warns of potential over-exuberance in AI valuations and notes the mismatch between timing of investment and returns may create future opportunities. | View | |
| 2024 Q2 | Jul 9, 2024 | Palm Valley Capital Management | -0.1% | 4.2% | 0288.HK, AAPL, AVA, CHTR, CMCSA, CRI, DISH, DOX, EQC, HOFT, KELYA, LAI.TO, MAN, NVDA, NWN, PHYS, PSLV, RGP, T, TBI | consumer, Precious Metals, small caps, Staffing, Utilities, value | Small cap valuations have normalized more than large caps since 2021 peaks, with median profitable small cap P/E at 17.5x versus 24x for large caps. The fund sees selective opportunities among struggling smaller companies trading near multi-year lows. Quality small caps have underperformed recently but historically delivered strong returns. | CRI TBI DOX RGP |
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| 2024 Q2 | Jul 9, 2024 | Hosking Partners | 0.0% | 0.0% | 000660.KS, 6501.T, 6503.T, 7912.T, 8934.T, AAL.L, AAPL, ASC.L, AVGO, BABA, BHP, COST, CRES.BA, CX, HAFN.CO, III.L, KGN.AX, MU, NVDA | AI, Capital Cycle, contrarian, Diversified, global, Japan, technology, value | The fund maintains exposure to AI-enablers including Nvidia, Broadcom, Micron and SK Hynix with around 4% weighting. While retaining skeptical position on size and duration of AI demand until use cases become clearer, the holdings have strong competitive positions and technological advantages. The fund has been taking gradual profits in all four AI holdings while maintaining exposure to the emerging theme. | View | |
| 2024 Q2 | Jul 9, 2024 | Frank Value Fund | - | 3.6% | CAH, CSCO, HRB, NVDA | Bubble, Concentration, Passive, Quality, technology, value | Manager emphasizes investing in low-valuation, high-quality stocks while avoiding overvalued growth names. Portfolio consists of attractively priced securities with the usual power combination of high-quality and low-valuation, positioned to benefit when value outperforms. | View | |
| 2023 Q2 | Jul 9, 2023 | Frank Value Fund | - | 7.8% | AAPL, HRB, MSFT, NVDA, TSLA | AI, contrarian, Defensive, dividends, mid cap, value | Manager emphasizes buying defensive companies at 30% cheaper valuations than S&P 500 while market participants shun steady for speculation. Portfolio positioned in anti-hype names with strong fundamentals trading below intrinsic value. Starting valuations are key to outperformance as demonstrated by H&R Block's 200% return during tech dominance period. | HRB |
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| 2025 Q2 | Jul 8, 2025 | LVS Advisory – Event Driven | - | 3.6% | AMD, AMZN, BA, CW, GOOGL, ITOS, LMT, NVDA, RTX | aerospace, Biotech, defense, Event-Driven, growth, Industrial, Liquidations, nuclear | Rising demand for defense electronics driven by increased military computerization and AI integration. Global defense spending acceleration due to high-threat environment with NATO countries pledging increased spending. Foreign military sales growth including AUKUS submarine partnership and direct relationships with companies like Rheinmetall. | ITOS CW |
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| 2025 Q2 | Jul 8, 2025 | LVS Advisory – Growth | - | 15.8% | AMD, AMZN, BA, CW, GOOGL, ITOS, LMT, NVDA, RTX | aerospace, Biotechnology, defense, Event-Driven, growth, Industrial, Liquidations, nuclear | Curtiss-Wright benefits from multiple defense tailwinds including rising demand for defense electronics, increased US naval defense spending with Trump administration proposing 40% increase to naval shipbuilding budget, and rising foreign military sales. The company is deeply embedded in defense electronics across 400 platforms and 3,000 programs with substantial incumbency advantages. | ITOS CW CW |
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| 2024 Q2 | Jul 8, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, AMZN, BF-B, GOOGL, IDXX, META, MSFT, NKE, NOVO-B.CO, NVDA, OR.PA, SYK, TXN, WAT | Concentration, long-term, Quality, semiconductors, technology | The fund began accumulating Texas Instruments during the period. The manager notes concentration in semiconductor names like Nvidia driving market returns, though they avoid Nvidia due to unpredictable outlook concerns. | View | |
| 2024 Q2 | Jul 8, 2024 | Middle Coast Investing | 0.0% | 0.0% | AAPL, ACLS, AER, AMZN, ARLO, ATKR, ATRO, AVGO, BKNG, DFS, FCNCA, FG, GOGO, LULU, NVDA, OMAB, PGR, SJM, TSM, VOW3.DE | Discipline, Portfolio Management, small caps, stock selection, value | Manager emphasizes buying quality companies at reasonable prices, gravitating toward cheaper, lower earnings-multiple stocks where price doesn't reflect potential value. Focus on finding stocks that will be worth more in 2-3 years than current market price suggests. | GOGO SJM ATRO LULU |
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| 2024 Q2 | Jul 8, 2024 | Bianco Research | - | - | MCD, NVDA, TSLA | AI, Fed policy, growth, healthcare, large cap, tariffs, technology, Valuations | AI represents considerably greater transformative innovation than previous technologies. The U.S. economy is expected to grow 2-2.5% in 2025, fueled heavily by investments in AI and security. Jobs data will be pressured by AI over time. | View | |
| 2023 Q2 | Jul 8, 2023 | Torre Financial | 13.2% | 31.9% | 6367.T, ADYEY, AMD, ANSS, ASML, CDNS, FI, GOOGL, JNJ, LIN, LRCX, LZAGY, MCHP, MEDP, MSFT, NFLX, NOW, NVDA, NVO, ON, PGR, SWAV, TSLA, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble where long-term promise is significant but near-term corrections are expected. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree rather than direct beneficiaries. | View | |
| 2024 Q2 | Jul 7, 2024 | Richie Capital Group | - | - | CSCO, DAL, EXPE, HPQ, NVDA | AI, Bubble, Hype Cycle, Investment, Nvidia, technology, Telecom | The letter extensively analyzes the current AI hype cycle, comparing it to the telecom boom and bust of the late 1990s and early 2000s. The manager expresses concern about overinvestment and unrealistic expectations, noting that while AI technologies show promise, the true impact is likely 10 years away rather than immediate. | View | |
| 2024 Q2 | Jul 7, 2024 | Seeking Winners | 2.3% | 16.7% | AMZN, ATD.TO, BRK-B, EVVTY, MSFT, NVDA, ODFL | Buybacks, cash flow, Concentration, growth, Quality, technology, value | The manager views the current AI hype as reminiscent of the tech bubble, with companies trading at unsustainable valuations of 40 times sales. He criticizes the disconnect between inflated AI valuations and real-world performance, noting that insiders are selling while retail investors pile in at peak prices. | ODFL ATD.TO EVVTY |
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| 2024 Q2 | Jul 5, 2024 | East Capital | - | - | 005930.KS, NVDA, TSM | AI, Asia, China, emerging markets, India, semiconductors, Taiwan, technology | AI remained the primary driver of emerging market returns, with Taiwan contributing significantly through TSMC's advanced chip production for Nvidia. The firm researched AI infrastructure bottlenecks, identifying electrical transformers as key constraints and investing in Korean transformer exporters. | 1765.HK TSM |
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| 2025 Q2 | Jul 4, 2025 | ClearBridge Investments Large Cap Value | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, Cloud, diversification, growth, large cap, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers. | ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM |
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| 2025 Q2 | Jul 31, 2025 | Artisan Focus Fund | 19.6% | 17.4% | AMZN, APO, AVGO, AXON, CCI, ENBW.DE, EQIX, GE, GEV, GOOGL, MA, META, MSFT, NFLX, NOW, NVDA, RR.L, SAF.PA, TSM, VST | AI, alpha, Data centers, growth, infrastructure, Performance, semiconductors, technology | The fund extensively discusses AI infrastructure investment opportunities, particularly around training clusters, inference workloads, and agentic AI systems. They see continued robust investment through 2030 driven by scaling laws and expanding use cases. The transition from predictive models to autonomous agents is creating exponential compute demand. | AVGO NVDA |
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| 2025 Q2 | Jul 31, 2025 | Fidelity Dividend Growth Fund | 13.5% | 7.5% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, industrials, large cap, Quality, technology | The fund benefited from AI-driven demand across multiple sectors. Taiwan Semiconductor Manufacturing gained 23% amid strong demand for AI processors as tech firms continued spending on data centers. The utilities sector was boosted by AI-driven demand for electricity to power data centers. The transformative potential of generative artificial intelligence drove outperformance in technology and communication services sectors. | View | |
| 2025 Q2 | Jul 31, 2025 | Impax US Sustainable Economy Fund | 9.9% | 3.6% | AAPL, AMZN, AVGO, CVS, LLY, MA, META, MRK, MSFT, NVDA, NVO, ORCL, PGR, PLTR, QCOM, TSLA, V | AI, Esg, healthcare, large cap, semiconductors, sustainability, technology | AI-related holdings including semiconductors, systems software, and technology hardware outperformed during the quarter. Nvidia hit all-time highs driven by strong chip demand and growth in AI infrastructure with new opportunities in robotics. Oracle reported strong earnings with customer commitments projected to double next year and announced plans to purchase $40bn worth of Nvidia chips for collaboration with OpenAI. | PGR MRK LLY NVDA AVGO ORCL MRK NVDA AVGO ORCL |
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| 2025 Q2 | Jul 31, 2025 | Mindset Value Fund | -8.6% | -20.5% | GLASF, HQI, MSFT, NNI, NVDA, TBI | Acquisition, AI, Cannabis, Immigration, SmallCap, Staffing, value | HireQuest's franchise staffing model is viewed as superior within the staffing industry. The manager believes immigration policy tightening under Trump administration will benefit legal staffing businesses like HQI. HireQuest is pursuing acquisition of TrueBlue to replicate its successful Command Center playbook. | NNI GLASF TBI HQI NNI GLASF TBI HQI |
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| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | 1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX | AI, consumer, global, growth, technology | The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships. | View | |
| 2025 Q2 | Jul 31, 2025 | CDT Capital Management | - | 11.3% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Data, Labor, quantitative, technology, Trade | Trump administration trade agreements with Japan, South Korea, and EU provided market relief. EU settled for 15% tariff rate versus feared 30-50% range. Markets cheered not because they endorsed policies but because they were relieved from worst-case scenarios. | View | |
| 2024 Q2 | Jul 31, 2024 | The Muhlenkamp Fund | - | - | AAPL, MSFT, NVDA | banks, energy, inflation, interest rates, Recession, technology | Manager expects inflation to remain above the Fed's 2% target due to debt-fueled government spending and increasing regulation. Current CPI at 3.3% with expectations that long-term treasury rates could reach 5-7% range. This inflationary environment is driving their energy sector positioning. | View | |
| 2025 Q2 | Jul 30, 2025 | Third Point Partners | 7.5% | - | CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X | AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy | Continued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits. | INF.L CASY RKT INF LN CASY RKT |
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| 2024 Q2 | Jul 30, 2024 | Penn Davis McFarland | - | - | AAPL, AMD, AMZN, BA, CSCO, FTRE, GOOGL, INTC, META, MSFT, MTCH, NVDA, PYPL, QCOM, SPR, TSM | AI, Cash, competition, Geopolitical, productivity, semiconductors, technology, value | The letter extensively discusses AI as a transformative technology with potential for immense productivity gains. The manager draws parallels between today's AI boom and the internet infrastructure build-out of 2000, noting that while Nvidia leads the AI infrastructure space like Cisco did for internet infrastructure, the real winners may be companies that leverage AI to solve real-world problems rather than just build the infrastructure. | View | |
| 2024 Q2 | Jul 30, 2024 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA | AI, Cloud, Compounding, Concentration, growth, technology, value | The letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution. | View | |
| 2023 Q2 | Jul 30, 2023 | Smoak Capital Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager discusses the debate over whether AI will drive increased adoption of enterprise software or allow companies to bypass vendors with internal solutions. Believes platform companies like ServiceNow and Salesforce will be critical AI partners despite market skepticism. AI data center demand has added massive structural component to high bandwidth memory demand. | View | |
| 2025 Q2 | Jul 3, 2025 | St. James Investment Company | - | - | AAPL, MSFT, NVDA, STX | AI, Capital markets, Investment Philosophy, risk management, Speculation, technology, value | The letter draws extensive parallels between the current AI boom and the Winchester disk drive bubble of the 1980s. The global AI semiconductor market is projected to grow from $56 billion in 2024 to $232 billion by 2034. Despite massive capital investments, there are still no definitive generative AI killer apps, and revenue from end customers remains minimal. | View | |
| 2024 Q2 | Jul 3, 2024 | St. James Investment Company | 0.0% | 0.0% | BRK-A, NVDA | AI, China, Geopolitical, inflation, momentum, risk management, Valuations | The U.S. has experienced persistent inflation above 3% for thirty-seven consecutive months, with overall prices up over 19.5% in less than four years. Current fiscal and monetary policies strongly support the transition to an inflationary world, with the U.S. running a budget deficit approaching seven percent of GDP at full employment. The manager views this as a fundamental shift from the deflationary world of the past four decades. | View | |
| 2024 Q2 | Jul 3, 2024 | Resilient Asset Management | - | - | CSCO, INTC, NVDA | AI, cybersecurity, diversification, international, technology, Valuations | Manager emphasizes cyber threats as pervasive landscape risks, citing CDK Global attack that crippled car dealerships nationwide. Provides actionable security checklist including password managers, multi-factor authentication, and phone security protocols. | View | |
| 2025 Q2 | Jul 29, 2025 | Fidelity Freedom 2045 Fund | 10.4% | 9.9% | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, Bonds, diversification, equities, retirement, Target-Date | Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a major contributor within international growth holdings. | View | |
| 2025 Q2 | Jul 29, 2025 | RiverPark Large Growth | 15.0% | 6.6% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, SHOP.TO, UBER, UNH | AI, Cloud, growth, healthcare, large cap, Streaming, technology | AI remains a dominant theme with NVIDIA leading through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft shows growing investor confidence in enterprise AI strategy with Azure growth and Copilot monetization. Meta demonstrates improving AI monetization prospects with Llama 3 model integration across platforms. | PEP SBUX LLY AAPL UNH UBER META NFLX MSFT NVDA PEP SBUX LLY |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ALNY, AVGO, CRWD, ETN, ICLR, JCI, LLY, MDB, META, MSFT, NFLX, NVDA, NVO, PLTR, SNPS, TGT, TMO, UNH, VRTX | AI, Biotechnology, growth, healthcare, positioning, semiconductors, tariffs, technology | Mega cap AI market leadership returned with hyperscalers showing commitment to high levels of AI-driven capex. Microsoft and Meta Platforms outperformed as both they and semiconductor companies including Nvidia and Broadcom were boosted by solid earnings and renewed expectations of widespread AI adoption. Broadcom maintained strong execution in development of custom silicon chips for AI computing and is well-positioned for continued healthy investment in AI. | PLTR SNPS ALNY NVO AVGO NFLX TGT ICLR PLTR SNPS LLY |
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| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V | AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology | The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business. | ICLR LIN AIR FP NOW MRVL TSM |
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| 2025 Q2 | Jul 29, 2025 | Tall Oak Capital Advisors | - | - | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy | Aging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. | EHC ISRG EHC ISRG |
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| 2023 Q2 | Jul 28, 2025 | Aegis Value Fund | - | 5.7% | AAPL, AMZN, ATH.TO, BOCH.L, BTU, CG.TO, EQX.TO, GOOGL, HNRG, IPCO.TO, MEG.TO, META, MSFT, NGS, NVDA, TSLA | Banking, energy, gold, inflation, interest rates, small cap, technology, value | Energy holdings represent 32.5% of fund assets. Manager sees strong case for higher oil prices driven by robust demand growth and supply constraints. Oil demand projected to reach record 102.1 million barrels per day despite recessionary fears. | GRNGS.ST BOCH.L |
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| 2025 Q2 | Jul 28, 2025 | RiverPark Long/Short Opportunity Fund | 10.3% | 3.9% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, QQQ, SHOP, UBER, UNH | AI, Cloud, growth, healthcare, Long/Short, technology | AI remains a dominant theme with NVIDIA leading the portfolio as the top contributor, reinforcing its leadership position in accelerated computing through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft's enterprise AI strategy showed strong momentum with Azure growth and expanding AI monetization across GitHub Copilot and Microsoft 365. | AAPL UNH NFLX MSFT NVDA AAPL NFLX MSFT NVDA |
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| 2025 Q2 | Jul 28, 2025 | Minotaur Global Opportunities Fund | - | - | 4519.T, 5253.T, 9992.HK, MNSO, NVDA, RHM.DE, WIZZ.L | AI, defense, global, mispricing, Pharmaceuticals, technology, value | AI is deeply integrated into Minotaur's investment process through their proprietary software Taurient, which helps surface opportunities, amplify research capabilities, and interrogate edge cases faster. The fund views AI as a research multiplier and early-warning system that makes their process harder to replicate. | 1896.HK |
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| 2025 Q2 | Jul 28, 2025 | North Sky Capital | - | - | 6902.T, 9962.T, GE, NNE, NVDA, OKLO | AI, Data centers, Energy Transition, impact investing, infrastructure, nuclear, Secondaries, Trade Policy | The OBBB largely retains existing incentives for battery energy storage and maintains federal support for renewables with 30-50% Investment Tax Credits. The renewable energy landscape has evolved driven by surging power demand from data centers and electric vehicle adoption, onshoring of solar panel supply, and supply constraints for traditional energy sources. North Sky's infrastructure team is seeing opportunities in energy storage, community solar, data center-driven power demand and renewable fuels. | View | |
| 2025 Q2 | Jul 28, 2025 | Crypto Native Capital | 22.3% | - | AAPL, AMZN, BRK-A, COST, GOOGL, META, MSFT, NVDA, TSLA | Bitcoin, Compounding, Concentration, crypto, moats, returns | Bitcoin dominates the digital store-of-value market with 99.6% market share and expanding moats that strengthen with scale. While altcoins face structural competition and constant pressure to innovate, Bitcoin compounds relentlessly with superior risk-adjusted returns. The fund emphasizes Bitcoin concentration over diversified crypto approaches. | BTC-USD |
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| 2025 Q2 | Jul 28, 2025 | Harry Qelm Baabsman | - | 9.7% | ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM | AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind | Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide. | ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM |
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| 2025 Q2 | Jul 27, 2025 | 1290 SmartBeta Equity Fund | 7.2% | 7.8% | ABBV, AVGO, CVX, LLY, MCD, NFLX, NVDA, PEP, TT, XOM | Factor, global, Quality, SmartBeta, technology, Trade Policy, volatility | Trump's tariff policies dominated market movements throughout the quarter, with Liberation Day tariffs causing initial sell-offs followed by recovery as trade deals were negotiated with the UK and China. The fund navigated the initial Trump Tariff Turbulence well due to its low volatility exposure. | View | |
| 2025 Q2 | Jul 27, 2025 | Fidelity Freedom 2055 Fund | - | - | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, emerging markets, equities, global, retirement, Target-Date | Target-date funds are long-term strategies designed to help keep participants on track toward their retirement goals through different market environments. Strategic asset allocation decisions are focused on providing age-appropriate asset allocation throughout participants' changing time horizons. The fund follows a glide path that becomes increasingly conservative as the target date approaches. | View | |
| 2025 Q2 | Jul 27, 2025 | Weitz Multi Cap Equity Fund | 3.6% | 4.3% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN META GOOGL HEI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | KMX |
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| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA | Fertilizers, Homebuilders, Speculation, Travel, Valuations, value | Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains. | View | |
| 2025 Q2 | Jul 24, 2025 | Janus Henderson Forty Fund | 19.3% | 8.9% | AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH | aerospace, AI, Cloud, growth, healthcare, semiconductors, technology | Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and the productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base. | MA UNH HWM AVGO ORCL HWM AVGO ORCL |
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| 2023 Q2 | Jul 24, 2023 | WisdomTree | - | - | NVDA | AI, Factors, growth, Performance, technology, value | Big tech stocks benefited from positive sentiment around generative artificial intelligence and AI in general, with companies like Nvidia posting exceptional returns of 52.3% in Q2 after already gaining 90% in Q1. AI enthusiasm drove much of the tech mega cap performance that dominated equity markets. | View | |
| 2023 Q2 | Jul 24, 2023 | Biondo Investment Advisors | - | - | NVDA | AI, Buybacks, Dollar, emerging markets, Europe, government debt, inflation, technology | Markets have become obsessed with AI leading to productivity and profitability surges since ChatGPT's release. Technology companies are investing massive sums to secure AI advantages, driving extraordinary market cap increases like Nvidia's rise from $308 billion to $4.4 trillion in three years. | View | |
| 2023 Q2 | Jul 24, 2023 | RVK | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2025 Q2 | Jul 23, 2025 | Madison Sustainable Equity Fund | 6.1% | 2.4% | AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V | AI, Cloud, growth, healthcare, large cap, Quality, sustainability, technology | Oracle's massive RPO growth of 359% driven by multi-billion AI infrastructure contracts, with OCI revenue projected to grow from $18 billion to $144 billion over four years. Alphabet's Google Cloud accelerated to 31.7% growth, benefiting from AI demand. Microsoft and NVIDIA highlighted for strong AI-driven earnings growth expectations. | UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL |
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| 2024 Q2 | Jul 23, 2024 | Square Peg | - | - | AMZN, GOOGL, NVDA | AI, Australia, Fintech, Israel, SaaS, Southeast Asia, technology, Venture Capital | Square Peg views AI as the defining technology theme for an extended period, with unprecedented intersection of rapid technological advancement, application creation, and enormous addressable markets. The firm has been actively investing in AI businesses since 2013, building domain knowledge and networks across their geographies. They believe AI will drive decades of new applications and create trillions in shareholder value. | View | |
| 2025 Q2 | Jul 22, 2025 | Alger Spectra Fund | 29.2% | 13.0% | APP, ISRG, JHX, MSFT, NBIS, NFLX, NVDA | AI, Cloud, digital transformation, Fed policy, growth, Rate Cuts, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products. | NBIS NVDA APP GLOB UNH AAPL META MSFT NVDA |
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| 2025 Q2 | Jul 22, 2025 | Columbia Global Technology Growth Fund | 24.8% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, semiconductors, technology, Trade Policy | AI remained the most significant driver of technology market performance during the quarter. Investors remained hyper-focused on AI infrastructure spending and return on investment across all sectors. Companies like NVIDIA reported extraordinary demand for data-center products driven by generative AI adoption across hyperscalers, enterprise and sovereign customers. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB 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, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, global, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending by cloud service providers continues to grow, with companies indexed to artificial intelligence infrastructure and cloud being primary drivers of returns in the technology market. | LRCX BE SYNA 6723 JP BE AAPL LRCX |
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| 2025 Q2 | Jul 22, 2025 | Harbor Capital Appreciation Fund | 19.5% | 7.4% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators. | ORCL TOST AMD BSX SHOP HUBS |
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| 2025 Q2 | Jul 22, 2025 | Harding Loevner International Small Companies Equity | 16.7% | 18.6% | 3697.T, 4544.T, 7203.T, AAPL, ALTEN.PA, BC8.DE, BELIMO.SW, CYBR, GLOB, GOOGL, MELI, MSFT, NVDA, RPY.MI, TMV.DE | AI, cybersecurity, innovation, international, IT Services, small caps, technology | The accelerating adoption of artificial intelligence is viewed as a decisively structural trend with far-reaching effects on how people work. Companies in the portfolio are investing in AI to strengthen competitive advantages, with examples including Reply developing customized AI tools and Shift deploying AI engineers to achieve significant cost savings. | 3697 JP 4527 JP GLOB CYBR |
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| 2025 Q2 | Jul 22, 2025 | Ithaka US Growth Strategy | 23.0% | - | AAPL, COIN, CRM, HOOD, LLY, META, MSFT, NFLX, NOW, NVDA, V | AI, Concentration, growth, large cap, tariffs, technology | Nvidia dominates accelerated computing with superior GPU ecosystem creating high switching costs and wide competitive moat. Secular demand for AI infrastructure remains in early innings with sustained growth expected. Microsoft's Azure segment grew 35% beating guidance, demonstrating strong AI-driven cloud momentum. | CRM LLY AAPL NOW MSFT NVDA CRM LLY AAPL NOW MSFT NVDA |
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| 2025 Q2 | Jul 22, 2025 | Janes Henderson Strategic Bond Fund | 19.3% | 8.9% | AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, technology | Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base. | UNH HWM AVGO ORCL |
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| 2025 Q2 | Jul 22, 2025 | Janes Henderson Global Sustainable Equity Fund | 13.8% | 15.5% | 1299.HK, AJG, APG, ICLR, MCK, MMC, MSFT, NVDA, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TMUS, TSM, UBER, WAB | AI, Energy Transition, Esg, global, growth, Quality, sustainability, technology | AI growth narrative recovered after initial concerns around Chinese AI tool DeepSeek dissipated. Many AI-exposed companies reported impressive earnings and guided for increased spending on AI, while companies across sectors increased AI adoption for business efficiencies. TSMC benefited as a critical enabler of the rapidly expanding AI infrastructure ecosystem. | View | |
| 2025 Q2 | Jul 22, 2025 | Macquarie Large Cap Growth Fund | 11.2% | 3.6% | AAPL, AMZN, AVGO, DHR, GOOGL, HD, ICE, INTU, LLY, MA, MC.PA, MSFT, NVDA, TSM, UNH, V, WCN | AI, growth, healthcare, large cap, Quality, technology, underperformance | The fund believes companies owning unique and valuable data are poised to play a critical role in the AI ecosystem. While hardware and AI models may eventually become commoditized, proprietary data remain irreplaceable. The portfolio includes many data-rich companies positioned to benefit from AI's long-term potential. | View | |
| 2025 Q2 | Jul 22, 2025 | Optimum Fixed Income Fund | 1.2% | - | AMZN, META, NVDA, TSLA | credit, duration, Fed policy, fixed income, high yield, RMBS | Treasury yields fell at the short end as expectations grew for more Federal Reserve rate cuts. The Fed's tone shifted more dovish, though uncertainty remains about future moves. Higher duration securities outperformed lower duration securities during the quarter. | View | |
| 2025 Q2 | Jul 22, 2025 | Optimum Large Cap Growth Fund | 16.6% | - | AMZN, META, NVDA, TSLA | AI, Communication Services, growth, large cap, semiconductors, technology | Artificial intelligence optimism remained high during the quarter, though concerns about sustainability and monetization began to surface. AI continues to be a key driver of market performance and investor sentiment. | View | |
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, Banking, dividends, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | HRL ELS COP |
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| 2025 Q2 | Jul 22, 2025 | Opal Capital | 7.6% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through established positions in Palantir and Snowflake, while adding new positions in AMD, Alibaba, and Baidu as catch-up trades. The firm views these companies as benefiting from the broad market adoption phase of AI, with AMD positioned to compete head-to-head with NVIDIA for major infrastructure contracts. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jul 22, 2025 | Oak Ridge investment | - | - | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Biotech, Fed policy, growth, healthcare, Mega Cap, tariffs, technology | Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields. | View | |
| 2025 Q2 | Jul 21, 2025 | The Davenport Core Leaders Fund | 11.1% | 7.3% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, growth, large cap, momentum, technology, Valuations, value | Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit. | PWR NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Value & Income Fund | 2.6% | 6.5% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, earnings, Federal Reserve, momentum, small caps, technology, Valuations | Artificial intelligence is described as a powerful technology theme prompting enormous spending from tech titans. The manager notes AI is incredibly promising and expects to participate via ownership of select technology leaders, though warns of a gold rush mindset in certain corners of the market with many perceived beneficiaries prioritizing growth over profit. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V | AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology | Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users. | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Bristol Gate U.S. Equity Strategy | - | - | AAPL, ACN, ATD.TO, AVGO, CIGI.TO, EFN.TO, ENGH.TO, GE, JWEL.TO, MCHP, MCK, META, MMC, MSFT, NVDA, TMO, TVK.TO, UNH, WCN, ZTS | AI, dividends, growth, healthcare, Quality, technology, Trade Policy, volatility | AI enthusiasm continues to drive tech stock performance with demand for AI networking, custom accelerators, and efficient computing solutions. Hyperscalers are seeking efficient computing solutions to lower datacenter investment costs. The AI trade remains unsatisfied among investors despite strong performance. | TVK.TO ACN TMO UNH MCK GE AVGO ACN MCK AVGO |
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| 2025 Q2 | Jul 21, 2025 | Advisors Capital | - | - | NVDA | AI, defense, Fiscal, international, rates, tariffs, Valuations | AI infrastructure investment remains a key source of market optimism and continues to drive sales and profits across sectors from semiconductors to utilities. The transformative potential of artificial intelligence is driving a revolution in productivity, products, and services, with companies providing AI infrastructure seeing significant gains in revenue and profit. Nvidia exemplifies this trend with share price surging over 900% while earnings outlook rose even faster by more than 1,100%. | View | |
| 2025 Q2 | Jul 21, 2025 | Sawgrass Asset Management – Small Cap Quality Growth | 5.5% | - | AORT, AVPT, NVDA, SNEX | growth, Quality, Risk Appetite, Russell 2000, small caps, valuation | Small caps are at extreme relative valuation discounts to large caps, with the Russell 2000 representing only 5% of S&P 500 market cap. The normalized P/E relative to larger stocks is at a two-standard-deviation low, cheaper than COVID lows. Large cap leadership cycle is the second longest in US stock market history. | AVPT AORT SNEX SNEX |
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| 2025 Q2 | Jul 21, 2025 | Biondo Investment Advisors | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has identified encouraging signs that AI is beginning to broaden to the proprietary data and application layer beyond just infrastructure. Their AI framework spans infrastructure enablement, proprietary data applications, and productivity enhancements across portfolio companies. | BSX ISRG SNPS ASML FICO LLY |
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| 2023 Q2 | Jul 20, 2023 | Quercus Fund | - | 12.3% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, NVG.LS, SEM.LS, TSLA | Concentration, Margin Of Safety, Portugal, small caps, undervaluation, value | Manager emphasizes extreme undervaluation with portfolio trading at less than 0.25x estimated value. Focuses on price-to-value analysis and margin of safety principles. Cites Benjamin Graham's value investing philosophy and emphasizes long-term weighing machine concept over short-term voting machine dynamics. | View | |
| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2025 Q2 | Jul 2, 2025 | Guinness China | -5.6% | -5.7% | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Fed policy, growth, healthcare, Mega Cap, tariffs, technology | Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields. | View | |
| 2025 Q2 | Jul 2, 2025 | Guinness Global Innovators | - | 0.6% | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, global, growth, innovation, Quality, semiconductors, technology, Trade Policy | The fund benefits from exposure to artificial intelligence through holdings like Nvidia and Amphenol. Nvidia delivered strongest quarterly earnings despite US licensing restrictions on China shipments, with strong global demand for its latest AI platform. Amphenol saw record sales growth driven by AI-related data center demand. | View | |
| 2025 Q2 | Jul 2, 2025 | Tapasya Investment Fund | - | 11.7% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Discipline, Patience, Quality, rates, small caps, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index. | View | |
| 2024 Q2 | Jul 19, 2024 | Leonard Rickey Advisors | - | - | AAPL, GOOGL, MSFT, NVDA | AI, Concentration, diversification, growth, inflation, large cap, rates, technology | Market gains were concentrated among the largest companies in the information technology and communications sectors, which were expected to benefit from artificial intelligence developments. NVIDIA rose 37% during the second quarter, accounting for 44% of the S&P 500's quarterly performance. The AI theme benefitted the largest companies and contributed to narrow market breadth. | View | |
| 2024 Q2 | Jul 19, 2024 | Titan Wealth | - | - | 000660.KS, 005930.KS, 0700.HK, AAPL, ADBE, ALNY, DIS, EL, FSLR, NFLX, NKE, NVDA, ORCL, TSM | AI, emerging markets, Energy Transition, Global Equity, healthcare, infrastructure, Multi-Manager, technology | Continued enthusiasm for artificial intelligence helped technology maintain its lead as top performer. Companies involved in chips, cloud computing, and data centres saw strong demand with NVIDIA briefly becoming the most valuable company. AI is viewed as a multi-sector opportunity accessible through various portfolio holdings including renewable developers, power generation suppliers, and battery solutions companies. | View | |
| 2024 Q2 | Jul 19, 2024 | Harry Qelm Baabsman | - | -16.5% | ADBE, AMZN, ASC.L, CRM, CSIQ, ENPH, GOOGL, HFG.DE, NVDA, PUM.DE, SEDG, SIGNF, TPIC, ZAL.DE, ZM | clean energy, Cloud, Cyclical, Europe, growth, long-term, value | The fund is heavily invested in clean energy companies, particularly solar energy firms like SolarEdge and Canadian Solar. The manager expects a recovery in the clean energy sector by 2025 after the current oversupply cycle. Solar energy installations continue to grow globally, with 2022 seeing 1185 Gigawatts installed. | TPIC HFG.DE SEDG |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology | AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment. | View | |
| 2025 Q2 | Jul 18, 2025 | Impax Global Environmental Markets Fund | 12.5% | 10.5% | A, AI.PA, APH, HUBB, IEX, KYGA.L, LIN, MSFT, NVDA, RNR, SU.PA, TMO, VIE.PA, WAT, WM, ZTS | AI, Environmental, growth, healthcare, infrastructure, sustainability, technology | AI-related tailwinds drove strong performance in Information Technology holdings, particularly Cloud Computing and Semiconductor companies. The portfolio benefits from AI infrastructure growth, with companies like Microsoft Azure and Nvidia showing strong results. However, the launch of open-source AI platform DeepSeek has created some investor concerns around market leadership concentration. | IEX ZTS WAT APH NVDA MSFT WAT |
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| 2025 Q2 | Jul 18, 2025 | Mairs & Power - Growth Fund | - | 1.9% | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, financials, growth, healthcare, large cap, technology | AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The infrastructure buildout is extraordinary with projected capital spending on AI data centers reaching $6.7 trillion by 2030. Machine vision technology has progressed more in the past six months than in the prior two decades thanks to AI, enabling systems to adapt and operate reliably in real-world conditions. | PANW CGNX |
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| 2025 Q2 | Jul 18, 2025 | Pernas Research | 19.3% | 10.5% | AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, XMTR | AI, Data centers, growth, infrastructure, semiconductors, small caps, technology | AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager views the AI investment cycle as lasting at least 12-16 months, comparing it favorably to the fiber buildout era. Unlike fiber's debt-financed overbuild, AI spending is demand-linked with high data center utilization and contracted demand supporting continued capital deployment. | View | |
| 2025 Q2 | Jul 18, 2025 | NZS Capital – Growth | 19.4% | 15.1% | 1211.HK, APH, ARM, CDNS, CPRT, DHR, FI, FND, GLBE, GOOGL, HEI, IR, LRCX, MELI, MRVL, MSFT, NET, NVDA, PGR, PWR, ROP, SAIL, TOST, TSM | growth, Portfolio Management, semiconductors, software, technology, volatility | NZS views the world as a complex adaptive system subject to frequent shocks and disruptions. Their portfolio construction process is designed to handle volatility by sizing positions based on range of outcomes rather than narrow predictions. The resilient head provides ballast during volatility while the optionality tail captures asymmetry. | TOST TOST |
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| 2023 Q2 | Jul 18, 2023 | Artemis US Select Fund | 10.4% | - | AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC | AI, Cloud, earnings, Housing, infrastructure, Recovery, technology | Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size. | DXCM ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN CSX VMC BLDR EXP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AMZN |
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| 2025 Q2 | Jul 17, 2025 | Riverwater Partners Small Cap Strategy | - | - | LMNR, NVDA | AI, Geopolitical, nuclear, small caps, Trade Policy, Valuations | AI will transform lives more profoundly than the internet, with autonomous agents expected within years. The next wave of AI investment opportunity belongs to small caps as AI tools become democratized, giving smaller companies access to coding and automation capabilities previously exclusive to tech giants. | View | |
| 2025 Q2 | Jul 17, 2025 | Platinum International Fund | 0.3% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, ADI, ALLFG.L, AMZN, AS1R.HE, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, FOXF.L, GDNP.SW, GLE.PA, GOOGL, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WIZZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade | AI drives significant demand for semiconductors, data centers, and nuclear energy. Companies like Broadcom, NVIDIA, and TSMC are benefiting from AI capex spending. AI agents could reshape device interactions and potentially disrupt traditional platforms like Apple's iOS. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum Global Fund (Long Only) | 2.6% | - | 000660.KS, 005930.KS, 055550.KS, 1109.HK, 2057.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 700.HK, 7203.T, 7974.T, 8035.T, 9618.HK, AMZN, ASML, AVGO, BARC.L, CCO, GLE.PA, GOOGL, INGOF, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V, VAL, VEEV, WZZAF, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund discusses valuation methodologies for AI stocks using theoretical adjusted price to sales models. AI is driving increased demand for nuclear energy and data centers, benefiting holdings like Cameco. | WIZZ LN CCO CN |
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| 2025 Q2 | Jul 17, 2025 | Platinum Asia Fund | 3.9% | - | 000660.KS, 005930.KS, 009150.KS, 035420.KS, 0700.HK, 1109.HK, 2269.HK, 2318.HK, 6758.T, 7203.T, 7974.T, AMZN, AVGO, CCO, GOOGL, INGOA.NS, JD, MA, META, MOWI.OL, MSFT, NFLX, NVDA, NVS, ORSTED.CO, RCI, TSM, UBER, UBS, UL, V | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | Korea is experiencing corporate governance reforms through the Value-Up Program and Commercial Act amendments that should reduce the Korea discount. The country benefits from geopolitical alignment with the West in defense manufacturing and has competitive advantages in semiconductors, nuclear power, and cultural exports. | TSM 2202 HK MYOR IJ |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Brands Fund | 6.6% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS | AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies. | IDXX WING GALD SW |
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| 2025 Q2 | Jul 17, 2025 | Platinum International Technology Fund | 18.4% | - | 000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 6141.T, 6503.T, 6758.T, 6861.T, 7203.T, 7974.T, 8113.T, 8725.T, 8802.T, 9618.HK, ALLFG.L, AMRS.HE, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, FLTR.L, GDNP.SW, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, LRCX, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, STJ.L, TSMC, UBER, UBS, UL, V, VAL, VEEV, WING, WIZZ.L, ZTS | AI, China, defense, Korea, nuclear, semiconductors, technology, Trade Policy | AI stocks are being valued using theoretical adjusted price to sales models. The fund holds AI enablers in semiconductors and large language models. AI is driving demand for nuclear energy and data centers, benefiting holdings like Cameco and semiconductor companies. | KLAC |
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| 2025 Q2 | Jul 17, 2025 | Alger Small Cap Focus Fund | 15.2% | -5.0% | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, Construction, energy, healthcare, infrastructure, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. | QTWO PTLO WING TPC TLN NBIS TECH NEOG FSS RBC TPC |
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| 2025 Q2 | Jul 17, 2025 | Contrarius Global Equity Fund | 19.2% | 10.7% | AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD | AI, contrarian, Electric Vehicles, semiconductors, technology, value | AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands. | NVDA NVDA |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Global Equity | 16.7% | 17.2% | 6501.T, BN, CBK.DE, ELAN, GOOGL, HWM, ICICIBANK.NS, LLY, MELI, META, MRVL, NVDA, PRX.AS, RHM.DE, TEAM, TMUS, TSM, UNH, VRT, VRTX | AI, defense, Europe, Geopolitical, global, industrials, semiconductors, technology | Defense represents a compelling opportunity driven by geopolitical uncertainty and increased spending commitments. NATO countries agreed to invest 5% of GDP in defense by 2035, signaling long-term commitment beyond current administrations. European contractors are gaining market share as nations develop industrial sovereignty, while Japan and South Korea also increase spending targets against regional threats. | BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM |
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| 2025 Q2 | Jul 17, 2025 | Hosking Partners | - | 12.2% | 000660.KS, 055550.KS, 0669.HK, 4443.T, 6201.T, 7157.T, 7203.T, AMS.JO, AVGO, BAB.L, CPNG, III.L, IMP.JO, META, MSFT, MU, NHM.JO, NVDA, SGL.JO, SYL.JO, VIST | defense, diversification, global, Platinum, South Korea, technology, Trade Policy, value | Trump administration imposed 10% base tariff on all trade partners plus reciprocal tariffs based on trade surplus levels. Reciprocal tariffs paused except for China, but base tariff remained. This policy shift is expected to create significant reordering of winners and losers. | 055550.KS CPNG 000660.KS III.L BAB.L |
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| 2024 Q2 | Jul 17, 2024 | Chilton Capital Management | - | - | AAPL, GOOGL, META, MSFT, NVDA | AI, growth, interest rates, large cap, Mega Cap, REITs, technology | Mega-cap growth companies have greater capacity to benefit from major secular trends such as artificial intelligence. Companies like NVIDIA, Meta, Alphabet, and Microsoft continue to outperform due to rising earnings estimates driven by AI developments. | View | |
| 2024 Q2 | Jul 17, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Concentration, diversification, growth, large cap, Passive, small cap, technology, value | The S&P 500 Index reached record concentration levels with the top five components accounting for 28.6% of the index, surpassing the 1964 record of 27.7%. The Magnificent Seven contributed 59% of year-to-date returns while the remaining 493 companies contributed negatively. This concentration is not keeping pace with sales and profits of Fortune 500 companies, suggesting potentially unrealistic growth expectations priced into valuations. | View | |
| 2023 Q2 | Jul 17, 2023 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, T, TSLA, XOM | active, Concentration, large cap, Passive, technology, valuation, value | The firm emphasizes that for strategies where valuation is a core tenet, the opportunity set is one of the most attractive in years. The top five S&P 500 components are trading at 34.0x next-12-month P/E, almost double the historical median, while the rest of the index trades at more reasonable 17.1x. They believe active strategies can mitigate overexposure to historically expensive companies and overweight more valuation attractive opportunities. | View | |
| 2025 Q2 | Jul 16, 2025 | Harding Loevner Global Equity | 10.2% | 7.9% | 0700.HK, 1299.HK, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, CPG.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPIA.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGS.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, V, VRTX, WALMEX.MX | AI, Cloud, Data centers, global, growth, semiconductors, technology | AI models released in 2024 have demonstrated marked improvement in performance against new benchmarks, including major strides in reasoning to solve complex problems. Many companies can now point to real products and applications as well as measurable effects on their businesses. Competition among big tech companies appears to be intensifying as more companies join the race to develop cutting-edge AI systems. | ADBE BKNG ADBE |
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| 2025 Q2 | Jul 16, 2025 | Apis Deep Value Fund | 23.2% | - | 4403.T, 7013.T, GEO, GOOGL, IBM, INTC, MGNI, MSFT, NFLX, NVDA | Ad Tech, defense, gold, infrastructure, Korea, nuclear, Space, value | Defense remains one of the most structurally supported sectors globally following decades of underinvestment, with defense budgets expanding meaningfully across regions. The emergence of next-generation technologies including drones, counter-drone systems, directed-energy weapons, and space-based defense applications is creating new markets for smaller, specialized companies. Korean defense holdings Poongsan and Hyundai Rotem were among the top performers in Q2. | 4403.T MGNI 4403 JP MGNI US |
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| 2025 Q2 | Jul 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | IDXX SBUX ORCL GLOB IDXX SBUX ORCL |
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| 2025 Q2 | Jul 16, 2025 | Titan Wealth | - | - | 0005.HK, 0700.HK, AAPL, ADBE, AMD, AMZN, ATCO-A.ST, AVGO, BA.L, BABA, CAT, CRWD, DIS, GIVN.SW, GOOGL, HON, INTC, JNJ, KOG.OL, LHX, MC.PA, MELI, META, MOS, MSFT, NFLX, NVDA, ORCL, REGN, ROK, RTX, SIE.DE, SNY, TSLA, UL | AI, defense, emerging markets, geopolitics, industrials, infrastructure, tariffs, technology | Technology led portfolio performance with significant gains in AI infrastructure companies like Nvidia, Broadcom, AMD, and Oracle. The fund added exposure to AI semiconductors and infrastructure, with Sanlam Artificial Intelligence fund delivering strong returns of 10.2%. AI expansion through hardware and infrastructure businesses remains a key positioning theme. | View | |
| 2025 Q2 | Jul 16, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology, volatility | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. | View | |
| 2024 Q2 | Jul 16, 2024 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, cyclicals, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE |
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| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2025 Q2 | Jul 15, 2025 | Coho Relative Value Equity | - | - | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TOST, TSLA | AI, Concentration, Consumer Staples, GLP1, healthcare, multiples, technology, value | AI euphoria following ChatGPT release sparked impressive but narrowly led market rally in Information Technology sector. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-driven momentum propelled sectors Coho tends to underweight. | View | |
| 2025 Q2 | Jul 15, 2025 | White Brook Capital | - | - | AMZN, GOOGL, INFU, JAKK, META, MSTR, NVDA, PAYS, RPID | AI, crypto, defense, Ethics, Housing, small caps, SPACs, Strategy | SPACs are returning to market as a sign of mania, similar to 2021 when they led to tremendous short-term returns for sponsors but typical SPACs fell over 90% long-term. This represents a concerning market trend pushing extremes. | View | |
| 2025 Q2 | Jul 15, 2025 | Akre Focus Fund | 6.5% | - | AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM | Compounding, drawdowns, long-term, Quality, value | The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth. | View | |
| 2025 Q2 | Jul 15, 2025 | Polen Capital – Focus Growth | 9.2% | 2.3% | AAPL, ADBE, AMZN, AVGO, CSGP, IDXX, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP, TMO, UNH | AI, growth, healthcare, large cap, Quality, risk management, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle was the top-owned relative contributor, up 56% in the quarter as the market embraced meaningful acceleration in growth driven by Oracle Cloud Infrastructure positioning as a go-to cloud infrastructure provider for training generative AI models. Performance leadership was dominated by AI-focused sectors, especially semiconductors which were up 64% in Q2. | IDXX ORCL UNH AAPL IDXX ORCL |
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| 2024 Q2 | Jul 15, 2024 | Focus Wealth Management | - | - | AAPL, COST, MSFT, NVDA, PLC.TO | AI, Concentration, diversification, Mega Cap, Quality, small caps, technology, Valuations | Massive capital inflows into artificial intelligence related companies are driving market exuberance. AI is mentioned as one of the key factors behind investor optimism and the concentrated performance of mega-cap technology stocks. | COST |
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| 2025 Q2 | Jul 14, 2025 | T. Bailey Multi-Asset Dynamic Fund | 3.0% | - | AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPC.L, STEM.L, TSCO.L, XPS.L | active management, AI, cybersecurity, defense, diversification, Geopolitical, UK Equities, value | AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as beneficiaries of AI adoption. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2. | ETLN GR |
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| 2025 Q2 | Jul 14, 2025 | T. Bailey Multi-Asset Growth Fund | 3.6% | - | AZN.L, BEZ.L, CRWD, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPEC.L, STEM.L, TSCO.L | active management, defense, diversification, Geopolitical, inflation, technology, Uk, value | Technology focused funds such as Polar Capital AI rebounded strongly from Q1 setbacks. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2. | 9896 JP |
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| 2025 Q2 | Jul 14, 2025 | T. Bailey Global Thematic Equity Fund | 5.0% | - | AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SRC.L, STEM.L, TSCO.L, XPS.L | AI, cybersecurity, defense, diversification, global, Multi-Asset, Uk, value | AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2. | CIBR CHRY LN |
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| 2025 Q2 | Jul 14, 2025 | T. Bailey UK Responsibly Invested Equity Fund | 9.4% | - | AZN, BEZ.L, CRM, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SRC.L, STEM.L, TSCO.L, XPS.L | active management, defense, diversification, Geopolitical, inflation, technology, Uk, value | AI-led productivity gains are real and technology focused funds like Polar Capital AI rebounded strongly in Q2. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2. | SXS LN |
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| 2024 Q2 | Jul 14, 2024 | Aegis Value Fund | 0.0% | 3.1% | AAPL, AMZN, ARG.TO, BCYP, CSCO, DLAPF, GOOGL, HLDR, IFP.TO, IPCO.TO, MEG.TO, META, MSFT, MTRX, NGS, NVDA, ORE.TO, PRU.AX, SEPBTF, TSLA | energy, gold, inflation, Mining, oil, small cap, value | Oil supply appears temporarily supplemented by inventory liquidations with US Strategic Petroleum Reserve drained nearly half. US shale production growth structurally leveling off as new drilling primarily offsets decline rates. Global exploration hindered by fossil fuel divestment and sanctions on Russia may constrain exports. | PRU.AX OGC.TO NGS |
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| 2023 Q2 | Jul 14, 2023 | Leonard Rickey Advisors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, growth, inflation, large cap, rates, technology, US, value | Excitement around artificial intelligence propelled growth stocks to outsized gains during the quarter. The AI theme drove mega-cap tech stocks including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta to rise sharply. This narrow AI-driven rally resulted in concentration concerns as these seven companies had a collective weighting in the S&P 500 larger than six entire sectors combined. | View | |
| 2023 Q2 | Jul 14, 2023 | Titan Wealth | - | - | ABNB, AMZN, BIO, BMW.DE, DBX, DIS, ETSY, ILMN, MSFT, NVDA, ORCL, REGN | AI, Energy Transition, global, inflation, Multi-Asset, technology, value | AI has dominated markets this year with companies like Microsoft, Nvidia, and Oracle benefiting significantly. The firm sees AI as a transformative technology creating compelling investment opportunities globally. They maintain exposure through specialized funds and individual holdings positioned to capture this secular growth trend. | View | |
| 2023 Q2 | Jul 14, 2023 | WestEnd Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in companies benefiting from AI datacenter buildouts and custom silicon demand. | FICO AVGO BSX ET LLY AI AMD NVDA |
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| 2023 Q2 | Jul 13, 2023 | Chilton Capital Management | - | - | AVGO, MSFT, NVDA | AI, Bull Market, earnings, Fed policy, inflation, REITs, technology | Artificial Intelligence continued to garner significant investor attention, with ChatGPT becoming the fastest growing consumer application ever. NVIDIA CEO called this the iPhone moment for AI, with enterprises rushing to adopt AI applications. Goldman Sachs estimates AI could add 7% to global GDP and 4% to S&P 500 net margins over the next decade. | View | |
| 2024 Q2 | Jul 12, 2024 | Leaven Partners | -1.4% | 7.9% | AAPL, NVDA | Carry Trade, Currency, Hedging, Japan, risk management, valuation | The fund profited from shorting the Japanese yen as it weakened from ¥152 to ¥161 against the dollar during Q2. The yen is fundamentally undervalued at ¥100-110 but continues trading based on interest rate differentials rather than fundamentals. The massive $20 trillion yen carry trade creates momentum effects where selling begets more selling. | View | |
| 2024 Q2 | Jul 12, 2024 | Moon Capital Management | 0.0% | 23.0% | AAPL, AMD, AMZN, GOOGL, INTC, META, MSFT, NTB, NVDA, TSLA | AI, Banking, Market Concentration, semiconductors, technology, value | AI has been the dominant investment theme driving market performance, with the Magnificent Seven AI-related stocks producing the S&P 500's returns while other stocks declined. The manager explains AI through machine learning concepts and notes the market's fixation on chip companies is masking broader market weakness. | NTB |
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| 2024 Q2 | Jul 12, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN.AS, AMAT, AMZN, AVGO, AZN, CRM, GOOGL, INTU, LLY, MSCI, MSFT, NTRA, NVDA, ODFL, PANW, PCOR, TSM, V, WDAY | AI, financials, growth, healthcare, large cap, semiconductors, technology | AI-related narratives drove extreme market concentration with companies benefiting from soaring AI investment generating disproportionate returns. The fund's top contributors included companies benefiting from the surge in AI investment like Alphabet, Taiwan Semiconductor, and Applied Materials. Investor enthusiasm for companies expected to benefit from AI continued to drive performance. | View | |
| 2024 Q2 | Jul 12, 2024 | Longriver Investment Partners | 1.3% | 15.3% | 0700.HK, 1810.HK, AAPL, AMD, AMZN, BABA, COST, FUTU, GAW.L, GOOGL, INTC, JD, META, MSFT, NVDA, PDD, TSLA, TSM, VTY.L | AI, Big tech, China, E-Commerce, global, semiconductors, technology | The GenAI investment cycle has sparked massive capital deployment by Big Tech companies, with Amazon, Meta, Alphabet and Microsoft increasing compute investment from $119bn in 2023 to an estimated $195bn in 2025. However, there remains significant uncertainty about where value will accrue in the AI stack and whether the massive investments will generate profitable returns. | PDD TSM |
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| 2024 Q2 | Jul 12, 2024 | Moneta Group | - | - | AAPL, AMZN, CSCO, GOOGL, INTC, META, MSFT, NVDA, TSLA, UBER | AI, diversification, Economy, growth, large cap, Markets, technology | AI stocks dominated market performance with the Magnificent 7 posting 15.8% returns in Q2. Companies building AI infrastructure like chips, data centers, and servers are being rewarded, while those benefiting from productivity gains have yet to see market appreciation. The market is rewarding companies generating cashflow from AI rather than simply incorporating AI. | View | |
| 2023 Q2 | Jul 12, 2023 | Generation Investment Management Global Equity | - | - | AMAT, ASML, BAX, BDX, HSIC, LRCX, MSFT, NVDA, PANW, TXN | AI, Quality, semiconductors, sustainability, technology | Generative AI has entered public consciousness with ChatGPT usage growing rapidly. The technology holds great promise but economic impact will take time as companies experiment with tools. GPU usage is only 7% of servers globally. AI will benefit semiconductor equipment makers and cybersecurity companies while transforming software development. | AMAT |
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| 2023 Q2 | Jul 12, 2023 | MacNicol & Associates Asset Management | - | - | AAPL, AMD, AMZN, GOOGL, MSFT, NVDA | AI, Canada, Central Banking, interest rates, Mortgages, technology | Tech's resurrection has been driven by AI optimism, particularly around Nvidia's dominance in AI-fueled chips and GPUs. The firm notes that gigantic tech companies are scalable with AI and software platforms that can handle increased workloads, making gaining market share easy. However, they express concern about astronomical valuations in AI stocks like NVDA trading on hopes of further AI dominance. | View | |
| 2023 Q2 | Jul 12, 2023 | Wealthspire | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | fixed income, growth, inflation, rates, Recovery, technology, value | The letter references artificial intelligence in the context of productivity scenarios and mentions it would be avant-garde to have ChatGPT write the quarterly letter. AI is discussed as a potential driver of economic growth through productivity improvements in one of McKinsey's four medium-term scenarios. | View | |
| 2025 Q2 | Jul 11, 2025 | Patient Capital Management | 15.3% | 4.2% | AMZN, C, GOOGL, IAC, META, NCLH, NVDA, QXO, RPRX, UNH | AI, contrarian, Cruises, healthcare, small caps, technology, value | AI companies have delivered approximately 50-60% of the market's returns over the past 2.5 years. The fund maintains 21.6% exposure to Mag 7 AI leaders including Amazon, Google, NVIDIA, and Meta. If current AI trends continue as expected, these companies should perform well. | C RPRX QXO IAC NCLH UNH QXO IAC UNH |
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| 2025 Q2 | Jul 11, 2025 | Claret Asset Management | - | - | AAPL, MSFT, NVDA, TSLA | AI, Big tech, Buy Hold, long-term, Trade Policy, volatility | The letter extensively discusses Trump tariffs that triggered a sharp market correction in April 2025, followed by a strong rebound when tariffs were paused for 90 days. The manager emphasizes that economic forces are always stronger and longer lasting than political forces. | View | |
| 2025 Q2 | Jul 11, 2025 | Moneta Group | - | - | MSFT, NVDA | AI, Cloud, Defense Spending, earnings, infrastructure, large cap, technology, Trade Policy | Tariff implementation delays and negotiations provided market relief after initial recession fears. Trump's tariff threats were dialed back with 90-day implementation delay allowing for negotiations. Trade deal optimism increased with UK deal and temporary China-US tariff relief. | View | |
| 2025 Q2 | Jul 11, 2025 | 103 Advisory group | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Bonds, equities, fiscal policy, inflation, rates, tariffs, Trade Policy, Treasury | The quarter began with sweeping tariffs including a baseline 10% on nearly all imports, bringing the average U.S. tariff rate to 22.5% from 2.4%. A 90-day pause was announced due to Treasury market volatility. Trade deals were struck with China on rare earth minerals, and Vietnam agreed to a 20% duty structure. | View | |
| 2025 Q2 | Jul 11, 2025 | Baillie Gifford – US Equity Growth | 24.8% | 12.9% | AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO | Concentration, growth, innovation, long-term, technology, US | The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage. | SPT ROKU CRCL APP 6857 JP MDLN |
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| 2024 Q2 | Jul 11, 2024 | Headwaters Capital Management, LLC | 8.8% | 21.4% | AMAT, ANSS, ASML, CDNS, INSP, INTC, KLAC, KLIC, NVDA, PDFS, SNPS, TMDX | AI, Medical Devices, mid cap, semiconductors, small caps, technology, value | The manager discusses semiconductor manufacturing complexity and the need for advanced yield optimization software. PDF Solutions is positioned to benefit from increasing complexity at advanced nodes and the emergence of new foundries investing at the leading edge. | View | |
| 2024 Q2 | Jul 11, 2024 | JB Global Capital | 7.3% | 8.1% | AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY | AI, Buybacks, China, payments, technology, value | The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations. | PYPL STNE |
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| 2023 Q2 | Jul 11, 2023 | Rathbones | - | - | ACN, ADBE, AMZN, ARM, ASML, CHGG, GOOGL, INTC, META, MSFT, MTCH, NFLX, NVDA, PYPL, TSM, UBER, WEN | AI, Bonds, diversification, Hydrogen, Japan, semiconductors, technology | The launch of ChatGPT has triggered a new artificial intelligence gold rush among investors, driving strong gains across technology companies. Generative AI represents a breakthrough that can create original content rather than just identify patterns. The value currently accrues primarily to Nvidia as the dominant chip provider, though the long-term profit distribution across the AI supply chain remains uncertain. | View | |
| 2025 Q2 | Jul 10, 2025 | Headwaters Capital Management, LLC | 7.3% | -2.6% | COIN, DHR, GMED, HOOD, MSTR, NVDA, PLTR, TECH, TMDX, TMO | AI, Biotechnology, mid cap, Risk Appetite, small caps, valuation | AI enthusiasm is driving large cap outperformance and creating narrow market breadth concentrated in AI beneficiaries. The manager believes AI is real with lasting benefits but excitement around valuations is reaching extremes similar to 1999. History suggests the AI cycle will eventually reach over-investment and excess capacity. | TECH TECH |
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| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V | Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value | AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management. | AER |
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| 2024 Q2 | Jul 10, 2024 | HORAN Capital Advisors | 0.0% | 0.0% | AMZN, EBAY, LULU, META, MSFT, NKE, NVDA, ROST, SBUX, TGT, TJX, WEN, WMT | consumer, earnings, Economic Slowdown, Fed policy, Market Concentration, Sentiment | Consumers are changing shopping habits due to elevated prices and higher unemployment, with higher earners now shopping at discount stores. Walmart is seeing increased higher income shoppers while companies like Starbucks and Nike face headwinds from consumer pressure. Sales growth for discount stores has outperformed name brands for several quarters. | View | |
| 2024 Q2 | Jul 10, 2024 | Brasada Focused Equity Strategy | 0.0% | 0.0% | AMD, AMZN, CCCS, COST, CPRT, GWRE, IBM, INTC, META, MSFT, NFLX, NVDA, PGR, TSLA | Concentration, insurance, Monopoly, software, technology, value | Manager discusses AI as the current investment fad, comparing it to previous technology bubbles. Notes that while ChatGPT demonstrated AI utility, markets tend to get ahead of themselves in bidding up potential winners. Emphasizes that early winners in technology revolutions are rarely the same winners a decade later. | CCCS |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | ABT, ACN, AME, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | AI continues to drive market gains with the Magnificent 7 responsible for the majority of S&P 500 returns. Nvidia sees accelerating demand for GPU semiconductors from hyperscalers and enterprises for AI computing. Amphenol benefits from increased spending on AI-enabled data center architectures requiring higher interconnect content. | MCHP BSX APH NSC DAR GOOGL NVDA |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ABT, ACN, AME, AMZN, APH, AVGO, BSX, COST, DAR, EL, GH, GOOGL, HAL, MCHP, META, MSFT, NSC, NVDA, TFX | AI, growth, healthcare, large cap, semiconductors, technology | The fund benefited from AI-driven demand for NVIDIA's GPU semiconductors from hyperscalers and enterprises. Amphenol is positioned to benefit from increased spending by cloud-service providers on new data center architectures that enable AI computing technologies. The fund sees AI as a broadening secular trend driving equity markets. | MCHP BSX APH |
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| 2024 Q2 | Jul 10, 2024 | Artemis US Select Fund | 2.4% | 20.1% | AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC | AI, growth, large cap, semiconductors, technology, US | Nvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models. | NVDA |
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| 2024 Q2 | Jul 10, 2024 | Generation Investment Management Global Equity | - | - | AMAT, AMZN, AVGO, BDX, CCC, GOOGL, MSFT, NTNX, NVDA, TWLO, VMW, VWS.CO | AI, Cloud, Data centers, energy, Esg, sustainability, technology | Discusses the power demands of Generative AI and its impact on data centers. Notes that AI requires significant electricity for training and inference, with cloud companies investing heavily in AI hardware. Examines sustainability implications of AI's energy consumption. | NTNX |
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| 2024 Q2 | Jul 10, 2024 | QV Investors | - | - | AAPL, AMZN, AVGO, BRK-A, GOOGL, LLY, META, MSFT, NVDA, POOL, SBUX | AI, consumer, credit, Economic Cycle, Market Concentration, rates, Risk Appetite, Valuations | AI-driven bull market continues with Nvidia driving significant market returns. Seven AI-related stocks drove the entire S&P 500 return in Q2. Current AI enthusiasm parallels historical tech bubble patterns with extreme concentration and high expectations. | View | |
| 2025 Q2 | Jul 1, 2025 | Temasek Holdings | - | - | 068270.KS, 0700.HK, 1299.HK, 2318.HK, 3690.HK, 5E1.SI, ADYEY, AMZN, AXSB.NS, BABA, BLK, BN4.SI, C6L.SI, D05.SI, HDFCBANK.NS, ICICIBANK.NS, INTA, MA, NVDA, S57.SI, S58.SI, S68.SI, STAN.L, U96.SI, V, Z74.SI | AI, Asia, energy, infrastructure, Resilience, Singapore, sustainability, technology | Temasek continued investing in AI infrastructure and applications, recognizing the transformative potential of AI technologies on the global economy. Investments included major technology companies like Alphabet, Amazon, Microsoft, and Nvidia, as well as data infrastructure companies like Databricks and Veeam Software. | View | |
| 2025 Q2 | Jul 1, 2025 | Kingdom Capital Advisors | - | - | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, Dollar, global, innovation, semiconductors, tariffs, technology | Strong demand for AI-driven technologies supported portfolio performance, particularly in data centers and semiconductors. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust demand for AI-related data center technologies. | View | |
| 2024 Q2 | Jun 30, 2025 | Barometer Capital Management | - | - | AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, technology | The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business. | View | |
| 2025 Q2 | Jun 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | 15.9% | 6.3% | ABNB, ABT, BWXT, CHTR, ICE, ISRG, LLY, NOW, NVDA, NVO, SNOW, TDG, UBER | AI, defense, growth, nuclear, Pharmaceuticals, regulation, technology, Trade Policy | The AI revolution continues to drive significant opportunities and challenges, with Nvidia facing regulatory threats from government restrictions on chip exports while maintaining dominance in global AI infrastructure. Snowflake is positioning itself as a critical platform for real-time AI-powered data analytics through AI agents and secure third-party applications. | UBER BWXT SNOW NVDA |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista Global Equity Fund | - | 13.0% | AAPL, AVGO, BRK-A, COLOB.CO, GE, MSFT, NVDA, ORCL, TDG | aerospace, AI, Cloud, global, large cap, Quality, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2 2025, with NVIDIA benefiting from demand for next-generation Blackwell platform and reasoning-based applications requiring 10x more compute power. Microsoft's Azure AI services accelerated, while Oracle gained market share in hyperscale cloud for generative AI workloads. The AI market remains in early stages of multi-year infrastructure build-out. | GE BRK-A AAPL NVDA ORCL MSFT GE BRK.B AAPL NVDA ORCL MSFT |
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| 2025 Q2 | Jun 30, 2025 | PivotalPath | - | - | CP, LUV, NVDA, UAL, WAB | Asia, Hedge Funds, momentum, Performance, technology, Trade Policy, Transportation, volatility | Transportation sector delivered exceptional performance with 20.71% returns in May, outpacing tech's resurgence. Hedge funds are positioned in AI-adjacent infrastructure logistics plays and capacity-related airline trades. The sector benefits from increased US industrial activity across manufacturing and infrastructure projects, with strong earnings from companies like Wabtec and Canadian Pacific Kansas City. | View | |
| 2025 Q2 | Jun 30, 2025 | Munro Global Growth Fund | 16.1% | 7.7% | 1211.HK, AMZN, BAE.L, CEG, CRH, GEV, GOOGL, LLY, MA, META, MSFT, NOC, NVDA, ORCL, SIEGY, TSM, VRT | AI, Climate, defense, energy, global, growth, security, technology | AI infrastructure spending continues to accelerate with hyperscalers committing billions to capex. Nvidia's data centre revenues could potentially double as they address over $500 billion of a trillion-dollar AI infrastructure opportunity. New opportunities emerging in robotics and sovereign AI applications. | SIE.DE MSFT ENR GR MSFT |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Core Equity Fund | 9.8% | - | AAPL, AMZN, AVGO, BRO, DE, DHR, FERG, FIS, GOOGL, ICE, INTU, LIN, MA, MSFT, NVDA, ORCL, SPGI, TMO, VRTX, WM | AI, defensives, financials, large cap, Quality, technology | AI is viewed as a durable long-term trend that will transform the economy, with U.S. companies at the forefront. The fund has taken advantage of market volatility to lean into secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and certain areas of software. Second-quarter performance of the Information Technology sector confirmed that investments in AI are propelling growth. | View | |
| 2025 Q2 | Jun 30, 2025 | Parnassus Growth Equity Fund | 19.0% | - | AAPL, ABNB, AMZN, APPF, AVGO, BRO, GE, GOOGL, INSM, INTU, LLY, MSFT, NET, NVDA, SN, TMO, TSM, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology, Trade Policy | AI investments continue to drive growth with increased energy demand from AI technologies benefiting utilities and power infrastructure companies. The fund maintains exposure to AI beneficiaries including hyperscalers, semiconductors and software companies building the computing foundation of the future. | INSM |
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| 2025 Q2 | Jun 30, 2025 | Magellan Global Opportunities Fund No. 1 | 6.2% | - | AAPL, AMD, AMT, AMZN, AVGO, BKNG, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVDA, RB.L, TSM, UNH, ZBH | AI, global, growth, Quality, semiconductors, technology, Trade Policy | AI demand driving semiconductor growth with TSMC benefiting from data center buildouts and AI chip manufacturing. Major AI data centre announcements in the US and Middle East creating upward momentum for the AI trade. | TSM NESN SW SAP MSFT GOOG AMZN DG TSM |
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| 2025 Q2 | Jun 30, 2025 | Magellan High Conviction Fund | - | - | AMZN, ASML, CRM, EL.PA, GOOGL, ICE, MELI, META, MSFT, NFLX, NVDA, TSLA, TSM, UBER, V | AI, Automation, Cloud, growth, innovation, large cap, semiconductors, technology | AI is rapidly advancing from LLMs to reasoning models and agentic AI, with corporate adoption accelerating across all business functions. The technology is progressing faster than mobile or internet eras, with AI likely to reach 50% US household penetration in under three years. Companies are investing over $300B in AI infrastructure in 2025 alone. | View | |
| 2025 Q2 | Jun 30, 2025 | Bell Global Equities Fund | 5.3% | 1.1% | 6146.T, AAPL, AIR.PA, AMD, AMZN, ANET, AON, AVGO, BF-B, BJ, CSCO, GOOGL, LULU, META, MSFT, NESN.SW, NVDA, NVO, ORCL, TSM | AI, Cloud, global, growth, Quality, semiconductors, technology | Oracle's cloud-infrastructure revenue soared 50% year-on-year driven by AI demand, with management forecasting continued acceleration. DISCO Corp benefited from robust demand from advanced semiconductor foundries and stabilisation in EV-related power devices, with market responding favourably to capacity expansion plans linked to generative AI and next-generation communications. | NFLX AIR.PA BJ LULU 6146.T ORCL |
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| 2025 Q1 | Jun 30, 2025 | Antero Peak Group | -1.9% | -1.9% | ADI, APO, AXON, CCI, CEG, CME, ENEN.DE, EQIX, GE, HWM, ISRG, KKR, KMI, LIN, LLY, MCO, MSFT, MSI, NDAQ, NVDA, PRMB, RR.L, SAF.PA, SPGI, TDG, TSM, VST, WMB | aerospace, AI, alpha, earnings, energy, growth, large cap, technology | Aerospace normalization theme was a strong contributor in Q1 with General Electric continuing clean execution as a pure play aerospace engine maker and Rolls-Royce seeing positive upward revisions. The team sees aerospace cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli ABC Fund | 2.1% | - | AAPL, AMZN, BATRA, CHWY, CZR, FOX, GOOGL, IDXX, IVG.MI, META, MSFT, MSGS, NFLX, NVDA, SBGI, TDS, TGNA, TSLA, WBD, ZTS | AI, defense, Mergers & Acquisitions, private market value, Sports, tariffs, Utilities, Value Investing | Major AI infrastructure platforms remained committed to aggressive investment with the five largest global data center operators communicating 2025 capex plans aggregating to ~$330bn. Adoption of generative AI services has inflected sharply with ChatGPT's Weekly Active Users doubling since the start of the year and Alphabet's Gemini reporting 50x year-over-year growth in tokens generated. | SWTX |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS | AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities | The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools. | WCC KR |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Equity Income Fund | 5.3% | - | AAPL, AMZN, AVGO, AXP, BRK.B, C, GOOGL, JNJ, JPM, LLY, MA, META, MRK, MSFT, NFLX, NVDA, ORCL, PFE, V, WFC | AI, defense, energy, gold, Sports, tariffs, technology, Utilities | Artificial intelligence continues to drive significant investment and growth across technology companies. Major AI infrastructure platforms maintained aggressive investment commitments with $330 billion in capex plans. ChatGPT usage doubled and commercial AI adoption accelerated across multiple sectors. | CR AXP |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. | MSFT |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2025 Q2 | Jun 30, 2025 | Hood River Capital – International Opportunity Fund | - | - | IREN, NVDA | AI, defense, emerging markets, international, nuclear, small caps, technology | The portfolio had developed a pronounced tilt toward AI and infrastructure needed to support its rapid expansion. Due to market instability and growing concerns about the pace of future AI-related investment, exposure was prudently reduced. However, technology holdings overall were increased, with particular excitement about semiconductor materials innovations being integrated into supply chains of major players like NVIDIA and data centers. | View | |
| 2025 Q2 | Jun 30, 2025 | ACATIS Investment | - | -5.2% | 1211.HK, 8035.T, ADBE, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns including full task delegation. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO ITM LN |
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| 2025 Q2 | Jun 30, 2025 | Edgewood Management | 15.9% | 6.8% | ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. Broadcom is positioned to benefit from the $250B+ AI chip market through custom silicon and networking equipment for AI datacenter buildouts. NVIDIA continues to drive AI compute with strong performance in the quarter. | FICO AVGO BSX FICO AVGO |
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| 2025 Q2 | Jun 30, 2025 | Evolve Private Wealth | - | - | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Fed policy, growth, healthcare, Mega Cap, tariffs, technology | Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields. | View | |
| 2025 Q2 | Jun 30, 2025 | Baron Health Care Fund | -5.1% | -7.6% | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, large cap, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider pricing and look for mispriced securities in expensive market conditions. | UHAL BOL.PA 005930.KS |
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| 2025 Q2 | Jun 30, 2025 | Fortress – Caribbean Growth Fund | 4.2% | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2025 Q2 | Jun 30, 2025 | Nixon Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth credited to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs. | View | |
| 2024 Q2 | Jun 30, 2024 | Saturna Sustainable Funds | -1.9% | 9.5% | AAPL, ACN, ADBE, DASTY.PA, FERG.L, GIB.A.TO, GSK, HD, LLY, LOW, LULU, NVDA, NVO, NXPI, SBUX, SCHNEIDER.PA, STM, TJX, TSM, WKL | AI, global, growth, healthcare, large cap, semiconductors, Sustainable, technology | Generative AI is driving stock prices, index returns, and capital expenditures across technology companies. The fund sees significant productivity enhancements from AI tools and believes AI will follow the path of transformative technologies like desktop computers and cellular phones. Big tech companies are committing tens to hundreds of billions in capital investment for AI development. | View | |
| 2024 Q2 | Jun 30, 2024 | Octahedron Capital | - | - | AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W | AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology | AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications. | View | |
| 2024 Q2 | Jun 30, 2024 | Orbis Global Equity | - | - | AAPL, AMZN, CXT, GOOGL, KO, META, MSFT, NVDA, TSLA, WFC | Advertising, AI, Buybacks, large cap, technology, value | Google has successfully embedded AI into its search generative experience, with search engagement up, profit margins up, and cost to serve AI queries down 80%. The company has strong AI engineering talent, access to cutting-edge chips, and vast data sets for training models. | GOOGL |
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| 2024 Q2 | Jun 30, 2024 | Bailard Technology Strategy | 9.8% | 28.5% | AAPL, AMD, AMZN, FISV, KLAC, LRCX, META, MSFT, MU, NFLX, NTAP, NVDA, PANW, PSTG, SHOP, SNOW, SPOT, SPT, TSM, UBER | AI, growth, large cap, semiconductors, software, technology | Spending on AI infrastructure coupled with recovery in cyclical markets underscored improving fundamentals for semiconductors. Demand for high performance chips is spurring order activity for new wafer fabrication equipment, setting up a recovery in the tooling segment and strong upcycle in 2025. Apple unveiled a credible suite of AI-enabled apps and stoked expectations for a sizable iPhone upgrade cycle. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron Global Advantage Fund | 3.3% | 6.9% | ADYEN.AS, ALAB, ARGX, ASML, CPNG, CRWD, DAVA, DDOG, FVRR, GLOB, INDI, MELI, NET, NVDA, RIVN, SHOP, SNOW, TMP, TSLA, WIX | AI, global, growth, healthcare, semiconductors, software, technology | The fund views AI as driving a new industrial revolution, with NVIDIA positioned as the AI generator creating tokens for every industry. The manager believes we remain early in AI adoption across industries and the race for Artificial General Intelligence continues with exponential demand growth for accelerated computing. | TXG NET SHOP CPNG CRWD NVDA |
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| 2024 Q2 | Jun 30, 2024 | Burke Wealth Managament The Focused Growth Strategy | 5.9% | 21.9% | ACN, ADBE, AMD, AMZN, CRM, CRWD, GOOGL, NOW, NVDA, SNOW, WDAY | AI, cybersecurity, Data centers, Enterprise Software, growth, large cap, semiconductors, technology | The AI revolution continues to be at the center of the market universe with Nvidia powering today's AI revolution through its Hopper and Blackwell chip sets. The durability of Nvidia's dominance in the data center is coming into clearer focus with ecosystem lock-in through CUDA programming language and accelerated product release cadence. Enterprise software companies are beginning to monetize AI-infused products after a period of testing and heavily discounted demos. | CRWD NVDA |
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| 2024 Q2 | Jun 30, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, AMZN, ANET, CEG, CMG, COST, DELL, DUK, GRMN, HIW, ISRG, JNJ, LLY, META, MSFT, NVDA, VRTX | AI, Data centers, energy, healthcare, semiconductors, technology | AI theme is the most prevalent across portfolios with holdings from enablers to users. Nvidia dominates data center semiconductors with 92% market share and significant competitive advantages. Microsoft's Copilot AI works alongside Office 365, while Apple recently unveiled Apple Intelligence for iOS18. | View | |
| 2024 Q2 | Jun 30, 2024 | Private Capital Management | - | - | AAPL, GOOGL, META, MSFT, NVDA | Alternatives, Correlation, diversification, large cap, technology, Valuations | Nvidia remains the stock market's darling with nearly 100% of Wall Street analysts assigning a buy rating. The company's remarkable earnings growth and stock price performance has vaulted it to be one of the most valuable publicly traded stocks in the world. However, while AI enhanced productivity is here to stay, excess returns for AI themed stocks may not be sustainable. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Fund | -1.0% | - | 005930.KS, 0700.HK, AAPL, AMZN, AVGO, GOOGL, INTERGLOBE.NS, KER.PA, MC.PA, META, MSFT, MU, NFLX, NKE, NVDA, PUMA.DE, TSM, TSMC, UBS, ZTO | AI, China, global, semiconductors, technology, value | AI-related holdings performed strongly with TSMC and Broadcom up around 20%. Apple highlighted AI functionality as the next competitive battleground for smartphones, requiring 10-12GB of RAM to handle AI tasks. This boosted DRAM producers as AI integration becomes the new method of differentiation. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Global Fund (Long Only) | -2.0% | - | 005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, China, global, semiconductors, technology, value | AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum Asia Fund | 2.0% | - | 000660.KS, 005930.KS, 021240.KS, 0700.HK, 1109.HK, 1357.HK, 3968.HK, 9961.HK, AAPL, CATL, GOOGL, INGVY, JD, NVDA, PDD, TSM, TSMC, ZTO | Asia, China, India, Property, semiconductors | Strong performance from semiconductor holdings TSMC and SK hynix driven by AI enthusiasm. TSMC up 25% and SK hynix up 28% during the quarter as markets focused on AI-exposed companies. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Brands Fund | -1.0% | - | AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS | brands, consumer, E-Commerce, global, Luxury, Recovery, technology | Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine. | View | |
| 2024 Q2 | Jun 30, 2024 | Platinum International Technology Fund | 3.0% | - | 000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV | AI, growth, semiconductors, software, technology | AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing. | View | |
| 2024 Q2 | Jun 30, 2024 | Antero Peak Group | 3.9% | 20.1% | AAPL, AMT, AMZN, AVGO, CP, ETN, GE, GEV, GS, HUBS, ISRG, LLY, MSFT, MSI, NVDA, SAF.PA, SPOT, TDG, TSM, V | aerospace, AI, fundamentals, growth, healthcare, large cap, semiconductors, technology | Generative AI investment universe spans multiple phases from compute and infrastructure to applications. The team sees AI as driving transformation across semiconductors, data centers, and enterprise software. AI proliferation is creating opportunities in robotic surgery with DaVinci 5's 10,000x improvement in computing power. | View | |
| 2024 Q2 | Jun 30, 2024 | Castlebay Investments | - | - | AZO, CPG.L, IHG.L, LSEG.L, MSFT, NVDA, RELX.L | moats, Quality, returns, Scale, United Kingdom, value | The fund focuses on companies with sustainable competitive advantages through Hamilton Helmer's 7 Powers framework, emphasizing businesses with scale economies, network effects, and barriers to competition. The portfolio demonstrates superior returns on equity of 39% versus market's 12%, with operating margins above 20%. | LSEG.L CPG.L AZO |
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| 2024 Q2 | Jun 30, 2024 | Peapack Private | - | - | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets. | UHAL BOL.PA 005930.KS |
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| 2024 Q2 | Jun 30, 2024 | City Different Investments – Global Equity | 5.3% | 22.5% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2024 Q2 | Jun 30, 2024 | Fortress – Caribbean Growth Fund | -2.7% | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and enterprise software platforms. The manager believes AI will prove additive to enterprise software results despite current market skepticism about seat-based pricing models. AI data center demand has transformed memory from cyclical to more stable with HBM market growing from $8B in 2023 to expected $30B+ in 2026. | View | |
| 2024 Q2 | Jun 30, 2024 | PM Capital Australian Companies Fund | -2.9% | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, fixed income, healthcare, insurance, software, Valuations | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability of $3-4 trillion annual data center spending projections by 2030, citing economic viability and energy infrastructure as key risks. | TTAN TYL AJG CR |
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| 2024 Q2 | Jun 30, 2024 | Trojan Fund from Troy Asset Management | - | 3.8% | AXP, DEO, GOOGL, HEINY, MSFT, NESN.SW, NVDA, UL, V | AI, Elections, gold, inflation, Multi-Asset, Politics, Uk, US | Markets have risen to new highs driven by excitement around vast investments into Artificial Intelligence, though fatigue is setting in with some questioning the potential return on billions invested into generative AI. The narrowness of returns with Nvidia alone accounting for 30% of the S&P 500 rally is concerning and often occurs late in market cycles. | View | |
| 2023 Q2 | Jun 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 36.7% | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | Manager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. | View | |
| 2023 Q2 | Jun 30, 2023 | Contrarius Global Equity Fund | 3.4% | 11.0% | AAPL, INTC, MSFT, NFLX, NVDA, PARA, WBD | AI, contrarian, growth, Media, Streaming, technology, value | Both Paramount and Warner Bros. Discovery are transitioning from legacy linear TV to Direct-To-Consumer streaming platforms. The streaming industry is reaching an inflection point for profitability after years of losses, with opportunities for ARPU increases through price hikes, ad-supported tiers, and password sharing restrictions. | NWBD.L PARA |
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| 2023 Q2 | Jun 30, 2023 | Centerstone Investors Fund | - | - | NVDA, ORLY, SWON.SW | AI, Auto Aftermarket, Banking, China, international, value | The manager discusses the value trade taking a breather in Q2 2023 but expresses confidence that the era of US stock market dominance is waning. They highlight growing evidence supporting globally diversified value investing styles with valuation support, money flows, normalizing interest rates and improving fundamentals overseas. | SWON.SW AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2023 Q2 | Jun 30, 2023 | Devon Alpha Fund | 4.1% | - | AAPL, APM.AX, AUB.AX, BXB.AX, EBO.AX, FBU.NZ, FCG.NZ, FPH.NZ, IFT.NZ, JHX.AX, MSFT, MTS.AX, NVDA, PCT.NZ, PLS.AX, RIO, RYM.AX | Australia, dividends, healthcare, infrastructure, Mining, New Zealand, value | Strong performance from mining companies including Rio Tinto (+7.2%), Pilbara Minerals (+10.9%), and Brambles benefiting from improved cost pressures with significant falls in lumber prices. Mining sector performance was a key driver across multiple funds. | View | |
| 2023 Q2 | Jun 30, 2023 | Merchant West | - | - | ADBE, AMD, GOOGL, MSFT, NVDA, TFG.JO | AI, dividends, Energy Transition, inflation, Load Shedding, Quality, South Africa, technology | AI represents a once-in-a-generation investment opportunity following ChatGPT's release in November 2022. The team is invested in AI beneficiaries like Alphabet, Microsoft, and Adobe, with NVidia surging 177.7% year-to-date as the dominant GPU provider for AI applications. | View | |
| 2023 Q2 | Jun 30, 2023 | Mondrian Global Equity Fund | - | - | 005930.KS, AAPL, AMZN, ASML, CRM, DELL, GOOGL, IFX.DE, META, MSFT, NFLX, NVDA, NVO, SONY, TSLA, TSM | AI, Concentration, growth, international, semiconductors, technology, valuation, value | The release of Chat GPT created mainstream accessibility to AI tools, fueling extreme share price movements. While AI offers tremendous economic promise, the technology has gone through multiple hype cycles historically. Current valuations are capitalizing much of the potential benefit upfront, though the range of outcomes remains wide. | View | |
| 2023 Q2 | Jun 30, 2023 | Fortress – Caribbean Growth Fund | -0.1% | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2023 Q2 | Jun 30, 2023 | PM Capital Australian Companies Fund | -4.2% | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, gold, Mining, rates, tariffs, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. | View | |
| 2023 Q2 | Jun 30, 2023 | Trojan Fund from Troy Asset Management | - | 0.6% | BDX, DEO, GOOGL, MSFT, NESN.SW, NVDA, PG, UL, V | AI, asset allocation, credit, interest rates, Multi-Asset, Recession, technology, Valuations | AI represents a significant long-term opportunity for productivity and economic transformation, similar to the internet's impact. However, current market enthusiasm mirrors historical tech bubbles with extreme valuations. The manager expects AI's effects to be wider reaching than current narrow stock price moves suggest, but warns of Pavlovian market responses that will eventually become more nuanced. | GOOGL AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q2 | Jun 26, 2025 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, CEG, DUK, EQT, GE, GRMN, HASI, JPM, MSFT, MSI, NFLX, NVDA, OKE, PGR, SFM, TMO, UBER, VRTX, YETI | AI, Bonds, energy, gold, healthcare, Stablecoins, tariffs, technology | AI infrastructure investment remains strong despite global conflicts and political policies. Approximately one-third of equity holdings are directly involved in AI infrastructure build-out spanning technology, communications, finance, and utilities. AI holdings have largely driven strong equity returns over the past few years, modestly outperforming the S&P 500 in 2025. | View | |
| 2024 Q1 | Jun 25, 2024 | Argosy Investors | 10.6% | 10.6% | DAVA, DEO, NVDA, TBBB | AI, Cash, Discount Retail, IT Services, Mexico, Valuations, value | Manager discusses extensive research in IT services dating back to 2017, highlighting the evolution from low-skilled infrastructure monitoring to customer-facing application development. The sector earns extremely high returns on capital and historically augments organic growth with acquisitions. Current investment in Endava represents exposure to this new generation of IT services focused on custom application development. | DEO TBBB DAVA |
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| 2025 Q1 | Jun 16, 2025 | Qualivian Investment Partners | 1.2% | 1.2% | AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO | compounders, concentrated, long-term, Quality, value | Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns. | AZO |
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| 2024 Q1 | Jun 15, 2024 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | AMZN, ETN, GOOGL, INTC, META, MSFT, NEE, NFLX, NVDA, PANW, PYPL, RTX, UBER | growth, inflation, large cap, Mega Cap, rates, technology | Amazon and Microsoft both saw acceleration in cloud revenues and communicated increasing run rates for their AI-driven services. Meta is focusing on high-return AI investments while maintaining cost discipline. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABT, ADBE, AMZN, META, MSFT, NFLX, NKE, NOW, NVDA, PAYC, PYPL, TMO, TSLA, V, ZTS | AI, earnings, growth, large cap, Quality, technology, Valuations | Managers discuss AI's impact across multiple holdings, noting that much customer spending is driven by AI experimentation rather than proven use cases. They see generative AI as having enormous future impact but question the sustainability of current revenue growth rates, particularly for NVIDIA. | View | |
| 2024 Q1 | May 9, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY | AI, Cloud, global, growth, Quality, technology | SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period. | View | |
| 2026 Q1 | May 8, 2026 | Baron Durable Advantage Fund | -9.1% | -9.1% | AMZN, CME, GOOGL, LRCX, META, MPS, MSCI, MSFT, NVDA, TSM, WELL | AI, Cloud, Data centers, growth, large cap, semiconductors, technology | View | ||
| 2024 Q1 | May 8, 2024 | Aoris International Fund | 3.1% | 0.0% | ATCO-A.ST, COST, CPG.L, INTC, NVDA, TSCO, TSLA, V | AI, Conservative, international, Quality, technology, value | The fund focuses on high-quality, wealth-creating businesses with strong competitive positions and proven management. They avoid unprofitable companies, highly indebted businesses, emerging market companies, and those with volatile earnings. The investment approach emphasizes conservative, fundamental analysis of market-leading businesses. | V CPG.L ATCO-A.ST |
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| 2024 Q1 | May 8, 2024 | Mott Capital Management | 2.8% | 2.8% | AAPL, ADBE, AMZN, BA, GOOGL, ISRG, MA, META, MSFT, NVDA, TSLA, V | AI, growth, inflation, large cap, rates, technology, Valuations | The market is being dangerously driven by an Artificial Intelligence momentum trade with Nvidia as the primary beneficiary. Many companies are spending heavily on AI but aren't necessarily seeing revenue benefits, while only a handful like Nvidia are actually profiting. The AI rally appears momentum-based and questionable for continuation. | View | |
| 2024 Q1 | May 7, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, CMG, CRWD, DXCM, LULU, MSFT, NVDA, TSCO | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Generative AI references pervaded almost every earnings call as the world debates the future impact of this revolutionary technology. The firm outlined stages of the AI technological revolution and where profits will accrue in each evolution stage. NVIDIA benefited from tremendous excitement surrounding generative AI development and the likelihood this would necessitate purchasing large numbers of Nvidia products far into the future. | AAPL ADBE LULU MSFT AMZN NVDA |
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| 2026 Q1 | May 5, 2026 | Burke Wealth Managament The Focused Growth Strategy | -10.6% | -10.6% | ASML, CRM, CRWD, MU, NOW, NVDA, SNOW | AI, energy, Enterprise Software, geopolitics, growth, semiconductors, technology | View | ||
| 2025 Q1 | May 5, 2025 | Horizon Kinetics | - | - | ARIS, GEV, HE, JPM, META, NUE, NVDA, SJT, TPL | AI, commodities, Data centers, energy, infrastructure, Natural Gas, technology, water | Explosive spending by major IT companies on data centers amid mass adoption of artificial intelligence. Meta spending $60-65 billion on data center construction this year, 50% above 2024. Data center buildout has potential to be greatest deployment of private investment capital in history. | HE SJT ARIS |
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| 2025 Q1 | May 30, 2025 | Jackson Peak Capital | 33.2% | 33.2% | COIN, HPE, MU, NVDA, PDD, TSLA | AI, China, crypto, Election, Fed, international, Long/Short, technology | AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The manager held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain. | HPE MU NVDA PDD COIN TSLA |
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| 2024 Q1 | May 3, 2024 | Pernas Research | 18.0% | 17.8% | ARQ, BURBY.L, DELL, DOCS.L, META, MSFT, NVDA, REX, RRGB, SMCI, VRT | AI, inflation, interest rates, small caps, technology, United Kingdom, value | Manager views AI technology as still in the first inning and actively seeks companies positioned to benefit from this trend. Primary beneficiaries have been corporations like NVIDIA, Microsoft, and Meta, along with hardware manufacturers supporting data center build-out for AI workloads. Future leaders in novel applications and new industries are still to emerge. | View | |
| 2024 Q1 | May 3, 2024 | Laughing Water Capital | 2.5% | 11.1% | CDMO, CTLT, HALO, LFCR, NN, NVDA, PAR, TACT, THRY | Biotechnology, Capacity, CDMO, long-term, Manufacturing, small caps, value | Large portion of portfolio invested in Contract Drug Manufacturing Organizations focused on biologics. Both Lifecore and Avid positioned to benefit from industry consolidation as Catalent is acquired by Novo Holdings and Chinese CDMOs face regulatory restrictions. Companies have available capacity during industry shortage and should benefit from tremendous operating leverage as capacity fills. | View | |
| 2024 Q1 | May 3, 2024 | Templeton & Phillips Capital Management | 0.0% | 0.0% | AAPL, AMZN, BAH, CACI, GOOGL, META, MSFT, NVDA, PANW, TSLA | AI, Cloud, cybersecurity, defense, small caps, technology, value | Generative AI is in early stages of impacting the broader economy beyond obvious tech players. Amazon takes a holistic approach to AI across cloud services, e-commerce, and operations. AI tools are being adopted for nefarious purposes including state-sponsored cyberattacks. | CACI AMZN |
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| 2024 Q1 | May 3, 2024 | Fairlight Alpha Fund | -13.0% | 14.1% | GOOGL, NVDA, TSLA | AI, Bottom-up, growth, small caps, technology, value | Manager sees AI as creating once-in-a-lifetime opportunities similar to the rise of personal computing and the internet. They are investing in AI-adjacent businesses rather than obvious names like Nvidia or Alphabet, focusing on companies where AI growth and financial results are already visible. AI will likely affect every stock they own, with examples like McCoy Global positioned to benefit from AI in oil drilling processes. | CYV.OL |
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| 2023 Q1 | May 3, 2023 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, MSFT, NVDA, TSLA | Banking, growth, Mega Cap, rates, technology, volatility | Banking crisis emerged following the collapse of Silicon Valley Bank and Signature Bank during Q1 2023. Financials was the worst performing sector with a 5.6% decline. Bond market volatility spiked to levels not seen since the global financial crisis amid uncertainty about system contagion. | View | |
| 2025 Q1 | May 27, 2025 | RGA Investment Advisors | - | - | AMZN, BRKR, DHR, ENTG, GOOGL, IAC, LULU, META, NKE, NVDA, TMO, TSM | AI, Athleisure, Biotechnology, Life Science, semiconductors, Taiwan, Trade Policy, uncertainty | AI's march forward is relentless with strong value in companies enabling AI infrastructure buildout, particularly hardware. This momentum is insulated from macro and policy noise making it a true constant. Capital is flowing into this ecosystem at unprecedented speed with focus on firms having pricing power, mission-critical positioning, and scale to benefit from accelerating AI workloads globally. | LULU BRKR TSM |
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| 2025 Q1 | May 26, 2025 | Saltlight Capital | 2.7% | 2.7% | AAPL, AMZN, BLU.JO, CPI.JO, MELI, NVDA, SE | AI, China, E-Commerce, Fintech, gaming, growth, Southeast Asia, technology | Manager maintains strong conviction that AI is a transformative multi-decade opportunity, with intelligence being embedded in all software applications. Focus on AI agents driving productivity gains and higher API usage for cloud providers. NVIDIA's Blackwell series offers 30-fold improvement in inference performance, likely to reignite enthusiasm. | BLU.JO SE NVDA |
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| 2024 Q1 | May 23, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | Top US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. | View | |
| 2025 Q1 | May 22, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM | commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale | The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply. | View | |
| 2023 Q1 | May 22, 2023 | Private Capital Management | - | - | AAPL, AMZN, GOOGL, MSFT, NVDA | Banking, Commercial real estate, Federal Reserve, inflation, rates, Recession, Regional Banks | Silicon Valley Bank and Signature Bank failures created liquidity crisis in regional banking sector. Federal Reserve created BTFP program to provide enhanced liquidity using Treasuries and MBS as collateral at par value. Banks maintain strong balance sheets compared to pre-2008 crisis levels. | View | |
| 2025 Q1 | May 21, 2025 | Fairtree Global Equity Fund | 1.5% | 1.5% | ABT, AMZN, AVGO, BABA, BID.JO, BP, EVO.ST, GFI, GOOGL, JD, JPM, KO, KSPI.L, MSFT, NVDA, ORCL, PDD, SHEL, TTE | AI, China, E-Commerce, energy, Global Equity, Recession, tariffs, technology | AI-related US companies experienced pronounced volatility following the release of Deepseek, a Chinese Large Language model trained at significantly lower cost but producing similar results to current US models. Chinese companies' advancements in AI have reinforced their position as a significant force in the technology sector. | View | |
| 2024 Q1 | May 21, 2024 | Saltlight Capital | 15.6% | 35.6% | 0700.HK, APP, BLU.JO, DO, META, NVDA, PDD, PRX.AS, TCP.JO, TDW.TO, WBC.JO | AI, Buybacks, China, Oil Services, Self-healing, South Africa, Spin-Offs, value | Manager sold AI infrastructure investments due to high valuations despite validating the thesis. Concerns about narrow predictions required by high multiples and wide distribution of outcomes. AI expected to enhance advertising opportunities for Tencent through improved video engagement and ad targeting. | JSEBLU JSETCP 700.HK |
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| 2025 Q1 | May 20, 2025 | Tall Oak Capital Advisors | - | - | AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK | Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy | The first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures. | MELI |
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| 2024 Q1 | May 2, 2025 | Appalaches Capital | 4.1% | 4.1% | AZO, GOOGL, NVDA, PLX.PA, SAFT, SYENS.PA, VSTS | AI, Behavioral Finance, Europe, risk management, Specialty Chemicals, Spin-Offs, value | Artificial Intelligence has dominated market attention with NVIDIA's share price nearly doubling in Q1. The manager views AI as creating productivity gains across industries through better insurance underwriting, inventory management, and targeted advertising. However, the manager warns against the availability heuristic affecting investment decisions, citing Google's temporary decline on AI-related concerns as an opportunity. | GOOGL PLX SYENS VSTS |
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| 2024 Q1 | May 2, 2024 | Capicraft Investment Partners | 0.0% | 0.0% | BUR.L, F, JMAT.L, MBG.DE, MTN, NVDA, SPP.JO, SSL, TM | AI, commodities, Elections, energy, gold, inflation, Resources, South Africa | Gold continues to rise despite higher bond yields due to US fiscal weakness and structural inflation. Eastern central banks and private sectors are buying gold instead of Western government bonds, representing a shift in the global monetary system. Chinese demand is so strong that gold trades $100/oz higher in Shanghai than Western markets. | View | |
| 2025 Q1 | May 18, 2025 | Lux Capital | - | - | NVDA, TSLA | AI, Biotechnology, defense, innovation, Partnerships, Space, technology, Venture Capital | Artificial intelligence is transforming human-machine partnerships through flexible interfaces that adapt to human intentions. Engineers now copilot software production alongside coding agents, while cinema directors use AI tools like RunwayML to conjure worlds from thoughts. The evolution from rigid interfaces to conversational AI represents a fundamental shift in how humans and machines collaborate. | View | |
| 2024 Q1 | May 18, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMAT, AVGO, BRK-A, CMGI, CSCO, GBTC, GLW, INTC, LLY, META, MSB, MSFT, MU, NVDA, SBR, TPL, V | Bitcoin, Bubble, Compounding, Concentration, long-term, royalties, technology, valuation | The letter discusses AI chips and their impact on technology stocks, particularly noting how AI chip technology has driven recent outperformance in companies like Nvidia and Micron. The manager views AI as part of the current technology bubble similar to previous cycles. | View | |
| 2024 Q1 | May 15, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AMZN, BBWI, DD, GOOGL, HUM, INTC, LSEG.L, META, MRVL, MSFT, NFLX, NVDA, PCG, TSM, VST | AI, Data centers, energy, semiconductors, technology, value | AI is a key element of the thesis for nearly half of Third Point's equity positions. The technology favors incumbents who are deploying financial and intellectual war chests to win the AI arms race. Best-run legacy companies like Microsoft and Amazon have built enormous competitive advantages and seen their growth vectors accelerate. | View | |
| 2025 Q1 | May 13, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | ADBE, AVGO, AZO, CBOE, LULU, MCD, META, NOW, NVDA, TJX | growth, large cap, Outperformance, Quality, volatility | The portfolio's focus on quality companies with low price volatility helped limit losses during the quarter's elevated volatility. Quality positioning benefited from investor flight towards quality companies amid market uncertainty. | View | |
| 2024 Q1 | May 13, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, APD, BRK.B, LIN, META, MLM, NSRGY, NVDA, PGR, SBUX | AI, dividends, large cap, momentum, Quality, value | The fund focuses on quality factors including profitable, financially stable companies with strong balance sheets, consistent free cash flow generation, and high returns on capital. Quality factors faced headwinds in Q1 as the market favored momentum and growth over quality characteristics. | SBUX APD NSRGY BRK.B MLM PGR |
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| 2024 Q1 | May 13, 2024 | Artemis Global Select Fund | 10.8% | 10.8% | 3690.HK, AMD, AMZN, BKR, CPRI.MI, ELV, HDB, INTC, META, MU, NESN.SW, NVDA, PDD, RVTY, RYAAY, TMO | AI, China, consumer, financials, global, healthcare, semiconductors, technology | Technology firms benefited from demand for artificial intelligence applications and the components necessary to power them. The fund invested in semiconductor companies involved in the AI supply chain, including Nvidia and AMD. | View | |
| 2024 Q1 | May 10, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, AMGN, BGC, BKRIF, BLKB, EAF, EXPI, FPH, HCC, NVDA, QCOM, ROKU, WBD | activism, Aviation, materials, small cap, technology, trading, value | NVDA represents almost 15% of the portfolio as the top holding. The manager sold NVDA call options that expire in June and are deep in the money, planning to deploy cash from covered calls over time as opportunities arise. | BGC AER EAF |
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| 2026 Q1 | May 1, 2026 | Antipodes Global Value Fund | - | - | 005380 KS, 0291.HK, 4901.T, 6367.T, BKD, COF, CRM, DIS, IFX.DE, MSFT, NVDA, TTE, VAL, WDAY | AI, energy, Geopolitical, global, healthcare, Rotation, semiconductors, value | IFX.DE 4901.T 0291.HK NVDA DIS |
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| 2026 Q1 | May 1, 2026 | Antipodes Global Fund | - | - | 005380 KS, 6367.T, COF, CRM, DIS, KEYS, LEN, MSFT, NVDA, PGR, TTE, VAL, WDS.AX, WLK | AI, commodities, energy, Geopolitical, global, oil, technology, value | PGR WDS.AX NVDA DIS |
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| 2025 Q1 | May 1, 2025 | Mairs & Power - Growth Fund | -4.7% | -4.7% | AAPL, AMZN, FI, GOOGL, JPM, LFUS, META, MSFT, NVDA, NVT, RHHBY, TSLA, TSM, UNH, V, WEC | AI, growth, large cap, semiconductors, tariffs, technology, volatility | The emergence of DeepSeek, a Chinese AI startup, jolted the Information Technology sector by unveiling large language models with comparable functionality to American rivals at a fraction of the cost. This undermined prevailing wisdom that AI requires exorbitant computing power and called into question vast AI investments. The fund remains excited about AI prospects but less enthusiastic about lofty valuations and has been reducing positions accordingly. | TSM |
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| 2025 Q1 | Apr 9, 2025 | Mawer International Equity Fund | 9.9% | 9.9% | AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO | AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy | Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages. | View | |
| 2025 Q1 | Apr 9, 2025 | Diranko Capital | -4.0% | -4.0% | AAPL, GOOGL, NVDA, TSLA | emerging markets, Fed policy, gold, growth, Labor Market, liquidity, small caps, technology | Strong underlying demand and robust liquidity supported equity resilience despite seasonal headwinds. Robust ETF inflows, near-record corporate buybacks, and limited selling pressure created Volume Demand exceeding Volume Supply by one of the widest margins since 2021. | View | |
| 2024 Q1 | Apr 9, 2024 | East Capital | - | - | BABA, NVDA, TSM | AI, Buybacks, China, emerging markets, India, Recovery, semiconductors, Taiwan | AI remained the primary driver of market returns in emerging markets, with Taiwan contributing significantly due to TSMC's AI chip production for Nvidia. TSMC expects AI to represent high-teens percentage of revenue by 2027 with demand outpacing capacity planning. The manager sees continued opportunities in reasonably priced AI-related stocks. | View | |
| 2026 Q1 | Apr 8, 2026 | Eagle Point Capital LLC | - | - | AZO, BN, BTI, CHGG, DG, INTC, MCK, NVDA, PM, TSM, WOSG.L | Concentration, durability, long-term, Physical Infrastructure, Quality, value | MCK |
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| 2026 Q1 | Apr 8, 2026 | Andrew Hill Investment Advisors, Inc. | - | - | 1211 HK, AAPL, COST, EQT, GE, GEV, GOOGL, GRMN, MSFT, NFGC, NVDA, NXT, OKE, RIVN, TSLA, VRTX, YETI | AI, energy, geopolitics, Iran, Natural Gas, oil, semiconductors, technology | EQT OKE GOOGL AAPL NXT |
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| 2025 Q1 | Apr 8, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ALC, AMZN, GOOGL, ICE, INTU, META, MMC, MNST, MSFT, NVDA, RTX, SBUX, SHW, SNPS, SPGI, TSLA, UBER, V | AI, growth, large cap, Magnificent Seven, semiconductors, tariffs, technology | The emergence of DeepSeek, a Chinese large language model with capabilities similar to the best LLMs but built with inferior chips and at lower cost, caused investors to question whether massive capex devoted to Gen AI would continue. Nvidia fell sharply despite delivering record financial results amid strong rollout for its newest Blackwell GPU system. | View | |
| 2025 Q1 | Apr 8, 2025 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, diversification, Recession Risk, tariffs, technology, Trade Policy, Valuations | The new administration implemented significant tariffs including 20% on Chinese goods, 25% on steel and aluminum, and 25% on imports from Canada and Mexico. Reciprocal tariffs announced after quarter-end may push effective tariff rates above 20%, with economic impact estimated at ~2% of U.S. GDP. | View | |
| 2026 Q1 | Apr 7, 2026 | HORAN Capital Advisors | - | - | IGV, MSFT, NVDA | AI, earnings, energy, geopolitics, Market Rotation, private credit, technology | View | ||
| 2025 Q1 | Apr 7, 2025 | Moon Capital Management | - | - | AAPL, AMZN, CI, CVS, FHN, GOOGL, GS, KKR, META, MSFT, NTB, NVDA, SYF, TSLA | Corrections, financials, healthcare, Trade Policy, value, volatility | Manager provides detailed analysis of Trump tariffs, estimating $3,500 annual cost increase per household based on Goldman Sachs analysis. Discusses uncertainty around timing and scope creating business caution, with potential for retaliation and supply chain disruptions. | View | |
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL | AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value | The manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak. | C GOOGL CVS RPRX QXO AMZN NCLH DAL UAL |
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| 2024 Q1 | Apr 7, 2024 | Richie Capital Group | - | - | GOOGL, META, NVDA | Concentration, long-term, Outperformance, small caps, time arbitrage, value | The letter extensively discusses value investing principles, referencing Warren Buffett's Western Insurance investment that traded at 0.1x P/E ratio. The manager emphasizes finding undervalued companies and exploiting market inefficiencies through patient capital deployment. | View | |
| 2025 Q1 | Apr 5, 2025 | Manole Capital Management | - | - | AAPL, AMZN, EBAY, GOOGL, JPM, META, NVDA, PYPL, SQ, TSM, V | AI, Digital, Fintech, Magnificent Seven, payments, rates, technology | AI spending by tech giants is significantly reducing free cash flow as companies like Alphabet and Meta plan massive capital expenditures. DeepSeek's announcement raised questions about AI infrastructure investments but was viewed as more panic than fundamental threat. The AI boom differs from the dot-com era due to real earnings and sustainable business models backing today's leaders. | View | |
| 2024 Q1 | Apr 5, 2024 | Sparrow Wealth Management | - | - | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Fed policy, growth, healthcare, inflation, tariffs, technology | Technology has been at the forefront with great excitement over the transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields. | View | |
| 2025 Q1 | Apr 4, 2025 | Pangolin Asia Fund | -10.9% | -10.9% | NVDA, TSLA | ASEAN, consumer, fundamentals, Indonesia, Malaysia, tariffs, value | Fund trading at extremely attractive valuations with P/E of 8.9x for 2025F, down 17% over six months. Many companies now meeting Ben Graham's cigar butt criteria. Current levels present opportunity to own quality compounders at seldom seen valuations. | View | |
| 2025 Q1 | Apr 30, 2025 | Bell Global Equities Fund | -8.6% | -8.6% | 4684.T, AAPL, ADP, AMZN, ASML, AUTO.L, AVGO, BJ, BNZL.L, DECK, EW, FI, GOOGL, ICLR, IT, META, MSFT, NVDA, NVO, OR.PA, PEP, RMV.L | Cloud, Global Equities, Quality, tariffs, technology, Trade Policy | President Trump's Liberation Day announcement introduced sweeping universal tariffs across all trading partners, triggering immediate flight to safety and market volatility. The announcement was later paused on April 9 to allow time for negotiations, leading to recovery in risk asset prices. | View | |
| 2025 Q1 | Apr 30, 2025 | Horos Asset Management | 5.0% | 5.0% | AAPL, AER, ANA.MC, DIA.MC, EAT.WA, ECR.MC, ELE.MC, GCO.MC, JUP.L, LBTYA, MRG-UN.TO, MSFT, NEON, NVDA, PYPL, SDE.TO, SDRL, SEM.LS, SON.LS, VRLA.PA | AI, China, energy, Europe, financials, tariffs, value | DeepSeek's emergence challenged US AI dominance, causing NVIDIA to lose $590 billion in market value. The Chinese company achieved comparable performance to OpenAI's models at 90-95% lower training costs, demonstrating China's engineering efficiency in AI implementation despite US innovation leadership. | View | |
| 2024 Q1 | Apr 30, 2024 | Atherean Value Fund | - | - | AAPL, AMZN, CSCO, GOOGL, META, MSFT, NVDA, ORCL, TSLA | Concentration, growth, Investment Philosophy, large cap, portfolio construction, turnover, value | The manager extensively discusses their value investing philosophy, emphasizing purchasing securities at favorable prices relative to intrinsic value using earnings, cash flow, and book value models. They critique traditional growth/value index construction methodologies as flawed. | View | |
| 2025 Q1 | Apr 3, 2025 | St. James Investment Company | - | - | BRK-A, CSCO, GME, NVDA, QCOM, TSLA | AI, energy, fundamentals, Speculation, technology, value | The letter discusses AI as part of speculative narratives driving market behavior, noting that technology companies benefited disproportionately from government post-COVID deficits which fed into enormous capital expenditures for AI. AI is characterized as the latest speculative call from Wall Street commentators and hedge fund managers. | View | |
| 2025 Q1 | Apr 3, 2025 | Rodrigo Benedetti | - | - | AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE | AI, banks, defense, Europe, megacaps, Trade Policy, value | AI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure. | View | |
| 2024 Q1 | Apr 3, 2024 | Seeking Winners | 14.5% | 14.5% | AMZN, CSU.TO, EVO.ST, GOOGL, HEI, LMN.TO, META, MSFT, NVDA, TOI.TO | AI, Capital Allocation, Concentration, long-term, semiconductors, software, value | Manager expresses caution about AI hype, noting expensive development costs and unclear path to profitability outside of established players like Microsoft, Nvidia, and Amazon. Discusses concerns about speculative trading around AI and semiconductor stocks, with particular skepticism about Nvidia's revenue growth potentially being inflated through closed-loop investments in AI startups. | TOI.TO CSU.TO |
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| 2026 Q1 | Apr 29, 2026 | Baron Fifth Avenue Growth Fund | -10.4% | -10.4% | AMZN, APH, ASML, META, NET, NVDA, SHOP, SNOW, TSM | AI, Cloud, Data centers, growth, large cap, semiconductors, technology | View | ||
| 2026 Q1 | Apr 29, 2026 | Trojan Fund from Troy Asset Management | - | - | CBRE, CRM, GOOGL, MSFT, NVDA, SAP, TRI, WKL | AI, energy, Geopolitical, gold, inflation, Japan, Multi-Asset, technology | MSFT GOOGL |
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| 2026 Q1 | Apr 29, 2026 | Weitz Large Cap Equity Fund | -12.1% | -12.1% | ADI, ASML, CRM, CSGP, DHR, HEI, IEX, IR, MSFT, NVDA, ODFL, TMO, TSM | AI, Concentration, Industrial, large cap, Life Sciences, semiconductors, technology, value | View | ||
| 2026 Q1 | Apr 29, 2026 | ACR Alpine Capital | - | - | GOOGL, META, NVDA | AI, energy, geopolitics, Iran, SaaS, technology, Valuations | View | ||
| 2026 Q1 | Apr 29, 2026 | Alger Spectra Fund | -10.9% | -10.9% | APP, GEV, MSFT, NVDA, WDC | AI, Cloud, Data centers, energy, growth, software, technology | NVDA APP MSFT NBIS WDC GEV |
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| 2024 Q1 | Apr 29, 2024 | Eagle Capital Management | - | - | AAPL, AMD, AMZN, AVGO, HUM, INTC, NVDA, QCOM, SAP, TSM, WWD | aerospace, duration, healthcare, long-term, semiconductors, technology, value | Humana's Medicare Advantage business faces margin pressure from post-pandemic medical procedure catch-up, tighter CMS reimbursement, and industry mispricing. The company expects 2024-25 earnings weakness but believes industry conditions are near trough with multi-year recovery ahead. | TSM SAP WWD AMZN HUM |
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| 2026 Q1 | Apr 28, 2026 | Allspring Emerging Markets Equity Advantage Fund | 3.9% | 3.9% | NVDA | AI, China, emerging markets, energy, Geopolitical, Korea, oil, Taiwan | View | ||
| 2025 Q1 | Apr 28, 2025 | Advisors Capital | - | - | AAPL, AMZN, AVGO, DUK, GOOG, META, MSFT, NVDA | AI, Defensive, fixed income, global, Recession, tariffs, Trade Policy | The Trump Administration implemented extensive tariff policies in Q1 2025, including reciprocal tariffs on 90 countries ranging from 10% to 125% rates. While markets initially reacted negatively, the firm believes adaptation mechanisms and potential negotiations will mitigate worst-case scenarios. The policy creates both challenges through higher costs and opportunities through domestic production shifts. | View | |
| 2025 Q1 | Apr 27, 2025 | Boyar Value Group | - | - | NVDA, TSLA | AI, Market Rotation, policy, Sentiment, tariffs, value, volatility | Markets experienced significant volatility in Q1 2025 with the S&P 500 down 4.6% after hitting record highs. The VIX posted both its highest level since COVID and largest single-day drop on record. Trading volumes exploded with over 98 billion shares traded in one week alone as investors grappled with policy-driven uncertainty. | View | |
| 2024 Q1 | Apr 27, 2024 | Driehaus Small Cap Growth Fund | 6.4% | 27.0% | AXON, BRBR, MNDY, NVDA, SAIA, SMCI | AI, energy, growth, healthcare, industrials, semiconductors, small cap, technology | AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is still nascent but growing rapidly, with 45% piloting and only 10% in production. The manager views AI as early and sustainable, comparing it favorably to the Tech Bubble with stronger earnings and lower multiples. | View | |
| 2024 Q1 | Apr 27, 2024 | Driehaus Small/Mid Cap Growth Fund | 3.1% | 24.0% | NVDA, SMCI | AI, Data centers, energy, growth, industrials, semiconductors, small cap, technology | AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is still nascent but growing rapidly, with 45% piloting AI and only 10% in production. The manager views AI as early-stage with durable growth prospects, comparing it favorably to past technology cycles like the internet and cloud. | View | |
| 2024 Q1 | Apr 27, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | CAMT, CRNX, FTAI, MOD, NVDA, SMCI, XENE | AI, Biotech, growth, healthcare, industrials, Micro Cap, semiconductors, technology | AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is growing rapidly with 45% piloting AI and significant investment planned. The manager views AI as early-stage with durable growth prospects, comparing it favorably to past technology cycles like the internet and cloud. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEY, AKAM, AMAT, AMZN, AVGO, CHTR, CP, CRM, GOOGL, INTU, ISRG, LLY, MSFT, NTRA, NVDA, PTC, SPGI, TSM, V, VRTX, YUM | AI, growth, healthcare, large cap, semiconductors, technology | AI-related momentum and optimism continued from 2023 into Q1 2024, particularly within semiconductors. The fund benefits from AI exposure through holdings like NVIDIA, Taiwan Semiconductor, and Broadcom, which are positioned to benefit from soaring demand for AI capabilities and chip production. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, AVGO, AZO, CHTR, CP, DE, FI, GILD, GOOGL, INTC, MSFT, MU, NVDA, O, ORCL, RHHBY, SPGI, TXN, VZ | large cap, REITs, semiconductors, technology, Telecom, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductors industry. Broadcom benefits from the adoption and proliferation of AI and has established itself as one of the leading providers of custom silicon products. Rising investment in AI fuels demand for memory providers like Micron. | View | |
| 2023 Q1 | Apr 27, 2023 | NZS Capital – Growth | - | - | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being left behind by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries. | View | |
| 2024 Q1 | Apr 26, 2024 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, RDDT, SMCI, TSLA | AI, contrarian, growth, interest rates, Market Concentration, Speculation, value | Investors continued their love affair with all things AI, sending Nvidia up 80% during 1Q 2024. Other stocks that investors believe will benefit from AI are drawing similar attention: Super Micro Computer Inc, and MicroStrategy, for example, advanced by 255% and 170%, respectively. Signs of speculation in the financial markets abound with these AI-related investments. | View | |
| 2024 Q1 | Apr 26, 2024 | Moon Capital Management | 0.0% | 23.0% | AAPL, AMZN, BTI, GOOGL, ITC.NS, META, MSFT, NVDA, PM, TSLA | earnings, Fed policy, Market Timing, rates, Tobacco, value | British American Tobacco represents a value opportunity trading at only 6x earnings despite generating robust free cash flows exceeding 16% yield. The company is successfully transitioning from traditional combustibles to reduced-risk products, with New Categories business growing 30% annually and turning profitable in 2023. BTI plans to use proceeds from ITC stake sales for share buybacks and debt reduction. | BTI |
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| 2024 Q1 | Apr 26, 2024 | Fawkes Capital Management | 12.0% | 12.0% | AGX, AMD, ANET, ARM, ARQ.AX, CAMT, FN, HPS.TO, KMI, NVDA, POWL, SMCI, VRT | AI, energy, Immigration, inflation, infrastructure, Natural Gas, Trade Policy, water | AI demand is driving a quadrupling in electricity demand growth, with data centers expected to increase from 4.5% to 10% of US power supply in 3 years. This creates significant opportunities in energy infrastructure companies that support AI data center requirements. | View | |
| 2026 Q1 | Apr 25, 2026 | Edgewood Management | -13.3% | -13.3% | ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SNPS, SPOT, VRTX | AI, earnings, growth, large cap, semiconductors, software, technology, Valuations | View | ||
| 2026 Q1 | Apr 25, 2026 | Sands Capital Technology Innovators Fund | -15.0% | -15.0% | 000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM | AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology | View | ||
| 2025 Q1 | Apr 25, 2025 | O’Keefe Stevens Advisory, Inc | - | - | BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU | Autos, Buybacks, earnings, risk management, value, volatility | The manager extensively discusses heightened market volatility, noting that earnings reactions have significantly exceeded historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. The implied versus realized volatility relationship has reversed since Q1 2021, with realized volatility occasionally surpassing implied volatility. | CMP MBGYY BMWKY FPH DFIN |
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| 2024 Q1 | Apr 25, 2024 | Patient Capital Management | 5.6% | 15.8% | AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI | AI, Biotechnology, Buybacks, crypto, growth, large cap, technology | Nvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings. | BIIB NVDA |
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| 2024 Q1 | Apr 25, 2024 | Artemis US Select Fund | - | - | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation | Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. | CNM ALL NSC META AAPL |
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| 2026 Q1 | Apr 24, 2026 | Grandeur Peak Emerging Markets Opportunities Fund | 1.3% | 1.3% | NVDA | AI, emerging markets, growth, infrastructure, Quality, semiconductors, small cap | View | ||
| 2026 Q1 | Apr 24, 2026 | O’Keefe Stevens Advisory, Inc | - | - | BABA, BAX, ELY, GLW, HCC, NVDA, PRGO, SPHR, TPH, WY | AI, Cash, Defensive, Entertainment, healthcare, Lumber, software, Valuations | View | ||
| 2025 Q1 | Apr 24, 2025 | NZS Capital – Growth | -3.6% | -3.6% | 1211.HK, AMT, APH, CDNS, GLBE, GOOGL, HEI, LIN, LMND, MCHP, MRVL, NVDA, PCOR, PGR, RDDT, TEAM, TSM, TT | aerospace, AI, growth, optionality, Resilience, technology, volatility | Markets experienced volatility with particular weakness in AI-related stocks. Alphabet was weak due to larger-than-expected capital expenditure outlook and perceived widening range of outcomes for AI, though the manager remains optimistic about Alphabet's positioning in AI. The portfolio was intentionally ringfenced for AI exposure in 2024 due to valuation concerns. | HEI |
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| 2024 Q1 | Apr 24, 2024 | Focus Wealth Management | - | - | META, MSFT, NVDA | AI, Alternatives, commodities, diversification, fixed income, international, technology, Valuations | AI dominance drove Q1 performance with mega cap technology stocks accounting for over one third of S&P 500 market cap. Nvidia contributed over 20% to S&P 500 gains. Manager views current AI valuations as leaving little room for error, comparing the situation to historical hype cycles. | View | |
| 2024 Q1 | Apr 24, 2024 | WisdomTree | - | - | AAPL, META, NVDA, TSLA | AI, Equity Markets, Factor Investing, growth, momentum, Performance, Quality | Artificial Intelligence continued to drive market performance with focus on growth potential and corporate profitability impact. Nvidia gained 82.5% during the quarter as AI megatrends persisted, though market breadth began improving beyond just AI leaders. | View | |
| 2026 Q1 | Apr 23, 2026 | Polen Capital – Global SMID Company Growth | -15.7% | -15.7% | 8035.T, ABT, ADYEN.AS, ASML, CSGP, META, NOW, NVDA, SHOP, SIE.DE, TSM | AI, disruption, energy, growth, semiconductors, software, volatility | ASML META 8035.T SIEGY ADYEN TSM |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – Focus Growth | -17.3% | -17.3% | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility | CSGP ROL META LRCX |
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| 2025 Q1 | Apr 23, 2025 | Grey Owl Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Defensive, gold, inflation, risk management, uncertainty, valuation, volatility | Gold was the hero during Q1 2025, up 19.0% and serving as the largest position in the portfolio. In periods of uncertainty, particularly stagflationary uncertainty, gold thrives. The position was recently trimmed from low teens to high single digits after the parabolic move, but remains a critical ballast in the portfolio. | View | |
| 2026 Q1 | Apr 22, 2026 | Columbia Global Technology Growth Fund | -6.1% | -6.1% | AMAT, ASML, INTU, LITE, LRCX, MSFT, MU, NOW, NVDA, ORCL, TSM, WDC | AI, global, semiconductors, software, technology | View | ||
| 2026 Q1 | Apr 22, 2026 | Fawkes Capital Management | 26.9% | 26.9% | 2330.TW, LPK.DE, NVDA | AI, Conflict, energy, geopolitics, Iran, oil, semiconductors, technology | View | ||
| 2026 Q1 | Apr 22, 2026 | Platinum International Technology Fund | -2.3% | -2.3% | 6861.T, 6954.T, AM3D.PA, MSFT, NVDA, TSM | AI, Automation, defense, geopolitics, semiconductors, software, technology | View | ||
| 2024 Q1 | Apr 22, 2024 | Chilton Capital Management | - | - | AAPL, AMZN, BXP, GOOGL, META, MSFT, NVDA, SPG, TSLA | AI, earnings, interest rates, large cap, REITs, technology | Artificial intelligence is identified as a major secular growth and productivity driver that has boosted expected gains for a broad range of sectors. The AI theme has contributed to persistent upgrades of expected forward earnings growth, particularly in the technology sector. | View | |
| 2025 Q1 | Apr 21, 2025 | Biondo Investment Advisors | - | - | ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is expected to grow substantially, with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over the medium term. | FICO AVGO BSX |
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| 2026 Q1 | Apr 20, 2026 | Nightview Capital | - | - | ADSK, AXON, NOW, NVDA, SHOP, TSLA | AI, Concentration, Enterprise, portfolio, semiconductors, software, technology | ADSK SHOP NOW AXON |
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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, AMZN, AVGO, CMCSA, DEO, DIS, DTE, GOOGL, HLN.L, KO, KVUE, MA, META, MSFT, NESN.SW, NVDA, ORCL, SAP, TMUS, V | AI, Consumer Staples, diversification, dividends, large cap, technology, Utilities, value | The fund maintains a dividend-focused strategy, adding positions in companies with attractive upfront yields and solid free cash flow generation. They initiated a position in Meta after the company announced its inaugural dividend and expect steady dividend compounding across their holdings. | View | |
| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, cyclicals, growth, large cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk. | View | |
| 2024 Q1 | Apr 20, 2024 | Warden Capital | 0.0% | 9.1% | BX, NVDA | Commercial, demographics, inflation, Multifamily, real estate, REITs | Private market CRE prices may have bottomed out with large investors like Blackstone moving off the sidelines. Lending remains constrained but conditions are beginning to loosen on the banking side. The manager expects CRE bull markets if a big national recession can be avoided. | View | |
| 2024 Q1 | Apr 20, 2024 | Alpha Wealth Funds – The Insiders Fund | 0.0% | 1.2% | AAPL, AMZN, AXON, CRK, DELL, DVN, ET, GOOGL, HR, ILMN, INTC, MSFT, MU, NVDA, ORCL, PEAK, QCOM, RXRX, SEDG, XOM | AI, energy, insider buying, Natural Gas, semiconductors, technology | Manager believes we are at an internet game-changing moment with AI, describing it as profound and transformational. Companies are stampeding to embrace AI or risk being disrupted by chatbots, robots, or machine learning. A massive uptick in capex spending is underway directly attributable to AI adoption. | View | |
| 2025 Q1 | Apr 2, 2025 | Royce Investment Partners Small Cap | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Corrections, Russell 2000, small caps, valuation, value, volatility | Small-cap Russell 2000 Index fell -9.5% in Q1 2025 versus -4.5% for large-cap Russell 1000. Manager sees high potential for sustained period of small-cap leadership based on attractive valuations. Russell 2000 remains far more attractively valued than Russell 1000 on EV/EBIT basis. | View | |
| 2024 Q1 | Apr 2, 2024 | The Wolf of Harcourt Street | 11.8% | 11.8% | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology | The fund has shifted portfolios towards an overweight in healthcare which is both offensive and defensive. These companies have new products addressing large market opportunities and are nondiscretionary and less economically sensitive. Pharmaceuticals are positioned to take advantage of novel therapies addressing large market opportunities. | ELUT ZETA XERS MDXH |
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| 2024 Q1 | Apr 18, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | active, Concentration, Equal Weight, Passive, small caps, technology, value | Small cap has underperformed large cap significantly over the past decade, with large cap outperforming by 122.4% or 5.1% annualized. Current valuations show Russell 2000 trading at its lowest price-to-book multiple relative to Russell 1000 since 1993. The manager believes small cap has potential to outperform in coming years based on mean reversion and attractive valuations. | View | |
| 2023 Q1 | Apr 18, 2023 | Chilton Capital Management | - | - | CRM, MSFT, NVDA | Banking, Fed policy, inflation, interest rates, REITs, technology | Federal Reserve rate hikes are successfully slowing inflation growth from peak levels. Producer price index fell to 4.6% in February from double-digit levels last year, suggesting continued consumer inflation slowdown ahead. | View | |
| 2026 Q1 | Apr 17, 2026 | Polaris Global Equity | 5.9% | 5.9% | 000660 KS, 005930 KS, ARW, CAP.PA, COF, DNB.OL, E, ELV, GILD, LNTH, LUN.TO, MEOH, MKSI, MPC, NVDA, SLM, TTE, UTHR, WBS, YAR.OL | AI, diversification, energy, Fertilizers, Geopolitical, global, semiconductors, value | View | ||
| 2025 Q1 | Apr 17, 2025 | Fairlight Alpha Fund | 18.7% | 18.7% | GBR.AX, MCB.TO, MNM.TO, MSFT, NVDA, ODY.AX, SRB.L, TSLA, VLE.TO | AI, defense, energy, gold, tariffs, value, volatility | Gold prices rose significantly to $3,341 per ounce, driving strong performance in junior gold mining positions. Monument Mining and Serabi Gold appreciated 60.7% and 43.3% respectively, benefiting from higher gold prices, increased production efficiency, and higher ore grades. These businesses generate substantial cash flow at current gold prices with large margins of safety. | VLE.TO MMY.AX SBGL.L |
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| 2025 Q1 | Apr 17, 2025 | Titan Wealth | - | - | AAPL, ADBE, AMD, AMZN, AVGO, BIO, BMW.DE, EBAY, EL, EOAN.DE, ETSY, HEIA.AS, JPM, LLY, MT, NKE, NVDA, RWE.DE, STLA, V | AI, ETFs, Europe, infrastructure, tariffs, technology, Utilities | The ongoing rise of Exchange Traded Funds has significantly altered equity market structure, with the top 10 companies now accounting for around 20% of the MSCI World Index. This dominance is driven by passive investment flows, creating both challenges and opportunities for active managers. | View | |
| 2025 Q1 | Apr 17, 2025 | Regency Wealth Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. The manager believes AI will prove additive to enterprise software companies like ServiceNow and Salesforce despite current market skepticism about AI replacing traditional software licenses. | View | |
| 2024 Q1 | Apr 17, 2024 | St. James Investment Company | 0.0% | 0.0% | MSFT, NVDA | AI, Bubbles, Chaos, Concentration, energy, Markets, Speculation, value | The letter extensively discusses the AI frenzy gripping Wall Street, with Nvidia at the epicenter valued at $2.3 trillion. AI demands massive cloud computing and exponentially more power than traditional data centers, with each AI server using five to nine times more power than traditional servers. The manager draws parallels to the dot-com bubble, suggesting current AI valuations are driven by speculation rather than fundamentals. | View | |
| 2023 Q1 | Apr 17, 2023 | RVK | - | - | AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA | AI, diversification, long-term, Market Volatility, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2025 Q1 | Apr 16, 2025 | The Bristol Gate Canadian Equity | - | - | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Fed policy, growth, healthcare, tariffs, technology | Technology has been at the forefront with great excitement over the transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. | View | |
| 2026 Q1 | Apr 15, 2026 | Ophir | - | - | NVDA, XOM | AI, Australia, Geopolitical, oil, rates, small caps, Valuations | View | ||
| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS | AI, global, growth, healthcare, Quality, tariffs, technology, volatility | Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending. | MELI ADYEN WTW NVO AMZN GLOB AON ABT |
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| 2025 Q1 | Apr 15, 2025 | Hosking Partners | - | - | 9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL | AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value | The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics. | TDW IPC.TO IMP.JO 9435.T BAB.L |
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| 2025 Q1 | Apr 15, 2025 | Vision Capital | -6.2% | -6.2% | 9618.HK, ADYEN.AS, AMZN, LULU, MELI, META, NU, NVDA, PLTR, PME.AX, SHOP, TSLA, TSM, TTD, WISE.L | Concentration, E-Commerce, global, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, Shopify, and JD.com as core positions. These companies create third-party marketplaces backed by world-class logistics, allowing sellers to reach massive audiences with unprecedented efficiency and scale. The manager views these as essential infrastructure enabling commerce in the digital economy. | View | |
| 2024 Q1 | Apr 15, 2024 | Alpinum Investment Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | China, credit, equities, Europe, inflation, rates | Inflation hovering around 3% remains a focus, down from 2022 peak of 9%. Concerns persist about inflation exceeding Fed's 2% target. Structural inflation persists post-COVID with cyclical inflation resurging alongside old disinflationary forces. | View | |
| 2024 Q1 | Apr 15, 2024 | Pzena Investment Management | 0.0% | 0.0% | NVDA, TSM | China, emerging markets, Gdp, Geopolitical, Property, value | Chinese equities are trading near zero-COVID lockdown valuations despite solid fundamentals, creating opportunities for value investors. The firm has increased Chinese exposure to 33.2% in emerging markets portfolios, up from 22.4% in 4Q20. Valuation multiples have collapsed while many companies display strong financial performance. | View | |
| 2024 Q1 | Apr 15, 2024 | Equity Management Associates | 12.7% | 29.1% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, Quality, technology, valuation, value | NVIDIA has become the dominant AI beneficiary with market cap rising to $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. They emphasize the difficulty of predicting long-term winners in transformative technologies. | View | |
| 2024 Q1 | Apr 15, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, AMZN, BKNG, CDW, CPRT, EW, GOOGL, META, MSFT, NVDA, POOL, PYPL, SPGI, TPG, TSCO, TSLA, TSM, UNH, V | AI, growth, large cap, payments, technology, Travel, value | Artificial intelligence continues to drive significant performance with portfolio holdings including Alphabet, Apple, Meta Platforms, Microsoft and Taiwan Semiconductor Manufacturing benefiting from the secular AI tailwind. Meta Platforms and Taiwan Semiconductor were 2024 performance leaders on this front. | PYPL |
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| 2024 Q1 | Apr 15, 2024 | Artisan Focus Fund | 7.0% | 28.7% | ALL, AMZN, BA, CNM, CRH, DKNG, EADSY, GE, LLY, MRVL, MSFT, NVDA, PGR, SAF.PA, SPOT, TDG, TSM | active management, aerospace, earnings, industrials, insurance, technology | Aerospace theme remains a key driver of positive alpha with events continuing to elongate the cycle. Original equipment manufacturers struggle to ramp production due to supply chain challenges and Boeing's engineering issues, while end-demand continues to march higher. The industry is undersupplied with narrowbody aircraft, causing existing fleets to work harder and necessitating higher service levels. | View | |
| 2024 Q1 | Apr 15, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, ADPT, AMAT, DAR, GDNT, META, NVDA, TECH, TT, ZTS | AI, earnings, growth, large cap, semiconductors, technology, value | Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. Nvidia's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds for the company. | ZTS DAR AAPL NVDA |
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| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
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| 2024 Q1 | Apr 15, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH | AI, global, healthcare, inflation, materials, Quality, rates, technology | Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities. | View | |
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY | AI, growth, healthcare, mid cap, risk management, technology | Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications. | WDAY MDB |
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| 2024 Q1 | Apr 15, 2024 | Ariel Fund | 12.1% | 0.0% | AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR | AI, Entertainment, fundamentals, private market value, small caps, value | The fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024. | NVST ATGE PARA MSGE MHK SPHR |
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| 2024 Q1 | Apr 15, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AAPL, ADPT, AMAT, DAR, GH, META, NVDA, TECH, TT, ZTS | consumer, growth, healthcare, large cap, semiconductors, technology, value | Nvidia continues to see accelerating demand for its GPU semiconductors from hyperscalers and enterprises. The company's GPU semiconductors continue to be the building blocks of the accelerated computing data-center architecture to drive AI compute and applications. Apple has yet to demonstrate a competitive AI product, which could present further competitive headwinds. | ZTS DAR NVDA |
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| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | ACLX, AMD, AMZN, ASML, AVGO, CRWD, CSGP, INDI, LEGN, MBLY, META, MSFT, NVDA, RIVN, SPOT, SWAV, TSLA, TSM, TTD, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI is described as the most significant advancement impacting the digital world since the internet itself. The fund is positioned just past the first upward inflection in a generational S-curve for AI adoption and economic impact. Every digital interaction will eventually be AI powered, making humans more productive across various activities. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, international, large cap, Quality, valuation, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager compares NVIDIA's valuation to Cisco during the tech bubble, noting similar price-to-sales ratios but acknowledging NVIDIA's extraordinary growth in AI demand and pricing power. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | 1024.HK, AAPL, AMAT, AMZN, BABA, BIDU, CSCO, DKS, FANG, GOOGL, JD, LI, META, MSFT, MSTR, NVDA, SMCI, STLA, TSM, WSM | AI, China, international, Quality, technology, valuation, value | NVIDIA has become the Magnificent 1 with market cap rising to $2.5 trillion from $350 billion, representing over 2% of global GDP. The AI boom has created extraordinary growth and pricing power for NVIDIA, with EBITDA margins rising from 33% to 55% and projected to reach 65%. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, large cap, Quality, technology, Valuations, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. While optimistic about AI's transformative potential, they emphasize the difficulty of predicting long-term winners. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, free cash flow, international, Quality, small caps, valuation, value | NVIDIA has become the dominant AI story with market cap rising to $2.5 trillion from $350 billion, creating valuation concerns. The manager draws parallels to Cisco's bubble peak, noting NVIDIA trades at 20x forward sales versus the S&P 500's 2.7x. While AI represents transformative technology, the manager emphasizes difficulty predicting long-term winners and prefers avoiding rich valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, mid cap, Performance, technology | The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, infrastructure, small cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology | AI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. | ULTA CASY VZ RHHBY |
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| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AMP, AMZN, CASY, DIS, ENTG, FI, HSY, JPM, LFUS, LLY, META, MSFT, NVDA, PG, QCOM, TECH, TGT, UNH, USB, WFC | AI, Balanced, dividends, financials, healthcare, semiconductors, technology, value | The fund sees significant opportunities with companies that will benefit from AI implementation and plans to continue improving the portfolio accordingly. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. The fund has invested in pick and shovel providers of AI that are crafting tools for businesses to utilize. | View | |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power – Small Cap Fund | 0.0% | 9.0% | AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK | AI, financials, productivity, small caps, technology, value | Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, TSLA | Economic Growth, Federal Reserve, Fintech, inflation, interest rates, payments, technology | Manager emphasizes FINTECH as core investment focus, expecting revenue and earnings growth at 2-3x the overall market. All holdings generate free cash flow with operating margins and ROE significantly higher than S&P 500 average. Environment remains positive for FINTECH stocks with companies executing on business fundamentals. | View | |
| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMZN, DHR, DIS, EFX, GXO, HON, JNJ, MTD, NFLX, NKE, NVDA, SBUX, TDG | AI, E-Commerce, growth, large cap, Streaming, technology | AI-related firms led the market surge with Nvidia's stock soaring over 82%, adding more than $1 trillion in market value. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. | EFX GXO NKE ADBE AMZN TDG DIS |
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| 2024 Q1 | Apr 15, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM | energy, Hedging, large cap, Quality, risk management, technology | AI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements. | AMZN NVDA VST RIVN LBRDA SBH |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NVDA, SMAR, SNAP, TWLO, UBER | AI, growth, large cap, Long/Short, Social Media, Streaming, technology | Performance was largely driven by AI hardware companies selling equipment into the AI space, with NVIDIA gaining 82% in the quarter. The artificial intelligence arms race kicked off by ChatGPT has generated tremendous demand for Nvidia's next generation graphic processors. The fund is excited about AI as a long-term trend and looks forward to valuation gains being more broadly spread through the AI ecosystem. | FIVN AAPL SNAP DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADBE, AMAT, AMZN, DELL, DIS, FIVN, GOOGL, KLAC, LRCX, MA, META, MSFT, NFLX, NKE, NVDA, SNAP, UBER | AI, growth, large cap, Social Media, Streaming, technology | AI hardware companies drove Q1 performance with NVIDIA gaining 82% after adding over $1 trillion in market value. The AI arms race from ChatGPT and Bard generated tremendous demand for next-generation graphics processors. Portfolio companies implementing AI solutions like Adobe, Five9, and Alphabet underperformed despite revenue generation from AI. | NFLX UBER DIS META NVDA |
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| 2024 Q1 | Apr 15, 2024 | Rondure New World Fund | -1.3% | -1.3% | 000660.KS, 2317.TW, 2454.TW, 3038.TW, BBL, BBRI.JK, GMXT.MX, HCLTECH.NS, HDB, HEIM.KL, NVDA, PBR, TCS.NS, TSM | AI, China, diversification, emerging markets, India, rates, semiconductors, Taiwan | AI themes are driving narrow market concentration, particularly in semiconductors. The manager believes AI rally will broaden beyond current leaders to include emerging market AI stocks trading at better valuations. They see emerging markets positioned well for AI broadening with many stocks benefiting from AI emergence including power suppliers and semiconductor manufacturers. | HDFCBANK.NS 2330.TW |
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| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, BMBL, FIVE, FND, FRPT, GLBE, HQY, IAC, IAS, KRYS, MAX, MTDR, MTZ, NVDA, RAPT, SN, SWKS, VC, WHD | consumer, energy, growth, healthcare, industrials, small caps, technology | GenAI fever remained a market focus with NVIDIA's 82% gain driving returns. Corporate spending and equity markets remained uninterested in anything else beyond cybersecurity and GenAI. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN | AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | ANSYS, COR, CRWD, JNJ, LEGN, LNG, NVDA, NVS, ORLY, RNR, SNPS, VEEV, VRSK | energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. | CRWD VRSK SNPS LEGN VEEV COR RNR LNG ORLY |
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| 2024 Q1 | Apr 15, 2024 | Harding Loevner International Small Companies Equity | 9.1% | 4.8% | AAPL, ADBE, AMD, AMZN, CRM, GOOGL, INTC, META, MSFT, NFLX, NVDA, ORCL, PYPL, QCOM, SHOP.TO, SPOT, SQ, TSLA, TWLO, UBER | AI, cybersecurity, international, Japan, semiconductors, small caps, value | Generative AI is a powerful wave gaining momentum since ChatGPT's launch, with global spending on enabling chips expected to surge from $50B in 2023 to $100-400B over the next few years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain, manufacturing advanced vacuum pumps critical for semiconductor clean rooms where AI chips are produced. | View | |
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2024 Q1 | Apr 15, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | AAPL, AEP, CHTR, CI, FI, GE, GILD, GOOGL, MCHP, MET, META, MSFT, NVDA, OXY, RTX, SCHW, SNY, SUI, TSLA, WFC | AI, financials, healthcare, industrials, large cap, technology, valuation, value | Many companies tied to artificial intelligence registered large gains during the quarter. NVIDIA, a world leader in AI computing, rose 82% and accounted for 24% of the S&P 500's performance in the first quarter. The AI theme contributed significantly to market concentration in the top performers. | View | |
| 2024 Q1 | Apr 15, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, DIS, GOOGL, GXO, HON, NESN.SW, NFLX, NVDA, RKT.L, TDG, UL | AI, consumer, global, growth, Quality, Streaming, technology | The AI boom has fueled market gains, with chip designer Nvidia adding more than $1 trillion in market value after rising 82% during the first quarter. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. This puts them ahead of the curve, attracting both creative professionals and marketing teams within corporations. | NVZMY AAPL GXO ADBE AMZN TDG DIS |
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| 2024 Q1 | Apr 15, 2024 | Moneta Group | - | - | AAPL, GOOGL, MSFT, NVDA, TSLA | AI, Economic Growth, Fed policy, inflation, Market Performance, rates, technology | AI continues to dominate market attention with Nvidia up 82% year-to-date and market cap exceeding $2 trillion. The impact of AI on companies and business models remains at the forefront of earnings calls, though the full scope of disruptive impact across industries is unclear. | View | |
| 2026 Q1 | Apr 14, 2026 | Munro Global Growth Fund | -6.2% | -6.2% | 300750.SZ, AMZN, CIEN, GE, MSFT, NVDA | AI, China, defense, energy, growth, semiconductors, technology | 300750.SZ MSFT |
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| 2025 Q1 | Apr 14, 2025 | Polen Capital – Focus Growth | -6.3% | -6.3% | AAPL, ABT, ACN, AMZN, AON, CMG, GOOGL, IT, LLY, META, NFLX, NOW, NVDA, NVO, ORCL, SBUX, TSLA, V, ZTS | AI, growth, healthcare, large cap, Quality, Resilience, technology, Trade Policy | The AI infrastructure narrative dominated headlines and powered much of the Russell 1000 Growth Index's 90% two-year return. However, semiconductors—the most visible AI beneficiary—declined 19% in Q1 2025 as the bloom came off the AI rose. Polen has no exposure to semiconductor companies and views Oracle's AI exposure as minimal. | AON SBUX |
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| 2025 Q1 | Apr 14, 2025 | WestEnd Capital | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, fundamentals, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth attributed to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs. | RHM GR PLTR SCHW BA LN |
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| 2025 Q1 | Apr 14, 2025 | Mountain Vista Wealth Management | - | - | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, Diagnostics, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology | The manager has shifted portfolios towards an overweight 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 market opportunities. | ELUT ZETA XERS MDXH |
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| 2024 Q1 | Apr 14, 2024 | Old West Capital Management | 6.9% | 15.9% | AAPL, ADMLF, AMZN, APMRF, BHP, FLMMF, GOOGL, LUNMF, MSFT, MTXXY, NGEXF, NVDA, ORCL, TSLA, TSM | AI, commodities, Copper, Data centers, Industrial, Metals, Mining, value | Manager expects near doubling of copper production over the coming decade due to electricity demand growth and power grid modernization. Supply challenges from declining production, worsening grades, and inadequate exploration spending suggest inability to meet demand. Copper price recently began showing strength as global mine supply issues started to bite. | ADT1.L MLX.AX ALPHA.L NGEX.TO FILO.TO |
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| 2024 Q1 | Apr 13, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AVGO, AZO, BRK.B, GOOGL, LLY, MA, MELI, MSCI, MSFT, NVDA, NVR, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, crypto, liquidity, portfolios, SMA, technology | Manager maintains bitcoin price targets of $125,000 by Christmas 2024 and $475,000 by Q4 2025, viewing current conditions as supportive for the next major leg higher during summer months. Bitcoin proxies have provided significant performance advantages, with allocations ranging from 15-49% across different SMA strategies. | View | |
| 2023 Q1 | Apr 13, 2023 | LVS Advisory – Growth | 8.1% | 8.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2024 Q1 | Apr 12, 2024 | Open Insights Capital | - | - | NVDA, SMCI | AI, Bubbles, Canada, energy, geopolitics, oil, Speculation | US production has retreated from previous highs and is hovering ~300K bpd lower than peak. The Permian basin is maturing with development activity shifting to milking reservoirs for cash flows. OPEC+ cuts, particularly Saudi discipline, are solidifying the oil price floor with inventories remaining flat in seasonally weak Q1. | View | |
| 2024 Q1 | Apr 11, 2024 | Regency Wealth Management | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Edgewood maintains a comprehensive AI framework spanning infrastructure, proprietary data applications, and productivity enhancements. The firm sees AI broadening beyond infrastructure to applications and productivity layers, with 28% of the portfolio in AI infrastructure buildout companies. | View | |
| 2026 Q1 | Apr 10, 2026 | Alpha Wealth Funds – The Insiders Fund | -7.1% | -7.1% | ABT, ADPT, AMAT, BA, BSM, CME, DXCM, ET, GOOG, INTC, KKR, LSCC, MSCI, NVDA, PODD, POOL, ROK, TPC, TREX, TTD | AI, Automation, defense, energy, Geopolitical, healthcare, Onshoring, semiconductors | View | ||
| 2024 Q1 | Apr 10, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, ANET, CARR, CEG, CMG, DELL, EQT, GE, GRMN, JPM, KEY, MSFT, NEE, NVDA, OKE | AI, energy, growth, large cap, Natural Gas, semiconductors, technology, Utilities | AI is the dominant investment theme with Nvidia rising 82%, Microsoft advancing 15%, and Dell positioned to benefit from computer upgrades needed for AI applications. The manager views AI as requiring significant electricity to power data centers, leading to investments in utilities like Constellation Energy. | View | |
| 2024 Q1 | Apr 10, 2024 | Wealthspire | - | - | AAPL, AMZN, NVDA, TSLA | Behavioral Finance, Fed policy, Market Commentary, Psychology, Risk Appetite | The letter emphasizes how negativity and fear dominate investor psychology despite markets delivering positive returns. It argues that markets do not always coalesce around fear when given time and patience, and that the human predisposition towards negativity leads investors to emphasize loss avoidance above all else. | View | |
| 2024 Q1 | Apr 10, 2024 | NZS Capital – Growth | - | - | 6367.T, ADYEY, AMD, ANSS, ASML, FI, JNJ, LIN, LONN.SW, MCHP, MEDP, NFLX, NOW, NVDA, ON, PGR, SWAV, TSM, TXN, WISE.L | AI, global, growth, innovation, large cap, semiconductors, technology | The fund discusses being in the early stages of an AI bubble with long-term promise but near-term correction risk. They take a prudent approach to AI exposure, being careful on valuation and more inclined toward suppliers to the spending spree. The fund notes AI's potential impact is unknowable but enthusiasm is bordering euphoria. | View | |
| 2025 Q1 | Apr 1, 2025 | Focus Wealth Management | - | - | AAPL, AMZN, BLK, BRK-A, BX, GOOGL, META, MSFT, NVDA, TSLA | AI, Europe, infrastructure, Multi-Asset, private credit, real estate, tariffs, Trade Policy | President Trump unleashed aggressive protectionist policies including a 10% baseline tariff on all imports and sweeping reciprocal tariffs, marking the most aggressive shift since the Great Depression. These tariffs are expected to be inflationary and weaken economic growth globally. | View | |
| 2025 Q1 | Apr 1, 2025 | MPD Partners | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, infrastructure, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span hardware, software, and enterprise AI adoption. | BIDU BABA SNOW AMD |
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| 2024 Q1 | Apr 1, 2024 | Infuse Partners | 31.2% | 31.2% | IDT, INSP, NU, NVDA, SMTI, TSLA | AI, Brazil, Fintech, growth, Mexico, Quality, semiconductors, value | Manager discusses AI's transformative impact on semiconductor demand patterns, noting how AI is changing formerly cyclical semiconductor companies into more secular growth stories. The hyperscalers' need for AI chips could shift upgrade cycles from cyclical to secular demand patterns. | NU |
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| 2025 Q4 | 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 | |
| 2025 Q4 | 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 | |
| 2024 Q4 | Mar 7, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, COPX, FCG, GDX, GOOGL, META, MSFT, NVDA, OKLO, QQQ, RIO, SIL, XBM.TO, XLE, XOP | Agriculture, commodities, energy, gold, monetary policy, natural resources, nuclear | Commodities are as undervalued relative to stocks as they have ever been, marking the fourth episode of extreme undervaluation in 125 years. The authors believe the time to buy natural resource equities has arrived as the long-dormant bull market may be stirring again. History shows every commodity bear cycle has ended with a monetary regime shock. | View | |
| 2025 Q4 | 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 | |
| 2025 Q4 | 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 | |
| 2025 Q4 | Mar 6, 2026 | Polen Capital – U.S. SMID Company Growth | -0.3% | 27.7% | BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC | aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap | AI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting AI-adjacent industries like semiconductors, electrical equipment, and tech hardware. AI data centers require enormous amounts of power, creating demand for solutions like Bloom Energy's fuel cells. The theme reasserted dominance after NVIDIA's strong earnings in late November. Portfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. Portfolio maintains significant conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates as end-to-end space company developing rocket launch and control systems, with strong earnings results and growing backlog during the quarter. Biotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. Corcept Therapeutics represents exposure to this theme with drugs modulating cortisol activity and expanding pipeline in oncology. | View | |
| 2025 Q4 | 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, APH, AVGO, GOOGL, JNJ, MSFT, NVDA, ORCL, PEP, TDG, TSLA, V | AI, Defensive, large cap, Quality, semiconductors, tariffs, technology | The AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficiency breakthrough sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite being aware of these developments. Integration of reasoning capabilities into leading LLMs is significantly increasing computing intensity, with some experts estimating up to 100x more computing demand for inferencing models with reasoning. | NVDA AAPL GOOGL AVGO JNJ TDG V |
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| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality | -3.1% | -3.1% | AAPL, APH, AVGO, BRK-A, CRM, GOOGL, JNJ, META, MSFT, NVDA, ORCL, PEP, TSLA, V | AI, inflation, large cap, Quality, semiconductors, Stagflation, technology, Trade Policy | AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficient model sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of progress. Integration of reasoning capabilities into LLMs significantly increases computing intensity, with some estimates showing up to 100x more computing demand for inferencing models with reasoning. | PEP NVDA MSFT CRM AVGO V JNJ BRK-B |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Buybacks, Capital Allocation, dividends, income, S&P 500, technology, Valuations | Dividend yields have dropped by over half in the past 30 years, from over 3% in the early 1990s to 1.4% at the end of Q1 2025. The firm views regular dividends as preferable to buybacks because they are more likely to continue, with dividend spending being highly predictive of future dividend spending and growing 3% per year on average. | View | |
| 2025 Q1 | Mar 31, 2025 | The Davenport Core Leaders Fund | -3.5% | -3.5% | AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX | AI, growth, large cap, Quality, risk management, technology | The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector. | View | |
| 2025 Q1 | Mar 31, 2025 | Deep Sail Capital Partners | 0.0% | 0.0% | ANET, CLPT, NVDA, SNWV | AI, Hedging, Long/Short, Networking, Recession, technology, Trade Policy | Fund discusses AI data center networking extensively, with focus on Ethernet vs InfiniBand architectures for AI training workloads. AI data center market projected to reach $100 billion by 2030 with 30% CAGR. Arista Networks positioned to benefit from AI infrastructure buildout through networking solutions. | ANET |
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| 2025 Q1 | Mar 31, 2025 | NCG Large Cap Growth Strategy | 12.2% | 12.2% | AAPL, AMD, AVGO, CRM, CSGP, CVNA, HWM, MRVL, NVDA, PANW, PGR, SNOW, SPOT, SYM, TEAM, TOST, TSLA, V | earnings, growth, large cap, Quality, technology | NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding despite challenging market conditions. The firm expects strong earnings growth in 2025 for small, mid and large cap companies, which would be a continuation of strong growth in large cap. | View | |
| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2025 Q1 | Mar 31, 2025 | PGIM Jennison Global Opportunities Fund | -11.1% | -11.1% | 1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX | AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology | AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Investment Management | - | - | 005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS | AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value | Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs. | 005930.KS |
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| 2025 Q1 | Mar 31, 2025 | Artisan Focus Fund | -1.9% | -1.9% | CEG, ENR.DE, GE, MSFT, NDAQ, NVDA, RR.L, SAF.PA, TSM, VST | aerospace, alpha, energy, Focus, fundamentals, Manufacturing, risk management | Aerospace normalization theme was a strong contributor with General Electric continuing clean execution as a pure-play aerospace engine maker and revising earnings higher. Rolls-Royce saw positive upward revisions to free cash flow estimates of nearly 20%. The team remains positive on what they view as a structural shortage of aircraft, leading to an aging fleet and increasing value of engine and aftermarket assets. | View | |
| 2025 Q1 | Mar 31, 2025 | Auxier Asset Management | 4.6% | 4.6% | AAPL, AFL, AIG, AMZN, BRK.B, GOOGL, HD, KO, KR, LOW, META, MMC, MNST, MO, MSFT, NVDA, PM, TRV, TSLA, UNM | AI, Buybacks, Consumer Staples, insurance, Leverage, tariffs, technology, value | Value outperformed growth during the quarter with the S&P 500 Value Index finishing up 0.28% while the S&P 500 Growth Index finished down 8.47%. This was the best performance for the value index relative to the growth index since 2022. The fund emphasizes in-depth, rigorous research and favors a systematic lower risk approach. | View | |
| 2025 Q1 | Mar 31, 2025 | Bailard Technology Strategy | -9.4% | -9.4% | AAPL, AMZN, DDOG, FI, HUBS, INTU, KLAC, META, MSFT, NSIT, NVDA, PANW, PSTG, SPOT, TSM, TTD, UBER, V | AI, cybersecurity, semiconductors, software, tariffs, technology | The Strategy is positioned for the expected shift to AI agents and copilots, with software exposure tilted towards applications. The ecosystem surrounding AI software applications including security, agent monitoring, workflows, and infrastructure presents numerous investment opportunities over the next several years. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Global Advantage Fund | -9.5% | -9.5% | 532978.BO, AFYA, ARGX, CPNG, DDOG, GLOB, MELI, NET, NVDA, PDD, SAIL, SHOP, SNOW, SQ, TSLA, TSM, WIX, ZOMATO.NS, ZS | AI, cybersecurity, E-Commerce, global, growth, semiconductors, tariffs, technology | AI represents the biggest disruptive change in the manager's career. Models continue to improve on the intelligence curve while costs decline, opening new markets and opportunities. NVIDIA's progress across hardware and software remains unmatched, with reasoning models requiring 100x more compute than previously thought. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS | AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy | AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP. | View | |
| 2025 Q1 | Mar 31, 2025 | BlackRock Advantage Global Fund | -1.1% | -1.1% | AAPL, AMZN, BAC, GOOGL, META, MSFT, NVDA, NVS, SHEL, SPGI | AI, Europe, global, Japan, Quality, Sentiment, technology | The fund's positioning in the IT sector began to evolve toward artificial intelligence adopters over enablers, which helped stem losses in March as large-cap technology winners capitulated. However, cooling sentiment toward the AI opportunity emerged after Chinese companies released rival, low-cost AI models. | View | |
| 2025 Q1 | Mar 31, 2025 | BlackRock Global Dividend Fund | 0.7% | 0.7% | ACN, AVGO, AZN, BA.L, BBVA, CMS, DEO, KO, LLY, MSFT, NVDA, NVO, RELX, TSM, TXN, UNH | AI, defense, dividends, Europe, global, healthcare, technology, Trade Policy | The fund avoided Nvidia exposure which proved beneficial as the stock faced market concerns from hedge fund short positions and anxiety about Chinese company DeepSeek's low-cost AI model. Broadcom was negatively impacted by AI-related market concerns and trade tensions. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments All Cap Growth | - | - | AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX | AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology | Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability. | ARES APP |
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| 2025 Q1 | Mar 31, 2025 | Columbia Global Technology Growth Fund | -12.3% | -12.3% | AAPL, AMZN, AVGO, BABA, GOOGL, LRCX, MA, META, MRVL, MSFT, NOW, NVDA, TMUS, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, tariffs, technology, Trade Policy | Advances in AI remained the key market theme since ChatGPT's launch in November 2022, but the market took a more critical view in Q1 2025. A Chinese AI startup DeepSeek sent shockwaves through global financial markets after releasing a powerful AI model claimed to be developed at a fraction of the cost of American alternatives. Investors remained hyper-focused on benchmarking return on investment from the massive outlays of capital investment expected across the technology industry to enable more productivity from generative AI. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Seligman Global Technology Fund | -12.7% | -12.7% | 6723.T, AAPL, AVGO, BE, CHKP, EBAY, FFIV, GEN, GOOGL, GPN, LRCX, MRVL, MSFT, NVDA, ON, TER, TMV.DE, V | AI, Cloud, cybersecurity, global, semiconductors, tariffs, technology | AI continues to be the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spending from publicly traded cloud service providers including Microsoft, Google, Amazon, Oracle and Meta is continuing to grow. However, concerns emerged about the size of AI-related capital expenditure spending and a slowdown in cloud spending as AI models become cheaper and more efficient. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Dividend Growth Fund | -5.3% | -5.3% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BN, BRK.B, EME, EPD, ET, GEV, GOOGL, META, MRVL, MSFT, NVDA, TSLA, V, WFC | aerospace, AI, dividends, energy, industrials, large cap, value | Manager views generative AI as a transformative long-term trend but has tempered enthusiasm for the AI space in the short term due to cyclical weakness. The fund reduced semiconductor exposure after DeepSeek's release raised questions about AI infrastructure spending and valuations of chipmakers. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2045 Fund | 0.1% | 0.1% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, policy, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2055 Fund | 0.0% | 0.0% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, Policy Uncertainty, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Core Equity Fund | -6.1% | -6.1% | AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX | AI, growth, large cap, semiconductors, tariffs, technology, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased. | ADI |
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| 2025 Q1 | Mar 31, 2025 | BNY Mellon Appreciation Fund | -3.3% | -3.3% | AAPL, AMZN, BA.L, BRK-B, CVX, GOOGL, META, MSFT, NVDA, PGR, TXN, V | AI, large cap, Quality, tariffs, technology, Trade Policy, value | The Trump administration announced 25% tariffs on Mexico and Canada, 20% on China, and 25% on foreign automobiles, with future reciprocal tariffs telegraphed. This created uncertainty over trade relationships and pressured equities as investors feared higher consumer costs and slower growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Burke Wealth Managament The Focused Growth Strategy | -8.1% | -8.1% | ABT, AMZN, CHTR, CRM, ICE, MA, META, NOW, NVDA, TDG, UNH, V | AI, growth, semiconductors, software, tariffs, technology, Trump, volatility | Manager discusses AI revolution's productivity benefits and efficiency gains through DeepSeek's breakthrough. Notes AI capabilities growing rapidly at ServiceNow and Salesforce with hybrid consumption models. Emphasizes AI efficiency gains will increase demand through Jevon's Paradox rather than reduce compute needs. | TDG CRM NOW NVDA |
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| 2025 Q1 | Mar 31, 2025 | Contrarius Global Equity Fund | -7.1% | -7.1% | AMZN, META, NVDA, TSLA, UHR.SW | AI, contrarian, Global Equity, Luxury, Swiss Watches, Tesla, value | The market is reassessing the trajectory and expected levels of AI-related investment and the resultant impact on many large market capitalization technology stocks. The fund continues to believe that AI will be transformative and views Tesla as likely to be one of the largest beneficiaries, with its leading positions in generalized autonomous driving and humanoid robots. The fund has taken advantage of the recent meaningful pullback to add Nvidia which they expect to be a long-term beneficiary of real world AI. | View | |
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 2025 Q1 | Mar 31, 2025 | Impax Global Environmental Markets Fund | -1.8% | -1.8% | A, AI.PA, KRZ.L, LIN, MSFT, NVDA, SIE.DE, SU.PA, UNP, VIE.PA, WM | Defensive, Environmental, healthcare, industrials, materials, tariffs, technology, Utilities | The development of an open-source large language model from Chinese AI startup DeepSeek raised concerns of disruption in AI leadership and triggered a sharp sell-off in the Information Technology sector. DeepSeek's efficiency suggests lower computational requirements, raising investor concerns about reduced demand for high-end graphics processing units. Despite these concerns, Nvidia's advanced chips and proprietary coding language Cuda remain industry standards, indicating it still holds a strong position in the AI market. | View | |
| 2025 Q1 | Mar 31, 2025 | Impax US Sustainable Economy Fund | -5.8% | -5.8% | AAPL, AVGO, AWK, EIX, GILD, GLOB, GOOGL, LLY, MA, MSFT, NOW, NVDA, PGR, TXN, V | energy, Esg, healthcare, sustainability, tariffs, technology, Utilities | The portfolio focuses on companies positioned to benefit from the transition to a more sustainable economy, including renewable energy sources, energy efficiency, and clean technology solutions. The fund's sustainability tools emphasize energy efficiency exposure and companies optimizing energy consumption through technology. | NOW GLOB EIX AWK PGR GILD |
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| 2025 Q1 | Mar 31, 2025 | Optimum Fixed Income Fund | 2.7% | 2.7% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, credit, duration, fixed income, interest rates, yield curve | Big Tech stocks including the Magnificent Seven entered bear market territory during Q1 2025, with cracks appearing in the artificial intelligence growth narrative. The quarter highlighted growing concerns about the future of AI-driven investments as growth fears and negative earnings revisions pressured technology stocks. | View | |
| 2025 Q1 | Mar 31, 2025 | Optimum Large Cap Growth Fund | -10.7% | -10.7% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Biotechnology, growth, large cap, semiconductors, tariffs, technology, underperformance | The quarter highlighted growing concerns about the future of AI-driven investments, with cracks appearing in the artificial intelligence growth narrative contributing to market weakness. | View | |
| 2025 Q1 | Mar 31, 2025 | Orbis Global Equity | - | - | 035720.KS, ELV, GMAB, NVDA | Concentration, contrarian, global, technology, US, value | Manager emphasizes value-oriented contrarian investing approach, noting that shares neglected in euphoria can protect downside and go up as investors remove blinders. Continues finding shares priced at reasonable levels with attractive margins of safety. | View | |
| 2025 Q1 | Mar 31, 2025 | Janus Henderson Forty Fund | -8.7% | -8.7% | AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM | AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility | Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services. | DDOG MRVL ICE HWM |
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| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V | AI, E-Commerce, global, growth, payments, semiconductors, technology | AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Select Growth Fund | -10.1% | -10.1% | AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V | AI, Concentration, growth, large cap, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are materializing across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | RiverPark Large Growth | -7.2% | -7.2% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH, V | AI, Cloud, growth, large cap, Magnificent 7, tariffs, technology | The fund maintains significant exposure to AI-driven companies including NVIDIA, Microsoft, and Alphabet. Despite near-term concerns about AI demand plateauing and monetization timelines, the manager believes the long-term secular trend toward accelerated computing remains intact. | MSFT AMZN AAPL GOOGL NVDA UNH LLY SCHW V UBER |
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| 2025 Q1 | Mar 31, 2025 | RiverPark Long/Short Opportunity Fund | -5.8% | -5.8% | AAPL, AMZN, BKNG, GOOGL, LLY, META, MSFT, NFLX, NVDA, SCHW, TSLA, UBER, V | AI, growth, Long/Short, Magnificent 7, tariffs, technology | AI/Cloud Computing represents 15.8% of the long portfolio. NVIDIA remains strategically important in global computing with best-in-class GPUs and dominant software ecosystem. The long-term secular trend toward accelerated computing remains intact despite near-term concerns about AI demand plateauing. | AAPL GOOGL NVDA SCHW V UBER |
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| 2025 Q1 | Mar 31, 2025 | John Hancock Balanced Fund | -1.8% | -1.8% | AVGO, DE, GOOGL, MRVL, NVDA, TSLA | AI, asset allocation, Balanced, Rate Cuts, semiconductors, tariffs, valuation | AI spending concerns weighed on semiconductor stocks like Marvell and Broadcom, while competitive threats affected Alphabet. The fund increased allocation to Alphabet believing concerns are misguided and shares undervalued. Not holding NVIDIA contributed to relative performance as AI chipmaker underperformed. | View | |
| 2025 Q1 | Mar 31, 2025 | Thornburg International Equity Fund | 9.9% | 9.9% | 0027.HK, 6098.T, 6146.T, 6501.T, 8306.T, BNP.PA, CP, EOAN.DE, LIN, NN.AS, NVDA, ORA.PA, RHM.DE, ROG.SW, SAF.PA, SONY, TSM, TTE | active, international, Opportunities, positioning, tariffs, volatility | The manager views volatility as a powerful ally for long-term investors, creating windows of opportunity during market turbulence. They have been actively capitalizing on select opportunities during recent market swings, emphasizing that volatility is not inherently negative but rather creates periods when patience and discipline can lead to positive outcomes. | View | |
| 2025 Q1 | Mar 31, 2025 | 103 Advisory group | - | - | 005380.KS, AAPL, AMZN, DECK, GOOGL, META, MSFT, NVDA, TSLA, TSM | Defense Spending, Economic Policy, Global Markets, inflation, Market Commentary, rates, tariffs, Trade Policy | The Trump administration is implementing aggressive targeted tariffs as both a negotiating tool and macroeconomic strategy to protect domestic industries and encourage reshoring. Several countries have already proposed tariff cuts on U.S. imports to avoid reciprocal tariffs, while global corporations have pledged nearly $1 trillion in U.S. investment since Trump's inauguration. The administration views tariffs as part of a broader economic gambit to restructure global trade and reduce the fiscal deficit. | View | |
| 2025 Q1 | Mar 31, 2025 | Macquarie Large Cap Growth Fund | -7.0% | -7.0% | AAPL, AMZN, AVGO, CRM, EA, GOOGL, ICE, IDXX, KO, LLY, META, MSFT, NVDA, TSLA, TSM, UNH, V, WCN | AI, financials, growth, large cap, Quality, risk management, technology, volatility | The fund emphasizes investing in stable high-quality growth businesses that can maintain strong fundamentals during uncertain periods. These companies command a premium for consistency and should favor their investment style as market conditions become more challenging. | IDXX EA V ICE |
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| 2025 Q1 | Mar 31, 2025 | Platinum International Technology Fund | -10.0% | -10.0% | AAPL, ADBE, AMZN, ANET, AVGO, CPNG, CSU.TO, GOOGL, ISRG, MA, META, MSFT, NFLX, NVDA, SAP, TSM, TXN, UBER, V, VEEV | AI, Cloud, Nvidia, semiconductors, software, tariffs, technology | The Fund built a 4% position in Nvidia as market sentiment shifted to align with their view that AI capex sustainability concerns were overblown. They believe industry participants view AI as transformational beyond short-term profits, with OpenAI and competitors seeing AI as a way to disintermediate various consumer services. Big tech companies view AI threats as existential, making continued investments necessary. | View | |
| 2025 Q1 | Mar 31, 2025 | Artemis Global Select Fund | -7.5% | -7.5% | 6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM | AI, defense, global, Quality, semiconductors, tariffs, technology, value | AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand. | SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB |
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| 2025 Q1 | Mar 31, 2025 | Carmignac Patrimoine | 1.5% | 1.5% | ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM | AI, Bonds, equities, Europe, gold, inflation, technology, US | The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across infrastructure and cloud computing sectors. The fund maintains targeted diversification within the technology sector covering the entire AI value chain across geographical zones and capitalisation segments. | View | |
| 2025 Q1 | Mar 31, 2025 | Edgewood Management | -7.8% | -7.8% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, inflation, productivity, rates, small caps, Trade Policy, Valuations | Hyperscaler capital expenditure growth has been booming, soaring 75% in 2025 as leading US technology companies spend tens of billions on GPUs and AI model development. AI enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape work. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. | SPOT SHOP |
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| 2025 Q1 | Mar 31, 2025 | Airlie Small Companies Fund | -1.1% | -1.1% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. These investments span the hardware and software sides of AI growth with focus on data center processors, enterprise AI tools, and autonomous mobility platforms. | BIDU BABA SNOW AMD |
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| 2025 Q1 | Mar 31, 2025 | Baron Health Care Fund | -2.7% | -2.7% | NVDA | AI, Bonds, Buybacks, emerging markets, Europe, gold, inflation, technology | Markets have become obsessed with AI leading to productivity and profitability surges since ChatGPT's release. The largest companies are investing gargantuan sums to secure AI advantages, driving extraordinary market cap increases like Nvidia's rise from $308 billion to $4.4 trillion in three years. Any disappointment on AI would leave markets vulnerable, particularly in the US. | View | |
| 2025 Q1 | Mar 31, 2025 | Graham and Doddsville | - | - | NVDA | AI, Bonds, Buybacks, Dollar, emerging markets, government debt, inflation, technology | Markets have become obsessed with AI leading to productivity and profitability surges since ChatGPT's release. The largest companies are investing gargantuan sums to secure AI advantages, driving extraordinary market cap increases like Nvidia's rise from $308 billion to $4.4 trillion in three years. Any disappointment on AI would leave markets vulnerable, particularly in the US. | View | |
| 2025 Q1 | Mar 31, 2025 | RVK | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | 0700.HK AVGO NVO LSEG.L LRCX GOOGL |
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| 2024 Q1 | Mar 31, 2024 | Baron Global Advantage Fund | 3.5% | 3.5% | ADYEN.AS, ALAB, ARGX, ASML, BJFN.NS, CPNG, CRWD, ENDV, INDI, MELI, NET, NVDA, RIVN, SDGR, SHOP, SNOW, TSLA, VKTX, ZOMATO.NS, ZS | AI, cybersecurity, Electric Vehicles, global, growth, innovation, semiconductors, technology | Fund views AI as a multi-decade paradigm shift with NVIDIA at the epicenter. GenAI is showing rapid real-world adoption with revenues exceeding $3 billion. The manager believes AI will drive productivity gains and technological breakthroughs across industries from drug discovery to autonomous machines. | ALAB VKTX NVDA |
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| 2024 Q1 | Mar 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 15.2% | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | The artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. | View | |
| 2024 Q1 | Mar 31, 2024 | Farrer 36 Asset Management | - | - | APO, BFIT.AS, BX, DBRG, EVO.ST, GOOGL, HWDN.L, MSFT, NVDA, TSM | AI, Asset Management, Predictable, private credit, Recovery, value | Apollo Global Management represents a differentiated approach to private credit through its retirement services business model. The company benefits from steady capital inflows through annuity premiums, providing more predictable AUM growth compared to traditional fundraising cycles. Apollo's origination platform across 16 businesses manages $130 billion in credit verticals, positioning it well in the expanding private credit market as banks face tighter regulatory requirements. | View | |
| 2024 Q1 | Mar 31, 2024 | Antero Peak Group | 15.6% | 15.6% | AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM | aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology | Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied. | View | |
| 2024 Q1 | Mar 31, 2024 | Mondrian Global Equity Fund | - | - | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Market Concentration, Passive investing, technology, valuation | Passive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. The Bank of Japan's ETF purchases played a significant role in quantitative easing, holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization. More than half of US ETF assets track narrower exposures like specific sectors, countries, and styles rather than broad market indices. | View | |
| 2024 Q1 | Mar 31, 2024 | Mondrian International Equity Value Opportunities | - | - | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSM | AI, dividends, ETFs, Japan, Market Concentration, Passive investing, technology, Value Investing | Passive investing through ETFs has grown significantly, with passive share of mutual funds and ETFs tipping over 50% in 2024. ETF purchases played a significant role in Bank of Japan's quantitative easing program, with the central bank holding circa 90% of Japan ETFs and 7% of TOPIX market capitalization before ending purchases in March 2024. | View | |
| 2024 Q1 | Mar 31, 2024 | Peapack Private | - | - | NVDA | AI, Buybacks, Credit Stress, Dollar, emerging markets, government debt, inflation, technology | Markets have become obsessed with AI leading to a surge of productivity and profitability since ChatGPT's release in November 2022. The largest companies are investing gargantuan sums to secure AI advantages, leading to extraordinary increases in market capitalizations like Nvidia's rise from $308 billion to $4.4 trillion in three years. Any disappointment on AI would leave markets vulnerable, particularly in the US. | View | |
| 2024 Q1 | Mar 31, 2024 | ACATIS Investment | 5.6% | 5.6% | AMD, META, MSFT, NVDA, NYT, ORCL | AI, Data centers, infrastructure, Investment, Meta, returns, technology, valuation | Massive investments in AI infrastructure could unlock trillions in economic output or prove wasteful. While skepticism is consensus, companies investing hundreds of billions appear better informed than skeptics. The market has added over $7 trillion to tech valuations based on AI productivity expectations. | META PLTR FRE GR LONN SW |
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| 2024 Q1 | Mar 31, 2024 | Airlie Small Companies Fund | 9.1% | 9.1% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive productivity gains and creating new business models for enterprise software companies. The debate centers on whether AI will increase adoption at higher prices or allow companies to bypass traditional software vendors. ServiceNow and Salesforce are adapting pricing models to capture AI value through consumption-based structures. | View | |
| 2024 Q1 | Mar 31, 2024 | City Different Investments – Global Equity | 16.4% | 46.0% | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2024 Q1 | Mar 31, 2024 | City Different Investments – Multi-Cap Core | 11.4% | 33.1% | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, insurance, software, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability of $3-4 trillion annual data center spending projections by 2030, citing concerns about economic viability and energy infrastructure bottlenecks. | TTAN TYL AJG CR |
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| 2023 Q1 | Mar 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 18.6% | 18.6% | AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM | AI, Banking, growth, large cap, semiconductors, technology | The public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications. | ISRG CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q1 | Mar 31, 2023 | Platinum International Technology Fund | 13.2% | 13.2% | 000660.KS, 005930.KS, 006400.KS, BKNG, CIEN, GOOGL, IFNNY, JD, MCHP, META, MSFT, MU, NFLX, NVDA, NXPI, SOITF, STMPA.PA, TSM | AI, Electric Vehicles, growth, semiconductors, technology | Artificial intelligence was the hot theme during the quarter after Microsoft drew attention to ChatGPT capabilities. Microsoft and Nvidia were up 20% and 90% respectively. The Fund added to Google amid concerns that search business will be disrupted by ChatGPT, though the manager believes large language models won't be as disruptive to core Search business as the market thinks. | View | |
| 2023 Q1 | Mar 31, 2023 | Evolve Private Wealth | - | - | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSMC | AI, China, Cloud, global, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly such heavy spending can translate into tangible returns. | 000700.HK AVGO AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT LSEG.L LRCX GOOGL |
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| 2023 Q1 | Mar 31, 2023 | Airlie Small Companies Fund | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2023 Q1 | Mar 31, 2023 | City Different Investments – Global Equity | 12.8% | -14.1% | AAPL, AMZN, BRK.A, DDS, GOOGL, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, Cyclical, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current market to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful AI implementation for warehouse cost savings. | SIRI SLB AVALX TDW NKE |
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| 2023 Q1 | Mar 31, 2023 | City Different Investments – Multi-Cap Core | 5.4% | -10.7% | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Magnificent 7, rates, technology, Valuations | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth, describing AI infrastructure as entering a new industrial revolution. An estimated $350 billion this year and $400 billion next year will be spent on AI-related equipment by major US technology companies. | View | |
| 2023 Q1 | Mar 31, 2023 | Fortress – Caribbean Growth Fund | 3.1% | 3.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is estimated at $250B+ with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over medium term with four new unnamed customers expanding AI revenue opportunity. | FICO AVGO BSX |
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| 2023 Q1 | Mar 31, 2023 | PM Capital Australian Companies Fund | 0.2% | 0.2% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | Manager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments. | View | |
| 2023 Q1 | Mar 31, 2023 | Tarkio Fund | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, software, technology, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager tracks economic viability risks and energy infrastructure bottlenecks while maintaining exposure to the theme despite bubble concerns. | TTAN TYL AJG ACR |
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| 2023 Q1 | Mar 31, 2023 | ValueWorks Capital | - | - | ADBE, AMD, AMZN, ANET, ASML, CRM, CSCO, 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. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. | View | |
| 2026 Q1 | Mar 28, 2026 | ServeTheHome | - | - | ADBE, DELL, NVDA | AI, Data centers, infrastructure, Publishing, technology | View | ||
| 2024 Q1 | Mar 28, 2024 | Rathbones | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, equities, global, inflation, Quality, rates, Recession, small caps | Smaller and mid-market companies show particularly attractive long-term prospects given improving growth outlook and relative valuations. For the first time since 1988, the S&P 500 made new highs while the Russell 2000 remained in bear market territory, down 20% from highs. | View | |
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors | - | - | 1211.HK, AAPL, ACN, AMZN, ANET, CEG, DUK, EQT, GE, GLD, GRMN, JNJ, JPM, MSFT, NFLX, NVDA, PGR, TTEK | AI, Bonds, defense, Electric Vehicles, healthcare, inflation, Natural Gas, tariffs | The Trump Administration is pursuing tariffs, immigration controls, and budget cuts to reshape the US economy from global services-based to domestically focused manufacturing. Tariffs are viewed as generally bad policy that will result in lower margins and less efficient operations. The uncertainty around tariffs is leading to lower business activity and stock prices. | MSFT GRMN DUK AMZN AAPL NFLX JPM PGR JNJ |
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| 2025 Q4 | 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 | |
| 2025 Q4 | Mar 2, 2026 | TYME Advisors | - | - | AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM | Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties | The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection. | View | |
| 2024 Q4 | Mar 2, 2025 | Mott Capital Management | - | 17.9% | AMZN, ILMN, ISRG, MA, MSFT, NVDA, SHOP.TO | AI, Bubble, Cash, growth, risk, technology, Valuations | Manager is skeptical of AI-related stock valuations, comparing the current environment to the 2000 dot-com bubble. Questions whether AI growth expectations will materialize quickly enough to justify current pricing, particularly for Nvidia which trades at very high valuations. | View | |
| 2025 Q1 | Mar 17, 2025 | PivotalPath | - | - | NVDA | AI, credit, Hedge Funds, Multi-Strategy, Performance, tariffs, volatility | Tariffs and trade wars created market uncertainty in February, with US markets showing vulnerability despite being the source of trade threats. Managers expect prolonged trade war impacts on large US companies with significant foreign exposure and supply chains. | View | |
| 2025 Q1 | Mar 13, 2025 | Fairtree Wild Fig Multi Strategy Hedge Fund | -2.5% | -2.5% | 1211.HK, 6857.T, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, Electric Vehicles, growth, infrastructure, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. | MSFT 1211.HK META ASML ORCL AVGO |
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| 2024 Q4 | Mar 12, 2025 | Invesco Discovery Fund | 1.2% | 22.6% | ALAB, AMZN, CLH, CLS, CRS, CYBR, DUOL, EHC, EVR, FIX, INTA, MOD, NVDA, ONTO, PEGA, PI, QTWO, STEP, TMDX, WING | AI, Cloud, growth, semiconductors, small cap, software, technology | Technology driven innovation has continued to disrupt large portions of the global economy, providing substantial opportunity through investment in premier growth compounders. The fund added Pegasystems which has increasingly integrated artificial intelligence functionality into its products, with newest AI releases representing more than 25% of its bookings. Intapp offers cloud-based and AI-powered software solutions for the financial services industry. | INTA CVLT PEGA |
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| 2024 Q4 | Mar 11, 2025 | Argosy Investors | - | - | ALNT, CDW, CSWI, DAVA, MSFT, NVDA, TOITF | AI, Buybacks, Data centers, small caps, technology, Utilities, value | Manager discusses cooling enthusiasm around AI following DeepSeek release and draws parallels to late 1990s telecom buildout. Notes AI's potential to reduce coding and marketing labor, which could impact companies like Endava. | CDW ALNT |
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| 2025 Q4 | 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% | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. | View | |
| 2024 Q4 | Mar 1, 2025 | Columbia Seligman Global Technology Fund | 7.5% | 26.7% | AAPL, AMAT, AVGO, BE, DBX, EBAY, GDDY, GOOGL, GPN, LRCX, META, MRVL, MSFT, NVDA, NXPI, ON, ORCL, WDC | AI, Cloud, cybersecurity, global, growth, semiconductors, software, technology | AI continues to be the strongest theme in technology, as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. Capital spend from public cloud service providers Microsoft, Google, Amazon, Oracle and Meta are all continuing to grow. The fund sees AI as driving demand for technology infrastructure and offering the promise of exponentially increased productivity gains. | 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 | |
| 2024 Q4 | Feb 8, 2024 | Jackson Peak Capital | - | 20.2% | COIN, HPE, IWM, MU, NVDA, PDD, QQQ, TSLA | AI, China, Election, Event Driven, Hedging, Long/Short, technology | AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The fund held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain. | HPE MU NVDA PDD COIN TSLA |
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| 2023 Q4 | Feb 8, 2024 | The Olstein Strategic Opportunities Fund | - | - | AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH | financials, free cash flow, industrials, Magnificent Seven, undervalued, value | Manager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations. | HRTX |
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| 2024 Q4 | Feb 7, 2025 | DKAM Donville Kent Asset Management | - | 102.8% | AAPL, AEP.V, AMZN, CPH.TO, CTS.TO, E.TO, FORA.TO, GOOGL, GSY.TO, MDA.TO, META, MSFT, NVDA, PNG.V, PRL.TO, SECU.V, TSLA, VHI.V, ZDC.TO | AI, Canada, earnings, energy, growth, inflation, small caps, tariffs | The fund focuses on small/mid cap growth stocks and believes they are in the next 5-7 year bull cycle for this segment. Large caps have never been this overvalued versus small caps, with small caps offering more than twice the earnings growth for almost one third the valuation. | View | |
| 2023 Q4 | Feb 7, 2024 | Brookfield Asset Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth credited to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk in mega-cap technology names. | 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 | |
| 2025 Q4 | 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 | 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 | |
| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities | Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. | PCG ENR.DE LYV BN |
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| 2024 Q4 | Feb 3, 2025 | Hosking Partners | - | - | AAPL, ALS.TO, AMZN, GOOGL, META, MSFT, NVDA, PDL.L, SBSW | active ownership, AI, Big tech, Community Relations, Energy Transition, Esg, Mining, Social Issues | The energy transition remains a local and intensely social affair, with community relations and licence-to-operate becoming critical factors. The tension between local interests and global decarbonisation targets is intensifying, leading to a shift toward adaptation and resilience strategies rather than purely top-down emissions targets. | View | |
| 2024 Q4 | Feb 28, 2025 | Askeladden Capital Partners | - | - | AMD, CHGG, CSCO, DDD, INTC, MSFT, NVDA, SBUX, SSYS | AI, productivity, Research, semiconductors, Small-cap, technology, value | Manager conducted extensive research on artificial intelligence, concluding it will significantly enhance research productivity (2-3x improvement expected) but won't replace human judgment. AI excels at pattern recognition and statistical processing but lacks true reasoning, causality understanding, and struggles with hallucinations. The technology represents a powerful force multiplier for knowledge work rather than a replacement. | View | |
| 2024 Q4 | Feb 28, 2025 | Kinsman Oak | - | - | AAPL, BTC-USD, COST, NVDA, WMT | AI, Concentration, growth, inflation, Passive, SMID Cap, Speculation, value | The S&P 500 top ten stocks combine for a record-setting 37% of total market capitalization, exceeding the Dot-Com bubble by 14%. MAG7 stocks gained 60.5% versus 13.0% for equal weight index. This concentration creates structural risks as passive fund flows exacerbate momentum effects. | View | |
| 2025 Q4 | Feb 26, 2026 | Crossroads Capital | 2.7% | 37.7% | ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR | aerospace, AI, gaming, growth, small cap, Space, technology, value | Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines. | FTAI NBIS ASTS NTDOY |
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| 2025 Q4 | Feb 25, 2026 | GMO | 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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| 2025 Q4 | Feb 25, 2026 | Semper Augustus | - | 41.4% | AAPL, AMZN, BRK-A, COST, DECK, DG, DLTR, FIVE, GOOGL, KGC, KHC, KO, META, MSFT, NEM, NVDA, TSLA | Artificial Intelligence, Capital discipline, Energy Infrastructure, Intrinsic Value, Valuation risk | The letter emphasizes disciplined value investing amid extreme narrative-driven markets, warning that concentrated enthusiasm around artificial intelligence mirrors past episodes like the 201415 oil collapse where capital overextended beyond fundamentals. While AI represents genuine technological progress, rising energy costs, grid constraints, and capital intensity introduce economic and regulatory frictions that challenge assumptions of frictionless scalability. The strategy prioritizes intrinsic value, balance sheet strength, and resilience, seeking to avoid overpaying for certainty embedded in elevated multiples. | View | |
| 2025 Q4 | 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 | |
| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality Select | 0.4% | 13.6% | AAPL, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, META, MSFT, MTD, NFLX, NVDA, TSLA | AI, Cloud, Concentration, large cap, Quality, semiconductors, technology | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The transformative potential of artificial intelligence is one of two key catalysts driving expected mid-teens growth in S&P 500 earnings for 2025. | EFX AMZN CRM AVGO |
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| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AAPL, AME, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, GXO, INTU, MCHP, META, MSFT, MTD, NVDA, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, technology, Valuations | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager sees AI as one of two key catalysts driving expected mid-teens S&P 500 earnings growth for 2025. | MCHP GXO DIS DHR MTD AMT AMZN CRM AVGO |
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| 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 | |
| 2023 Q4 | Feb 20, 2024 | Tall Oak Capital Advisors | - | - | AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO | Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology | The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution. | PANW |
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| 2024 Q4 | Feb 19, 2025 | Harry Qelm Baabsman | - | -8.5% | AAPL, ADBE, AMZN, BIRD, CRM, CSIQ, GOOGL, HFG.DE, LIGHT.AS, META, MSFT, NVDA, NXT, PUM.DE, SEDG, SHOP, TPIC, TSLA, ZAL.DE, ZM | clean energy, Europe, long-term, technology, undervalued, value | The fund maintains deep exposure (up to 30% of portfolio) to wind, solar, and battery companies despite extreme sector decline in 2024. Manager views this as cyclical weakness similar to post-Fukushima crisis 2011-2013, with mathematical evidence showing global power generation shifting toward renewables at 3-5x the rate of fossil fuel installations. | 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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| 2024 Q4 | Feb 15, 2025 | GDS Investments | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, cyclicals, energy, inflation, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE SLB VAL TDW NKE |
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| 2024 Q4 | Feb 13, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, ANET, AR, CCO.TO, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, PLTR, REGN, TOU.TO, VST | AI, Data centers, energy, growth, infrastructure, Quality, technology | AI's rapid expansion is driving unprecedented demand for high-performance data centres, with AI workloads requiring vast computing power and significantly increased energy consumption. Hyperscalers are rapidly expanding infrastructure, pushing AI data centre power demand projected four times higher by 2030. | ANET GEV |
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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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| 2025 Q4 | Feb 10, 2026 | 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 | |
| 2024 Q4 | Feb 1, 2025 | Crescat Capital – Global Macro Hedge Fund | - | -19.0% | AAPL, MSFT, NVDA | AI, Bubbles, Dollar, gold, liquidity, Metals, tariffs, technology | Crescat's activist metals portfolio is the largest thematic long exposure across all private funds, focused on deeply undervalued gold miners with potential for substantial countercyclical upside. The fund expects continued higher gold prices in the near-to-intermediate term under Pozsar's vision for gold in the new Bretton Woods monetary order. | View | |
| 2025 Q3 | Dec 9, 2025 | RGA Investment Advisors | - | - | AAPL, AXP, COF, DFS, GOOGL, MA, NVDA, PLTR, V | AI, Banking, Concentration, healthcare, Networks, payments, Search, technology | AI is dominating market performance and sucking the air out of everything else. Google has evolved from facing an AI threat to becoming a dominant AI player with vertical integration advantages across semiconductors, hardware, models, consumer, and enterprise. The company's proprietary TPU chips and integration of AI into search positions it as a low-cost provider in the AI ecosystem. | 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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| 2023 Q4 | Dec 31, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AZO, FNV, GOOGL, LMT, MA, MELI, MSCI, MSFT, MSTR, NVDA, NVR, OCSL, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, fixed income, inflation, liquidity, Stagflation, technology | Bitcoin has entered a bull market with potential spot ETF approval and upcoming halving event. Manager believes bitcoin is historically the best performing asset class during bull markets and has been steadily increasing bitcoin proxy holdings. | MSTR OCSL |
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| 2024 Q4 | Dec 31, 2024 | L1 Capital International Fund | 11.4% | 29.0% | AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V | AI, global, healthcare, interest rates, large cap, Quality, technology | AI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements. | HCA MSFT |
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| 2024 Q4 | Dec 31, 2024 | Alger Mid Cap Focus Fund | 4.9% | 24.5% | AMZN, APP, AXON, CEG, HEI, MPWR, NVDA, PLTR, TLN | AI, Cloud, growth, industrials, mid cap, nuclear, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI platform (AIP) leverages generative AI to optimize business operations and has driven significant growth. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine. | HEI CEG MPWR AXON APP PLTR |
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| 2024 Q4 | Dec 31, 2024 | Madison Small Cap Fund | 4.0% | 22.2% | AAPL, AMN, AMZN, FROG, GOGO, GOOGL, KN, MEDP, META, MSFT, NVDA, ORCL, TSLA, VFC, WSC | AI, Construction, healthcare, industrials, small cap, technology, value | The AI boom continued with Nvidia adding $2 trillion in market value in 2024. Five hyperscalers have spent nearly $1 trillion on capital spending over five years, fueling Nvidia's growth. Questions remain about actual economic returns from these investments beyond Chat GPT and generative AI. | MEDP VFC KN AMN GOGO FROG WSC |
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| 2024 Q4 | Dec 31, 2024 | Pzena Investment Management | - | - | AAPL, AMZN, C, CSCO, GE, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA, WMT, XOM | active management, AI, Concentration, growth, large cap, value | Value stocks have significantly underperformed during the current period of market concentration, but historically outperform when concentration levels decline. The firm expects value stocks to benefit from earnings convergence between the Magnificent Seven and the broader market. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Fundamental Stability & Value | - | 12.8% | AAPL, AMZN, AVGO, BMY, COST, CSCO, CVS, DKS, GDDY, KO, META, MO, MSFT, NFLX, NVDA, ORCL, TMUS, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, technology, valuation, value | The S&P 500 has experienced significant valuation expansion with prices rising 43% while free cash flows increased only 9.6%. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for nearly 40% of total market cap. Distillate's strategy offers a 5.8% free cash flow yield versus the S&P 500's 3.5%, representing a record premium. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital International | - | -0.3% | ABT, ADBE, AMGN, AVGO, BMY, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, NVDA, PG, QRVO, TMUS, UNH, WSM | AI, Concentration, Quality, risk management, small caps, valuation, value | Large U.S. equities are up 43% since October 2023 while underlying free cash flows increased only 9.6%, creating significant valuation risk. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for almost 40% of total market capitalization. Distillate's strategies offer attractive valuations with free cash flow yields well above market levels. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments All Cap Growth | - | - | AMZN, AVGO, BIIB, CMCSA, CMG, ETSY, FCX, GOOGL, ICLR, ISRG, META, NFLX, NVDA, STX, TMO, TSLA, UBER, UNH, V, VRTX | AI, Biotechnology, growth, healthcare, large cap, momentum, technology | Nvidia continued to ride momentum as the key supplier of chips for AI applications, rising more than 170% in 2024. The team is targeting disruptors leveraging generative AI and rapidly taking market shares in the fastest-growing parts of the economy. Innovation is accelerating beyond technology-related businesses, including medical devices where Intuitive Surgical is making significant strides in providing feedback to surgeons using robotic instruments. | CMCSA BIIB CMG ICLR |
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| 2024 Q4 | Dec 31, 2024 | Harding Loevner Global Equity | - | 14.5% | 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, 9962.T, AAPL, ABBV, ACN, ADBE, ADYEN.AS, ALC, ALFA.ST, AMAT, AMZN, ATCO-A.ST, ATKR, ATU.TO, AVGO, BBCA.JK, BKNG, CME, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, RGEN, ROG.SW, ROK, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TW, UNH, VRTX, WMMVY | AI, Data centers, geopolitics, global, growth, semiconductors, technology, Trade Policy | Artificial intelligence continues to drive significant investment and growth across multiple sectors. The manager discusses the sustained momentum in AI development, with companies like OpenAI, xAI, Anthropic raising billions for infrastructure spending. New large language models have launched showing significant improvements, particularly in creating chains of thought to simulate human reasoning. The runway for model development remains long, suggesting sustainable demand for increasingly powerful hardware. | View | |
| 2024 Q4 | Dec 31, 2024 | Harding Loevner International Equity | - | 1.8% | 005930.KS, 6146.T, AAPL, ABEV, ADYEN.AS, AMZN, ASML, ATD.TO, FMSQY, GMAB, GOOGL, LVMUY, MELI, META, MSFT, NESN.SW, NVDA, NVO, OR.PA, TSLA, TSM | AI, Consumer Staples, growth, Health Care, international, Quality, semiconductors, Trade Policy | AI continues to drive growth in semiconductor equipment and chip manufacturing. Companies like TSMC and Disco Corp are positioned to benefit from increasing demand for AI chips requiring more complex die processing and advanced semiconductor manufacturing. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel Appreciation Fund | -0.5% | 6.3% | AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA | Deregulation, discount, Election, financials, mid cap, value | The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value. | WBA IPG MSGE SWK CG NTRS GS |
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| 2024 Q4 | Dec 31, 2024 | Ariel Focus Fund | -1.2% | 13.5% | AAPL, AMZN, GNRC, Gold, GOOGL, GS, LMT, META, MHK, MSFT, NVDA, REZI, SLB, SNA, TSLA | defense, energy, financials, gold, industrials, large cap, technology, value | The fund focuses on differentiated businesses with solid competitive positioning and robust balance sheets, emphasizing patient investing in undervalued companies. The manager expects value stocks to benefit as the performance gap between mega-cap stocks and smaller company counterparts narrows. | SLB Gold LMT MHK REZI GS SNA |
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| 2024 Q4 | Dec 31, 2024 | Ariel Small Cap Value Strategy | -0.8% | 9.0% | AAPL, AMZN, BCO, GOOGL, LIND, META, MGPI, MHK, MSFT, NCLH, NVDA, OSW, TSLA | consumer, Cruises, fundamentals, small caps, Travel, value | The fund holds multiple travel-related companies including Norwegian Cruise Line, OneSpaWorld, and Lindblad Expeditions. These companies showed strong performance driven by robust consumer demand, healthy onboard spending, and solid pricing power in the cruise and adventure travel segments. | MHK BCO MGPI LIND OSW NCLH |
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| 2024 Q4 | Dec 31, 2024 | Conestoga SMid Cap Composite | -0.7% | 11.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, infrastructure, small cap, SMID Cap, software, valuation | Enthusiasm for all things related to Artificial Intelligence created what the firm believes to be a more speculative investing environment, which proved challenging for Conestoga's investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on enthusiasm surrounding demand for AI-related hardware, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Mid Cap Composite | -4.6% | 4.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, mid cap, small cap, technology, valuation | Enthusiasm for Artificial Intelligence created a speculative investing environment that proved challenging for Conestoga's strategies. AI-related hardware demand drove computer hardware industry surge over 100% in Russell 2000 Growth Index. Conestoga's lack of exposure to AI hardware was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Micro Cap Composite | 9.9% | 13.5% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, NEOG, NOVT, NVDA, QTWO, ROAD, SITE, SSD, TRNS, TSLA, VCEL, VERX, WK | Attribution, growth, healthcare, industrials, Micro Cap, Performance, technology | Enthusiasm for Artificial Intelligence created a more speculative investing environment that proved challenging for Conestoga's investment strategies. AI is a key technology unlocking the true potential of Planet Labs and its vast data engine. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Small Cap Composite | 1.7% | 9.6% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, infrastructure, small cap, software, technology, valuation | Enthusiasm for all things related to Artificial Intelligence created what Conestoga believes to be a more speculative investing environment, which proved challenging for their investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on AI-related hardware enthusiasm, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power – Balanced Fund | - | 9.6% | AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC | AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology | The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power - Growth Fund | - | 19.6% | AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH | AI, Housing, long-term, Regional, small caps, technology, value | AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts. | NVDA MSFT CLFD |
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| 2024 Q4 | Dec 31, 2024 | Alger Spectra Fund | 5.6% | 39.9% | AMZN, APP, LLY, MELI, MSFT, NVDA | AI, Cloud, E-Commerce, growth, healthcare, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. AI is central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is a critical enabler of AI and therefore essential to AI adoption, with leadership in scaling AI infrastructure driving enterprise adoption. | MELI LLY MSFT AMZN NVDA APP |
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| 2024 Q4 | Dec 31, 2024 | FPA Crescent Fund | 1.1% | 14.0% | 003550.KS, AAPL, AMZN, C, CINF, CMCSA, COST, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, IRM, JDEP.AS, JEF, META, MSFT, NVDA, SHW, TSLA, WSO | contrarian, Exposure, global, momentum, risk, valuation, value | Momentum stocks have led the market, particularly in 2024. According to Morgan Stanley, momentum ruled more than any other factor, with high momentum stocks outperforming low momentum by +28% year-on-year as of Dec 11th, a two standard-deviation event. The current momentum run is one of the top momentum runs since 1995. | 003550.KS CMCSA GLEN.L HEIO.AS |
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| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS | AI, growth, innovation, large cap, secular trends, technology | AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference. | CYBR LPLA ANET NVDA TSLA |
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| 2024 Q4 | Dec 31, 2024 | Bailard Technology Strategy | 3.1% | 30.2% | AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS | AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology | AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users. | View | |
| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | AAPL, ACN, ADBE, AMZN, CHTR, CMCSA, CRM, CRWD, CVS, GOOGL, HUM, LLY, MSFT, NOW, NVDA, NVO, SNOW, UNH | AI, growth, healthcare, large cap, regulation, software, technology, Telecommunications | The manager discusses the dawn of the Agentic Age where AI agents will solve problems and complete business tasks, with marginal cost of labor approaching zero for tasks AI can complete. AI agents will allow knowledge workers to operate at the top of their degree and eliminate mindless tasks. The manager expects this to drive productivity gains and help solve labor shortage issues. | View | |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Appreciation Fund | -1.5% | 12.4% | AAPL, AMZN, ASML, GOOGL, LVMUY, MSFT, NOW, NVDA, NVO, SPGI, TXN, UNH, V | AI, Federal Reserve, growth, large cap, Quality, rates, technology, Trade Policy | Corporate results indicated AI infrastructure investments were yielding tangible returns, particularly in cloud computing offerings, efficiencies gained, and improvements across advertising and content. Management for many large technology companies signaled plans for further investments in this area, which should benefit semiconductor designers and manufacturers. | View | |
| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Equity Income Fund | -5.4% | 6.4% | 1299.HK, AAPL, AMZN, AVGO, CME, CSCO, DPW.DE, EXC, FHN, GILD, GOOGL, IP, JCI, MDT, NVDA, PEP, SBUX, SNY, SYY, TSLA | dividends, financials, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot hold mega-cap technology stocks due to their low yields. Income stock valuations remain compelling, with stocks offering above-average income rates trading at substantial discounts to low-income stocks. The strategy has zero weightings in the magnificent seven technology stocks and instead focuses on dividend-paying sectors. | View | |
| 2024 Q4 | Dec 31, 2024 | Capicraft Investment Partners | - | - | AAPL, AMZN, ASML, COST, DIS, DOCU, GOOGL, JNJ, KO, LB, NFLX, NVDA, TPG, TSM, ZM | AI, energy, inflation, Quality, technology, US, value | Manager discusses AI productivity boom potential but notes most benefits will come later. Currently AI infrastructure is being built by hyperscalers who are pricing in high expectations while becoming more capital-intensive and commoditized. The next opportunity lies in AI developers who will build software on hyperscaler infrastructure. | LBRT |
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| 2024 Q4 | Dec 31, 2024 | Baron Global Advantage Fund | 11.8% | 26.1% | ARGX, ASML, BAJFINANCE.NS, BILL, CPNG, CRWD, DDOG, ENDV.L, INDI, MELI, NET, NVDA, RIVN, SHOP.TO, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS | AI, Cloud, E-Commerce, global, growth, Robotics, semiconductors, technology | The fund views AI as one of the biggest disruptive changes in human history, comparing it to the early internet era. AI model intelligence is improving rapidly through multiple vectors including scaling laws, multiple modalities, synthetic data, post-training techniques, and inference-time scaling. The fund owns businesses positioned to benefit from this paradigm shift including NVIDIA at the epicenter and platforms like Shopify that can utilize AI to help merchants. | View | |
| 2024 Q4 | Dec 31, 2024 | Auxier Asset Management | -2.1% | 11.3% | AAPL, AMP, AMZN, BAC, BK, BRK.B, C, GOOGL, KR, MA, META, MSFT, NVDA, PLTR, PM, TRV, TSLA, UNH, UNM, V | AI, Buybacks, financials, growth, insurance, real estate, technology, value | Technology and communication were the best performing sectors driven by AI excitement reaching new highs. The Magnificent Seven companies drove about half of the S&P 500's gain in 2024, with these companies expected to report 33% earnings growth versus 4% for the remaining S&P 500 companies. The manager is concerned by the large capital investment in AI by leading tech firms and government, with Wedbush projecting $2 trillion over the next three years. | View | |
| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors | The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. | RTO.L AZO ZTS ILMN |
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| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | 0700.HK, AAPL, ADBE, AMZN, ANET, AVGO, BESI.AS, DEO, EL, FI, GOOGL, LULU, MSFT, NESN.SW, NESTE.HE, NVDA, NVO, PEP, RMS.PA, UNH | AI, Global Equities, Performance Attribution, Quality, small caps, technology | Alphabet continues to be attractively valued with double-digit growth underwritten by advancements in AI and supercomputing, enabling the company to remain at the leading-edge of search. Broadcom is a key player in the booming AI market where they develop custom chips used in data centres tailored to specific customer needs. | CLH AVGO UNH LULU GOOGL |
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| 2024 Q4 | Dec 31, 2024 | BlackRock Advantage Global Fund | -0.7% | 18.6% | AAPL, AMZN, BAC, CME, GOOGL, MS, MSFT, NVDA, SHEL, TT | Election, global, large cap, Macro, Sentiment, technology | The fund struggled with security selection in the IT sector as perceived artificial intelligence winners evolved throughout the quarter. AI-related technology stocks were part of the speculative growth rally that dominated markets. | View | |
| 2024 Q4 | Dec 31, 2024 | BlackRock Science And Technology Term Trust | - | 19.8% | ALAB, CRDO, NVDA, RDDT, SPOT, TSLA | AI, Closed-End Fund, Covered Calls, semiconductors, technology | View | ||
| 2024 Q4 | Dec 31, 2024 | Lansing Street Advisors | - | - | AAPL, NVDA | Bonds, demographics, Europe, Government, Immigration, private equity, small caps | Private equity has grown explosively while small-cap stocks have underperformed for 9 of the last 11 years. Private equity unicorns have grown 1,100% since 2014, keeping companies private and fundamentally altering the landscape for small public stocks. | View | |
| 2024 Q4 | Dec 31, 2024 | RiverPark Large Growth | 5.0% | 22.3% | AAPL, ADBE, AMZN, AVGO, GOOGL, LLY, META, MSFT, NFLX, NKE, NVDA, SHOP, TSLA, UBER, UNH | AI, Cloud, E-Commerce, growth, large cap, technology | Artificial intelligence drives significant demand for NVIDIA's graphics processors as companies race to apply generative AI into products and services. The AI arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses. | View | |
| 2024 Q4 | Dec 31, 2024 | RiverPark Long/Short Opportunity Fund | 4.3% | 15.9% | AAPL, AMZN, GOOGL, IGV, LLY, MA, META, MSFT, NFLX, NVDA, SHOP.TO, TSLA, UBER | AI, E-Commerce, growth, healthcare, Long/Short, technology | The artificial intelligence arms race, kicked off by ChatGPT and Alphabet's Bard, has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from a gaming-focused chip vendor to one of the largest semiconductor/software vendors in the world. Jensen Huang stated that a trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process. | LLY UBER AMZN NVDA SHOP.TO |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Growth Equity Fund | 4.9% | 26.9% | AKAM, AMAT, AMD, AVGO, BSX, CRM, DASH, DDOG, EFX, FERG, INTU, LVMUY, MELI, MSFT, NET, NTRA, NVDA, PCOR, TMO, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI remained a dominant theme throughout 2024, with companies positioned to capitalize on artificial intelligence driving significant returns. The fund benefits from investments in companies like Broadcom designing AI server processors and NVIDIA leading the market for AI-required chips. AI integration across customer relationship management and cloud computing platforms continues to drive robust growth. | VRTX EXAS TEAM DASH DDOG |
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| 2024 Q4 | Dec 31, 2024 | Impax Global Environmental Markets Fund | -8.0% | 4.9% | 2454.TW, A, ADSK, AI.PA, LIN, MSFT, MTD, NVDA, SIE.DE, SU.PA, TXN, WAT, WM | Environmental, global, healthcare, industrials, materials, sustainability, technology | AI demand continues to drive growth for portfolio holdings like Nvidia, with strong momentum from continued demand for high energy efficiency GPUs driven by AI and data centre investments. Key client announcements of further data centre spending bolstered growth prospects. | View | |
| 2024 Q4 | Dec 31, 2024 | Impax US Sustainable Economy Fund | -0.8% | 20.4% | AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS | AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology | The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus. | View | |
| 2024 Q4 | Dec 31, 2024 | SoftBank Group | - | - | AAPL, AMZN, ARM, AURO, AUTO, BABA, CPNG, DASH, DIDI, DTEGY, GKBW, GOOG, GOTO.JK, MSFT, NVDA, SYM, TMUS, UBER, WE, ZOMATO.NS | AI, Arm, growth, innovation, Investment, semiconductors, technology, Vision Funds | SoftBank positions AI as the core of the Information Revolution and their investment strategy. The company believes AI will redefine all industries and is investing heavily in AI-powered companies across their portfolio. They anticipate the realization of artificial super intelligence (ASI) within ten years, which they view as a turning point in human history. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Select Growth Fund | 8.8% | 24.3% | AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V | AI, growth, innovation, long-term, software, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Global Growth Fund | 5.3% | 15.7% | 6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V | AI, global, growth, innovation, long-term, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Technology Innovators Fund | 9.0% | 37.7% | AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, Cloud, global, growth, innovation, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services. | View | |
| 2024 Q4 | Dec 31, 2024 | Barometer Capital Management | - | - | AAPL, ATRL.TO, AXON, BWXT, CAT, CCO.TO, CM.TO, FFH.TO, GS, HWM, IBIT, JPM, L.TO, MSI, NEE, NVDA, NVS, REGN, TECK-B.TO, V | AI, banks, Deregulation, financials, industrials, nuclear, technology | AI continued to influence markets with focus shifting to future power demand growth as datacenter build-out requires substantial energy investments. Axon Enterprise's AI products allow police officers to automate report writing, freeing up time for more policing, with police departments increasingly eager to implement this high-margin software. | ATRL HWM AXON |
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| 2024 Q4 | Dec 31, 2024 | Coho Relative Value Equity | - | - | AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB | Bubble, Concentration, defensives, technology, valuation, value | Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term. | View | |
| 2024 Q4 | Dec 31, 2024 | Saturna Sustainable Funds | -4.2% | 9.6% | AAPL, ADBE, AVGO, GOOGL, LIN, LLY, LULU, NEE, NOW, NVDA, NVO, SBUX, TJX, TSCO, TSM | AI, infrastructure, Onshoring, semiconductors, Sustainable, tariffs, technology, Utilities | AI infrastructure companies like Nvidia, Taiwan Semiconductor, and Broadcom drove significant portfolio returns. The fund maintains exposure to AI enablers while adding companies whose growth opportunities are not contingent on AI advancements. Many companies contributing to AI building blocks enjoyed extraordinary returns during 2024. | View | |
| 2024 Q4 | Dec 31, 2024 | Zelikovic Investments | - | - | AAPL, AGO, AMZN, ATKR, BN, CNHI, EXO.MI, FFH.TO, GOOGL, IAC, JUVE.MI, KKR, KNSL, MKL, MSFT, NVDA, RACE, STLA, TPL, TSLA | Asset Managers, compounders, insurance, international, long-term, small caps, value | Manager focuses on purchasing financially robust companies at attractive prices compared to their economic value while avoiding popular expensive stocks. Emphasizes finding quality companies trading below their intrinsic value, particularly among small caps and international equities. | View | |
| 2024 Q4 | Dec 31, 2024 | Minotaur Global Opportunities Fund | - | - | ACN, AMZN, BTI.AX, MDB, META, MSFT, NVDA | AI, China, emerging markets, global, semiconductors, technology, Valuations | Minotaur has developed proprietary AI system Taurient making 10,000-20,000 API calls daily to providers like OpenAI and Anthropic. They maintain exposure across the AI stack from chips to platforms to services. Recent breakthroughs like OpenAI's o3 and DeepSeek's efficiency gains reinforce their view that AI development will continue in parallel tracks of cutting-edge capabilities and architectural innovations. | View | |
| 2024 Q4 | Dec 31, 2024 | Orbis Global Equity | - | - | CPAY, GXO, HWM, IBKR, MSFT, MSI, NVDA, QXO, RXO, V, XPO | aerospace, CEO, Concentration, payments, Quality, US, value | The fund focuses on investing alongside top 1% CEOs with meaningful ownership stakes who can drive extraordinary shareholder value creation. Examples include John Plant at Howmet Aerospace and Ron Clarke at Corpay, who have delivered exceptional long-term results through operational excellence and capital allocation discipline. | CPAY HWM |
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| 2024 Q4 | Dec 31, 2024 | Stewart Asset Management | -0.5% | 27.6% | ADBE, GOOGL, MA, NVDA | AI, Concentration, earnings, growth, large cap, technology, US | AI is driving significant growth across portfolio holdings, with Nvidia being closely associated with artificial intelligence and providing computer chips, networking equipment, and software for data centers. Practical AI applications are already enhancing business operations through services like Photoshop, NotebookLM, and credit card fraud detection from portfolio companies Adobe, Alphabet, and Mastercard. | View | |
| 2024 Q4 | Dec 31, 2024 | Summers Value Fund | - | 27.4% | AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV | healthcare, Long/Short, Medical Devices, small caps, value | Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024. | ZIMV INDV UFPT ELMD |
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| 2024 Q4 | Dec 31, 2024 | YCG Investment | - | - | AAPL, AMZN, AVGO, CBRE, CSCO, EL, FICO, GOOGL, IBM, INTC, MC.PA, META, MSFT, NKE, NVDA, ORCL, PEP, RACE, RMS.PA, TSLA | AI, diversification, global, Luxury, Quality, technology | The manager draws parallels between the current AI boom and historical technology bubbles like the dotcom era, noting that the top eight S&P 500 companies account for over 35% of the index and are all perceived AI beneficiaries. While acknowledging similarities to past bubbles in terms of capital investment and uncertain timing of returns, they highlight key differences including equity rather than debt funding and better business quality of current leaders. | View | |
| 2024 Q4 | Dec 31, 2024 | Amundi Chenavari Credit Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AT1, Bonds, credit, Europe, financials, Spreads | The fund focuses on credit markets, analyzing trading and investment opportunities such as market inefficiencies where current prices do not reflect fair valuation. The strategy benefits from trends, price movements and price volatilities where current market valuation does not reflect embedded value. | View | |
| 2024 Q4 | Dec 31, 2024 | Fortress – Caribbean Growth Fund | -5.0% | 1.4% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, rates, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant growth in earnings where AI adoption is credited with positively influencing revenues. However, this concentrated growth has led to elevated valuations that may be inconsistent with an economy positioned for slowing growth. The risks of a potential slowdown in company capital expenditures could have severe implications on broader market sentiment. | View | |
| 2024 Q4 | Dec 31, 2024 | Nixon Capital | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, growth, Memory, nuclear, semiconductors, software, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. Enterprise software companies like ServiceNow and Salesforce are developing AI-infused products with consumption pricing models to capture value from productivity gains. The manager believes AI will ultimately prove additive to software company results despite current market skepticism. | View | |
| 2024 Q4 | Dec 31, 2024 | Trojan Fund from Troy Asset Management | - | 6.7% | AAPL, AMZN, COST, DEO, GOOGL, HEINY, META, MSFT, NESN.SW, NVDA, TSLA, UL, V, VRSN | AI, Bubbles, gold, infrastructure, Multi-Asset, rates, technology, Valuations | AI's potential is facilitating huge infrastructure investment and laying foundations for technology with profound significance. The adoption and monetisation of AI is occurring faster than previous technological shifts thanks to pre-existing internet infrastructure. Large language models are already impressive across applications, with a step change in cost of training and consuming models occurring. | View | |
| 2023 Q4 | Dec 31, 2023 | Davis Global Fund | 0.0% | 0.0% | 005930.KS, 081660.KS, 1299.HK, 2318.HK, 2423.HK, 3690.HK, 9618.HK, AMAT, AMZN, BAER.SW, COF, D05.SI, GOLF, GOOGL, META, MGM, MSFT, NVDA, OC, VTRS | AI, China, financials, global, rates, technology, value | Generative AI represents a significant platform transition in computing history, potentially bigger than PC, mobile, or internet. The manager expects widespread economic and societal impact but acknowledges uncertainty about how breakthroughs will unfold. Focus is on companies positioned to benefit from AI infrastructure and applications rather than speculative direct plays. | View | |
| 2023 Q4 | Dec 31, 2023 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, AMZN, GE, GOOGL, HWM, LIN, META, MSFT, NVDA, PWR, TDG, TSLA, V | aerospace, AI, alpha, Concentration, Quality, semiconductors, technology | AI deployment is driving step-function acceleration in power generation, electrical equipment and cooling technologies. Data centers require upgraded electrical equipment and advanced cooling technologies, with only 5% currently having liquid cooling. AI applications using GPUs draw 2.0X-2.5X the electricity of traditional CPUs. | View | |
| 2023 Q4 | Dec 31, 2023 | Orbis Global Equity | 0.0% | 0.0% | AAPL, AMZN, GOOGL, INTC, META, MSFT, NTDOY, NVDA, TSLA | Concentration, global, Indexing, Overvaluation, Passive, technology, value | The fund focuses on uncovering pockets of value while markets are driven by overvalued technology stocks. They highlight significant valuation disparities, such as Korean banks at 4x earnings versus Apple at 28x earnings, and Intel's margin of safety compared to Nvidia's slim margin for error. | View | |
| 2023 Q4 | Dec 31, 2023 | Bailard Technology Strategy | 20.0% | 68.2% | AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI | AI, growth, semiconductors, software, technology | Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries. | View | |
| 2023 Q4 | Dec 31, 2023 | Baron Global Advantage Fund | 14.7% | 25.3% | 3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS | AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology | GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms. | View | |
| 2023 Q4 | Dec 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 12.8% | 53.2% | AAPL, AMD, AMZN, CHTR, CMCSA, CRM, GOOGL, META, MSFT, NOW, NVDA, SNOW, TMUS, TSLA, VZ | AI, Cloud, earnings, growth, large cap, semiconductors, technology | The manager believes the AI revolution will be transformational for business, with 2023 being a year of massive investment in data centers for generative AI compute power. 2024 needs to be the year AI applications come into clearer focus, with companies like Snowflake helping enterprises organize data while Salesforce and ServiceNow deliver custom AI applications. Software applications tend to follow hardware investments by 3-6 months, and early AI applications from portfolio companies are encouraging. | View | |
| 2023 Q4 | Dec 31, 2023 | Andrew Hill Investment Advisors | - | - | NVDA | AI, Bonds, Federal Reserve, inflation, interest rates, technology | Artificial Intelligence hype drove Big Tech stock gains in the first half of 2023, with companies like Nvidia seeing surge in stock prices as key players in the AI space. The AI theme contributed to the concentration of returns in the Magnificent 7 stocks. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum International Brands Fund | -4.1% | -5.9% | 1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA | Beverages, brands, China, consumer, Defensive, Valuations | The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum International Technology Fund | 6.8% | 24.9% | 0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V | AI, Quality, semiconductors, Streaming, technology | The fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption. | View | |
| 2023 Q4 | Dec 31, 2023 | Packer & Co | - | 6.2% | 0762.HK, 0941.HK, AAPL, AMZN, BABA, BAYRY, BKY.AX, CNOOC, CVX, ERA.AX, GOOGL, HES, META, MSFT, NHC.AX, NVDA, SRUUF, STNG, XOM, YCA.L | China, energy, oil, Recession, technology, uranium, value | The fund holds CNOOC as its largest position at 10.4%, China's premier oil company producing 2% of world oil. CNOOC trades at just 4x P/E and is rapidly expanding output with focus on offshore China and Guyana where it holds 25% interest in the enormous Stabroek discovery alongside Exxon and Hess. | 9988.HK ERA.AX 0941.HK HES CEO |
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| 2023 Q4 | Dec 31, 2023 | Mondrian Global Equity Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Elections, Geopolitical, growth, Japan, rates, technology, value | AI hype was a recurrent theme in 2023, but the technology is still far from being a revenue or profit generator for most companies. Recent MSCI USA Growth outperformance has required significant multiple expansion driven by AI enthusiasm rather than fundamentals. | View | |
| 2023 Q4 | Dec 31, 2023 | Mondrian International Equity Value Opportunities | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, EAFE, Elections, Geopolitical, international, Japan, rates, value | EAFE Value trades at circa 10x forward earnings with multiples broadly unchanged despite market strength. Value-oriented equities outperformed growth peers outside the US, supported by strong earnings. Mondrian continues to focus on attractively valued segments offering good long-term return potential. | View | |
| 2023 Q4 | Dec 31, 2023 | Evolve Private Wealth | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, growth, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI monetizing its limited current revenue base, creating increasing risks to the market. | ADS.DE |
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| 2023 Q4 | Dec 31, 2023 | Nixon Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering Infrastructure & Enablement, Proprietary Data/Applications, and Productivity categories. They see encouraging signs that AI is beginning to broaden beyond infrastructure to proprietary data and application layers. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 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 | ||
| 2024 Q4 | Dec 30, 2024 | Munro Global Growth Fund | 10.4% | 37.2% | AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER | AI, growth, large cap, semiconductors, technology, US | Artificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips. | AXON AVGO |
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| 2025 Q4 | Dec 28, 2025 | Stone Ridge | 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 | |
| 2025 Q4 | 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% | ALAB, AMD, ANET, CEG, CRDO, DDOG, GEV, HUBS, MRVL, NET, NVDA, SHOP, SNOW, SPRX, TSLA, VST, ZS | AI, Data centers, energy, growth, semiconductors, technology | The fund sees AI as driving the next technology cycle, with applications emerging that were previously impossible due to compute limitations. They are expanding from AI hardware to applications including autonomous driving and quantum computing, noting step-change improvements in performance with accelerated computing. | TSLA |
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| 2024 Q4 | Dec 19, 2024 | Andrew Hill Investment Advisors | - | - | AAPL, ADBE, AMSC, AMZN, ANET, CEG, ENPH, GEV, GRMN, GS, IDXX, JNJ, JPM, MSFT, NVDA, OKE, UTHR | AI, energy, financials, inflation, nuclear, tariffs, technology, Utilities | AI drives superior portfolio returns with holdings providing AI products and services or energy to AI providers. NVIDIA leads semiconductor industry providing the brains behind AI, with ChatGPT powered by their chips. Microsoft integrates AI across business lines with Co-Pilot subscription enhancing productivity. | AMZN ANET JPM GEV GS MSFT NVDA CEG GRMN AAPL |
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| 2024 Q3 | Dec 18, 2024 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT | AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump | The emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time. | View | |
| 2024 Q4 | Dec 18, 2024 | Ninepoint | - | - | AAPL, AMD, AMZN, BLK, COIN, CSCO, GOOGL, IBM, INTC, META, NVDA, PYPL, UBS, V | AI, crypto, energy, gold, infrastructure, private credit, Silver, Trump | Infrastructure positioned to benefit from electrification of the U.S. economy and energy transition. Electricity demand expected to accelerate dramatically led by AI-focused data centers, onshoring of industrial manufacturing, and continued growth of electrified transportation. Despite popular narrative that energy is a sunset industry, demand for oil, natural gas and coal expected to grow longer and stronger than consensus belief. | View | |
| 2025 Q3 | Dec 15, 2025 | Baumann Capital | - | - | 005930.KS, 4188.T, 5401.T, 6701.T, 6723.T, 6758.T, 6967.T, AAPL, AI.PA, BOSCH, DRW3.DE, HLMA.L, HON, IFX.DE, KO, MSA, MU, NVDA, TSM | concentrated, Gas Detection, Japan, Primary Research, Quality, Safety, semiconductors | Semiconductor industry driving demand for gas detection equipment as TSMC builds new fabs globally to meet Nvidia GPU demand. Japan plans over 30 semiconductor projects by 2030, creating multi-decade volume tailwind for safety equipment. Each new fab requires thousands of fixed gas detectors with ongoing maintenance. | View | |
| 2023 Q2 | Dec 7, 2023 | Boyar Value Group | 0.0% | 0.0% | AAPL, META, MSFT, NVDA, TSLA | AI, long-term, Market Concentration, small caps, technology, value | AI obsession is driving investor behavior and market gains, with companies like Nvidia and Microsoft benefiting significantly. The manager notes investors' willingness to bid up AI-related index heavyweights despite broader market concerns. | View | |
| 2023 Q4 | Dec 1, 2024 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA, XOM | asset allocation, Credit markets, global, interest rates, large cap, technology | Manager highlights that global credit markets are 3 times the size of equity markets at over $300 trillion. With interest rates rising from historically low levels, high-yield corporate bonds now offer 8.5-9% returns, providing attractive risk-adjusted returns relative to equities. The manager suggests considering more balanced asset allocation over the next 5-10 years. | View | |
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, ALGN, AMZN, CRM, DOCU, GOOGL, ILMN, META, MSFT, NFLX, NOW, NVDA, PYPL | AI, Cloud, earnings, growth, large cap, Streaming, technology | Manager discusses generative AI as a major driver for cloud providers and Microsoft's business, but expresses caution about NVIDIA's valuation and cyclical nature. Sees AI as benefiting Azure, Microsoft's productivity suite, and creating new revenue streams through co-pilot features. | ABNB AAPL|MSFT|NFLX|NVDA|UNH AMZN CRM AIR FP|ICLR|LIN|MRVL|NOW|TSM AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q3 | Nov 8, 2025 | Loomis Sayles Global Growth Fund | 7.6% | 21.3% | 0700.HK, AAPL, ADYEY, AMZN, BABA, GOOGL, MELI, META, MSFT, NFLX, NVDA, NVO, ORCL, RIVN, SHOP.TO, TSLA, UBER, VRTX | AI, Cloud, Electric Vehicles, global, growth, long-term, Quality, technology | Multiple portfolio companies are leveraging AI capabilities across their businesses. Alphabet benefits from AI overviews and AI Mode search functionality with over 2 billion monthly users. Oracle's cloud infrastructure is specifically built for AI workloads with major contracts from OpenAI, xAI, and Meta. Tesla continues advancing autonomous driving through AI training on supercomputers with FSD version 13 representing a step change improvement. | LFCR |
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| 2025 Q3 | Nov 8, 2025 | FPA Queens Road Small Cap Value Fund | 7.5% | 13.8% | AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH | Defensive, Disciplined, downside protection, Quality, small cap, value | The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Durable Advantage Fund | 5.5% | 13.3% | AMZN, APH, APO, AVGO, COST, DHR, GOOGL, INTU, LPLA, META, MPWR, MSFT, NVDA, SPGI, TDG, TMO, TSM, TXRH, V, WELL | AI, Cloud, growth, large cap, semiconductors, technology, Valuations | The fund views AI as a massive infrastructure buildout opportunity, with Oracle reporting $455 billion in AI bookings and NVIDIA announcing a $100 billion investment into OpenAI. The manager believes we are still early in the AI cycle, comparing it to 1996-1997 rather than the 2000 bubble peak, with more rational valuations today. | TSM NVDA GOOGL LOAR VRSK |
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| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, ARGX, AVGO, EXAS, GDS, GTLB, HRTX, IT, LLY, NVDA, PAR, SHOP, SMAR, SNPS, SPOT, TEAM, TSLA, TSM, TTD, VIA | AI, growth, infrastructure, innovation, large cap, semiconductors, technology | The market has absorbed a surge of AI infrastructure buildouts with OpenAI announcing partnerships for tens of gigawatts of compute capacity. NVIDIA CEO Jensen Huang proclaimed global AI infrastructure spending could total $3 trillion to $5 trillion by 2030. The fund conducts intensive research to separate signal from noise in AI developments, examining parallels to past technology paradigm shifts while quantifying AI addressable markets across sectors. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 2025 Q3 | Nov 8, 2025 | Cullen Enhanced Equity Income Fund | 0.9% | 5.4% | AMZN, BAX, BDX, CAG, GOOGL, META, MSFT, NVDA, ORCL, RIO, SW | AI, dividends, Fed, growth, tariffs, technology, value | Euphoria around AI investments has propelled markets higher, with the rebound in the Magnificent 7 pushing valuations to record highs. The trillions of dollars being invested into agentic AI will eventually need to be monetized. Capital expenditures among the top five hyperscalers have surged as these companies race to establish leadership in generative AI. | SPGI |
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| 2024 Q3 | Nov 8, 2024 | Tall Oak Capital Advisors | - | - | AAPL, AMZN, AZO, CAT, CCO.TO, DLR, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, TOL, VRT, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology, Utilities | AI's explosive growth is driving unprecedented demand for high-performance computing infrastructure, creating massive investment opportunities in data centers, semiconductors, and power management systems. The technology requires vast amounts of data processing, storage, and analysis, leading to significant capital investments from tech companies. AI-driven workloads demand cutting-edge hardware including GPUs, ASICs, and accelerators for high-speed data processing. | DLR VST |
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| 2025 Q3 | Nov 7, 2025 | Montaka Global Investments | - | - | 0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U | AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value | AI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation. | View | |
| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund | -2.7% | - | AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC | AI, clean energy, energy, large cap, technology, US Equities, Utilities | AI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments. | View | |
| 2023 Q3 | Nov 6, 2023 | Voss Value Fund | -8.3% | -0.2% | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Building Materials, consumer, Homebuilders, infrastructure, interest rates, Long/Short, small caps, value | CRH positioned as major beneficiary of unprecedented government infrastructure programs including IIJA, CHIPS, and IRA. Highway funding alone increases 50% above baseline, with CRH being the #1 road paver. Manufacturing onshoring creates $200B+ in mega projects through 2030. | View | |
| 2025 Q3 | Nov 5, 2025 | PGIM Jennison Global Opportunities Fund | 5.3% | 9.8% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology | The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI expected to drive meaningful revenue growth. | View | |
| 2025 Q3 | Nov 5, 2025 | Optimum Fixed Income Fund | 2.3% | - | AMZN, META, NVDA, TSLA | Bonds, credit, duration, Fed policy, fixed income, interest rates | Treasury yields fell at the short end as expectations grew for more Federal Reserve rate cuts. The Fed's tone shifted more dovish, though uncertainty remains about future moves. Higher duration securities outperformed lower duration securities during the quarter. | View | |
| 2025 Q3 | Nov 5, 2025 | Optimum Large Cap Growth Fund | 9.4% | - | AMZN, META, NVDA, TSLA | AI, Communication Services, growth, large cap, semiconductors, technology | Artificial intelligence optimism remained high during the quarter, though concerns about sustainability and monetization began to surface. AI continues to be a key driver of market performance and investor sentiment. | View | |
| 2025 Q3 | Nov 5, 2025 | Horos Asset Management | 10.7% | 23.7% | AAPL, AMD, AMZN, BIDU, CMG, COST, GOOGL, INTC, KKR, MA, MCD, META, MSFT, NEON, NVDA, ORCL, PYPL, SBUX, TSLA, WMT | AI, Bubble, Europe, Margin Of Safety, technology, Valuations, value | Massive investments by hyperscalers in AI infrastructure reaching $365 billion, resembling dot-com bubble dynamics. Cross-investments between companies like NVIDIA and OpenAI mirror 1990s patterns. Energy demands and valuations appear unsustainable despite real technological potential. | View | |
| 2025 Q3 | Nov 5, 2025 | Generation Investment Management Global Equity | - | - | A, ACN, AMZN, CRM, DHR, GOOGL, IDXX, KRX.L, MSFT, NVDA, SHL.DE, SIK.SW, SU.PA, VEEV, WDAY | AI, Concentration, healthcare, long-term, momentum, Quality, underperformance | The market is currently excited about AI, driving hypergrowth companies and creating momentum strategies. Generation believes AI will reallocate enterprise IT spending toward reliable vendors and create new deployment units requiring governance. They see AI as potentially strengthening rather than weakening enterprise software companies. | View | |
| 2025 Q3 | Nov 5, 2025 | Franklin Growth Opportunities Fund | 4.0% | 10.0% | AAPL, AMZN, APP, AVGO, AXON, GOOGL, MA, META, MSFT, NFLX, NVDA, RBLX | AI, gaming, growth, large cap, Onshoring, semiconductors, technology, US | Advances in AI and related technologies are transforming industries and creating growth potential for long-term investors. Innovative companies across sectors are harnessing AI to expand profit margins and drive revenue growth. The fund sees AI as a key component to digitalization of law enforcement and emergency services through holdings like Axon Enterprise. | View | |
| 2025 Q3 | Nov 5, 2025 | Fidelity Dividend Growth Fund | 8.4% | 16.6% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | dividends, energy, industrials, large cap, Quality, technology, value | AI-driven demand for electricity to power data centers boosted utilities sector performance. Strong demand for AI processors supported Taiwan Semiconductor Manufacturing's 23% quarterly gain. Tech firms continued spending on building data centers amid AI-related growth. | View | |
| 2025 Q3 | Nov 4, 2025 | Aristotle/Saul Global Equity Fund | 5.1% | 16.0% | 005930.KS, 3064.T, BN, CCJ, D05.SI, FCFS, GOOGL, HTGPF, LEN, MLM, MSFT, MUV2.DE, NEM.DE, NVDA, SONY, TSLA | AI, global, Memory, semiconductors, technology, Trade Policy, value | Samsung secured Nvidia's approval for its high-bandwidth memory product (HBM3E) during the quarter, positioning the company to compete in next-generation HBM4. The company demonstrated industry-leading data transfer speeds and is engaging in supply discussions with major AI chipmakers. Samsung also announced a strategic partnership with OpenAI potentially generating demand of up to 900,000 DRAM wafers per month. | NEM GR 4385 JP FCFS 005930 KS NEM GR 4385 JP FCFS 005930 KS |
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| 2025 Q3 | Nov 4, 2025 | TEAM Asset Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, equities, Federal Reserve, gold, Precious Metals, rates, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with 56% revenue growth and demand for Blackwell chips described as extraordinary. The AI capex mania has added 15 trillion dollars to S&P 500 market cap since April, with AI-related companies driving 75% of total index returns since ChatGPT launch. | View | |
| 2025 Q3 | Nov 30, 2025 | Rothschild & Co LongRun Equity Fund | 3.9% | -4.0% | AAPL, ACN, AMZN, ASML, AVGO, CDNS, DHR, GOOGL, IDXX, INTC, META, MSFT, NVDA, SNPS, TMO, TSLA | AI, Cloud, Compounding, long-term, Quality, semiconductors, technology | AI has sparked a global race to develop specialized, high-performance chips. Cloud providers like Google, Amazon, Meta and Microsoft, along with many startups, are now designing their own AI chips. Each new design requires advanced tools for modeling and verification, driving demand for chip design software. AI is a long-term trend spanning data centers to edge devices. | View | |
| 2023 Q3 | Nov 30, 2023 | Spear Advisors | -3.5% | 0.0% | APLD, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF | AI, Automation, energy, Industrial, semiconductors, Space, technology | The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is highlighted as a key breakthrough trend in industrial technology that the fund targets. | View | |
| 2025 Q3 | Nov 3, 2025 | BlackRock Global Dividend Fund | 6.7% | 16.5% | AAPL, AVGO, AZN, BABA, CL, CMS, GOOGL, KO, MSFT, NVDA, NVO, ORCL, TSM, WMT | AI, Cloud, dividends, global, Quality, technology, volatility | The fund is invested in AI infrastructure, especially data centers, and sees long-term value in software. AI demand drove strong performance in Broadcom and Oracle, with Oracle experiencing a more than 350% year-on-year surge in bookings. Alibaba's AI chip launch affirmed its role as a core AI and cloud operator in China. | CL NOVO ORCL AVGO BABA ORCL AVGO BABA |
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| 2025 Q3 | Nov 3, 2025 | Sigil Core Fund | 21.2% | - | AAPL, GOOGL, NVDA, TSLA | earnings, emerging markets, gold, growth, liquidity, rates, small caps, technology | Strong underlying demand and robust liquidity supported equity resilience despite seasonal headwinds. Robust ETF inflows, near-record corporate buybacks, and limited selling pressure created Volume Demand exceeding Volume Supply by one of the widest margins since 2021. | View | |
| 2025 Q3 | Nov 26, 2025 | Saltlight Capital | 17.9% | - | 0700.HK, APP, GOOGL, NVDA, TSM | AI, Cloud, credit, infrastructure, semiconductors, technology, value | Manager remains bullish on AI as a multi-decade technology epoch but has become more discriminating about positioning. Concerned about over-capacity and bubble dynamics in infrastructure layer, particularly around OpenAI's massive deal announcements. Prefers companies higher up the stack that benefit from falling inference costs and improving model capability. | NVDA |
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| 2025 Q3 | Nov 25, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP | Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil | Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals. | View | |
| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
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| 2025 Q3 | Nov 25, 2025 | BlackRock Science And Technology Term Trust | 11.6% | - | AAPL, ALAB, AMZN, APP, CLS, CRDO, GOOGL, LITE, META, MSFT, NVDA, TSLA | AI, growth, hardware, private equity, semiconductors, software, technology | The technology sector rebounded strongly in Q3 2025 driven by renewed AI optimism and deepening CAPEX commitments. AI infrastructure cycle is being driven by rollout of next-generation GPUs and significant ramp-up in compute capacity by hyperscalers and sovereign governments. National AI initiatives are now matching or exceeding traditional hyperscaler investments, fueling robust demand for advanced semiconductors and networking technologies. | View | |
| 2025 Q3 | Nov 23, 2025 | Robotti Value Investors | - | - | IFP.TO, NVDA, WFG.TO | AI, cash flows, Concentration, fundamentals, Lumber, technology, valuation, value | Manager discusses how AI has not rendered fundamental investing obsolete, arguing that while AI excels at information processing, value investing thrives in gray areas where human judgment matters more than data density. The current AI boom has created extraordinary market concentration reminiscent of the dot-com era. | IFP CN |
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| 2025 Q3 | Nov 23, 2025 | Lux Capital | - | - | 000660.KS, 005930.KS, ACN, AMZN, BA, CAP.PA, GOOGL, INTC, IT, LMT, META, MSFT, MU, NOC, NVDA, ORCL, RTX, TSLA | AI, Automation, Biotechnology, defense, geopolitics, Physical Sciences, semiconductors, Venture Capital | AI hyperscalers are spending over $400 billion in capex pursuing compute supremacy. The AI boom is profoundly physical requiring gigawatts of power, thousands of tons of copper wiring, and teraliters of cooling water. AI is transitioning from communication AI to physical AI including robotics, biology, defense, and manufacturing applications. | View | |
| 2024 Q3 | Nov 23, 2024 | Lux Capital | - | - | AAPL, GOOGL, META, MSFT, NVDA | AI, Biotechnology, defense, infrastructure, Robotics, semiconductors, technology, Venture Capital | Lux views AI as hitting its Menoetius Moment where prideful ignorance of reckless prophets will be revealed. The firm sees infrastructure bottlenecks shifting from chips to power constraints, with future clusters requiring gigawatt-scale power. They believe the future belongs to companies that democratize access through efficiency rather than brute-force computation. | View | |
| 2025 Q3 | Nov 21, 2025 | Shelton Equity Income Strategy | - | - | AAPL, AMZN, ANET, BSX, CMCSA, CTSH, DVA, FTNT, GM, GOOGL, META, MSFT, NEM, NVDA, PHM, TSLA | AI, equity income, Options, rates, technology, Trade Policy, volatility | The rally was sustained by enthusiasm for the AI trade, with the Magnificent Seven stocks reclaiming leadership after lagging earlier in the year. AI continues to drive market momentum and sector rotation. | View | |
| 2024 Q3 | Nov 20, 2024 | WisdomTree | - | - | AMZN, GOOGL, MSFT, NVDA, TSLA | dividends, Factors, growth, momentum, Quality, Rotation, small caps, value | Growth factor posted worst returns in Q3 after strong first half performance, representing a complete reversal. Growth stocks remain significantly elevated at 34.7 P/E ratio in US markets. The rotation away from growth highlights market broadening beyond previous concentration. | View | |
| 2024 Q3 | Nov 2, 2024 | Maran Capital Management | 1.0% | 9.0% | AAPL, AMZN, CLAR, CTT.LS, GOOGL, HKHC, META, MSFT, NVDA, TPB, TPL, VTY.L | Concentration, conviction, long-term, Quality, small caps, value | Manager emphasizes owning quality, growing companies trading at fractions of their fair values, specifically one-third to one-half of intrinsic value. Uses private market lens to evaluate public companies, highlighting significant discounts to private transaction values. | TPB CLAR HKHC |
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| 2024 Q3 | Nov 19, 2024 | Springview Capital Management | 5.6% | 13.6% | AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO | Concentration, Mega Cap, small caps, technology, value | Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value. | View | |
| 2025 Q3 | Nov 17, 2025 | Tall Oak Capital Advisors | - | - | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology | AI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. | TW META MSFT GS JPM NVDA ASML NA BABA US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli ABC Fund | 3.0% | - | AAPL, AMETEK, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, MSGS, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, energy, financials, gold, M&A, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | OR US ECG US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, gold, growth, M&A, Markets, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | MSGS US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JP |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Global Content & Connectivity Fund | 12.3% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn. | View | |
| 2025 Q3 | Nov 16, 2025 | The Gabelli International Small Cap Fund | 8.5% | - | AAPL, AMZN, BLK, BRK.B, CAT, CNH, DE, FISV, GOOGL, JPM, KKR, META, MSFT, NEM, NFLX, NVDA, ORCL, SONY, TSLA, WFC | AI, energy, gold, M&A, rates, technology, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JT |
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| 2025 Q3 | Nov 16, 2025 | Bronte Capital Amalthea Fund | - | - | AMZN, CSCO, DSM.AS, GIVN.SW, GOOGL, IFF, MSFT, NVDA, ORCL, REGN, SPX.L, UL | AI, ETFs, European Stocks, Long/Short, Meme Stocks, risk management, Specialty Chemicals | Fund operates a global long/short strategy targeting attractive risk-adjusted returns. Currently experiencing challenges as the strategy faces a hostile market environment where quality stocks are sold to buy speculative investments, causing losses on both sides of the book. | View | |
| 2025 Q3 | Nov 13, 2025 | Palm Harbour Capital | - | - | 111770.KS, AMZN, ATYM.L, CAL.MI, CNVG.PS, DAN.MI, ESP.MI, GOOGL, INDF.JK, LOMA.BA, META, MSFT, NVDA, RHI.L, UMG.AS, VIV.PA | AI, Asia, Copper, Europe, LatAM, small caps, value | Investor attention remains heavily concentrated on artificial intelligence and a narrow group of related equities, sidelining much of the broader market. The concentration of capital in AI-related stocks is even greater than the technology sector's concentration in 2000. Questions remain about profitability models and sustainability of current AI investment levels. | View | |
| 2025 Q3 | Nov 13, 2025 | RiverPark Large Growth | 4.7% | 11.6% | AAPL, AMZN, DIS, GOOGL, INTU, ISRG, LLY, META, MSFT, NFLX, NOW, NVDA, SHOP, TSM, UBER | AI, Cloud, E-Commerce, growth, large cap, semiconductors, Streaming, technology | AI remains a dominant theme driving market leadership and portfolio performance. Companies like Alphabet, NVIDIA, and Apple are benefiting from AI integration across search, cloud services, and device capabilities. NVIDIA continues to see record data center sales driven by broad adoption of AI accelerators, while Alphabet integrates generative AI tools into Search, YouTube, and Cloud to improve engagement and monetization. | View | |
| 2025 Q3 | Nov 13, 2025 | RiverPark Long/Short Opportunity Fund | 4.2% | 8.3% | AAPL, AMZN, DUOL, FIS, GOOGL, ISRG, LLY, LULU, META, MSFT, NFLX, NOW, NVDA, SHOP, TXRH, UBER | AI, Cloud, growth, large cap, Long/Short, semiconductors, technology, US | AI remains a dominant theme driving market leadership and portfolio performance. The fund benefits from AI-related innovation across technology platforms, with companies like Alphabet integrating generative-AI tools into Search, YouTube, and Cloud to improve engagement and monetization. NVIDIA continues as the foundational supplier for global AI infrastructure with unrivaled GPU architecture and CUDA software ecosystem. | View | |
| 2024 Q3 | Nov 13, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC | commodities, defensives, energy, inflation, Mining, nuclear, uranium, value | The fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls. | SRUUF CCJ |
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| 2025 Q3 | Nov 11, 2025 | Artemis US Select Fund | 9.6% | - | AAPL, ABBV, BE, CAH, FIX, JPM, NVDA, TSLA, TXN, WDC | AI, Data centers, growth, large cap, semiconductors, technology, US | Continued momentum in AI spending with very little sign of let-up. Strong demand from AI servers boosted Western Digital's memory chip business with 30% revenue growth. The fund took profits in AI-related names like Bloom Energy and Nvidia while remaining positioned for the ongoing AI infrastructure build-out. | PH |
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| 2025 Q3 | Nov 11, 2025 | Hinde Group | 13.9% | 34.9% | AMZN, BDX, GOOG, GOOGL, IBKR, META, MSFT, NFLX, NVDA, UBER, WAT | AI, Buybacks, Capital Allocation, healthcare, Medical Devices, special situations, technology, value | The generative AI investment boom is keeping the economy afloat and stock market ebullient amid political and economic turmoil. Big tech companies like Google, Microsoft, Amazon and Meta plan to spend over $300 billion on AI data centers in 2025, up $100 billion from 2024. Venture capital firms invested $192.7 billion into AI startups through the first nine months of 2025. | BDX |
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| 2025 Q3 | Nov 10, 2025 | Mott Capital Management | - | 5.7% | AMZN, GOOGL, GRAL, ILMN, MSFT, NVDA, UNH, ZTS | AI, Biotechnology, Capex, healthcare, large cap, technology | Manager expresses concern about heavy AI spending by mega-cap companies, particularly their dramatically increased CapEx investments over the past couple of years. He fears the spending could become an ongoing, perhaps never-ending process given the immense and continually growing demands for computing power and energy to deploy AI tools, potentially weighing on overall cash flow. | View | |
| 2023 Q3 | Nov 10, 2023 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VFS | geopolitics, inflation, oil, rates, Recession, Valuations | Rising interest rates from Federal Reserve policy to combat inflation are blamed for Q3 market weakness. The inverted yield curve since July 2022 has historically preceded recessions by 15 months on average. Central banks have no choice but to raise rates to control inflation from pandemic money printing. | View | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology | Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. | SBUX SUNP IN ICLR|LLY|PLTR|SNPS|TGT AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V | AI, China, consumer, growth, healthcare, large cap, technology | Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA | consumer spending, interest rates, Market Concentration, small caps, technology, valuation | Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations. | 5HT.SI AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q3 | Nov 10, 2023 | Springview Capital Management | 2.5% | 8.2% | AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM | Concentration, insurance, Long/Short, Quality, special situations, value | The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations. | 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% | AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL | AI, energy, healthcare, small caps, technology, Travel, value | Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending. | EXPE EVRI KOS IAC NVDA |
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| 2023 Q4 | Nov 3, 2024 | WS Ruffer Total Return Fund | 0.0% | 0.0% | BABA, BP, NVDA, PFE, RHHBY | AI, Bonds, China, gold, inflation, liquidity, Multi-Asset, rates | AI-fuelled rally drove markets to new highs with Nvidia's earnings announcement causing a 16% single-day rally. The market jitters around a single company's earnings hints at an unstable trend that could surprise to the downside. | View | |
| 2023 Q4 | Nov 1, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, ALGN, AMZN, CRM, EW, ISRG, MA, MSFT, NOW, NVDA, SQ, TTD, V, VEEV | Concentration, growth, large cap, Quality, technology | View | ||
| 2025 Q3 | Oct 9, 2025 | Longriver Investment Partners | 5.8% | 17.8% | 0700.HK, 1523.HK, META, NVDA, ORCL, TSM | AI, Asia, Concentration, global, Networking, semiconductors, technology, value | Manager discusses an inflection point in the AI investment cycle, noting supply bottlenecks in packaging, cooling and energy may be healthy by preventing over-building. Highlights shift from cash-funded to debt-funded AI capex as Oracle disclosed $455 billion in future orders, potentially creating risk of a nasty bust if peers follow suit. | 1523 HK |
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| 2025 Q3 | Oct 9, 2025 | Resilient Asset Management | - | - | AMZN, GOOGL, JDSU, KO, LITE, META, NVDA, ORCL, VIAV | AI, diversification, international, Tax Planning, technology, valuation | Manager discusses AI's transformative potential while cautioning about investment risks, drawing parallels to the dot-com bubble. Emphasizes the massive capital requirements for AI infrastructure and questions whether companies like OpenAI can achieve the revenue growth needed to justify investments. Notes AI's mixed performance in financial planning applications. | View | |
| 2025 Q3 | Oct 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AAPL, ACN, ADBE, AMZN, AVGO, BSX, CSGP, GOOGL, IT, META, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP.TO, TMO, TSLA, V | AI, Cloud, growth, healthcare, large cap, Quality, semiconductors, technology | Generative AI was the dominant theme driving Q3 performance, with semiconductors as the primary driver. The hyperscalers are announcing massive increases to AI-related spending, confirming capex spigots are wide open as they struggle to keep up with voracious demand. Oracle's quarterly results showed remaining performance obligations increasing 359% to $455 billion in one quarter, highlighting extraordinary demand for cloud computing and AI infrastructure. | UBER SNPS BSX INTU AVGO NVDA |
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| 2025 Q3 | Oct 9, 2025 | Anchor Capital Advisors | - | - | NVDA | AI, Dollar, emerging markets, Fed Cuts, rates, small caps, technology, value | The quarter highlighted outsized gains concentrated in AI-related themes, with NVIDIA Corporation being a dominant growth leader. AI adoption is accelerating and contributing to potential tax benefits from policy initiatives. Data centers and AI-related businesses have remained resilient, masking broader weakness in other sectors. | View | |
| 2023 Q3 | Oct 9, 2023 | TEAM Asset Management | - | - | AAPL, GOOGL, NVDA, TSLA | Buybacks, emerging markets, gold, growth, liquidity, small caps, technology | Strong underlying demand and robust liquidity supported equity resilience despite seasonal headwinds. Robust ETF inflows, near-record corporate buybacks, and limited selling pressure created Volume Demand exceeding Volume Supply by one of the widest margins since 2021. | View | |
| 2025 Q3 | Oct 8, 2025 | East Capital | - | - | 000660.KS, 300750.SZ, BABA, GOOGL, MSFT, NVDA, TSM | AI, China, emerging markets, frontier markets, rates, semiconductors, technology | AI boom continues to power market performance with hyperscalers increasing capital expenditure guidance significantly. Microsoft raised capex outlook from $85B to $100B while Google increased from $75B to $85B. Chinese companies like Alibaba offer competitive large language models and are investing heavily in AI cloud infrastructure with triple-digit growth in AI cloud revenues. | View | |
| 2024 Q3 | Oct 8, 2024 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO | compounders, long-term, Quality, small caps, Underperformers, valuation, value | Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses. | PLAY QXO |
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| 2024 Q3 | Oct 8, 2024 | Manole Capital Management | 0.0% | 0.0% | INTU, NVDA, WMT | AI, consumer spending, Fed policy, Fintech, inflation, Market Concentration | Manager specializes in FINTECH research and investments, conducting proprietary research on Gen-Z preferences across banking, brokerage, crypto and payments. Portfolio has significant exposure to payments companies and exchanges, which are the two largest areas of exposure. | View | |
| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 3.3% | - | AAPL, ADBE, AMZN, APH, AVGO, CRM, EFX, GOOGL, INTU, META, MSFT, NVDA, ORCL, SAP, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The ongoing AI boom powered U.S. equities in Q3 2025, with the Magnificent Seven now accounting for nearly 37% of S&P 500 market cap driven by AI enthusiasm. Oracle experienced its NVIDIA moment with multi-billion-dollar AI infrastructure contracts, while concerns emerged about autonomous AI agents potentially disrupting traditional SaaS providers like Intuit and Salesforce. | SAP INTU APH ORCL AAPL |
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| 2025 Q3 | Oct 7, 2025 | Mar Vista US Quality Select | 6.4% | 16.1% | AAPL, ADBE, AMZN, GOOGL, INTU, MCO, META, MSFT, NVDA, SAP, TSLA | AI, Concentration, Fed policy, growth, large cap, technology, Valuations | The AI boom continues to drive market performance with the Magnificent Seven reaching record concentration levels. NVIDIA benefits from AI infrastructure build-out as companies race toward artificial general intelligence, with demand for Blackwell platform remaining strong. However, concerns emerge about AI disruption to traditional software providers like Intuit and SAP. | View | |
| 2025 Q3 | Oct 7, 2025 | Palm Valley Capital Management | 2.4% | 3.8% | AAPL, AMD, AMZN, AVA, AVGO, BRK-A, DOX, FLO, GOOGL, INTC, LKQ, META, MSFT, NVDA, PHYS, PSLV, RHI, SEB, TFX, TSLA | AI, Bull Market, Fed policy, gold, small caps, technology, Valuations | Managers question whether AI valuations are justified, noting that while AI may change the world, current leaders like Nvidia face sustainability challenges with 50%+ margins. They argue that even if AI continues and current beneficiaries remain entrenched, valuations already reflect their moats. | View | |
| 2025 Q3 | Oct 7, 2025 | TYME Advisors | - | - | 3774.T, 3791.T, 4819.T, AAPL, BTC-USD, CBOE, FNV, GOOGL, KTOS, LB.AX, NDAQ, NVDA, PLTR, RTX, TPG, WPM | Armaments, Bitcoin, commodities, defense, gold, inflation, Long/Short, technology | Global armaments spending is accelerating across North America, Europe, and Asia-Pacific driven by renewed great power competition. The US defense budget is pushing toward the trillion-dollar mark with heavy emphasis on R&D and next-generation technology. European nations are dramatically increasing defense spending due to the Ukraine conflict and shifting US policy. | View | |
| 2025 Q3 | Oct 7, 2025 | NS Partners | - | - | NVDA | AI, Buybacks, Dollar, emerging markets, gold, government debt, inflation, technology | Markets have become obsessed with AI leading to productivity and profitability surge since ChatGPT release. Largest companies investing gargantuan sums, creating extraordinary market cap increases like Nvidia rising from $308 billion to $4.4 trillion. Any disappointment on AI would leave markets vulnerable. | View | |
| 2025 Q3 | Oct 7, 2025 | GROW Funds | - | - | ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, value | The fund has shifted portfolios towards an overweight 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 market opportunities. | XERS MDXH |
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| 2025 Q3 | Oct 6, 2025 | CDT Capital Management | - | 14.7% | META, NVDA, PLTR | AI, Bubble, Cash, Insiders, risk management, Valuations | Manager expresses concern about AI investment bubble, citing excessive valuations and circular vendor financing. Questions sustainability of current AI spending levels and compares current market dynamics to Dot Com bubble. | PLTR US |
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| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG | AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation | Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements. | NVDA US MEDP US |
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| 2025 Q3 | Oct 6, 2025 | Regency Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, small caps, technology, Valuations, value | AI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth credited to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk and potential for sharp selloffs if capital expenditures slow. | View | |
| 2025 Q3 | Oct 5, 2025 | St. James Investment Company | - | - | AAPL, AMZN, ASML, GOOGL, META, MSFT, NFLX, NVDA, TSLA, TSM | AI, Bubble, ETFs, market structure, Passive investing, semiconductors, technology, value | The letter extensively discusses the AI boom driving extraordinary market gains, comparing it to the internet bubble. AI euphoria is powering the S&P 500 to new highs, with six companies accounting for over a third of the index value. However, concerns exist about AI's ability to generate sufficient revenue to justify current capital investment levels. | ASML MSFT NVDA |
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| 2023 Q3 | Oct 5, 2023 | Sparrow Wealth Management | - | - | NVDA, TSLA | AI, growth, healthcare, large cap, technology, Valuations | AI represents considerably greater transformative innovation than previous technologies. The U.S. economy is expected to grow between 2% and 2.5% in 2025, fueled heavily by investments in AI and security. Jobs data will be pressured by AI over time. | View | |
| 2025 Q3 | Oct 31, 2025 | Third Point Partners | 3.2% | - | 000660.KS, 005930.KS, 402340.KS, 6361.T, AMAT, CRH, DSV.CO, FIX, FLTR.L, GOOGL, KVUE, LSEG.L, MIK, MSFT, MU, NVDA, PCG, PRMB, TSLA, TSM | AI, Asia, credit, distressed, Event-Driven, Memory, semiconductors, technology | AI compute demand has accelerated beyond efficiency gains, driven by reasoning-based models and post-training techniques that are orders of magnitude more compute-intensive. OpenAI's recent deals to grow compute capacity by 20x over five years highlight the compute-constrained environment. Third Point maintains investments in TSMC and NVIDIA as integral pieces of this buildout while watching for potential corrections. | CRH LN NVDA TSM 6361 JP 000660 KS CRH LN NVDA TSM 6361 JP 000660 KS |
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| 2025 Q3 | Oct 31, 2025 | Richie Capital Group | - | - | 1211.HK, ADVT, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSE.L, MC.PA, MDT, META, MSFT, NVDA, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, semiconductors, technology | The AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using AI for automation patterns. However, risks are rising with signs of an AI bubble forming. | View | |
| 2024 Q3 | Oct 31, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BIDU, CMCM, FANG, GOOGL, HWT.UL, META, MSFT, NVDA, OXY, PXD, TPG, TSLA, XOM | AI, China, Data centers, energy, infrastructure, Natural Gas, oil, technology | AI data centers require massive electric power consumption, with exascale facilities consuming as much electricity as small countries. The AI boom is driving unprecedented capital expenditure by tech giants, with Microsoft, Meta, and Alphabet spending over $370 billion in five years. AI applications are expanding rapidly across industries, creating endless use cases and driving demand for physical infrastructure. | View | |
| 2024 Q3 | Oct 31, 2024 | Rewey Asset Management | 9.8% | 18.5% | AAPL, AMZN, GOOG, INTT, KD, LWAY, META, MSFT, NVDA, ORCL, SAP, TSLA, VMW | active management, rates, small caps, technology, value | Manager believes small and smid-cap value stocks are experiencing a rotation driven by Fed rate cuts and investor neglect. The Russell 2500 Value outperformed the S&P 500 in Q3, and the manager sees this as the beginning of a broader trend supported by undervaluation, Fed rate cuts, and soft economic landing expectations. | KD INTT LWAY |
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| 2024 Q3 | Oct 31, 2024 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, 8002.T, 8031.T, 8053.T, 8058.T, 8113.T, AAPL, AMG, AMZN, APAM.PA, CKN.L, GOOGL, META, MG, MSFT, NOAH, NPN.L, NVDA, PLUX.PA, SEM.LS | Asia, China, Japan, Patience, value, volatility | The Japanese stock market experienced its largest single-day drop since Black Monday 1987 due to the unwinding of yen carry trades. The Bank of Japan's rate hike to 0.25% and yen appreciation triggered massive position unwinding, causing the Nikkei to lose 12.4% in one day. | PLUX.PA NOAH |
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| 2025 Q3 | Oct 30, 2025 | Argosy Investors | - | - | DAVA, DFH, FERG, HOV, NVDA, NVO, POST, W | AI, Consumer Staples, Credit Stress, GLP1, Homebuilders, technology, value | Detailed analysis of subprime auto lender Tricolor's collapse due to fraudulent collateral pledging practices. Discussion of how post-2008 lending standards deteriorated in auto loans with higher LTVs, longer terms, and weaker underwriting. Highlights how stability breeds instability per Minsky's theory. | DFH NVO DAVA POST DFH NVO DAVA POST |
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| 2025 Q3 | Oct 30, 2025 | Stenham Asset Management | 0.8% | 8.3% | AAPL, AFG, AIR.PA, AMD, AMZN, AVGO, CSU.TO, ENEN.DE, GOOGL, META, MSFT, NVDA, ORCL, SNPS, TSM, UMG.AS | AI, Cloud, energy, infrastructure, Quality, semiconductors, technology, valuation | The AI infrastructure boom remained the dominant theme driving markets to new highs. Oracle reported customer commitments of $455bn, surpassing expectations by over 200%. The fund holds picks and shovels of the AI opportunity including Microsoft, Amazon, and TSMC, focusing on companies with flexibility to reallocate capacity and disciplined approaches to AI infrastructure deployment. | SIE TSM SIE TSM |
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| 2025 Q3 | Oct 30, 2025 | Troy Multi-Asset Strategy | - | - | AMD, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, Central Banks, gold, inflation, risk management, Speculation, technology, Valuations | Three years after ChatGPT launched an AI investment frenzy, the gap between technological promise and financial reality remains wide. The monetisation of AI is already here, but perhaps not at the scale that some share prices are currently discounting. Much of today's AI investment is spent on semiconductors with short useful lives and rapid obsolescence. | View | |
| 2025 Q3 | Oct 30, 2025 | Trojan Fund from Troy Asset Management | - | - | AMD, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, diversification, gold, risk, Speculation, technology, Valuations, value | AI investment boom parallels dotcom era with massive capital expenditure ($90bn last quarter) but unclear monetization timeline. Market pricing in transformative potential before productivity gains materialize. Infrastructure beneficiaries winning currently but competition will intensify as capital stock demands vast revenues for respectable returns. | View | |
| 2025 Q3 | Oct 30, 2025 | Guinness Global Innovators | - | 8.1% | 0700.HK, 2020.HK, ABB, AMZN, APH, AVGO, BABA, GOOGL, IFX.DE, KLAC, LRCX, LSEG.L, META, MSFT, NFLX, NVDA, NVO, ORCL, TSM | AI, China, Cloud, growth, innovation, semiconductors, technology | AI infrastructure expenditure has accelerated at unprecedented pace, with Hyperscalers committing vast sums to expand data centers and GPU clusters. Collective Hyperscaler capex projected to exceed $500bn by 2027, supplemented by $300bn in R&D. The surge in AI capital expenditure has sparked debate about how quickly heavy spending can translate into tangible returns. | View | |
| 2023 Q3 | Oct 30, 2023 | Farnam Street | 0.0% | 0.0% | AAPL, AMC, AMZN, GOOGL, HD, META, MSFT, NVDA, TSLA | Compounding, duration, Fiduciary, technology, value | The letter discusses artificial intelligence as part of the recent market enthusiasm, comparing it to historical technological revolutions. The manager suggests that while AI may supercharge incumbents, history shows that technological revolutions typically see today's hot tools become tomorrow's commodities as capitalism competes away excess profits. | View | |
| 2024 Q3 | Oct 3, 2024 | Vltava Fund | 0.0% | 0.0% | AAPL, AMZN, BN, BRK-B, GOOGL, HUM, KLAC, META, MKL, MSFT, NVDA, OSB.L, STLA | AI, energy, fiscal policy, global, inflation, infrastructure, technology, value | The AI investment wave spans multiple sectors with first-tier beneficiaries being semiconductor companies like NVIDIA. Building AI clusters requires massive infrastructure investments including new semiconductor factories, energy sources, and associated infrastructure. The construction of AI centers may necessitate a 20% increase in US energy consumption over the next decade. | BN |
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| 2025 Q3 | Oct 29, 2025 | Pernas Research | 31.7% | 47.2% | AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, WCG, XMTR | AI, Data centers, growth, semiconductors, small caps, technology | AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager compares current AI investment cycle to fiber buildout, arguing AI has more durable CAPEX with demand-linked spending and high data center utilization. Expects AI investment cycle to last 12-16 months with low probability of collapse. | NVDA NVDA |
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| 2025 Q3 | Oct 28, 2025 | Weitz Multi Cap Equity Fund | 0.3% | 4.6% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN CDW ACN |
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| 2025 Q3 | Oct 28, 2025 | Weitz Partners III Opportunity Fund | 0.0% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Buybacks, Long/Short, Quality, technology, value | The fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses. | View | |
| 2025 Q3 | Oct 28, 2025 | Columbia Global Technology Growth Fund | 12.1% | - | AAPL, ACN, ALAB, AMZN, ASML, AVGO, CRM, GOOGL, HOOD, INTU, LRCX, META, MSFT, NFLX, NOW, NVDA, TSM, TTD | AI, Cloud, global, growth, innovation, semiconductors, technology | AI remained the most significant driver of technology market performance during the quarter. The fund benefited from AI infrastructure investments, with companies like NVIDIA reporting extraordinary demand for data-center products and Broadcom seeing AI semiconductor chips become a majority of revenue. The transformative potential of AI continues to drive investor enthusiasm across all sectors of the economy. | NOW CRM ACN TTD AVGO NVDA HOOD ALAB AVGO US NVDA US ALAB US AVGO US NVDA US ALAB US |
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| 2025 Q3 | Oct 28, 2025 | BlackRock Advantage Global Fund | 8.9% | 19.2% | 0700.HK, AAPL, AMZN, BAC, GOOGL, JPM, MS, MSFT, NVDA, PFE | AI, global, growth, large cap, momentum, semiconductors, technology | The fund maintained overweight allocations to communication services and semiconductors to capture artificial intelligence themes. AI-related positioning helped drive positive performance as style leadership reinforced investor belief in the AI theme, powering further positive performance in IT stocks. | MSFT |
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| 2025 Q3 | Oct 28, 2025 | Artisan Focus Fund | 2.7% | 20.5% | AAPL, AMZN, AVGO, BX, CEG, GE, GOOGL, GS, JPM, KKR, META, MSFT, NFLX, NVDA, ORCL, RYCEY, SIEGY, TSLA, TSM, VST, WMB | AI, energy, financials, infrastructure, semiconductors, technology, value | AI infrastructure complex including power demand from data centers driving structural growth. Portfolio includes AI beneficiaries like NVIDIA, Taiwan Semiconductor, and power infrastructure companies. AI monetization models for frontier model builders remain uncertain but could drive future ROIC expansion. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | ADBE, AMAT, AMZN, BALL, CHTR, CRM, DE, DHI, GOOGL, ICE, INTC, MA, MSFT, MU, NVDA, O, SHW, SNPS, SYK, WM | AI, financials, large cap, materials, Quality, semiconductors, technology | The fund maintains exposure to companies benefiting from the shift away from legacy computing infrastructure to AI infrastructure, including accelerated and cloud computing, semiconductors, software and other companies benefiting from these capabilities. They have a portfolio theme around companies with hyperscale exposure and are monitoring for overinvestment and excessive valuations. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ABNB, ADYEY, AKAM, AMAT, AMZN, CHTR, CMG, CSGP, DHR, GOOGL, INTU, MAR, MELI, MSCI, MSFT, NVDA, PCOR, SHW, V | consumer, Esg, financials, growth, healthcare, large cap, Quality, technology | The fund maintains exposure to payment processing companies like Adyen and Visa, with Adyen reporting solid quarterly results that exceeded expectations following a period of volatility. The fund continues to favor names with exposures to payment processing among other end markets in the Financials sector. | CSGP MELI CMG |
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| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM | AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water | Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
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| 2023 Q3 | Oct 27, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | AAPL, ADYEY, AI, AMZN, ATZ.TO, BLFS, CREX, EH, GOOGL, INMD, META, MITK, MSFT, NVDA, TSLA | AI, Biotechnology, growth, Micro Cap, payments, Recession, small caps | Manager discusses artificial intelligence as part of a mini-rebubble in long-duration, low-quality stocks that occurred in Q2 and continued into Q3. The AI bubble is viewed as similar to previous bubbles in 3D printing, electric vehicles, and cannabis that the fund has traded before. | CREX |
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| 2023 Q3 | Oct 26, 2023 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA | AI, Portfolio Management, rates, real estate, semiconductors, small caps, technology, value | Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations. | 5HT.SI AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q3 | Oct 25, 2023 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 1299.HK, ADYEN.AS, AMS.PA, ARGX, ASML, AZN, BNP.PA, CPU.AX, DB1.DE, DSNKY, Gold, ITX.MC, KER.PA, LIN, MC.PA, NVDA, NVO, OCLSY, REL.L, ROG.SW, SAFRY, SAND.ST, SAP, SMCAY, SU, TEP.PA | AI, growth, international, Japan, Pharmaceuticals, semiconductors, value | The strategy remains committed to a disciplined, valuation approach to portfolio construction that delivers diversification by investing across three types of growth companies: secular, structural and emerging. The managers believe the portfolio is well-positioned to deliver alpha as headwinds of restricted global liquidity and lower-quality leadership begin to dissipate. | SMCAY ARGX AZN ASML |
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| 2023 Q3 | Oct 25, 2023 | Horos Asset Management | 2.9% | 9.8% | AAPL, CKN.L, EAT.WA, GOOGL, MSFT, NVDA, ONEX.TO, PDG.L, TSLA, VRLA.PA | China, commodities, Concentration, Pattern, Reflexivity, Spain, technology, value | Manager emphasizes fishing in ponds with many fish and few fishermen, focusing on undervalued markets like Spanish and Chinese equities that trade at attractive valuations due to lack of investor interest. The fund maintains significant exposure to these markets despite poor recent performance. | View | |
| 2025 Q3 | Oct 24, 2025 | Wellington Management | 8.1% | 16.0% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, E-Commerce, gaming, global, growth, semiconductors, technology | The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is expected to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q3 | Oct 24, 2025 | The Bristol Gate U.S. Equity Strategy | -0.6% | 4.6% | ACN, APH, AVGO, CARR, GE, INTU, MMC, NVDA, ORCL, TMO, UNH | AI, defensives, dividends, fundamentals, healthcare, Quality, technology, value | AI continues to drive market concentration with 41 companies providing 75% of S&P 500 returns since ChatGPT launch. Broadcom benefits from hyperscaler demand for custom AI accelerators with fourth major customer placing $10B+ orders. Management expects 2026 AI revenue growth to exceed fiscal 2025's 50-60% rate. | UNH MMC APH INTU ACN CARR GE TMO AVGO CARR GE TMO AVGO |
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| 2025 Q3 | Oct 24, 2025 | NCG Large Cap Growth Strategy | 8.4% | 14.2% | AAPL, APP, ARM, CRM, CYBR, GEV, HOOD, INSM, ISRG, MDB, NFLX, NOW, NVDA, ORCL, PGR, TEAM, TOST, TYL | AI, growth, infrastructure, Quality, rates, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | HOOD GEV ORCL MDB APP AAPL NVDA |
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| 2025 Q3 | Oct 24, 2025 | Mairs & Power - Growth Fund | 8.0% | 10.1% | AAPL, AMZN, CGNX, FAST, FI, GOOGL, HRL, JPM, META, MSFT, NVDA, NVT, PANW, TECH, TSLA, TSM, UNH, WK | AI, Automation, cybersecurity, Data centers, growth, healthcare, large cap, technology | AI continues to dominate market performance with 40 AI-related stocks in the S&P 500 accounting for 75% of market returns since ChatGPT's 2022 launch. The fund remains excited about AI's potential to reshape industries and enhance productivity, having integrated AI tools into their own investment process. However, many AI-related stocks now appear generously valued, leading to selective position trimming where enthusiasm has outpaced fundamentals. | View | |
| 2025 Q3 | Oct 24, 2025 | Fidelity Freedom 2055 Fund | 7.0% | 19.2% | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, Bonds, diversification, equities, global, retirement, Target-Date | Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a key contributor within the materials sector. | View | |
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | AAPL, ALB, AU, CRWD, GIVN.SW, GOOGL, HLN.L, HON, IBKR, IFF, JPM, LHX, MELI, MSFT, NFLX, NVDA, ORCL, PFE, SFM, SQM | AI, Asia, cybersecurity, defense, emerging markets, Global Equities, infrastructure, technology | AI continues to dominate headlines and balance sheets, driving productivity gains and entirely new business models. The sector has grown faster than expected, with AI-driven infrastructure stocks leading performance. Oracle announced a $300bn order from OpenAI for compute capacity, while Nvidia unveiled major collaborations worth $100bn. | View | |
| 2023 Q3 | Oct 24, 2023 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | growth, Market Analysis, rates, small caps, valuation, value | Small-cap value is the cheapest part of the market, selling 16% below its 20-year average P/E multiple. The Russell 2000 has been in a bear market since late 2021 and has underperformed due to rising rates and higher debt refinancing costs. However, small-caps historically outperform during recoveries and have beaten large-caps by over 16% in the 12 months after recessions start. | View | |
| 2025 Q3 | Oct 23, 2025 | JDP Capital | 12.8% | 31.8% | 0700.HK, BABA, CZR, LYV, META, NFLX, NOW, NVDA, SPOT, T, TSLA, V | AI, China, Electric Vehicles, growth, Long/Short, Sentiment, technology, value | The exponential part of the growth curve in AI adoption is still in front of us. Token costs have fallen 90% while usage increased 3,800% in 2025. The falling costs of compute and inference are unlocking possibilities for smaller companies to compete in areas once reserved for largest incumbents. | CZR TCEHY BABA 300750 CH SPOT |
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| 2025 Q3 | Oct 23, 2025 | Semper Augustus | 3.3% | 19.7% | AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER | AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing | AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers. | NESN SW PM GOOG |
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| 2024 Q3 | Oct 23, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABNB, ACN, ADBE, AMZN, CRM, GOOGL, MSCI, MSFT, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TMO, TSLA, UNH, WDAY | AI, Cloud, growth, large cap, software, technology | AI is driving infrastructure spending from cloud providers and enterprises, with GenAI offerings becoming incremental growth drivers for software companies. Apple's iOS upgrade will bring GenAI advancements to the masses, potentially triggering a multi-year iPhone upgrade cycle. The fund believes AI is more likely to be a tailwind than headwind for competitively advantaged software businesses. | ABNB SHOP.TO ORCL AAPL |
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| 2024 Q3 | Oct 23, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, AMZN, AON, GLOB, GOOGL, LLY, MSCI, MSFT, NVDA, NVO, ORCL, PAYC, SAP, SHOP.TO | Cloud, global, growth, Quality, technology | Oracle's cloud infrastructure business is accelerating as the company transitions applications and databases to the cloud. Oracle Cloud Infrastructure comprises many smaller datacenters that can act as public or private clouds, particularly benefiting large enterprises like banks and healthcare companies. The shift to cloud for Oracle applications and databases will provide a revenue tailwind for years to come. | ORCL |
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| 2024 Q3 | Oct 23, 2024 | Mobius Capital Partners | 6.6% | 0.0% | CLS.JO, MELI, NVDA, TOTS3.SA, YUMC | AI, ASEAN, China, emerging markets, mid cap, Rate Cuts, technology, volatility | Portfolio companies are beneficiaries of AI/HPC momentum with less market speculation than widely known names. Chroma beat Q2 earnings by 15% and benefits from AI/HPC momentum, silicone photonics and advanced packaging. Despite high valuations and significant R&D investments questioning AI's promise, Nvidia's record quarterly revenues of $30.0 billion reinforced belief in the technology's potential. | View | |
| 2024 Q3 | Oct 23, 2024 | Langdon Global Smaller Companies | 9.0% | 16.7% | CSWI, DQ, ESQ, FEVR.L, GSHD, HEINY, JLG.AX, MEDP, NVDA, ROYAL.CO, YETI | Europe, global, Research, small caps, software, Travel | The manager spent 2+ months in Lyon, France testing an extended stay approach to investment research, conducting dozens of meetings across Western Europe. This 'invest like a local' philosophy involves understanding local context through extended presence rather than brief hotel-based visits. | ALSK.PA YETI |
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| 2023 Q3 | Oct 23, 2023 | Biondo Investment Advisors | - | - | FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, SSNLF, UHAL, UMG.AS, VIV.PA | AI, large cap, Media, semiconductors, technology, value | Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue. | UHAL BOL.PA 005930.KS |
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| 2025 Q3 | Oct 22, 2025 | Focus Wealth Management | - | - | 3350.T, AAPL, GOOGL, META, MSTR, NVDA, SMLR | AI, Concentration, Exuberance, Late-cycle, risk, small caps, technology, Valuations | AI is described as potentially transformative as the Industrial Revolution, with largest public companies investing hundreds of billions annually into AI infrastructure, semiconductors, and model development. However, concerns exist about AI capex boom sustainability and potential overbuild similar to railway mania and dot-com boom. | View | |
| 2025 Q3 | Oct 22, 2025 | Brasada Focused Equity Strategy | - | - | AMD, AMZN, AVGO, FERG, GOOGL, META, MSFT, NVDA, ORCL | AI, Bubble, Data centers, Distribution, Fed policy, semiconductors, tariffs | Corporate investment in AI has been the primary market driver, with capital expenditure extending beyond GPUs to entire infrastructure stack. The nature of investment is shifting from disciplined cash-flow funded race to debt-fueled arms race, with OpenAI orchestrating buildout on their terms through circular financing models. | AVGO FERG AVGO FERG |
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| 2025 Q3 | Oct 22, 2025 | Mobius Capital Partners | -0.6% | - | 8131.T, EPAM, MELI, NVDA, TCOM, TSMC | active management, AI, China, emerging markets, Rate Cuts, semiconductors, tariffs, technology | Strong Q2 results from US hyperscalers and confirmation of continued large-scale AI capital expenditure reignited confidence in AI-led growth. Big Tech has invested more than $155 billion in AI this year. This strength in US and Chinese technology has also supported companies in emerging markets like Taiwan and South Korea which play vital roles in AI supply chains. | View | |
| 2025 Q3 | Oct 22, 2025 | Easterly – Global Real Estate Fund | -2.9% | 8.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026. | View | |
| 2025 Q3 | Oct 22, 2025 | WestEnd Capital | 3.9% | 13.2% | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, large cap, semiconductors, technology | WestEnd maintains exposure to AI leaders like Palantir and Snowflake while opening new positions in catch-up trades including AMD, Alibaba, and Baidu. The firm views AI as entering broad market adoption phase with rising demand across hardware and software infrastructure. | BIDU BABA SNOW AMD |
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| 2024 Q3 | Oct 22, 2024 | Pantera Capital | 0.0% | 0.0% | COIN, NVDA | Agents, AI, Blockchain, crypto, Decentralization, infrastructure, Value Accrual | AI is becoming commoditized as models reach human-level performance, creating diminishing returns for consumers. The intersection of crypto and AI represents a pragmatic value capture mechanism for AI's distributed future, with crypto acting as picks and shovels for the AI gold rush rather than a high-beta bet on AI growth. | View | |
| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2025 Q3 | Oct 21, 2025 | Fidelity Freedom 2045 Fund | 7.0% | 19.4% | AEM, CRH, CSU.TO, FNV, Gold, NVDA, PSTG, TSM | asset allocation, Bonds, diversification, equities, retirement, Target-Date | Semiconductor companies were significant contributors to performance, with overweight positions in Nvidia and Astera Labs adding relative value. Taiwan Semiconductor Manufacturing was highlighted as a key contributor within the materials sector positioning. | View | |
| 2025 Q3 | Oct 21, 2025 | Diversified Financial Management | - | - | NVDA | AI, Fed policy, gold, inflation, rates, Stagflation, technology | Technology stocks continued to perform well with major computing firms investing record amounts in cloud and AI capabilities. Nvidia expects an additional $3 to $4 trillion of infrastructure spending by 2030. AI enthusiasm drove market performance across asset classes. | View | |
| 2025 Q3 | Oct 21, 2025 | Columbia Seligman Global Technology Fund | 23.7% | - | AAPL, AMAT, APP, AVGO, BE, CHKP, CRM, GDDY, GOOGL, LRCX, MRVL, MSFT, NVDA, ORCL, PLTR, TEAM, TENB, TER, TSM, WDC | AI, Cloud, cybersecurity, Data centers, energy, semiconductors, technology | AI remains the strongest theme in technology as infrastructure buildouts continue and companies hasten to deploy new AI capabilities. The primary driver of returns has been companies indexed to artificial intelligence infrastructure and the cloud. AI workloads require more advanced chips, driving demand for semiconductor equipment solutions. | ORCL AVGO WDC BE AVGO WDC LRCX BE |
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| 2025 Q3 | Oct 21, 2025 | Carmignac Patrimoine | 3.7% | - | ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM | AI, Bonds, equities, Europe, Gold Miners, inflation, technology, US | The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and surge in deals across infrastructure and cloud computing sectors. The fund maintains targeted diversification within technology covering the entire AI value chain across geographical zones and capitalisation segments. | View | |
| 2025 Q3 | Oct 21, 2025 | Bailard Technology Strategy | 9.4% | 21.9% | AAPL, AMZN, APP, CDNS, CYBR, FI, GOOGL, HUBS, INTU, KLAC, LRCX, META, MSFT, NSIT, NVDA, PSTG, SHOP, SPOT, TSM | AI, Data centers, energy, growth, infrastructure, semiconductors, software, technology | AI-driven demand continues to anchor sector fundamentals with surging investment in compute capacity and infrastructure. The focus has shifted to operational scalability, energy efficiency, and maturing economics of AI deployment. Computing efficiency now hinges on tokens per watt rather than simply low-cost silicon, making energy the binding constraint in modern AI data centers. | View | |
| 2025 Q3 | Oct 21, 2025 | BNY Mellon Appreciation Fund | 3.3% | 8.7% | AAPL, AMZN, ASML, BLK, GOOGL, INTU, ISRG, META, MSFT, NOW, NVDA, NVO, TSM, TXN, V | AI, earnings, large cap, Quality, rates, technology, Trade Policy | Large technology companies reported benefits from deploying AI internally and for clients, which boosted revenue growth. These companies also expanded investment plans for additional AI resources to meet growing demand, as consumers and enterprises rapidly adopt AI. Companies that have exposure to the AI datacenter buildout benefited. | INTU TSM ASML NA NVDA MSFT |
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| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA | earnings, growth, Quality, US, value | Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins. | MEDP |
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| 2025 Q3 | Oct 20, 2025 | Antero Peak Group | 2.7% | 20.5% | AXON, CEG, COF, DASH, EVR, GE, GS, HWM, ISRG, JPM, MSFT, NDAQ, NFLX, NVDA, RHM.DE, RYCEY, SIEGY, TSM, VST, WELL | aerospace, AI, energy, financials, growth, large cap, semiconductors, technology | AI infrastructure buildout driving massive capital deployment across data centers, power generation, and semiconductor supply chains. Current data center power draw of 17 GW projected to reach 50 GW by 2028, equivalent to California's entire power grid. Oracle's backlog up $400B entirely from GPU demand, while hyperscale data centers require 100-200 MW each. | TSM RR GE NVDA MSFT TSM RR GE NVDA MSFT |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Core Leaders Fund | 3.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, earnings, Fed policy, momentum, small caps, technology, Valuations | Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit. | NVO NVDA |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Value & Income Fund | 5.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, dividends, large cap, momentum, technology, Valuations, value | Artificial intelligence is driving enormous spending from tech titans and prompting explosive moves in AI-linked stocks. The technology theme has joined forces with monetary stimulus to embolden risk taking. While AI is incredibly promising, many perceived beneficiaries are prioritizing growth over profit and investors may question ultimate returns on AI spending. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V | AI, E-Commerce, global, growth, semiconductors, Streaming, technology | Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats. | 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% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | 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% | - | AAPL, AERCF, AMZN, BKNG, CRH, DHR, GOOGL, HCA, ICE, INTU, J, MA, META, MSFT, NVDA, TSLA, TSM, UBER, V, WEIR.L | AI, global, gold, Quality, tariffs, technology, Trump, value | AI development is accelerating with significant investment in datacenter infrastructure and companies incorporating AI into products and services. Leading AI models are approaching parity with industry experts across multiple sectors. However, uncertainty remains around development costs, power requirements, and whether current valuations are justified. | View | |
| 2025 Q3 | Oct 20, 2025 | Templeton & Phillips Capital Management | - | - | AAPL, AMD, AMZN, AVGO, BB, BKS, GOOGL, IBM, META, MRVL, MSFT, NOK, NVDA | AI, Capex, credit, industrials, productivity, small caps, technology, value | Managers see AI capex boom creating boom-bust cycle similar to dotcom era, with hyperscalers locked in arms race for AGI. Despite risks, AI investments driving economic growth through multiplier effects and productivity gains. | View | |
| 2025 Q3 | Oct 20, 2025 | Ironvine Capital Partners | - | 10.0% | AMD, AMZN, ASML, GOOGL, INTC, META, MSFT, NSC, NVDA, ORCL, TSM, UNP | AI, Capital Deployment, infrastructure, Monopolies, Railroads, semiconductors | ASML represents a monopoly-like position in lithography systems essential for semiconductor manufacturing, with over 90% market share and massive barriers to entry through decades of R&D investment. The company's extreme ultraviolet systems are critical infrastructure for advanced chip production, positioning it as a toll that must be paid for semiconductor fabs driving global technological progress. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, ABBV, AMD, AMZN, AVGO, COST, KO, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, QCOM, TMUS, TOL, TSLA, WMT, WSM | cash flow, Leverage, Quality, risk management, small caps, valuation, value | The letter extensively discusses valuation risk in the current market, comparing current conditions to the 2000 TMT bubble. Over 40% of the S&P 500 now trades at NTM P/E ratios over 30x, similar to 2000 levels. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total S&P 500 market cap. | View | |
| 2025 Q3 | Oct 2, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, Discipline, large cap, Patience, Quality, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index. | View | |
| 2024 Q3 | Oct 2, 2024 | Infuse Partners | 0.0% | 11.7% | NVDA | growth, healthcare, Medical Devices, Quality, small caps, Sweden | Manager emphasizes building a quality checklist and database of over 1,100 companies to identify special businesses with great management teams, barriers to entry, and consumer value surpluses. The focus is on fastest-growing, highest-quality businesses at low multiples, with quality being a key component of the Infuse Formula alongside growth and valuation. | INTEG.ST |
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| 2024 Q3 | Oct 2, 2024 | JB Global Capital | 34.9% | 43.0% | BABA, NVDA | AI, China, E-Commerce, rates, technology, value | The fund believes they are witnessing a reflexive shift in narrative for Chinese equities that could start the next bull market. Chinese valuations are described as the most astonishing seen in an investment career, with blue chip companies trading at mid-single to low double digit P/Es despite strong fundamentals. The Chinese government has begun expansive monetary and fiscal reforms to combat economic crises. | BABA |
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| 2024 Q3 | Oct 2, 2024 | Sandhill Investment Management | - | 18.6% | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Mining, rates, Silver, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. | View | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Income-Equity Strategies | 3.6% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, dividends, energy, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | TTE HRL ELS COP |
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| 2025 Q3 | Oct 19, 2025 | Harding Loevner International Small Companies Equity | -1.1% | 17.3% | AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN | AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap | The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery. | MEDI NO AFX GR 6869 JP |
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| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2023 Q3 | Oct 19, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, CI, GOOGL, JPM, MSFT, NVDA | financials, growth, healthcare, large cap, Quality, technology | View | ||
| 2023 Q3 | Oct 19, 2023 | Horizon Investment | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, insurance, software, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager tracks economic viability risks and energy infrastructure bottlenecks while maintaining exposure despite minimal revenue generation relative to capital deployment. | TTAN TYL AJG ACR |
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| 2024 Q3 | Oct 18, 2024 | Titan Wealth | - | - | 1972.HK, 300750.SZ, 3690.HK, ABNB, BIO, BMW.DE, CRM, DEO, DIS, EBAY, EL, EW, GOOGL, HEIA.AS, HLN.L, LVMH.PA, MA, META, MSFT, NFLX, NVDA, ORCL, PYPL, SNY, STLA, TMO, UL | emerging markets, global, healthcare, income, Multi-Manager, Rate Cuts, technology | Long-term theme of emerging global middle class remains intact despite recent underperformance. Emerging economies outpacing developed world on output-per capita basis with faster earnings expansion, better margins, less debt, and cheaper valuations. Chinese stimulus measures helping lift emerging market positions. | View | |
| 2024 Q3 | Oct 18, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA | Concentration, Election, rates, small caps, technology, value, volatility | The Federal Reserve cut rates by 50 basis points in September, but the manager questions whether market expectations for continued aggressive cuts are realistic. Analysis of historical interest rate regimes suggests rates could remain higher for longer without triggering recession, similar to the 1980s-1990s period. | View | |
| 2023 Q3 | Oct 18, 2023 | Peak Asset Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | Manager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments. | View | |
| 2025 Q3 | Oct 17, 2025 | Hosking Partners | 3.4% | 6.1% | 0700.HK, BABA, BAC, BTU, C, CFG, CRDA.L, DGE.L, FCX, HBAN, JEF, KWR, LXS.DE, LYB, NVDA, PNC, RCO.PA, RI.PA, SYNT.L, WFC | AI, broadening, Capital Cycle, China, Japan, Mining, small caps, value | The strategy sees speculative excess in AI with hyperscalers dramatically increasing capital bases for datacentres, creating a classic capital cycle with real risk of over-build. Nvidia represents 8% of S&P 500 and 5% of MSCI ACWI, creating alarming concentration. The AI bet must pay off given the weight in global indices. | SAGA LN FCX US |
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| 2025 Q3 | Oct 17, 2025 | Harbor Capital Appreciation Fund | 5.0% | 12.7% | AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally. | ORCL US TOST US AMD US |
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| 2025 Q3 | Oct 17, 2025 | Boyar Value Group | - | - | AAPL, AMZN, GOOGL, JPM, MSFT, NVDA, OPEN | AI, credit, emerging markets, Fed policy, Housing, SPACs, technology, Valuations | Artificial intelligence continues to drive market performance with mega-cap companies powering gains, but transformation takes time. AI-related spending is fueling the economy through billions in data center, chip, and software investments, though productivity gains may arrive gradually after years of adoption. Near-term AI spending is inflationary due to infrastructure costs, while deflationary benefits from automation may come later. | NVDA GOOGL |
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| 2025 Q3 | Oct 17, 2025 | Claret Asset Management | - | - | MSFT, NVDA | AI, liquidity, private credit, real estate, risk management, technology, Valuations | Since ChatGPT's 2022 release, AI investments have surged over 100%, with some ETFs up 160% and NVIDIA up 1500%. The manager compares current AI valuations to the 2000 dotcom bubble, noting similar market metrics but highlighting that today's tech companies have more reasonable individual valuations and superior profitability. The question remains whether this represents a bubble or sustainable secular growth. | NVDA |
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| 2025 Q3 | Oct 16, 2025 | Nightview Capital | - | - | AAPL, AMD, AMZN, BABA, NVDA, TSLA, TSM | AI, Automation, Autonomy, China, innovation, Robotics, semiconductors, technology | Global AI investment could exceed $1.5 trillion in 2025, driven by falling compute costs and expanding use cases. The infrastructure phase of AI is creating a multi-decade capital cycle analogous to electrification or highway systems. Cash flow from profitable incumbents is funding this expansion across healthcare, logistics, finance, and manufacturing. | TSLA US TSM US AMD US |
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| 2025 Q3 | Oct 16, 2025 | White Brook Capital | - | - | AMS, BLDR, BOF, CCLDO, CVEO, FND, GOOG, INFU, JAKK, MSFT, NVDA, PAYS, PTLO, QIPT, RGTI, RPID, TGT, TSM, TTSH | AI, Bubble, cash flow, growth, Homebuilders, small caps, value | Manager views AI spending as creating a bubble with mixture of substance and hype. Compares to fiber optic cable overinvestment but notes silicon processors have much shorter lifespans. Sees problematic warrant and share issuances in AI ecosystem deals. | TGT US PTLO US |
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| 2025 Q3 | Oct 16, 2025 | Magellan Global Opportunities Fund No. 1 | 3.0% | - | ADS.DE, AMD, AMT, AMZN, AVGO, DEO, DISH, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUM.DE, RKT.L, SAP, SATS, T, TSM, UMG.AS, UNH, YUM | AI, consumer, global, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given limited current revenue. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation. | View | |
| 2025 Q3 | Oct 16, 2025 | Magellan High Conviction Fund | -1.2% | - | AMT, AMZN, ASML, AVGO, CMG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVDA, NVO, ORCL, SAP, TSM, V, YUM, YUMC | AI, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD for chips and data centre capacity. While positive on GenAI potential long term, considerable uncertainty remains on pace and degree of monetisation, resulting in increasing risks to the market. The underlying rationale for the recent rally appears increasingly driven by speculative elements including circular deals heavily dependent on OpenAI growing and monetising its user base. | ADS GR |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | GLOB IDXX SBUX ORCL |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL | AI, China, healthcare, Outperformance, semiconductors, stock selection, technology | Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | Investment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. | IQV UN |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Technology Fund | 6.0% | - | 8035.T, ADI, AMAT, AMZN, AVGO, GOOGL, GRAB, ISRG, MA, MCHP, MSFT, NFLX, NVDA, SAP, SNPS, TSM, TXN, V, VEEV, VRT | AI, defense, growth, infrastructure, semiconductors, technology | AI infrastructure stocks make up around 30% of the portfolio and drove majority of returns with companies like Broadcom, Nvidia, TSMC up around 20%. The fund stands to benefit from ongoing massive investment in the AI build-out. OpenAI's user growth from 200m to 700m weekly users poses existential threat to incumbent tech companies like Alphabet and Meta. | View | |
| 2025 Q3 | Oct 16, 2025 | Janus Henderson Forty Fund | 8.4% | 18.0% | AAPL, AMZN, ARGX, AVGO, CMG, DKNG, GOOGL, MA, MDGL, MELI, META, MRVL, MSFT, NVDA, ORCL, SHOP, TSM | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Excitement around artificial intelligence was a strong driver of market gains. Oracle emerged as a leading player in the AI market with strong competitive position and close relationships with leading AI and hyperscaler partners. The fund sees accelerating demand for AI cloud-based workloads driving rapid hyperscaler investment in AI infrastructure, with revenue-generating opportunities moving beyond infrastructure to the application layer. | MELI US ORCL US |
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| 2025 Q3 | Oct 16, 2025 | Janes Henderson Global Sustainable Equity Fund | 3.0% | 18.9% | 1299.HK, AJG, APTV, ARGX, IFC.TO, MCK, MSFT, NVDA, ORCL, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TEL, TSM, WOLSF | AI, Electrification, Esg, global, infrastructure, semiconductors, sustainability, technology | AI has emerged as a transformative force driving a new Industrial Revolution, reshaping industries at unprecedented pace and moving beyond data centers into the physical world. The fund maintains balanced exposure to AI themes, classifying holdings as AI enablers, beneficiaries, bottlenecks, or immune sectors to ensure diversification and resilience. | View | |
| 2025 Q3 | Oct 16, 2025 | Chilton Capital Management | - | - | INTC, NVDA | AI, earnings, Margins, Rate Cuts, REITs, technology, Trade Policy | AI is described as a massive 15-20 year driver of productivity and growth for the global economy. Morgan Stanley estimates S&P 500 companies could reap annual net benefits of $920 billion from full AI adoption through cost reductions and additional revenue. 90% of occupations will likely be impacted by AI through automation and augmentation. | INTC NVDA |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisory Large-Cap Growth Strategy | -0.9% | 6.5% | AAPL, AMZN, CDNS, CSGP, FICO, GNRC, GOOG, GOOGL, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, TTD, WDAY, WST | AI, Cloud, growth, large cap, Quality, semiconductors, software, technology | The market became increasingly concentrated around the AI theme, driving a sharp rebound in growth indices. Brown Advisory has meaningful AI exposure through three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies well-positioned within the AI ecosystem or leveraging AI for competitive advantage. | View | |
| 2025 Q3 | Oct 16, 2025 | Advisors Capital | - | - | DAL, JPM, NVDA | AI, Fed policy, growth, international, large cap, rates, technology | AI continues to dominate market momentum and drive cross-sector innovation. Infrastructure demand for AI technologies is creating massive growth in data centers, with the market opportunity growing from virtually zero to over $1 trillion in 2025. Companies across sectors are beginning to realize productivity and profitability gains as AI adoption accelerates. | TW META MSFT GS JPM NVDA |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey Multi-Asset Dynamic Fund | 3.8% | - | AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L | AI, diversification, emerging markets, fiscal policy, gold, monetary policy, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations but confident in transition from overvalued enablers to longer-term AI adoption beneficiaries. | CHRY LN GLDN AU |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey Multi-Asset Growth Fund | 4.0% | - | AAPL, AMZN, AZN.L, CCC.L, COA.L, GOOGL, IMI.L, INTC, ITRK.L, META, MGNS.L, MSFT, MSLH.L, NVDA, ORG.L, ROR.L, STHP.L, SXS.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment. AI story entered new chapter with vendor-financing replacing innovation as expansion driver. | GLDN AU |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey Global Thematic Equity Fund | 6.5% | - | AAPL, AZN.L, CCC.L, CKN.L, COA.L, HILS.L, IMI.L, INTC, ITRK.L, JDG.L, LRE.L, MGNS.L, MSFT, MSLH.L, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L | AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier, announcing $100bn investment in OpenAI and $5bn in Intel. The AI story entered a new chapter with vendor-financing and leverage replacing innovation as expansion drivers. | CHRY LN |
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| 2025 Q3 | Oct 16, 2025 | T. Bailey UK Responsibly Invested Equity Fund | -1.2% | - | AAPL, AMZN, AZN.L, CCC.L, CKN.L, COA.L, GOOGL, HILS.L, IMI.L, INTC, ITRK.L, LRE.L, META, MSFT, NVDA, ROR.L, SPI.L, STEM.L, TSCO.L, TSLA | AI, diversification, emerging markets, fiscal policy, gold, healthcare, monetary policy, Multi-Asset | AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment and $5bn Intel collaboration. Fund managers remain cautious on elevated valuations while transitioning from overvalued enablers to longer-term AI beneficiaries. | MSLH LN CKN LN STEM LN |
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| 2023 Q3 | Oct 16, 2023 | EdgePoint Global | - | 3.1% | AAPL, AMZN, CSCO, GNTX, GOOGL, INTC, META, MSFT, NVDA, TSLA | Bubbles, inflation, Mid-cap, technology, valuation, value | Inflation has returned to levels not seen since the 1970s, creating challenges for investors who lack experience with such environments. The manager notes that most investors today weren't active during the last inflationary period and don't have real-world experience investing through current conditions. Higher inflation reduces purchasing power and makes flat market performance particularly damaging. | View | |
| 2025 Q3 | Oct 15, 2025 | PivotalPath | - | - | AAPL, MSFT, NVDA, ORCL | AI, China, correlations, Fed, Hedge Funds, Market Commentary, momentum, volatility | AI remained at the forefront of investor conversations with Nvidia's capital expenditure announcements and steady demand for cloud infrastructure supporting sentiment. Managers kept AI as core long allocation but trimmed at margins to reduce crowding, rotating into second-tier beneficiaries like wider semiconductor space, design software, and select data center REITs. | View | |
| 2025 Q3 | Oct 15, 2025 | Parnassus Core Equity Fund | 2.6% | - | AAPL, AMD, AVGO, AZO, BRO, BSX, CRM, DE, FI, GOOGL, GWW, ICE, INTU, KLAC, LLY, NVDA, ORCL, SYK, TMO, WDAY | AI, Defensive, financials, industrials, large cap, Quality, semiconductors, technology | The Fund maintains offensive positions in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested and scaled the technology to drive massive infrastructure transformation. However, rising AI infrastructure investments require greater monetization to avoid overheating. | GWW US BSX US |
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| 2025 Q3 | Oct 15, 2025 | MacNicol & Associates Asset Management | - | - | AAPL, AMZN, BABA, BIDU, DAL, GIS, GOOGL, KHC, LYV, META, MSFT, NFLX, NVDA | AI, Concentration, gold, Passive, risk management, technology, Valuations | Artificial intelligence revolution is driving unprecedented market concentration, with Nvidia becoming the poster child at $4.53 trillion market cap. The company's GPUs power data centers, cloud computing, and generative AI models, including a landmark $100 billion OpenAI partnership. However, this dominance brings geopolitical risks from export restrictions and growing domestic competition. | View | |
| 2025 Q3 | Oct 15, 2025 | Madison Sustainable Equity Fund | 6.5% | 8.2% | AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V | growth, healthcare, large cap, Quality, Sustainable, technology | Oracle's massive RPO growth driven by AI infrastructure demand, with OCI revenue projected to increase from $18 billion to $144 billion over four years. Data center capital expenditure growth benefiting companies like Arista Networks. AI infrastructure companies generating strong performance in the quarter. | TJX TEL ANET GOOGL ORCL |
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| 2025 Q3 | Oct 15, 2025 | Wealthspire | - | - | AMD, INTC, NVDA | AI, Federal Reserve, growth, Industrial Policy, inflation, Markets, tariffs, technology | AI stands at the front of defining themes for 2025, driving one of the most significant capital expenditure cycles in decades. Major investments include Nvidia's $100 billion investment in OpenAI and new partnerships securing massive chip supply deals. The AI boom is spilling over into manufacturing, healthcare, logistics, and finance, representing a secular transformation with measurable productivity gains. | View | |
| 2024 Q3 | Oct 15, 2024 | Kayne Anderson Rudnick | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | earnings, Fed policy, interest rates, Market Outlook, Quality, small caps | Small caps outperformed large caps in Q3 with Russell 2000 up 9.27% versus S&P 500's 5.89%. Small cap earnings likely troughed in Q2 2024 while large caps troughed earlier in Q3 2023. Small caps have more room to run with easier earnings comparisons and below-average valuations. | View | |
| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 companies to bypass them with internal solutions. Both companies are adapting pricing models to consumption-based structures for AI modules to protect against headcount reduction concerns. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
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| 2024 Q3 | Oct 15, 2024 | Lexington Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | Europe, Federal Reserve, gold, infrastructure, Japan, technology, Trump | US mega-cap technology companies continue to invest extraordinary sums in semiconductor chips and AI capabilities, driving impressive revenue and margin growth. A key piece of the puzzle remains finding meaningful consumer applications to justify these investments. Markets view these companies as being as safe as government debt. | View | |
| 2025 Q3 | Oct 14, 2025 | Wedgewood Partners | 5.9% | 6.2% | AAPL, AMD, AMZN, AVGO, BKNG, CDNS, CDW, CPRT, GOOGL, META, MSFT, NVDA, ODFL, ORCL, ORLY, PGR, PYPL, SNPS, TSM, URI | AI, Capex, Data centers, growth, large cap, semiconductors, technology | AI infrastructure spending is reaching unprecedented levels with forecasts of trillions in necessary investment. The manager expresses concern about the sustainability of current AI spending plans and the transformation of capex-light tech companies into capital-intensive businesses. They worry about the cyclical nature this will create as depreciation expenses weigh on future earnings. | MSFT US META US PYPL US GOOGL US |
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| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS | AI, global, Outperformance, portfolios, small caps, value | Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance. | WIZZ SPB TPN BAX |
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| 2025 Q3 | Oct 14, 2025 | Parnassus Growth Equity Fund | 5.8% | - | AAPL, AMZN, APPF, ASML, AVGO, BRO, CMG, CRM, DE, GOOGL, INSM, INTU, LLY, MELI, MSFT, NVDA, PODD, SARO, TSLA, TSM, V | aerospace, AI, growth, healthcare, large cap, Quality, semiconductors, technology | The fund continues to selectively participate in AI secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested the money and scaled the technology to drive this massive infrastructure transformation. However, there is risk that AI investments could become overheated before monetization gains momentum. | PODD US SARO US |
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| 2025 Q3 | Oct 14, 2025 | Octahedron Capital | - | - | AAPL, AMZN, AVGO, DASH, GOOGL, HUBS, INTC, MDB, META, MSFT, NFLX, NU, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, UBER, WDAY | AI, Cloud, E-Commerce, growth, payments, semiconductors, software, technology | AI is driving unprecedented demand across infrastructure, software, and applications. Enterprise AI adoption is accelerating with board-level priority, though moving from proof-of-concept to production remains challenging. AI agents and inference workloads represent massive emerging opportunities. | View | |
| 2025 Q3 | Oct 14, 2025 | Alger Spectra Fund | 16.0% | 31.0% | APP, ISRG, JHX, MSFT, NFLX, NVDA | AI, Cloud, Communication Services, Data centers, growth, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products. | NVDA APP |
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| 2025 Q3 | Oct 14, 2025 | Alger Small Cap Focus Fund | 8.6% | 3.2% | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, consumer, Data centers, energy, infrastructure, small caps, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. | TPC |
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| 2025 Q3 | Oct 14, 2025 | Bell Global Equities Fund | 3.4% | - | AAPL, AMZN, ASML, CNM, COLOB.CO, GOOGL, META, MMC, MSFT, NVDA, NVO, ORCL, PCTY, SAP.DE, SGE.L, SNPS, TER, TSM, V, WM | global, growth, Quality, semiconductors, technology, valuation | The fund follows a Quality at a Reasonable Price investment approach, focusing on financially robust, well-managed companies with sustainable earnings growth. The current environment has been challenging for quality-focused investors, with the MSCI World Quality Index underperforming by around 9% over the past 12 months. | WM SGE ASML |
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| 2025 Q3 | Oct 14, 2025 | Harding Loevner Global Equity | 2.5% | 10.6% | 0700.HK, 1299.HK, 2308.TW, 300760.SZ, 4519.T, 6146.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, CPG.L, CSGP, D05.SI, DE, DHR, DPLM.L, ELV, EPI-A.ST, GLOB, GMAB, GOOGL, HDB, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NOW, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, diversification, global, healthcare, momentum, technology, valuation | AI represents a real secular change reshaping industries but creates broad uncertainty in markets. The impact could be incremental or profoundly disruptive, making historical fundamentals less reliable. Markets reward companies perceived as central to AI buildout while penalizing those that don't fit the narrative. | TCEHY US GOOGL US TMO US ELV US VRTX US ACN US |
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| 2025 Q3 | Oct 14, 2025 | Ithaka US Growth Strategy | 1.0% | - | ANET, APH, ASML, CMG, CRM, GOOGL, HOOD, ISRG, NFLX, NOW, NVDA, ORCL, PLTR, SHOP.TO, TTD | AI, Cloud, growth, infrastructure, large cap, semiconductors, technology | Massive AI infrastructure buildout with $400B-$600B in capex for 2025, led by hyperscalers investing $300B-$350B. Companies see once-in-a-generation opportunity to own infrastructure layer of transformative technology. Early productivity gains of 20-50% in software development and customer service, with ChatGPT reaching 800M weekly active users. | View | |
| 2025 Q3 | Oct 14, 2025 | Warden Capital | 4.6% | 2.3% | BLDR, NVDA, PLYM | AI, Bubble, Cash, Defensive, mania, Recession, Shorts | The manager believes we are in a full-blown AI bubble led by Nvidia and OpenAI, with circular vendor financing deals reminiscent of the dot-com era. OpenAI has committed over $1 trillion in spending over several years despite losing $7.8 billion in H1 2025 on $4.3 billion revenue. The AI industry needs revenues to increase 16x just to break even on current capex investments, which appears unlikely given slowing model improvement and lack of clear path to AGI. | QUBT NVDA |
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| 2025 Q3 | Oct 14, 2025 | Greenlight Capital | -3.6% | 0.4% | AAPL, BHF, COYA, EIX, FLR, GRBK, KD, LXS.DE, META, MSFT, NVDA, PCG, SOLB.BR, TECK | AI, Biotechnology, Bubble, Mining, skepticism, technology, Utilities, value | Greenlight is highly skeptical of the massive AI investment cycle, questioning whether trillions in promised spending can generate adequate returns. The firm notes that much AI revenue is circular within the supply chain rather than from external customers, and compares the situation to the internet bubble where capital destruction occurred despite the technology's ultimate importance. | View | |
| 2025 Q3 | Oct 14, 2025 | Lyrical Asset Management | 3.4% | 15.7% | AAPL, AMP, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, GPN, HCA, JCI, LKQ, MSFT, NRG, NVDA, TSLA, UBER, URI | earnings, growth, Outperformance, Performance, value | The portfolio maintains an uncommon combination of deep value and growth characteristics. The value spread between the portfolio and S&P 500 is historically wide at 80%, with portfolio trading at 12.2x-12.6x P/E versus S&P 500 at 22.7x. Despite value characteristics, portfolio EPS growth exceeds 10% annually, significantly outpacing S&P 500 growth of 6.4%. | View | |
| 2025 Q3 | Oct 14, 2025 | Stonehearth Capital Management | - | - | AAPL, GOOGL, NVDA, TSLA | AI, emerging markets, gold, growth, liquidity, semiconductors, small caps, technology | Technology giants drove market concentration to record levels with mega-cap strength defining the quarter. Utilities performed well supported by continued investment in artificial intelligence infrastructure. Information Technology led gains in multiple regions including China, Taiwan, and South Korea. | View | |
| 2025 Q3 | Oct 13, 2025 | Saturna Sustainable Funds | - | - | GOOGL, MSFT, NVDA, ORCL, TSLA | AI, energy, Government, infrastructure, Markets, Politics, technology | The rapid buildout of AI infrastructure is driven by large strategic and circular investments among tech giants, raising concerns over sustainability and power supply constraints. Questions arise about whether companies investing in AI will ever see meaningful returns, with 95% of organizations currently getting zero return from GenAI investments despite $30-40 billion in enterprise investment. | View | |
| 2025 Q3 | Oct 13, 2025 | Moneta Group | - | - | AMZN, GOOGL, META, MSFT, NVDA | AI, China, Fed policy, Geopolitical, gold, rates, small caps, Valuations | The ongoing AI-driven investment cycle continued to dominate earnings and capex trends, with five hyperscalers representing roughly 25% of the S&P 500 Index. These companies are projected to drive nearly three-quarters of total corporate capital expenditure growth over the next three years, though significant investment levels create concerns over sustainability and long-term returns. | View | |
| 2025 Q3 | Oct 13, 2025 | 103 Advisory group | - | - | AAPL, AMD, AMZN, CSCO, GOOGL, META, MSFT, NVDA, ORCL, TSLA | AI, Bubble, Fed, rates, small caps, technology, Valuations | AI bubble concerns are growing as mega-cap tech companies have more than doubled AI-related capital expenditures since ChatGPT's launch. Hyperscalers are expected to spend $340 billion on AI infrastructure in 2025, nearly 1% of U.S. GDP. OpenAI's $500 billion valuation and circular financing arrangements with Nvidia and AMD mirror dot-com era vendor financing patterns. | View | |
| 2023 Q3 | Oct 13, 2023 | WestEnd Capital | -1.1% | 30.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY PWR |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | AI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, KTOS, MIR, NVDA, PAR, SITM, UNF, VERX | AI, Biotechnology, defense, Federal Reserve, growth, M&A, small cap, software | AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot-com peak levels. | SITM US KRAT US |
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| 2025 Q3 | Oct 12, 2025 | Macquarie Large Cap Growth Fund | 4.7% | 8.4% | AAPL, AMD, AMZN, DHR, EQIX, GOOGL, ICE, IDXX, INTC, INTU, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, TSM, V, VMC | AI, growth, large cap, Quality, semiconductors, technology | AI stocks have been the primary driver of market returns, accounting for roughly 75% of market gains. The fund has significant exposure to companies already benefiting from AI, as well as future beneficiaries. However, many aspects remain uncertain including business models, applications, regulation, power consumption, and hardware requirements. | EQIX AMD VMC INTU ICE |
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| 2025 Q3 | Oct 12, 2025 | Munro Global Growth Fund | 4.9% | - | 300750.SZ, AMZN, ARES, AVGO, BSX, CLS.TO, CRH, FWONA, GEV, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, ORCL, TKO, TSM, UBER | AI, Cloud, Energy Storage, growth, technology | AI adoption is showing clear signs among corporates globally, with the Magnificent 7 demonstrating significant operational efficiencies through reduced hiring. Oracle's massive backlog demonstrates insatiable demand for AI computing infrastructure, with companies like OpenAI committing to multi-billion dollar contracts. The AI spending roadmap is expected to continue over the medium term with clear return on investment from billions in capex. | ORCL |
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| 2025 Q3 | Oct 12, 2025 | Richie Capital Group | - | - | MSFT, NVDA, XOM | active management, AI, Market Concentration, Migration Effect, small caps, value creation | The migration effect shows that roughly 10% of small companies that grow into mid- and large-cap status explains most of small-cap outperformance. Despite concerns about quality decline in the Russell 2000, opportunities persist for active managers willing to do rigorous research in this less efficient market. | View | |
| 2025 Q3 | Oct 12, 2025 | Mountain Vista Wealth Management | - | - | AMZN, GOOGL, MSFT, NVDA, ORCL | AI, Data centers, Fed policy, gold, Market Risk, technology, Valuations | Technology companies are spending hundreds of billions chasing Artificial General Intelligence, creating speculative activity. Oracle's datacenter expansion for AI clients involves heavy debt financing with high execution risks. The AI investment cycle drives valuations but may prove unsustainable if it fails to deliver on lofty aspirations. | View | |
| 2023 Q3 | Oct 12, 2023 | Wealthspire | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Fed policy, fixed income, inflation, Market Volatility, rates | Rising interest rates are creating opportunities for savers with real returns above inflation for the first time since the 1990s. Bond yields at 5.5% offer improved prospects for nominal and real returns. Higher rates are normalizing after the anomalous zero-rate environment post-Financial Crisis. | View | |
| 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, healthcare, Quality, semiconductors, technology, Valuations | 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. | View | |
| 2024 Q3 | Oct 11, 2024 | GROW Funds | - | - | AAPL, ADBE, AGX, AMZN, BRZE, CRM, DUK, GOOGL, KVYO, META, MSFT, NVDA, ORCL, TSLA, VST, ZETA | Advertising, AI, growth, Natural Gas, small caps, technology, value | AI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power which the current grid capacity cannot support. | AGX ZETA AGX ZETA |
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| 2025 Q3 | Oct 10, 2025 | The Bristlemoon Global Fund | 5.0% | - | AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V | AI, global, Long/Short, Quality, semiconductors, software, technology | The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools. | PAR UN SNPS US GOOGL US ASML NA |
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| 2025 Q3 | Oct 10, 2025 | Headwaters Capital Management, LLC | -2.9% | -5.4% | AMD, AMZN, BSY, BYD, DRVN, GOOGL, INSP, MEDP, META, MSFT, NVDA, ORCL, VVV | AI, Auto Aftermarket, Biotechnology, Bubble, Capex, mid cap, value | Manager believes AI infrastructure spending represents a massive capital cycle similar to telecom buildout in late 1990s, with hyperscalers spending $405B annually by 2026. Views current AI investment as unsustainable earnings bubble driven by elevated CAPEX rather than valuation bubble. Cites Oracle-OpenAI $300B contract as example of irrational economics requiring OpenAI to reach Google Search scale in two years. | View | |
| 2025 Q3 | Oct 10, 2025 | INN8 | - | - | 0700.HK, AAL.L, AMZN, ANG.JO, BABA, BWO.JO, CUR.JO, GFI, GOOGL, IMP.JO, INTC, MCG.JO, META, MSFT, NVDA, ORCL, PRX.JO, TECK | AI, China, global, gold, inflation, rates, tariffs, technology | The euphoria towards artificial intelligence is creating speculative market dynamics where AI spending announcements instantly reward companies with massive market cap increases. Companies like Nvidia, Alibaba, Meta, Microsoft, Alphabet, Amazon, and Oracle have seen their combined market capitalization boosted by about $1.8 trillion from AI investment pledges. While few companies show material returns on AI investments in their financials, investors continue piling into shares of companies spending big on data centers to position themselves as AI leaders. | View | |
| 2025 Q3 | Oct 10, 2025 | Sandhill Investment Management | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, diversification, healthcare, insurance, software, Valuations | AI capital expenditure boom continues driving market returns since ChatGPT's release. AI-related stocks account for 75% of market returns and 90% of capital spending. Manager sees potential bubble risks around economic viability and energy infrastructure constraints for data centers requiring enormous power. | AJG CR |
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| 2024 Q3 | Oct 10, 2024 | Generation Investment Management Global Equity | - | - | AMZN, CBRE, GOOGL, JLL, NVDA, SE.PA, SIK.L, TT | AI, Climate, Commercial real estate, global, Long Term, Quality, sustainability | Manager discusses AI's transformative potential but notes challenges in finding killer applications beyond current uses. Highlights the end of zero marginal cost era as AI requires massive infrastructure investment. Sees AI adoption at only 5% of US companies currently. | View | |
| 2024 Q3 | Oct 10, 2024 | Skybound Wealth Management | 3.5% | 37.8% | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, ICE, LMT, LSEG.L, META, MSFT, NVDA, ORCL, RVTY, SHEL, TMO | AI, Bubble, China, Cloud, Electric Vehicles, infrastructure, technology, Valuations | AI transformation driving massive infrastructure investments by cloud computing leaders and enterprises developing LLMs. The scale of investments is staggering with OpenAI committing $300 billion over five years for data center services. However, progress in monetizable end-use applications remains limited, creating a concerning gap between infrastructure spending and revenue-generating applications. | MDT HTHT 1211.HK BABA |
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| 2023 Q3 | Oct 10, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, ADBE, AMZN, ASML, BX, CRM, DXCM, INTU, ISRG, MA, MELI, MSFT, NOW, NVDA, PODD, V | Concentration, growth, large cap, technology | View | ||
| 2024 Q3 | Oct 10, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEY, AMT, ASML, CDNS, CPRT, DHR, FI, GOOG, LRCX, LSCC, MCHP, MRNA, MSFT, NFLX, NVDA, PGR, ROP, TT, URI | AI, Automation, Digital, growth, insurance, semiconductors, technology | The manager remains bullish about the long-term implications of AI and is increasingly incorporating it into their research process. However, the market's focus shifted to consider returns on massive AI investments, reflecting concern around the wide range of outcomes. While value has been created at the infrastructure layer, they are still awaiting revenue generating killer apps from this generational technological shift. | PGR |
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| 2025 Q3 | Oct 1, 2025 | Manole Capital Management | - | - | AAPL, GM, IBM, NVDA, ORCL | AI, Federal Reserve, Fintech, fundamentals, inflation, interest rates, technology | AI is especially powerful because it is self-improving, but adoption takes time with 95% of organizations reporting zero returns so far from generative AI investments. The manager believes AI will ultimately have a profound impact on the economy, but timing and scale of returns will vary widely. | View | |
| 2025 Q3 | Oct 1, 2025 | Diranko Capital | 11.2% | 16.3% | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, TSLA | AI, Big tech, small caps, technology, valuation, value | Manager provides detailed analysis of AI investment economics, arguing that Big Tech's $1 trillion datacenter investments through 2026 require unrealistic revenue assumptions to generate adequate returns. Questions whether AI can replace enterprise software spending and achieve productivity gains quickly enough to justify current valuations. | View | |
| 2025 Q3 | Oct 1, 2025 | Rigden Capital Strategies | - | - | AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC | AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations | AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains. | View | |
| 2024 Q3 | Oct 1, 2024 | Eagle Point Capital | - | - | NVDA | Concentration, long-term, Quality, selectivity, value | Eagle Point focuses on profitable companies with high insider ownership, aligned incentives, high ROEs, durable competitive advantages, fortress balance sheets, and below-average valuations. They seek businesses priced for reasonable value rather than perfection, emphasizing margin of safety in each investment. | View | |
| 2024 Q2 | Oct 7, 2023 | NZS Capital – Growth | 4.0% | 22.0% | ADYEN.AS, APH, ASML, CDNS, CMG, CSGP, DOL.TO, FI, GOOGL, HEI, ISRG, LRCX, MELI, NFLX, NVDA, PCOR, TSM, TSMC, TT, WDAY | AI, growth, portfolio, semiconductors, software, technology, Valuations | AI enthusiasm drove semiconductor outperformance but created market narrowness concerns. Manager trimmed AI-exposed positions including Nvidia, ASML, Lam Research and Cadence due to uncertainty about sustainability of $200 billion annual AI spending. Portfolio positioned for wide range of outcomes including potential AI spending reduction. | TSM |
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| 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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| 2024 Q4 | Jan 9, 2025 | LVS Advisory – Growth | - | 37.0% | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Concentration, Event-Driven, growth, Investment Banks, M&A, Portfolio Management | M&A activity expected to surge in 2025 under Trump administration with less aggressive antitrust enforcement. Investment banks outperformed significantly in 2024 anticipating this recovery. Event-driven portfolio positioned to benefit from wider deal spreads and improved merger arbitrage environment. | View | |
| 2024 Q4 | Jan 9, 2025 | LVS Advisory – Event Driven | - | 8.0% | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Event-Driven, Investment Banks, M&A, Merger Arbitrage, portfolio construction, Trump | M&A activity expected to surge in 2025 due to Trump administration's less aggressive antitrust stance. Investment banks outperformed significantly in 2024 anticipating this recovery. The exit of several large merger arbitrage funds creates supply/demand imbalance for wider deal spreads. | View | |
| 2024 Q4 | Jan 9, 2025 | Rathbones | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Geopolitical, growth, inflation, technology, Trade Policy, US, volatility | The artificial intelligence revolution has driven exceptional returns, with Nvidia as the pre-eminent provider of processors powering AI delivering 172% returns. Technology giants including the Magnificent Seven have benefited significantly from AI-driven growth and investor enthusiasm. | View | |
| 2024 Q4 | Jan 9, 2025 | Mountain Vista Wealth Management | - | - | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations | AI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. | MDT HTHT 1211.HK BABA |
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| 2024 Q4 | Jan 9, 2025 | TEAM Asset Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, gold, infrastructure, Japan, Mega Cap, technology, Trump, US | American productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments. | View | |
| 2024 Q4 | Jan 9, 2025 | Torre Financial | 2.4% | 19.3% | AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI | earnings, growth, international, Performance, portfolio, value | Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics. | View | |
| 2023 Q4 | Jan 9, 2024 | Resilient Asset Management | - | - | AAPL, AMZN, CSCO, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA | Equity Markets, long-term, Magnificent 7, Market Commentary, technology | View | ||
| 2023 Q4 | Jan 9, 2024 | Guinness China | - | - | ADS.DE, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, global, large cap, Quality, semiconductors, technology, Trade Policy | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. Considerable uncertainty remains on the pace and degree of monetisation, resulting in increasing risks to the market. | ADS.DE |
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| 2023 Q4 | Jan 9, 2024 | The Wolf of Harcourt Street | - | 34.3% | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations | The dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. | MDT HTHT AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT BABA |
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| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners | 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 | - | - | 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 | |
| 2024 Q4 | Jan 8, 2025 | Hennessy Cornerstone Growth Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, energy, financials, Japan, Rate Cuts, regulation, small caps, volatility | Growth in artificial intelligence and data centers demands more energy, driving investment opportunities across traditional and renewable energy value chains. AI is identified as a key driver of increased energy demand alongside data centers. | View | |
| 2024 Q4 | Jan 8, 2025 | QV Investors | - | - | NVDA | AI, Concentration, growth, Market Commentary, momentum, technology, Valuations | Technology companies are investing unprecedented amounts in AI development, with $234 billion in capex planned for 2025. This represents a nuclear arms race between tech titans competing for control of this nascent market opportunity. However, Sequoia Capital estimates $600 billion in revenue is required to pay back current AI spending, while ChatGPT's run-rate revenue was only $3.4 billion in mid-2024. | View | |
| 2024 Q4 | Jan 8, 2025 | Tapasya Investment Fund | - | 17.8% | AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements. | View | |
| 2023 Q4 | Jan 8, 2024 | Artemis US Select Fund | 8.3% | - | AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC | Cloud, energy, financials, healthcare, Housing, semiconductors, technology | Structural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers. | BLDR AMZN |
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| 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% | AAPL, AMZN, APO, AVGO, DEO, EQT, GOOGL, HLN.L, JPM, KVUE, MDLZ, MET, META, MSFT, NESN.SW, NVDA, ORCL, TSLA, UPS, WMB | diversification, dividends, Natural Gas, Quality, technology, value | The strategy focuses on high-quality dividend payers with three key attributes: downside protection, current income, and growth. Dividend growers help combat inflation and provide 40% of total return over the long term. The fund initiated positions in Alphabet and Meta when they announced regular dividend policies. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ABNB, ACN, AMZN, ASML, AVGO, GOOGL, ISRG, LLY, META, NEE, NFLX, NVDA, NVO, TMO, TSLA, UBER, UNH, V, ZTS | growth, healthcare, large cap, Magnificent Seven, technology, Valuations | AI is clearly a megatrend that the managers are monitoring closely to gauge the next phase of use cases and impact both to technology-oriented businesses and to those in more traditional industries. Portfolio holding Intuitive Surgical is making significant strides in providing feedback to surgeons using its robotic instruments. | ABNB NVO ICLR |
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| 2024 Q4 | Jan 7, 2025 | Right Tail Capital | 0.0% | 10.3% | AAPL, AMZN, BRK-B, GOOGL, META, MSFT, NVDA, TSLA | Compounding, Concentration, long-term, Quality, value | The manager is studying artificial intelligence both for its potential impact on the world and ways to use it in investing processes. Google NotebookLM has been a positive discovery for uploading files and having them summarized into podcasts. | View | |
| 2024 Q4 | Jan 7, 2025 | HORAN Capital Advisors | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, earnings, inflation, large cap, rates, small caps, valuation | The artificial intelligence theme was pervasive for most of 2024 and led to the formation of the Magnificent 7 stocks. These AI-driven companies accounted for just over 50% of the S&P 500 Index return in 2024. However, the slowing earnings growth is expected to be centered in the Magnificent 7 stocks while other stocks are anticipated to accelerate. | View | |
| 2024 Q4 | Jan 7, 2025 | Horos Asset Management | 1.9% | 11.8% | AAPL, AMZN, AXP, CSCO, DIS, GOOGL, KO, LBTYA, MCD, META, MSFT, NVDA, PG, PYPL, TSLA | Concentration, contrarian, Europe, Market Risk, Spain, Telecommunications, value | The fund maintains a disciplined value investing approach, focusing on acquiring stocks with attractive risk-return trade-offs regardless of market trends. They emphasize contrarian positioning against trend-following investors who dominate current markets. | ZEGN.L |
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| 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 | -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 | 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% | AXON, HFG.DE, MELI, NU, NVDA, TSLA | Concentration, growth, LatAM, Quality, technology, value | MercadoLibre continues to spin its commerce/payments flywheel with fintech business now much larger than original e-commerce platform. Beautiful synergy exists as on-platform payments lower friction for commerce business and faster delivery times lead to more orders and payments. | NVDA HFG.DE TSLA SHEL.L MELI NU INTEG.ST AXON |
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| 2024 Q4 | Jan 6, 2025 | Bianco Research | - | - | BRK-B, JPM, MSFT, NVDA, PLTR | AI, Fed policy, growth, healthcare, large cap, tariffs, technology, Valuations | Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields. | 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 | 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 | |
| 2024 Q4 | Jan 5, 2025 | Palm Valley Capital Management | -0.1% | 4.2% | 0288.HK, CHD, CRD-A, CRI, DOX, EL, FPI, HELE, HTLD, KELYA, LAS.TO, MAN, NVDA, NWN, PHYS, PLTR, PSLV, SEB, SSRM, STT, TBI | Cash, crypto, Cyclical, gold, small caps, Staffing, Valuations, value | Bitcoin rocketed 50% after the election to exceed $100,000, with crypto enthusiasts rejoicing at the pro-crypto stance of the incoming administration. The fund discusses various cryptocurrencies including Dogecoin with a $50 billion market cap and Tronix equal in size to major corporations, questioning the existence and value of hundreds of digital assets. | HTLD SEB KELYA |
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| 2024 Q4 | Jan 4, 2025 | St. James Investment Company | 0.0% | 0.0% | AAPL, MSTR, NVDA, NWSA | Bitcoin, Financial Nihilism, inflation, Market Bubbles, Passive investing, Value Investing | Massive capital flows into passive index funds create price distortions where stocks are priced according to their index weight rather than intrinsic value. This leads to herding behavior and stocks trading at prices that do not reflect fundamental value, with overvalued companies receiving more fund inflows than warranted. | View | |
| 2023 Q4 | Jan 4, 2024 | Sandhill Investment Management | - | 29.9% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | American productivity is set to surge higher driven by Artificial Intelligence capabilities. Companies are making good on impressive revenue and margin growth despite the need for meaningful consumer applications to justify extraordinary semiconductor chip investments. | View | |
| 2023 Q4 | Jan 4, 2024 | Regency Wealth Management | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Quality, technology | AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in semiconductor and technology companies benefiting from AI datacenter buildouts and custom silicon demand. | FICO AVGO BSX |
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| 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 | |
| 2024 Q4 | Jan 31, 2025 | Alpine Capital Research | - | - | INTC, NVDA | earnings, growth, Market, technology, valuation, value | ACR focuses on owning reasonably valued companies and avoiding overpaying for profits. The firm's EQR strategy demonstrates value creation through replacing overvalued companies with undervalued ones, capturing added earning power while pruning valuation risk. | View | |
| 2023 Q4 | Jan 31, 2024 | Penn Davis McFarland | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Banking, Cash, credit, Quality, rates, technology | The Magnificent Seven tech companies, super-charged by enthusiasm for AI, drove 62.2% of S&P 500 performance in 2023. This AI-driven rally left many traditional old-world businesses behind while pushing broader indices back near their highs. | 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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| 2024 Q4 | Jan 30, 2025 | Summers Value Partners | - | 27.4% | AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV | Concentration, healthcare, Long/Short, Medical Devices, small caps, value | Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms. | ZIMV INDV UFPT ELMD |
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| 2023 Q4 | Jan 30, 2024 | Nightview Capital | 10.9% | 79.1% | ABNB, AMD, AMZN, DIS, GOOGL, INTC, NVDA, TSLA, Z | AI, Concentration, disruption, growth, long-term, technology, Tesla, value | AI is creating profound opportunities and risks across industries, similar to the Internet in the 1990s. The manager views AI as having no boundaries - all businesses must leverage new technologies to stay competitive. They see a second wave of AI beneficiaries emerging in cloud service providers like Amazon and Google, who are well-positioned in the technology stack to benefit from increased AI spending. | DIS 000001.SZ ABNB ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2023 Q4 | Jan 30, 2024 | The Muhlenkamp Fund | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | energy, Federal Reserve, inflation, interest rates, Recession, technology | Manager expects inflation to remain similar or higher over the next couple of years, departing from the 2009-2021 low inflation period. They view this as a key risk factor for 2024 and believe they are in a period of structurally higher inflation and interest rates. | View | |
| 2025 Q4 | 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 | |
| 2024 Q4 | Jan 3, 2025 | Rodrigo Benedetti | - | - | AAPL, AMZN, APP, CIEN, CUBI, GOOGL, META, MSFT, NVDA, PFBC, PLTR, TMDX, TSLA | AI, banks, Biotech, Europe, semiconductors, technology, value | Manager extensively analyzes AI capex spending by major tech companies, questioning sustainability of current investment levels and whether returns will justify the massive capital deployment. Notes that companies like MSFT and META are spending heavily on AI infrastructure, with some potentially approaching zero free cash flow. | View | |
| 2024 Q4 | Jan 3, 2025 | Ghosh Capital | 11.4% | - | ADBE, AMD, ASML, BRZE, CRWD, CSU.TO, GOOGL, HOOD, KPG.AX, KSI.TO, MELI, MU, NVDA, SPGI, TEAM, V, WDAY | AI, Cloud, compounders, Concentration, growth, semiconductors, technology, value | Manager discusses AI as a key investment theme, highlighting Alphabet's decades of AI research leadership and Sergey's return to work on AI. Notes that AI-enabled search over Jira and Confluence represents perfect GenAI use cases for B2B settings. Views Adobe's video generation capabilities and AI tooling as underappreciated by the market. | 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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| 2023 Q4 | Jan 29, 2024 | Focus Wealth Management | - | - | AAPL, ALK, AMZN, GOOGL, HA, META, MSFT, NVDA, TSLA | Alternatives, Canada, dividends, fixed income, international, mid cap, private credit, value | Focus employs a sound, value-based philosophy using bottom-up security selection. They find opportunities in mid-sized companies trading at attractive valuations with strong business models and healthy balance sheets. International stocks trade at meaningful discounts to North American stocks, with UK market offering dividend yield nearly three times that of S&P 500. | View | |
| 2023 Q4 | Jan 29, 2024 | Rozendal Partners | - | 21.6% | B4B.DE, BAYN.DE, BUR.L, CCJ, CCOLA.IS, COH.JO, MTN.JO, NVDA, PPCT.JO, RCL.JO, TBS.JO | emerging markets, global, South Africa, technology, Turkey, uranium, value | The uranium market has finally come to life after being moribund for a decade following Fukushima. Disruptions from the Russian invasion of Ukraine, slow return to production of mothballed mines, steady continuation of new reactors being built in China, and greater recognition of uranium's clean energy benefits have contributed to dramatic price surges reaching levels last seen in 2007. | View | |
| 2025 Q4 | Jan 28, 2026 | GMO | - | - | 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 | |
| 2024 Q4 | Jan 28, 2025 | Artemis US Select Fund | 10.8% | 29.5% | AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT | AI, Capital markets, energy, large cap, stock selection, technology, Trump | The mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact. | View | |
| 2024 Q4 | Jan 28, 2025 | Citadel Value Fund | - | - | 005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA | Automotive, Industrial, Luxury, semiconductors, small caps, technology, value | The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit. | STLA BC KER.PA JOST.DE |
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| 2024 Q4 | Jan 28, 2025 | Biondo Investment Advisors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL | AI, inflation, productivity, rates, small caps, tariffs, technology, Trade Policy | Hyperscaler capital expenditure growth has been booming, soaring 75% in 2025 as leading US technology companies spend tens of billions on GPUs and AI model development. AI enthusiasts believe we are on the cusp of a paradigmatic shift upward in productivity that will transform the economy and reshape work. AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth, and 90% of capital spending growth since ChatGPT launched. | View | |
| 2025 Q4 | 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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| 2023 Q4 | Jan 25, 2024 | Chilton Capital Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, growth, rates, REITs, technology, value | Artificial intelligence emerged as a tangible and material business driver for many companies in 2023, particularly mega-cap growth stocks. AI contributed to dramatic gains and renewed confidence in technology companies as a key catalyst for future growth. | View | |
| 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 | |
| 2024 Q4 | Jan 23, 2025 | Titan Wealth | - | - | 1211.HK, AMZN, ASML, DIS, EL, EW, FDX, HON, LLY, MSFT, NFLX, NVDA, NVO, TSLA, UNH, V | AI, Energy Transition, healthcare, infrastructure, interest rates, portfolios, technology, Trump | AI-driven assets emerged as top performers with significant holdings in Nvidia and Amazon. Portfolio includes companies positioned to benefit from AI infrastructure expansion while avoiding lofty valuations of the Magnificent 7. | View | |
| 2023 Q4 | Jan 23, 2024 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Concentration, growth, small caps, technology, Valuations, value | Small cap stocks have significantly underperformed large cap for years, with the Russell 2000 underperforming the Russell 1000 by 4.7% annualized over the past decade. However, positive-earning small cap companies are trading at attractive valuations relative to large cap, with the forward P/E ratio at 0.72 versus large cap when filtering out negative earners. This represents the 17th percentile over 30 years, suggesting an attractive entry point for small cap exposure. | 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 | 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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| 2024 Q4 | Jan 22, 2025 | Leonard Rickey Advisors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Fed policy, growth, large cap, rates, Valuations | Artificial intelligence led to strong gains for US large-cap growth stocks and the Magnificent Seven companies. The boom in artificial intelligence was a key driver of stock performance throughout the year. Technological breakthroughs in artificial intelligence could result in meaningful labor productivity gains. | View | |
| 2024 Q4 | Jan 22, 2025 | Peak Asset Management | - | - | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, Concentration, healthcare, insurance, software, valuation | AI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability given minimal revenue generation versus massive capital deployment into data centers. Energy constraints pose potential bottlenecks for ambitious growth projections. | TTAN TYL AJG CR CR TTAN CR TYL AJG CR |
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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 | - | - | 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 | 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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| 2024 Q4 | Jan 21, 2025 | Kovitz Core Equity | 2.4% | 19.9% | AMAT, AMD, AMTM, AMZN, CRM, GOOG, GOOGL, LVS, NVDA, TMO, TSLA | AI, large cap, semiconductors, technology, US, value | AI enthusiasm is driving massive capital spending by hyperscale cloud providers, with semiconductor stocks returning 76% in 2024. However, the manager notes that investments are being made before returns are proven, creating potential risk if reality doesn't match expectations. The portfolio includes AI-exposed holdings like AMD, Arista Networks, and Applied Materials. | LVS TMO AMAT AMD AMTM GOOGL CRM AMZN |
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| 2024 Q4 | Jan 21, 2025 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Concentration, diversification, growth, Magnificent Seven, small caps, value | Growth stocks significantly outperformed value in Q4 2024, with the Russell 1000 Growth Index rallying 7.1% versus a 2.0% drawdown for value. On the year, growth outperformed value by almost 2.5 times (33.4% versus 14.4%). This represents the greatest two-year underperformance of value to growth since 1979. | View | |
| 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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| 2024 Q4 | Jan 2, 2025 | Absolute Return Partners | 0.0% | 0.0% | NVDA | Bubbles, Carry Trade, Japan, Macro, risk management, Trump, valuation | Record $1 trillion flows into US equity ETFs in 2024, with leveraged single-stock ETFs particularly popular among retail investors. The GraniteShares 2x long Nvidia daily ETF saw AuM rise from hundreds of millions to over $5 billion in 12 months, indicating extreme speculative behavior around the market fringes. | View | |
| 2025 Q4 | Jan 18, 2026 | BNY Mellon Appreciation Fund | 1.3% | 10.2% | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility | Technology companies reported strong revenue and earnings growth with pledged increases in capital expenditures as computing demand outstrips supply. Over $1 trillion in partnerships between OpenAI and public technology companies were announced for AI chips, datacenters, and cloud computing. However, investor concerns arose around circular funding deals reminiscent of vendor financing and uncertain return profiles. The industrials sector benefited from continued data center construction and investments made to modernize the electric grid. This reflects the infrastructure buildout required to support AI computing demand and digital transformation. Consumer reports highlighted an increasingly pronounced bifurcation, with higher-income consumers continuing to spend broadly and lower-income consumers seeking out value and trading down. This reflects the impact of high interest rates on consumer behavior. President Trump and Chinese Leader Xi met and agreed on de-escalatory moves that reversed trade restrictions previously imposed. The U.S. government approved the sale of scaled-down AI chips to China in a further thawing of relations. However, the oscillating nature of tariff negotiations remains a risk. | View | |
| 2025 Q4 | Jan 18, 2026 | 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 | The 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 | |
| 2023 Q4 | Jan 18, 2024 | Titan Wealth | - | - | EBAY, EL, HEIA.AS, META, NKE, NVDA, ORCL, PTC, SNY | AI, Energy Transition, global, inflation, interest rates, Multi-Asset, technology, thematic | AI is described as the 4th industrial revolution and the most important investment theme for coming years. The firm is working to identify second and third-round beneficiaries of the AI boom with modest valuations. They plan to increase exposure to technology and innovation themes embracing AI in early 2024. | View | |
| 2024 Q4 | Jan 17, 2025 | Skybound Wealth Management | 3.9% | - | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, rates, small caps | The manager discusses the massive investments by tech giants like Microsoft, Meta, Amazon, and Google in AI infrastructure and training models, comparing it to the dot-com era. They note that while AI will increase productivity, the capabilities may be less than expected and no killer app has emerged yet to demonstrate high returns on investment. | ELUT ZETA XERS MDXH |
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| 2023 Q4 | Jan 17, 2024 | Brown Advisors Global Leaders Strategy | - | - | AAPL, AMZN, BBRI.JK, GOOGL, INTU, META, MSFT, NVDA, NVO, TSLA | Concentration, global, long-term, Quality, risk management, value | The strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. The managers emphasize investing in businesses that demonstrably help their customers succeed, citing examples like Intuit's QuickBooks platform and Bank Rakyat's micro lending business. | View | |
| 2025 Q4 | Jan 16, 2026 | 103 Advisory group | 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 | Richie Capital Group | - | - | AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO | AI, Data centers, emerging markets, geopolitics, rates, technology | The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026. | View | |
| 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 | |
| 2024 Q4 | Jan 16, 2025 | RVK | - | - | 2020.HK, AAPL, APH, DHR, ICE, IFX.DE, INTU, KLAC, LRCX, MA, META, NFLX, NVDA, NVO, SHL.DE, TMO, TSM | AI, Dollar, global, growth, innovation, semiconductors, tariffs, technology | Strong demand for AI-driven technologies supported performance across data center and semiconductor holdings. Nvidia delivered strongest quarterly earnings despite China restrictions, with hyperscalers using cutting-edge server systems for AI workloads. Amphenol benefited from robust AI-related data center demand. | View | |
| 2023 Q4 | Jan 16, 2024 | Peak Asset Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Precious Metals, rates, technology, Valuations | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth since ChatGPT launch. | 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 | 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 | |
| 2024 Q4 | Jan 15, 2025 | Brighton Jones | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, PUMA.DE, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with Nvidia, Broadcom, Oracle and AMD. However, these deals are somewhat circular in nature and heavily dependent on OpenAI growing and monetising its user base given its limited current revenue. While positive on GenAI potential over the long term, considerable uncertainty remains on the pace and degree of monetisation. | ADS.DE |
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| 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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| 2024 Q4 | Jan 14, 2025 | East Capital | - | - | 1211.HK, 300750.SZ, FPT.VN, NVDA, TSM | AI, alpha, China, emerging markets, frontier markets, India, sustainability, Taiwan | Taiwan was the standout performer driven by AI theme, with TSMC reaching USD 1 trillion market cap and returning 74% due to sophisticated AI chips for Nvidia offering higher margins. The AI theme drove significant investor interest and earnings revisions. | View | |
| 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 | |
| 2025 Q4 | 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 | |
| 2024 Q4 | Jan 13, 2025 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, BDX, MSFT, NVDA, TSLA, TSM, V, WDAY | AI, Climate, Concentration, long-term, Quality, sustainability, technology | The manager discusses AI as a key driver of market excitement and corporate investment. Microsoft is highlighted as making bold investments in AI with potential to double or triple market share in the AI era. The rise of AI is noted as contributing to increased market speed and volatility. | View | |
| 2025 Q4 | Jan 12, 2026 | QV Investors | 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 | |
| 2025 Q4 | 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 Q4 | Jan 11, 2025 | Seeking Winners | - | 26.6% | APPF, BRK-B, CMG.TO, CRM, CSGP, CSU.TO, HEI, IT, LMN.TO, NVDA, TOI.TO, TWLO | Capital Allocation, cash flow, Concentration, Quality, Research, software, technology | The manager acknowledges AI will fundamentally revolutionize numerous industries but maintains a cautious perspective on current AI-focused investments. They note the overwhelming market momentum concentrated in select AI stocks like Nvidia and express skepticism about long-term terminal values of AI ecosystem companies despite significant stock price appreciation. | IT |
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| 2024 Q4 | Jan 10, 2025 | Focus Wealth Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Alternatives, Canada, fixed income, infrastructure, risk management, small caps, US, valuation | Manager emphasizes extreme valuations in US large-cap equities, particularly comparing current levels to late 1990s tech bubble. Uses Walmart as case study showing how high valuations can lead to 15 years of sideways performance despite business growth. Warns that paying too high a price can lead to lackluster returns regardless of business quality. | View | |
| 2024 Q4 | Jan 10, 2025 | Lexington Wealth Management | - | - | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, Federal Reserve, gold, Magnificent 7, rates, technology | AI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered $47 billion revenue with 56% growth, describing AI infrastructure as entering a new industrial revolution. An estimated $350 billion this year and $400 billion next year will be spent on AI-related equipment by major US technology companies. | View | |
| 2023 Q4 | Jan 10, 2024 | QV Investors | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Quality, rates, Recession, risk management, Sentiment, value | QV emphasizes risk-conscious value investing as an attractive environment, noting their strategies offer meaningful valuation advantages to the broad stock market. They believe this represents the early stages of a multi-year opportunity for value-conscious investors that began in fall 2020. | View | |
| 2024 Q4 | Jan 1, 2025 | Oak Ridge investment | - | - | MCD, NVDA, TSLA | AI, growth, healthcare, large cap, technology, Valuations | AI represents considerably greater transformative innovation than previous technologies. The U.S. economy is expected to grow 2-2.5% in 2025, fueled heavily by investments in AI and security. Jobs data will be pressured by AI over time. | View | |
| 2024 Q4 | Jan 1, 2025 | QuadCap Wealth Management | - | - | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, NVDA, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology | WestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. | BIDU BABA SNOW AMD |
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| 2023 Q4 | Jan 1, 2024 | Seeking Winners | 12.8% | - | AMZN, GOOGL, LMN.TO, MSFT, NVDA, SNOW, TOI.TO | Concentration, growth, Long Term, software, technology, value | The manager discusses Nvidia as the current hype stock in AI, acknowledging its real cash generation and expanding moat through unmatched GPU and Cuda software combination. However, he avoids the stock due to valuation concerns at 27x sales multiple, despite recognizing the company's strong fundamentals and growth prospects. | View | |
| 2023 Q4 | Jan 1, 2024 | Oak Ridge investment | - | - | ADDYY, AMT, AMZN, AVGO, DEO, ES, GOOGL, MA, META, MSFT, NESN.SW, NKE, NVDA, ORCL, RKT.L, SAP, TSM, UMG.AS, UNH, YUM | AI, consumer, global, large cap, Quality, semiconductors, technology | Renewed enthusiasm in the AI trade has driven markets to fresh highs, with large deals announced by OpenAI with chip and data center partners. However, these deals are circular in nature and heavily dependent on OpenAI growing and monetizing its user base given limited current revenue. While positive on GenAI long-term potential, considerable uncertainty remains on pace and degree of monetization. | ADS.DE |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, CMG, EL, EQIX, GOOGL, META, MMC, MSFT, NEE, NVDA, PYPL, RTX, SBUX, SHW, TEAM, TSLA, UNH | AI, diversification, growth, healthcare, large cap, technology, valuation | The Strategy manages exposure to AI-driven growth stocks including NVIDIA, which has been trimmed due to valuation concerns despite belief in its 10-year trajectory as hyperscaler and enterprise customers invest in GPU architecture. The managers acknowledge AI momentum has driven market leadership but are selective about valuations. | APTV TEAM EL SBUX |
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| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, ACLX, AMD, AMZN, ARGX, AVGO, CRWD, DUOL, GDS, GWRE, INDIE, IT, MBLY, META, MSFT, NVDA, PAR, SPCE, TEAM, TSLA | AI, Data centers, growth, semiconductors, software, technology, Tesla | The fund views AI as an arms race to develop foundational models and achieve artificial general intelligence. Scaling laws drive massive infrastructure investments, with hyperscalers building data centers at unprecedented scale. New inference architectures like OpenAI's chain of thought models require exponentially more compute power. | View | |
| 2024 Q3 | Sep 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | ARMK, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | FN ARMK |
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| 2024 Q3 | Sep 30, 2024 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, CEG, META, MSFT, NVDA | alpha, energy, Focus, industrials, Manufacturing, nuclear, technology | US share of global manufacturing contracted from 26% to 16% since China joined WTO 23 years ago, with zero growth in US manufacturing capacity. This is now inflecting with US share of global foreign direct investment matching an all-time high of 25%. A return to 20% of global manufacturing share would require $3.5 trillion in domestic fixed asset investment. | CEG |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF | AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value | AI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows. | View | |
| 2024 Q3 | Sep 30, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, FI, GOOGL, JPM, KHC, LFUS, MSI, NVDA, ROK, TTC, UNH, WK | AI, healthcare, industrials, interest rates, small caps, technology, Valuations | More than 40% of S&P 500 companies cited AI in Q2 earnings calls. The fund remains excited about AI prospects but has been trimming positions due to lofty valuations. UnitedHealth Group is working on multiple AI use cases that could save billions in efficiencies, including call center automation. | KHC TTC UNH |
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| 2024 Q3 | Sep 30, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS | Balanced, Bonds, consumer, healthcare, industrials, rates, technology | The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects. | View | |
| 2024 Q3 | Sep 30, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | Auxier Asset Management | 7.4% | 0.0% | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, AMAT, AMZN, ASML, AVGO, CRWD, GOOGL, INTC, LRCX, MA, META, MSFT, NVDA, ORCL, SNPS, TSM | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with investors taking a more nuanced approach, focusing on return on investment from elevated generative AI spending. Groundbreaking advances in AI have reignited interest across technology and strengthened secular growth trends. The fund continues to monitor new opportunities from continued advances in AI. | ORCL AVGO AAPL |
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| 2024 Q3 | Sep 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | 6723.T, AAPL, AMAT, AMT, AVGO, BE, CCI, EBAY, GDDY, GOOGL, LRCX, META, MSFT, NVDA, ORCL, SMTC | AI, Cloud, cybersecurity, global, semiconductors, software, technology | AI continues to be the strongest theme in tech with infrastructure buildouts continuing and companies hastening to deploy new AI capabilities. Capital spend from public cloud service providers continues to grow, though investors began questioning when AI spending could translate into profits. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, ACN, ALLE, AMAT, AZN, LVMUY, MDLZ, MSFT, NVDA, NVO, OTIS, PM, SHEL, TSM, TXN | dividends, global, healthcare, industrials, Quality, technology | The fund focuses on carefully selected quality companies with strong dividend growth potential. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through global dividend-paying companies. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Advantage Global Fund | 5.3% | 19.5% | AAPL, AMZN, BAC, GOOGL, JNJ, LMT, MSFT, NVDA, NVS, WMT | global, large cap, quantitative, rates, Sentiment, technology | The fund maintained an overweight allocation to the information technology sector, though macro-thematic insights around technology positioning proved unsuccessful during market rotations. Technology earnings were softer in July, initiating a rotation away from large-cap technology stocks. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Science And Technology Term Trust | 0.0% | 0.0% | 000660.KS, MELI, MPWR, NVDA, SNPS | AI, Covered Calls, growth, semiconductors, technology | The fund's largest holding is NVIDIA Corporation at 9.93% of the portfolio, representing significant exposure to artificial intelligence and accelerated computing infrastructure. The technology focus aligns with AI development and advancement themes. | View | |
| 2024 Q3 | Sep 30, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM | AI, large cap, Quality, rates, technology, US, value | The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments. | View | |
| 2024 Q3 | Sep 30, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO | Broadband, Long/Short, Quality, Rate Cuts, technology, value | The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM | aerospace, AI, dividends, energy, large cap, technology, Utilities, value | The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Freedom 2045 Fund | 5.9% | 16.8% | 000660.KS, 005930.KS, 3231.TW, 6723.T, ALSN, INTC, LULU, MRNA, MU, NVDA, PSTG, TSLA, VST | asset allocation, diversification, equities, global, inflation, Target-Date | The fund emphasizes strategic asset allocation decisions that continue to emphasize diversification to help target-date investors navigate different risks throughout their lifetimes. The investment process is focused on selecting strategic asset classes that provide compelling long-term returns, independent sources of return and risk, and favorable implementation attributes. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Freedom 2055 Fund | 6.0% | 16.8% | 000660.KS, 005930.KS, 6723.T, ALSN, INTC, LULU, MRNA, MU, NVDA, TSLA, VST | asset allocation, diversification, equities, global, inflation, Target-Date | Strategic asset allocation decisions continue to emphasize diversification to help target-date investors navigate different risks that emerge throughout their lifetimes. The Fund's glide path and strategic asset allocation reflect long-term views on participant needs, diversification and capital markets. | View | |
| 2024 Q3 | Sep 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | ABBV, ALSN, BPOP, CTC.TO, GILD, GLPI, INGR, MPC, MSFT, MTB, NOV, NVDA, SAIC, SBH, UTHR | AI, Biotechnology, cyclicals, financials, global, rates, value | Interest rates finally peaked with most central banks globally initiating an easing cycle. The era of 0% interest and free money has ended, with rates expected to remain higher than the prior cycle. This normalized rate environment makes current earnings and dividend payments more valuable while future earnings projections become less so. | View | |
| 2024 Q3 | Sep 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AMZN, BAX, CVS, DG, KDP, KO, MCHP, NVDA, STZ, WMT | Beverages, defensives, earnings, healthcare, Quality, value | The manager emphasizes their value-oriented approach, noting that while they have underperformed growth-oriented indices, they expect a broadening of market participation as the earnings gap between the Magnificent 7 and other stocks narrows. They highlight their portfolio's stability and predictability compared to benchmarks. | View | |
| 2024 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AMAT, AMZN, AR, AVGO, COST, EL, GH, GOOGL, HAL, HD, ICE, JPM, META, MSFT, NEE, NSC, NVDA, TT | energy, HVAC, large cap, semiconductors, technology, value | Applied Materials detracted from performance as part of general investor pullback in AI-related semiconductor names due to concerns about overall AI market growth in the near-term and profitability of massive capex investments being made in AI infrastructure. The company continues to benefit from a secular shift to highly complex semiconductors design and manufacturing. | EL HAL ICE TT AMAT |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, AMT, AMZN, GOOGL, GXO, LIN, MCHP, META, MSFT, NKE, NVDA, ORCL, TSLA, V | AI, Buybacks, Cloud, growth, large cap, rates, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Microsoft faces investor concerns about rising capital intensity from generative AI investments, though the company is well-positioned to capture market share with AI-driven productivity tools like ChatGPT and Copilot applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADI, AMT, AMZN, GOOGL, MCHP, META, MSFT, NVDA, ORCL, SAP, TSLA, UL | AI, Cloud, global, Quality, semiconductors, technology, value | The tech sector showed mixed performance with growing investor skepticism about heavy AI spending by big tech companies. The market entered what analysts describe as a zone of disillusionment reminiscent of the internet boom in 2000. Oracle is benefiting from cloud-based solutions and gaining traction with its OCI Gen 2 platform-as-a-service offering, which is winning mindshare from leading cloud customers including OpenAI. | MCHP MSFT GOOGL ORCL AMT UL |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AME, AMT, AMZN, BA, FTV, GOOGL, GSK, JNJ, MCHP, META, MSFT, NKE, NVDA, SYK, TDG, TSLA, UL, ZBH | AI, growth, healthcare, industrials, large cap, Rate Cuts, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Apple's generative AI roadmap and iPhone 16 product cycle were viewed positively, with AI solutions integrated into iOS 18. Microsoft continues investing heavily in generative AI despite investor concerns about rising capital intensity. | View | |
| 2024 Q3 | Sep 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BX, DIS, GOOGL, KKR, LLY, META, MSFT, NVDA, PINS, SCHW, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, payments, Social Media, technology | The fund has significant exposure to AI infrastructure and applications through companies like NVIDIA, Microsoft Azure, and Google Cloud. Microsoft's Azure platform alone has potential to grow to more than $200 billion in annual revenue over the next decade. Infrastructure constraints are currently limiting growth but capacity expansion is expected to drive reacceleration. | View | |
| 2024 Q3 | Sep 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, AMZN, BX, DASH, DIS, GOOGL, META, MSFT, NFLX, NVDA, PINS, SHOP, UBER, XHB | AI, E-Commerce, growth, Long/Short, secular themes, Social Media, technology | The fund maintains significant exposure to AI/Cloud Computing at 16.8% of the long portfolio. This includes positions in companies benefiting from AI infrastructure investment and development, with particular focus on companies like NVIDIA and Microsoft that are central to the AI ecosystem. | PINS GOOGL BX META SHOP |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility | AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. | META TEAM ASML PRX.AS MELI SAF.PA HWM |
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| 2024 Q3 | Sep 30, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMAT, AMZN, ASML, CDNS, CRWD, DIS, FICO, HUBSF, KYCCF, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, PANW, RACE, RMS.PA | AI, consumer, global, growth, healthcare, technology | Apple's pace of execution in the Artificial Intelligence field and optimism about what they may introduce are major factors supporting the company's share price gains. The fund continues to focus on companies positioned to benefit from AI developments. | View | |
| 2024 Q3 | Sep 30, 2024 | Impax US Sustainable Economy Fund | 6.6% | 21.4% | AAPL, AMAT, BBY, CBRE, EMR, GILD, HUBS, LLY, LOW, MA, MSFT, NVDA, PGR, PINS, ROK, TXN, UNP, V, VFC | Esg, financials, large cap, real estate, sustainability, technology | The fund's energy efficiency tilt was additive as Energy Efficiency-related names outperformed the market and Energy stocks. The portfolio takes allocation from Energy and reallocates it to companies focused on energy efficiency solutions. | View | |
| 2024 Q3 | Sep 30, 2024 | Barometer Capital Management | - | - | AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO | AI, banks, energy, gold, insurance, nuclear, Pipelines, technology | Artificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARGX, CRWD, CSGP, DDOG, DT, EA, GTLB, INDI, IT, LEGN, META, MSFT, NET, NOW, NVDA, RVAN, TKO, TSLA, V | AI, Biotechnology, Cloud, growth, innovation, large cap, secular trends, technology | The fund emphasizes artificial intelligence as a generational shift driving demand for data center chips and accelerated computing. NVIDIA is positioned at the epicenter of this new computing era, with the transition from general purpose to accelerated computing creating tremendous demand across industries. The fund views AI as part of a broader technology stack from semiconductors to applications. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MRNA, MSCI, MTN, NVDA, RRR, SCHW, SPOT, TSLA, VAC | diversification, financials, growth, Leverage, mid cap, technology, Tesla | Tesla remains the Fund's largest holding at 41% despite quarterly decline due to macroeconomic pressures and price reductions. The manager expects Tesla to benefit from Cybertruck deliveries, next platform development, and AI investments in Dojo supercomputer for full self-driving capabilities. | View | |
| 2023 Q3 | Sep 30, 2023 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, BKNG, CRH, GOOGL, GPK, INTU, MA, MCO, MMC, MSFT, NRP, NVDA, UNH, V | AI, Cloud, global, healthcare, Quality, technology, Travel, valuation | AI is described as a revolutionary step change in computing with broad implications across industries. The fund sees early commercial applications at companies like Intuit and Microsoft, with the Big Three cloud providers exceptionally well positioned to provide AI infrastructure as a service. | View | |
| 2023 Q3 | Sep 30, 2023 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AMZN, GOOGL, HRL, JPM, MSFT, NVDA, NVT, SCHW, T, TECH, TMUS, TTC, UNH, USB, VZ | AI, growth, healthcare, industrials, large cap, technology, Telecommunications, value | AI remains in the forefront of investors' minds and will have a profound effect on the economy and society over the coming years. The fund believes AI will have the largest impact in the near term on large enterprises that can harness AI to increase workforce productivity and improve customer experience. They remain skeptical of lofty valuations and have been trimming holdings accordingly. | View | |
| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2023 Q3 | Sep 30, 2023 | Stewart Asset Management | 0.0% | 0.0% | ADBE, COST, MA, NVDA, UNH | earnings, growth, interest rates, large cap, technology, valuation | The manager attributes portfolio strength to resilient earnings power, with Adobe, Costco, and UnitedHealth showing strong earnings growth. Nvidia reported powerful earnings growth in Q3, with management expecting continued growth despite economic concerns. The manager forecasts 16% annual earnings growth for the portfolio over the next five years. | 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 | ||
| 2024 Q3 | Sep 27, 2024 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMZN, BRK-A, GOOGL, META, MSFT, NVDA | Bubbles, Cash, Speculation, technology, valuation, value | The letter extensively discusses the challenges facing value investing in the current market environment, noting that only one in twenty large-cap value funds strictly follows their stated value investing style. The manager emphasizes that valuations remain critically important to every economic transaction despite being dismissed by momentum-driven strategies. Value investing has underperformed since 2007 and bottomed in summer 2020 when value stocks traded cheaper relative to growth stocks than at the dot-com bubble peak. | View | |
| 2023 Q2 | Sep 18, 2023 | Myrmikan Research | 0.0% | 0.0% | AAPL, META, NVDA | Banking, Bubbles, Credit Stress, gold, inflation, monetary policy, Treasury | The manager describes widespread credit stress across multiple sectors including regional banks with massive unrealized losses, subprime auto dealers failing, credit card debt reaching $1 trillion with 24% average rates, and delinquency rates at smaller banks hitting 7.5%. This credit stress is viewed as part of a broader credit wave that has been building since 1960 and is now approaching a breaking point. | View | |
| 2023 Q2 | Sep 14, 2023 | Spear Advisors | -3.5% | 0.0% | AMD, AMZN, CFLT, CRWD, GOOG, GOOGL, HUBS, META, MRVL, MSFT, NET, NVDA, S, SHOP, SNOW, SPRX, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, technology | AI is a core theme driving strong performance through hardware and software infrastructure opportunities. The fund focuses on uncovering opportunities across the AI value chain including hardware and related software infrastructure rather than just applications. Strong demand for AI hardware continued in Q2 with cloud service providers allocating significant capex to AI. | CFLT ^FTSE |
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| 2022 Q3 | Sep 11, 2022 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | APP, ARES, ELV, NVDA | - | View | ||
| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA | AI, global, large cap, Pharmaceuticals, Quality, technology, value | Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance. | View | |
| 2024 Q2 | Aug 31, 2024 | Horos Asset Management | 2.9% | 9.8% | AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM | AI, Concentration, Europe, Margin Of Safety, risk management, technology, value | The fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities. | View | |
| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2023 Q2 | Aug 16, 2023 | Bronte Capital Amalthea Fund | -3.7% | 0.0% | BRK-B, GNS.L, GOOGL, NVDA, REGN | Agriculture, AI, Biotechnology, global, Long/Short, risk management, Speculation | The fund acknowledges AI as the hottest service driving markets, with ChatGPT and broader AI benefiting companies like NVIDIA. However, they express concern about irrational exuberance around garbage companies touting AI capabilities with clearly irrational pricing. | REGN GNS.L |
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| 2023 Q3 | Aug 11, 2023 | Jackson Peak Capital | 9.9% | 0.0% | ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT | AI, interest rates, Long/Short, Merger Arbitrage, real estate, special situations, technology | Manager remains bullish on AI tailwind but trimmed exposure during Q3 amid peak optimism. Portfolio retains exposure to names with direct operations in this AI cycle stage. Vertiv contributed significantly as it serves thermal management in rapidly constructed AI data centers. | LESL ATVI MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q1 | Aug 5, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | CVNA, DUOL, LEAT, MELI, NVDA, RADI, RCM, WE.TO | Banking, E-Commerce, LatAM, Long/Short, Recession, small caps | Manager expects a recession in fall 2023 driven by banking crisis and ZIRP policy consequences. Regional banks face structural issues on both asset and liability sides, leading to reduced lending and consumer demand. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q4 | Aug 2, 2024 | Jackson Peak Capital | 9.9% | 0.0% | ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT | AI, interest rates, Long/Short, Merger Arbitrage, rates, special situations, technology | Manager remains bullish on AI tailwinds but trimmed exposure during Q3 amid peak optimism and market crowding. Portfolio retains exposure to companies with direct operations in the AI cycle, particularly data center thermal management. Will look to add back other AI beneficiaries when positioning is less crowded. | EDR LESL ATVI MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q4 | Aug 2, 2024 | Van Der Mandele Arar Fund | -5.9% | 0.5% | AAPL, ALOKW.PA, AMZN, AWE.L, BFIT.AS, GOOGL, JXN, META, MSFT, NVDA, ONEW, STLA, TSLA | AI, Europe, growth, small caps, Solar, technology, value | Fund discusses AI/datacenter boom as a major growth driver for portfolio company Alphawave, which is positioned to benefit enormously from this trend. The manager notes Alphawave continues to grow exponentially and is positioned for the upcoming AI/datacenter boom despite trading at attractive valuations. | ALOKW.PA ONEW AWE.L |
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| 2024 Q2 | Jul 31, 2024 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, Canada, diversification, long-term, Market Concentration, technology, value | The manager discusses the AI-driven market rally, noting that the Magnificent 7 stocks averaged 38.65% returns and accounted for 70% of S&P 500 performance. He compares the current AI bubble to previous irrational periods like the Internet Bubble and warns that rationality will eventually return. | View | |
| 2024 Q2 | Jul 31, 2024 | Broadleaf Partners | 8.3% | 25.1% | AMZN, CSCO, MSFT, NVDA | AI, Concentration, growth, large cap, semiconductors, technology | The fund views AI as a trend worth investing in, comparing it to the dot-com boom. They see massive opportunities despite risks, noting that AI companies are driving the strongest earnings trends in an environment where growth is increasingly scarce. The fund believes AI will prove monetizable but acknowledges hiccups could create headaches for investors. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, C, CHTR, CMCSA, ENT.L, GOOGL, HOLN.SW, IFF, JEF, KMX, META, MSFT, NVDA, TEL | Concentration, growth, large cap, Quality, risk management, value | The fund emphasizes value investing philosophy, noting that value managers have struggled significantly over the past decade with Value underperforming Growth by substantial margins. Many investors have capitulated and fired their Value managers, with some converting to Growth strategies. | KMX CHTR C HOLN.SW |
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| 2024 Q2 | Jul 31, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS | AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology | AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets. | IDXX ELF |
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| 2024 Q2 | Jul 31, 2024 | Lansing Street Advisors | 0.0% | 0.0% | AAPL, CSCO, F, NVDA, YHOO | Commercial real estate, Deglobalization, Fed policy, Market Highs, rates, technology, Valuations | Re-shoring, deglobalization, and tariffs dominate 2024 business and political discussions. Supply chain issues, geopolitics, tariffs, and rising labor costs are prompting a reshoring of more industry back to the U.S., which is positive. However, the economy will remain global as nearly 80 years of globalization won't disappear in 24 months. | View | |
| 2024 Q2 | Jul 31, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V | AI, infrastructure, risk management, small caps, Speculation, technology, value | AI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly. | View | |
| 2024 Q2 | Jul 31, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMD, AMZN, ATCO-A.ST, AVGO, DIS, ETN, FIS, HD, LILLY, MC.PA, MDB, META, MONC.MI, MSFT, NVDA, NVO, PANW, RACE, RMS.PA | AI, global, growth, healthcare, Luxury, technology | The fund benefits from artificial intelligence momentum across multiple holdings. NVIDIA continues to surpass expectations with strong results fueled by data center growth. Apple's share price increased significantly as the company's pace of execution in the AI field and optimism about what they may introduce are additional factors supporting the company's share price gains. | View | |
| 2023 Q2 | Jul 31, 2023 | MCJ Capital Partners | 10.6% | 11.7% | AAPL, AMZN, CPRT, CSU.TO, GOOGL, LIFCO.B.SFB, MSFT, NVDA | Continuous Improvement, Quality, small caps, technology, value | Manager discusses AI as driving excitement and innovation in mega-cap stocks, particularly noting how Apple, Microsoft, Alphabet, Amazon, and Nvidia powered index returns on the heels of AI excitement. However, the manager positions this as market commentary rather than expressing a direct investment view on AI. | View | |
| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | 9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC | activism, credit, Equity, Long/Short, Structured | View | ||
| 2023 Q2 | Jul 31, 2023 | Third Point Partners | 3.9% | 14.0% | AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG | activism, credit, Hedge Fund, Long/Short, Structured Credit | View | ||
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0700.HK, AAPL, AMZN, BABA, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. The portfolio bears little resemblance to benchmark indices as the team maintains their value-oriented approach in international markets. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | AAPL, AMZN, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL.ST, TSLA, VRTX | Currency, industrials, insurance, international, Pharmaceuticals, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. New positions were established in companies that were financially strong and had attractive runways for potential future growth, all purchased at prices representing significant discounts from intrinsic value estimates. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0169.HK, AAPL, AMZN, DEO, FMC, GOOGL, HEIA.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The firm continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. They emphasize price sensitivity and stock selection in an environment where active management should be rewarded over time. | View | |
| 2024 Q2 | Jul 29, 2024 | Legacy Ridge Capital | 0.0% | 19.7% | AMZN, EQT, ETRN, LLY, META, MSFT, NRG, NVDA, SMLP, VST | Concentration, energy, Midstream, Natural Gas, Power Generation, value | The fund has been invested in IPPs like NRG and VST since 2018, with VST being their largest position entering 2023 and 2024. The AI narrative and implications for electricity demand drove VST from $26 to $107, causing the margin of safety to dissipate. The manager believes more data centers will be built requiring base load energy, and the US will likely be short base load energy. | EQT SMLP VST |
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| 2024 Q2 | Jul 29, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD | Ad Tech, AI, Concentration, small caps, Streaming, technology, value | AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples. | MGNI |
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| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 2024 Q2 | Jul 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, GOOGL, HAL, LB, META, MSFT, NVDA, SLB, SPY, TPL, TSLA, WPM | AI, China, commodities, energy, geopolitics, Indexation, inflation, technology | AI technology represents a massive growth opportunity but faces critical infrastructure constraints, particularly electric power requirements. The H100 AI chips alone might require 0.5% of total U.S. electricity production, with next-generation chips requiring even more power. This creates both challenges for AI companies and opportunities for energy infrastructure providers. | LB |
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| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN | AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology | The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025. | VMC XAI FICO GWRE VRSK |
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| 2024 Q2 | Jul 26, 2024 | Deep Sail Capital Partners | 13.8% | 23.5% | ACHR, AFRM, ANET, ARM, BA, BA.L, CAVA, CREX, ESTC, KOG.OL, NVDA, OII, PNG.TO, SAAB-B.ST | defense, Long/Short, Robotics, small caps, technology, value | Kraken Robotics positioned to benefit from autonomous underwater vehicle demand from global navies. Anduril partnership for Dive-LD and Ghost Shark programs represents significant revenue opportunity. XL-AUVs being developed globally by defense contractors to replace submarines. | PNG.TO |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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| 2023 Q2 | Jul 26, 2023 | Stenham Asset Management | 4.7% | 15.1% | AI, AMAT, AMZN, CHGG, CNI, CP, DHR, DUOL, GOOGL, KR, MA, MSFT, NVDA, RACE, TMO, UMG.AS | AI, global, infrastructure, large cap, Quality, semiconductors, technology | AI is this year's favorite buzzword with companies mentioning it on earnings calls to boost stock prices. The fund takes a picks and shovels approach, investing in infrastructure companies like semiconductors and cloud providers that benefit regardless of AI winners and losers. Historical technological revolutions show most companies fail, making infrastructure plays the most sustainable investment strategy. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, small cap, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital International | 0.0% | 10.9% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, international, Quality, small caps, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, large cap, Quality, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm. | View | |
| 2024 Q2 | Jul 25, 2024 | Artisan Focus Fund | 7.0% | 28.7% | AAPL, AMZN, GOOGL, MDT, META, MSFT, NVDA | Concentration, growth, large cap, Quality, technology, value | The fund discusses AI in the context of Big Tech companies like Microsoft and NVIDIA, which are generating exceptional returns on invested capital and benefiting from the transformation of enterprise technology. The manager views AI as part of the broader technology transformation theme driving performance. | View | |
| 2024 Q2 | Jul 25, 2024 | Kinsman Oak | 0.0% | 0.0% | AMC, CHWY, CIGI, GME, NKE, NVDA, SPW, SPY | AI, interest rates, momentum, Rotation, small caps, technology, valuation | The AI trade dominated the first half of 2024, with NVIDIA contributing disproportionately to index gains. The manager questions whether AI will truly benefit large incumbents or if small disruptors will eventually upend established business models, as has historically occurred with revolutionary technological innovations. | View | |
| 2024 Q2 | Jul 24, 2024 | Focus Capital Management | 0.0% | 0.0% | NVDA | Corporate Governance, Due Diligence, Fraud, management, risk management | View | ||
| 2024 Q2 | Jul 23, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK | AI, growth, healthcare, industrials, large cap, semiconductors, technology | The fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters. | NVT QCOM |
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| 2024 Q2 | Jul 23, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMP, AMZN, CASY, ECL, ENTG, FAST, GGG, GOOGL, HRL, HSY, JPM, LFUS, LLY, MDT, META, MSFT, NVDA, NVT, TECH | Balanced, dividends, healthcare, industrials, rates, technology, value | The fund acknowledges the AI-fueled technology boom surrounding the largest companies but maintains valuation discipline. While remaining positive on long-term AI prospects, the fund's diversified approach left it underexposed to the narrow AI leadership group that drove market returns. | View | |
| 2024 Q2 | Jul 23, 2024 | LVS Advisory – Growth | 0.0% | 36.7% | AMZN, CEG, NVDA, TLN | Bankruptcy, Data centers, energy, Event Driven, growth, nuclear | Nuclear power is positioned as the only reliable carbon-free base load energy source. Existing nuclear plants are valuable and scarce assets due to extremely high costs and regulatory barriers to building new facilities. The Vogtle plant took 15 years and $30 billion to complete, making existing plants like Talen's more valuable. | TLN |
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| 2024 Q2 | Jul 23, 2024 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, AMZN, CRM, DXCM, ELF, ISRG, LULU, MA, NVDA, PANW, VEEV | AI, Cloud, Concentration, growth, large cap, technology | Artificial intelligence continues to drive market optimism and performance, particularly through NVIDIA's dominance in GPU infrastructure for generative AI development. The upcoming iPhone 16 release incorporating AI into consumer devices could drive an upgrade cycle for Apple. | DXCM VEEV CRM AMZN AAPL NVDA |
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| 2024 Q2 | Jul 21, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, NVDA, SII, TDW, U-U.TO, VAL | commodities, energy, Inflection, Oilfield Services, Precious Metals, small caps, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII AMRK JOE VAL TDW |
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| 2023 Q2 | Jul 21, 2023 | Crescat Capital – Global Macro Hedge Fund | 0.0% | -5.8% | NVDA | Biotechnology, Brazil, commodities, fiscal policy, gold, inflation, monetary policy | Manager views gold as an escape valve from debt crisis and superior to Treasuries given no counterparty risk. Expects powerful new demand wave from institutional and retail investors as central banks accumulate gold over USTs. Believes gold is primed for historical breakout despite being within 5% of all-time highs. | View | |
| 2024 Q2 | Jul 20, 2024 | Aoris International Fund | 3.1% | 0.0% | ACN, APH, CDW, CMPGY, CTAS, MC.PA, MSCI, MSFT, NVDA, OR.PA, V | Concentration, international, management, Quality, technology, value | NVIDIA dominated markets with share price rising 33% in the quarter and 255% year-to-date, driven by generative AI applications. The company became the third largest globally by market value, adding $4.3 trillion since early 2023. Market concentration has increased significantly due to AI-driven performance. | V MSCI |
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| 2024 Q2 | Jul 20, 2024 | Artisan Global Discovery | 7.6% | 13.1% | AAPL, AMZN, ANET, BSY, ESTC, FWONA, GOOGL, LSCC, MPWR, MRO.L, MSFT, MTSI, NVDA, ON, ONTO, SAIA, SE, TWST, TYL, WING | AI, Cyclical, global, growth, semiconductors, SMID Cap, software, technology | AI has received tremendous attention and driven extraordinary gains among shares of companies directly exposed to the trend. Nvidia entered the year valued at $1.2 trillion, ended the quarter at over $3 trillion and briefly surpassed Microsoft as the most valuable public company. The manager believes well-positioned cloud software franchises will leverage generative AI advances to enhance their platforms and increase customer demand. | View | |
| 2024 Q2 | Jul 20, 2024 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | AAPL, AMZN, BSY, ETSY, GOOGL, GWRE, INSM, INSP, IOVA, LSCC, META, MSFT, NVDA, ONTO, SMCI, TSLA, TWST, VITA, WING, WK | AI, Biotechnology, healthcare, semiconductors, small caps, software, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2023 Q2 | Jul 20, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AMZN, CDNS, ISRG, MELI, MSFT, NOW, NVDA, PODD, PYPL, SQ, TSCO, TTD | AI, Cloud, growth, large cap, semiconductors, technology, US | Generative AI dominated earnings calls with 70% of portfolio companies mentioning it. The technology requires enormous resources suggesting value will accrue to platform providers and hardware manufacturers. While debate exists between dreamers and naysayers, the massive investment being deployed significantly increases adoption probability. | PYPL ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM PODD AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q2 | Jul 19, 2024 | Boyar Value Group | 0.0% | 0.0% | AAPL, MSFT, NVDA, SMCI | AI, Concentration, contrarian, Market Timing, small caps, technology, value | AI companies soared an average of 14.7% in Q2 while non-AI firms declined 1.2%. The Magnificent Seven tech titans contributed 61% of S&P 500 gains in H1 2024, with Nvidia alone accounting for 31% of the index's rise. Even utilities advanced 9.4% partly due to AI-driven electricity demand expectations. | View | |
| 2024 Q2 | Jul 19, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | AAPL, AMZN, BRK-B, CFRUY, ELV, FI, GOOGL, HSY, META, MSFT, NVDA, TSLA, V, VRTX | AI, Concentration, long-term, Quality, technology, value | GreensKeeper emphasizes buying high-quality companies at valuations that provide a large margin of safety. The manager explicitly states they stick to this approach and are immune from FOMO virus regarding must-own AI stocks. They focus on answering what a stock is worth rather than timing the market. | V BRK.B ELV VRTX GOOGL |
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| 2024 Q2 | Jul 19, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | ALG, AMZN, BATRA, COLL, CSEC, ECPG, FRPH, HBB, ITIC, KALU, MYRG, NVDA, PRA, SEB, SUPN, TDW, UMBF, UNF, WASH | large cap, Outperformance, Relative Valuation, small caps, value | Small-cap stocks are trading at only 75% of large-cap valuations, an extremely unusual level of cheapness last seen during the tech bubble. The managers believe this represents a compelling opportunity for significant outperformance when the cycle turns. | View | |
| 2024 Q2 | Jul 19, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AMZN, BABA, GLW, GOOGL, META, MSFT, NVDA, PRGO, QCOM, SWX | AI, China, healthcare, SMID Cap, technology, value | AI rally broadened beyond obvious players with Qualcomm gaining recognition for mobile AI capabilities and Corning benefiting from optical connectivity for Generative AI. While AI use cases appear endless, ROI on spending remains unclear, creating uncertainty about the duration of the ongoing capex boom. | PRGO BABA GLW QCOM |
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| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO | AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance | AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 700.HK, ALV.DE, ASML, BAP, BBVA, BHP.AX, D05.SI, GFNORTEO.MX, HDFC.NS, ICICIBANK.NS, IFX.DE, LIN, NESN.SW, NVDA, NVO, OR.PA, RIO, SAP.DE, SHEL, TSM | AI, Banking, emerging markets, international, M&A, Political Risk, semiconductors, technology | AI beneficiaries like semiconductors and semiconductor equipment surged by double digits, with TSMC continuing to soar on sustained demand for AI-related chips for NVIDIA and others. Returns within IT were bifurcated as direct AI beneficiaries outperformed while software & services fell. | View | |
| 2023 Q2 | Jul 18, 2023 | Kinsman Oak | 0.0% | 0.0% | AMZN, AZO, BIG, CSCO, MSFT, NVDA, W | AI, Buybacks, Recession, retail, SMID Cap, technology, Valuations, yield curve | Manager views AI hype as reminiscent of dot-com bubble, with valuations driven by multiple expansion rather than fundamentals. Notes Nvidia trades at 43x revenues and 221x trailing EPS with no margin of safety. Believes most AI beneficiaries won't grow into current valuations, though some exceptions may take years or decades. | View | |
| 2024 Q2 | Jul 18, 2022 | Auscap Asset Management | 0.0% | 0.0% | AAPL, AMZN, ANZ.AX, BHP.AX, CBA.AX, COL.AX, CSL.AX, FMG.AX, GOOGL, META, MIN.AX, MSFT, NAB.AX, NVDA, RIO.AX, RMD, STO.AX, WBC.AX, WDS.AX, WOW.AX | active management, Australia, banks, China, Iron Ore, mid cap, Passive investing, Sleep Apnea | China's steel consumption peaked in 2020 and is expected to decline to levels similar to other developed countries. With China accounting for 53.9% of world steel production and 50.8% of consumption, declining demand combined with new supply from Mineral Resources (50mtpa) and Simandou deposits (120mtpa) suggests a recipe for lower iron ore prices and declining earnings for the majors. | RMD |
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| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD | AI, IT Services, Quality, small caps, technology, value | AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand. | RTO.L ATZ.TO |
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| 2024 Q2 | Jul 17, 2024 | VT Holland Advisors Equity Fund | 0.0% | 9.8% | AMZN, COST, FRAS.L, JDW.L, JET2.L, NVDA, RYAAY, TSM | Airlines, E-Commerce, Owner Managers, Scale Economy, semiconductors, technology | Amazon represents a powerful Scale-Economy-Shared model that the fund seeks globally. The manager sees huge potential for AWS in B2B services, particularly AI deployment, where Amazon's trusted relationships and efficiency-sharing approach could drive significant growth. | AMZN TSM FRAS.L |
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| 2024 Q2 | Jul 16, 2024 | Rewey Asset Management | 9.8% | 18.5% | AAPL, AMZN, GOOGL, HQY, III, LAKE, MSFT, NVDA, RELL, WBS | Regional Banks, Rotation, semiconductors, small caps, technology, value | Manager believes small and mid-cap stocks are positioned for strong performance due to cooling inflation, potential soft landing, and likely rotation away from concentrated large-cap technology positions. The concentration in mega-cap stocks has created neglect and valuation opportunities in smaller companies. | WBS |
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| 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, AON, GOOGL, MC.PA, MSCI, MSFT, NOW, NVDA, PAYC, SHOP, WDAY, ZTS | AI, Cloud, global, growth, Quality, semiconductors, software, technology | AI remained the dominant narrative in markets with narrow leadership from companies perceived to be AI beneficiaries. The Semiconductor industry rose 19% in the quarter and accounted for more than 50% of the MSCI ACWI Index return. However, most businesses are only experimenting with GenAI rather than actual, proven use cases. | SHOP ZTS PAYC WDAY NVDA AMZN ADBE GOOGL |
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| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2024 Q2 | Jul 16, 2022 | Ensemble Capital | 0.0% | 8.0% | AAPL, ADI, AMZN, BKNG, CMG, CSCO, DELL, FAST, GOOGL, ILMN, INTC, META, MSFT, NFLX, NVDA, NVR, RACE, TSLA, TXN, VEEV | AI, Biotechnology, Concentration, large cap, Mean reversion, semiconductors, valuation | The letter extensively discusses artificial intelligence as a transformative technology similar to the internet. The manager believes AI enthusiasm is correctly recognizing massive potential, but incorrectly assumes incumbent market leaders will capture all profits. AI is described as complementary to genomic sequencing, enabling automation of complex data analysis and accelerating discoveries in digital biology. | View | |
| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2024 Q2 | Jul 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | 000660.KS, AAPL, AGL.AX, AMZN, CBA.AX, CRH, CVE.TO, GOOGL, HBM, MEG.TO, META, MIN.AX, MSFT, NEM, NVDA, NXE.TO, QAN.AX, TESCO.L, TSLA, TSM | AI, Australia, Banking, Copper, energy, gold, Long/Short, value | The fund is positioned in AI supply chain companies including Taiwan Semiconductor and SK Hynix. Meetings indicate companies are in early stages of AI investment with capital expenditure on AI computing hardware expected to increase from 5% to 14.5% of IT budgets over three years. The fund sees continued strong growth for key AI positions. | View | |
| 2024 Q2 | Jul 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | AAPL, AMT, BN, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, MSFT, NVDA, ORLY, ROP, V | Concentration, financials, large cap, Mega Cap, technology, value | The manager extensively discusses the unprecedented concentration in mega-cap stocks, particularly Apple, Microsoft, and Nvidia with $3+ trillion market caps each. He questions whether these companies can continue compounding at historic rates given the law of large numbers, noting their combined value approaches 36% of US GDP under 15% annual growth assumptions. | View | |
| 2023 Q2 | Jul 14, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NVDA, QUAD, WAL | Banking, Concentration, Media, small caps, technology, value | Manager emphasizes extreme valuation spreads between growth and value stocks, with value factors delivering negative returns in 2023. Small Cap Value trades at significant 40-90% discount to longer duration equities, close to Covid lows. Deep Value strategy holdings experienced significant valuation compression during the quarter. | GTN WAL NBR QUAD GCI |
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| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | Manager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2024 Q2 | Jul 13, 2022 | Blue Tower Asset Management | 8.8% | 0.0% | AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA | AI, Concentration, Georgia, Russia, Sanctions, small caps, value | Russian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues. | CGEO.L |
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| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 0700.HK, AAPL, AMZN, BABA, BIDU, GOOGL, JD, META, MSFT, NTES, NVDA, TCOM, TSLA, TSM | AI, China, geopolitics, semiconductors, technology, valuation, Value Investing | The launch of ChatGPT has triggered massive speculation in technology stocks, particularly the Magnificent Seven companies. The manager discusses the potential disruption to Google's search business and the broader implications of artificial intelligence development, while expressing concern about current valuations and multiple expansion in the sector. | View | |
| 2024 Q2 | Jul 7, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, AMZN, ANF, BIG, GOOGL, HIMS, LULU, META, MSFT, NVDA, TSLA, XPOF | AI, Banking, CRE, Long Term, retail, small cap, value | CRE continues to offload entire office buildings at fractions of what they paid for them just a few short years ago. This level of stress in the banking system continues to flash warning signs which have been going on for the last few years. Smaller banks with larger CRE exposure could face solvency issues. | View | |
| 2024 Q1 | Jun 30, 2024 | Spear Advisors | -3.5% | 0.0% | AMD, CRWD, FCX, MRVL, NVDA, S, SNOW, TECK, ZS | AI, cybersecurity, Data centers, materials, semiconductors, software, technology | The fund believes we are in the early innings of the next technology cycle amplified by AI. AI spending last year was mostly focused on processors/GPUs with Nvidia being the primary beneficiary, but this year the impact is broadening both inside and outside the rack. | SNOW CRWD FCX NVDA |
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| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM | Concentration, diversification, dividends, Passive investing, technology, valuation | The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, growth, large cap, Mega Cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance. | View | |
| 2024 Q2 | Jun 30, 2024 | Oakmark International Fund | 8.8% | 0.0% | NVDA, TSLA | AI, Currency, Elections, Europe, international, opportunity, value | Manager discusses the AI revolution as a new mania vacuuming up liquidity into narrow sectors. While acknowledging AI advancements are revolutionary, warns that money is not made on themes but by applying them to specific business practices that create shareholder value. | View | |
| 2024 Q2 | Jun 30, 2024 | Artisan International Fund | 5.9% | 14.6% | AAPL, AMZN, GOOGL, LLY, MA, META, MPWR, MSFT, NOW, NVDA | growth, large cap, technology, US | View | ||
| 2024 Q2 | Jun 30, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, MCHP, META, MSFT, NKE, NVDA, VMW | AI, Concentration, growth, large cap, semiconductors, software, technology | AI enthusiasm has driven approximately 60% of market gains year-to-date, with six megacap firms benefiting significantly. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE MSFT GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Global Equity Fund | 7.2% | - | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, LIN, META, MSFT, NVDA, NVS, ORCL, SRT3.DE | AI, Cloud, global, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 49% of global market gains year-to-date, with six megacap firms leading the rally. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META LIN AVGO ORCL GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADI, AMZN, APH, AVGO, CRM, DIS, EFX, GOOGL, MCHP, MCO, META, MSFT, NKE, NVDA, PEP, SBUX | AI, Cloud, consumer discretionary, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 60% of market gains, with Nvidia contributing 30% to the first-half advance. The manager believes in AI's long-term transformative effect but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE APH GOOGL AAPL |
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| 2024 Q2 | Jun 30, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | AAPL, ARIS, ATOM, BWB, GOOGL, III, LLAP, LMNR, LMT, META, MSFT, NVDA, PERI, QNST, STM, VECO | Agriculture, AI, Banking, Microcap, semiconductors, small cap, value | AI has contributed to large-cap outperformance but also presents opportunities for microcaps as picks and shovels plays. Veeco Instruments exemplifies this opportunity as a key supplier to companies producing AI chips and servers. | LMNR VECO |
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| 2024 Q2 | Jun 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL | AI, growth, healthcare, Japan, Quality, small caps, Speculation, value | Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI International Equity | -7.4% | 2.7% | AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL | AI, healthcare, international, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | THB Asset Management | 10.3% | 10.1% | ALNT, AMZN, BSIG, BYON, CRNC, DAKT, HWKN, IMMR, LIMB, LMAT, LUNA, NVDA, NVEE, PLUS, POOL, RES, TRNS, UFPT, VCEL, VITL | AI, Elections, inflation, infrastructure, Microcap, small caps, technology, value | Artificial intelligence is receiving significant media attention with companies committing billions to building infrastructure for data storage and processing. The AI ecosystem includes undiscovered companies whose products and services are necessary for continued infrastructure build-out. THB holdings participating in AI infrastructure include Limbach Holdings, NV5 Global, ePlus, and Luna Innovations. | DAKT |
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| 2024 Q2 | Jun 30, 2024 | Contrarius Global Equity Fund | -6.7% | -13.4% | F, NVDA, TM, TSLA, UBER | AI, Autonomous Driving, Electric Vehicles, Energy Storage, Robotics, Tesla, value | Tesla is positioned as the leader in EV transition with superior manufacturing capabilities, vertical integration, and competitive advantages over traditional automakers. The fund sees Tesla benefiting from the inevitable shift from ICE to electric vehicles, with traditional OEMs facing cannibalization of profitable ICE sales with loss-making EV revenue. Tesla has grown market share from 0% to 2.3% with significant runway for continued growth. | View | |
| 2024 Q2 | Jun 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | ABT, AMGN, CAG, CVS, DG, DIS, GPN, NKE, NVDA, STZ, UNH | AI, Concentration, growth, healthcare, technology, value | The manager emphasizes their value-focused approach, noting the portfolio trades at an uncharacteristically meaningful discount to the S&P 500 Index. They believe the market is mispricing risk and undervaluing the earnings, cash flow, and dividend growth potential of their portfolio. The valuation gap between their portfolio and the market is expected to close as market breadth expands. | View | |
| 2024 Q2 | Jun 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEN.AS, AMZN, DIS, FIVN, GOOGL, IGV, KMX, META, MSFT, NFLX, NVDA, SGRY, SHOP, UBER | AI, Cloud, growth, large cap, Long/Short, Media, technology | The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | FIVN ADYEN DIS AAPL GOOGL NVDA |
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| 2024 Q2 | Jun 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BKNG, DIS, FIVN, GOOG, META, MSFT, NFLX, NKE, NVDA, PINS, SHOP, SNAP, UBER | AI, Cloud, E-Commerce, growth, large cap, Streaming, technology | The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Alphabet's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | View | |
| 2024 Q2 | Jun 30, 2024 | Franklin Growth Opportunities Fund | 4.9% | 0.0% | AAPL, AMZN, GOOGL, LLY, MA, META, MPWR, MSFT, NOW, NVDA | growth, large cap, technology, US | View | ||
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMD, AMZN, AVGO, CDNS, CRWD, CSGP, DAY, DDOG, EXAS, GWRE, IOT, META, MSFT, NVDA, RCKT, SPOT, TSLA, TSM, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, software, technology | Manager believes AI is the most significant technological platform shift since the internet, driving explosive growth in infrastructure investments. Currently in the AI infrastructure-build phase with hyperscalers investing $200 billion in capex. Early AI applications showing measurable ROI with 30-60% developer productivity improvements and 15-30% customer service cost savings. | View | |
| 2024 Q2 | Jun 30, 2024 | Harbor Capital Appreciation Fund | 6.4% | 20.9% | AAPL, ADI, AMD, AMZN, AVGO, CRM, DIS, GOOG, GOOGL, LLY, LULU, MA, MDB, META, MSFT, NFLX, NKE, NVDA, SNOW, V | AI, consumer, growth, large cap, semiconductors, technology | Accelerated spending on artificial intelligence infrastructure among hyperscalers continued during the quarter. Near-term disappointment with the pace of developing applications to monetize AI spending weighed on SaaS company valuations, though the fund remains encouraged by AI initiatives that will improve current offerings and drive revenue growth over their investment time horizon. | View | |
| 2024 Q2 | Jun 30, 2024 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | AAPL, ADBE, CRM, CSGP, GOOGL, ISRG, LLY, LULU, META, MSCI, NFLX, NOW, NVDA, ONON, PANW, TT, TTD, UBER, V, VEEV | AI, Data centers, Fed policy, growth, inflation, large cap, software, technology | The portfolio benefits from AI-related investments, particularly NVIDIA Corporation which reported strong quarterly results and guidance. The fund views the AI trade as still in its early innings with considerable secular growth ahead for several sectors. Data center buildout and AI technology expansion drive investment opportunities. | VRT TT CELH |
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| 2024 Q2 | Jun 30, 2024 | Columbia Global Technology Growth Fund | -0.9% | 0.0% | AAPL, ACN, AMD, AMZN, ASML, AVGO, CRM, GOOGL, INTC, LRCX, MA, MSFT, NVDA, SNPS, TSM | AI, global, growth, large cap, semiconductors, technology | AI remains the key market driver since OpenAI introduced ChatGPT in late 2022. Ground-breaking advances in AI reignited interest across technology and strengthened secular growth trends. The AI theme broadened out as investors pondered ramifications of the steadily evolving AI economy, with companies looking to become more productive from this transformative technology. | INTC CRM AMD AAPL AVGO NVDA |
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| 2024 Q2 | Jun 30, 2024 | Columbia Seligman Global Technology Fund | 1.0% | 0.0% | AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG | AI, Cloud, growth, semiconductors, technology | AI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints. | View | |
| 2024 Q2 | Jun 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | 005930.KS, AAPL, ALSN, AMZN, AVGO, CI, EIX, GOOGL, GPN, HD, JNJ, MRK, MU, NEE, NVDA, QCOM, TER, TSLA, TSM, VST | aerospace, AI, dividends, energy, large cap, semiconductors, technology, Utilities | The fund is focused on following the implications of the generative AI revolution for the U.S. economy, believing it could result in an expanded upgrade cycle for PCs and smartphones that incorporate new AI capabilities. The explosive growth of AI is seen as a key advantage for chip-related stocks, with positions in companies like Nvidia, Micron Technology, Qualcomm, and Samsung Electronics to leverage this opportunity. | View | |
| 2024 Q2 | Jun 30, 2024 | Munro Global Growth Fund | 0.0% | 0.0% | 000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L | AI, Data centers, energy, global, growth, semiconductors, technology | AI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending. | SN TSM |
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| 2024 Q2 | Jun 30, 2024 | BNY Mellon Appreciation Fund | 3.7% | 10.7% | AAPL, AMZN, ASML, CP, CVX, GOOGL, MC.PA, MSFT, NKE, NVDA, NVO, SHW, TXN, UNH, V | consumer, growth, healthcare, large cap, Quality, technology | Large technology companies continue to focus capital expenditure on expanding artificial intelligence capabilities to meet burgeoning demand. Management teams from many companies across various industries discussed potential monetization opportunities and efficiency gains from deploying AI. | View | |
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Equity Income Fund | -2.4% | 1.4% | 005930.KS, AAPL, AZN, B3SA3.SA, BBRI.JK, CME, CSCO, D, DEO, GOOGL, IP, MDT, NEM, NVDA, PAYX, PEP, PG, SGO.PA, SMDS.L, SNY | dividends, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot invest in stocks with insufficient yields, including the Magnificent Seven technology stocks. Income stocks continue to trade at substantial discounts to low-income stocks, with valuations at levels equivalent to the 2000 technology bubble burst. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP | dividends, global, healthcare, Quality, technology | TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Advantage Global Fund | 5.3% | 19.5% | AAPL, AMZN, CMCSA, GOOGL, JNJ, LRCX, MSFT, NVDA, QCOM, SPGI | AI, global, growth, large cap, momentum, technology | The fund successfully captured the dominant artificial intelligence theme through sentiment and macro-thematic insights. AI leaders drove strong earnings in May, igniting another rally as investor focus shifted to earnings momentum. The AI theme continued its persistent returns throughout the quarter. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Science And Technology Term Trust | 0.0% | 0.0% | 000660.KS, CRDO, NVDA, PSTG, SNPS | Call Writing, growth, Options, semiconductors, SMID Cap, software, technology | The fund maintains significant exposure to semiconductors at 35.9% of portfolio assets, well above benchmark weighting of 23.1%. Top holdings include NVIDIA at 10.3%, PsiQuantum at 4.5%, SK Hynix at 3.0%, SambaNova at 2.3%, and Credo Technology at 2.2%. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend growth prospects and views regular dividends as management confidence signals. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB | dividends, energy, income, technology, Utilities, value, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, income, infrastructure, technology, Utilities, value | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard emphasizes dividend growth as a key investment criterion across all strategies, with multiple holdings announcing dividend increases during the quarter. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, income, infrastructure, Recession, technology, Utilities, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. During recessions, dividend increases still outnumber decreases by 3-to-1, with companies having lower leverage and stronger fundamentals more likely to maintain dividend growth. | View | |
| 2024 Q2 | Jun 30, 2024 | Stenham Asset Management | -3.3% | 12.3% | AAPL, ADYEN.AS, AIR.PA, AMAT, AMZN, ASML, GE, GOOGL, MC.PA, META, MSFT, NVDA, TSLA, TSM | Concentration, earnings, fundamentals, long-term, technology, valuation | The momentum factor is having the best start to the year in the last 30 years, with technical factors driving markets rather than fundamental factors. This dynamic has become more pronounced over time due to shrinking timelines for market participants. | AIR.PA ADYEN.AS |
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| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, ALC, AMZN, EL, ETN, INTU, ISRG, LLY, META, MSFT, NFLX, NKE, NVDA, PYPL, SE, SYK, TMO, UBER | AI, growth, large cap, Medical Devices, semiconductors, stock selection, technology | Generative AI enthusiasm drove mega cap performance with Nvidia as a key beneficiary. The manager views AI as transforming from a perceived risk into an opportunity, with companies like Adobe moving quickly into generative AI and license protection. | INTU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q2 | Jun 30, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | Concentration, international, small cap, technology, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow, noting historical precedent of leadership changes. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI International Equity | -7.4% | 2.7% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, valuation, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early stages of adoption with overblown commercial revenue projections. The manager notes heavy technology investment in entertainment rather than productivity-enhancing applications, questioning whether AI will change the productivity trajectory. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | AI, Concentration, Europe, growth, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. The manager questions whether current AI winners will be tomorrow's winners, citing historical precedent. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | Hosking Partners | 0.0% | 0.0% | AAPL, META, MSFT, NVDA, TSLA | Banking, Capital Cycle, Japan, Material World, Offshore Drilling, value | Portfolio has increased its value tilt over the past decade, recycling proceeds from expensive US equities into more attractively valued companies. Portfolio P/E has fallen from 0.95x to 0.5x the market P/E through disciplined sell-high, buy-low decisions. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AMZN, CRM, ECL, ENTG, FISV, GOOGL, GRCO, HD, HRL, LLY, META, MSFT, NTRS, NVDA, TSLA, TTC, TXN, USB, XEL | AI, Balanced, inflation, Regional Banks, technology, value | Artificial intelligence has driven significant outperformance in technology stocks, particularly benefiting mega-cap names like Microsoft, Alphabet, Amazon, and Nvidia. The fund maintains a favorable long-term view on technology given growth in AI, automation, and cloud computing, though valuations appear over-extended near-term. | View | |
| 2023 Q2 | Jun 30, 2023 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AMZN, GGG, GOOGL, HRL, JPM, LNT, MSFT, NVDA, SCHW, TTC, UNH, USB | AI, Banking, growth, healthcare, large cap, technology, value | The fund sees artificial intelligence as a transformative technology similar to the internet, driving massive outperformance in technology stocks. They expect AI integration across productivity software and believe it will enable large-scale productivity improvements, though not overnight. | View | |
| 2023 Q2 | Jun 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADSK, AMZN, BX, COST, DIS, GOOGL, ILMN, MA, META, MSFT, NFLX, NKE, NVDA, PYPL, SHOP, UBER, ZTS | AI, Cloud, E-Commerce, growth, large cap, payments, Streaming, technology | The artificial intelligence arms race kicked off by generative AI applications ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from gaming-focused to one of the largest semiconductor/software vendors globally. | ZTS COST |
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| 2023 Q2 | Jun 30, 2023 | Rondure New World Fund | -1.3% | -1.3% | 2020.HK, 2120.T, 2331.HK, 3529.TW, 601888.SS, AAPL, ABC.L, ACES.JK, B3SA3.SA, DPH.L, LULU, META, NKE, NVDA, TSM, WESTLIFE.NS | AI, China, Dollar, emerging markets, Fed policy, Onshoring, small caps, value | Artificial intelligence frenzy spurred investors to bet on companies like Taiwan Semiconductor and others seen to benefit from the emerging technology trend. Hardware technology is getting expensive on the back of the AI theme, though it was cheap at the end of last year. The manager notes they missed the AI-driven surge in semiconductor and hardware technology businesses. | WESTLIFE.NS 2120.T 2020.HK 2331.HK ACES.JK B3SA3.SA |
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| 2023 Q2 | Jun 30, 2023 | Rondure Overseas Fund | -5.8% | -4.8% | 2020.HK, 2120.T, 2331.HK, 3529.TW, 601888.SS, AAPL, ABC.L, ACES.JK, B3SA3.SA, DPH.L, LULU, META, NKE, NVDA, TSM, WESTLIFE.NS | AI, emerging markets, India, international, Japan, small caps, value | Artificial intelligence drove a massive rally in technology stocks, particularly semiconductors and hardware companies. The AI frenzy spurred investors to bet on companies like Taiwan Semiconductor and others seen to benefit from the emerging technology trend. However, the manager missed much of this rally and now sees the space getting some of the lowest returns in their models as expectations have risen. | WESTLIFE.NS |
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| 2023 Q2 | Jun 30, 2023 | Starvine Capital | 0.0% | 10.8% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA | AI, Canada, inflation, small caps, technology, value | AI is described as a disruptive technology that has captured investors' imaginations in 2023, but the fervor and speculation surrounding AI-associated stocks is reminiscent of market manias. Speculators have piled into AI-related companies without regard to valuation, with share prices moving on emotion rather than fundamentals. | View | |
| 2023 Q2 | Jun 30, 2023 | Stewart Asset Management | 0.0% | 0.0% | ADBE, AMZN, FND, GOOGL, ISRG, MTCH, NVDA | Concentration, growth, large cap, long-term, technology | Nvidia exemplifies the AI theme as a leader in advanced semiconductors, specialized networking equipment and proprietary software across growing global markets. The company has entrenched itself as a leader in AI-related markets and its earnings increased nearly four-fold in five years. The manager believes Nvidia is a business whose earnings power will continue to grow rapidly despite considerable valuation increases. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q2 | Jun 30, 2023 | Barometer Capital Management | - | - | AGI.TO, AVGO, CNQ.TO, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC | AI, Canada, Consumer Staples, energy, healthcare, materials, Tactical, technology | NVIDIA and Broadcom continued to deliver excellent performance as investors demonstrated voracious appetite for any stocks with generative AI exposure. NVIDIA's explosive growth demonstrated both the strength of demand for generative AI hardware and a more robust supply picture. Thomson Reuters has emerged as an AI darling in Canada as the company continues to seek ways to integrate AI product offerings to help their clients drive efficiencies. | View | |
| 2022 Q2 | Jun 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, ASML, GOOG, MSFT, NET, NVDA, TSLA | - | View | ||
| 2024 Q2 | Jun 21, 2024 | Bireme Capital | - | - | AAPL, AMC, ARKK, CMCSA, COST, CTAS, DIS, FSR, GME, NFLX, NKLA, NVDA, TSLA | AI, Bubble, Concentration, inflation, Japan, Short Selling, Streaming, value | Manager emphasizes value-conscious investing approach, noting that value stocks have given back all relative gains from 2022 resurgence and are back near record lows set at 2000 market peak. Believes current era will reward disciplined, discerning and value-conscious investors. | DIS |
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| 2023 Q3 | Jun 11, 2023 | Voss Value Offshore Fund | 7.4% | 8.9% | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Aggregates, Construction, Homebuilders, infrastructure, materials, small caps, value | Small cap stocks are experiencing their 3rd worst bear market by duration and 4th worst by magnitude in 40+ years, with the Russell 2000 down 33% from peak. The manager believes this creates exceptional opportunity as small caps have historically been higher 99% of the time over rolling 6-year periods. Current valuations at 12x P/E excluding negative earners represent significant discount to historical levels. | View | |
| 2023 Q2 | Jun 7, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMZN, AVP, BRK.A, DIS, G, GOOGL, IBM, KO, MCD, META, MSFT, NVDA, TSLA, XRX | AI, Historical Parallels, inflation, Market Concentration, Speculation, technology, Valuations, Value Investing | AI is described as the new pixie dust driving excessive hype and speculation in technology stocks. The manager views AI as justification for absurd valuations, comparing current AI enthusiasm to historical bubbles. Every Wall Street analyst claims tech giants will benefit disproportionately from AI boom, but this follows the same pattern as previous cycles. | View | |
| 2023 Q1 | May 19, 2023 | Sohra Peak Capital Partners | 2.2% | -3.0% | AAPL, BHP.AX, DUR.AX, MLD.AX, MSFT, NVDA, RIO.AX | Australia, defense, infrastructure, Mining, Remediation, small cap, value | Manager extensively discusses Duratec's infrastructure remediation business, highlighting strong growth in Department of Defense contracts (+104% YoY) and the AUKUS military alliance guaranteeing $8B of maintenance spend. The Australian government has budgeted sustainment spend to almost double over this decade, creating a multi-year tailwind for infrastructure remediation services. | View | |
| 2023 Q1 | May 18, 2023 | Saltlight Capital | 15.6% | 35.6% | AAPL, AMZN, ASML, GOOGL, META, MSFT, NVDA | AI, disruption, innovation, Investment Philosophy, semiconductors, technology | Manager views AI as a new technology epoch comparable to the industrial revolution, with LLMs solving the complexity bottleneck through natural language interfaces. Believes we are in early 'irruption' phase with significant long-term potential but current limitations in speed, data age, and cost. | View | |
| 2023 Q1 | May 4, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMC, AMD, AMZN, BAC, BBBY, BP, CRM, GE, GOOGL, HEI, META, MKL, MSFT, NVDA, TSLA | Market cycles, Patience, risk management, Speculation, Valuations, Value Investing | The manager extensively discusses elevated market valuations, comparing current market cap to GDP ratio at 155% to historical peaks in 2000 and 2008. They argue that starting valuations are critical to long-term success and current levels suggest poor future returns of only 3-5% annually. | View | |
| 2023 Q4 | Apr 30, 2024 | Crossroads Capital | 4.2% | 8.9% | AAPL, AMZN, AWE.L, CLMT, GOOGL, META, MSFT, NTDOY, NVDA, NVR, THC, TSLA, VTY.L, XLK | AI, China, Energy Transition, gaming, Homebuilders, small caps, technology, value | Manager discusses AI as a revolutionary technology driving data center infrastructure investment and creating bottlenecks in networking. Highlights Alphawave Semi's exposure to AI-driven demand with 60% of pipeline tied to AI applications. | View | |
| 2024 Q1 | Apr 29, 2024 | Stenham Asset Management | 13.9% | 13.9% | 005930.KS, AAPL, AIR.PA, ALK, AMAT, ASML, BA, CLNX.MC, GE, NVDA, SAF.PA, TSM, UAL | aerospace, AI, semiconductors, technology, Travel | Semiconductor equipment providers ASML and Applied Materials benefited from long-term secular growth in chip manufacturing costs, rising from $1bn facilities a decade ago to $20bn today. The industry is supported by geopolitical tensions driving semiconductor sovereignty initiatives, with Samsung and TSMC committing $69bn in new US investments. AI demand is driving exponentially more advanced chips, with Nvidia's latest GPU processing 600x more operations than an iPhone chip. | CLNX.MC AIR.PA SAF.PA GE AMAT ASML |
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| 2023 Q1 | Apr 28, 2023 | NZS Capital – Select | 15.6% | 15.6% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users faster than any app in history. Enterprise SaaS companies must adopt AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2023 Q1 | Apr 28, 2023 | NZS Capital – Technology | 19.9% | 19.9% | ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY | AI, Digital Transition, growth, innovation, semiconductors, technology | Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers. | View | |
| 2025 Q1 | Apr 22, 2025 | Ithaka US Growth Strategy | -10.5% | -10.5% | ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V | AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility | The Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision. | TTD NVDA NOW UBER V PLTR |
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| 2023 Q1 | Apr 19, 2023 | Mairs & Power - Growth Fund | 0.0% | 19.0% | ECL, GOOG, HRL, JPM, LFUS, MSFT, NVDA, SCHW, TECH, UNH, USB, WFC | AI, Banking, growth, large cap, technology | The fund benefited from artificial intelligence exposure through NVIDIA, Alphabet, and Microsoft, which all gained from ChatGPT headlines and AI enthusiasm. In the current tight labor market, there is significant enthusiasm around the efficiency this technology could bring to many industries. | View | |
| 2025 Q1 | Apr 18, 2025 | Baillie Gifford – US Equity Growth | 8.6% | 8.6% | AUR, DKNG, GLOB, NET, NVDA, SG, SN, TSLA, TTD | AI, disruption, Electric Vehicles, growth, innovation, sports betting, technology, US | The falling cost of inferencing is driving new use cases for artificial intelligence and potentially opening up use cases that cannot be imagined today. The emergence of AI models is moving the industry from training to placing emphasis on inference, creating opportunities for companies positioned at the edge infrastructure. | NET GLOB DKNG |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford -International Concentrated Growth | 9.0% | 9.0% | 1211.HK, AMZN, META, NVDA, TSLA | AI, China, competition, Electric Vehicles, growth, innovation, semiconductors, technology | NVIDIA maintains dominant position in AI chips with 17-fold price-performance improvement since 2016 and roadmap for 40-fold improvement over next 4-5 years. Custom silicon alternatives from Amazon and Meta have not unseated NVIDIA's GPUs due to rapid pace of innovation requiring generalized platforms. Developers cannot keep up with technology improvements, with potential for another transformative shift comparable to transformers enabling ChatGPT. | 1211.HK TSLA NVDA |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford – International Alpha | -1.4% | -1.4% | 6146.T, AZO, CRM, ENPH, NU, NVDA, NVO, PAYC, TTD | AI, disruptors, geopolitics, global, growth, infrastructure, Pharmaceuticals, technology | The team views AI as increasingly transformative and head-spinning, seeking to broaden exposure across the value chain. They established positions in companies like Disco for chip manufacturing equipment and Salesforce for AI-powered customer service tools, believing AI will create enormous cost savings and revenue opportunities. | PAYC CRM 6146.T AZO ENPH NU |
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| 2023 Q1 | Apr 18, 2023 | Ithaka US Growth Strategy | 0.2% | 0.0% | AAPL, BURL, CRM, DXCM, INTU, ISRG, MSFT, NOW, NVDA, PYPL, QCOM, SNOW, SQ | AI, Cloud, concentrated, growth, large cap, semiconductors, technology | NVIDIA benefited from tremendous excitement surrounding advanced chatbots, specifically ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia's products far into the future. Microsoft's stock appreciated on excitement surrounding the company's investments in OpenAI and potential opportunities to take search market share away from Google. | DXCM SNOW ISRG AAPL|MSFT|NFLX|NVDA|UNH CRM AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Core Equity Fund | -2.4% | -2.4% | AMD, AMZN, AZO, BCOM, BRO, CI, CRM, DE, DHI, GOOGL, ICE, MA, MAR, MSFT, NOW, NVDA, O, SNPS, VZ, WM | AI, Defensive, financials, industrials, large cap, Quality, semiconductors | The portfolio maintains positioning in AI beneficiaries including hyperscalers, semiconductor companies, and software companies that are building the computing foundation of the future. The fund added AMD and ServiceNow during the quarter to strengthen its AI theme exposure. Despite near-term volatility, the managers remain optimistic about long-term opportunities in AI infrastructure providers. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, Concentration, Leverage, Quality, rates, technology, value | The fund focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieved a 7.0% free cash flow yield compared to 4.8% for the S&P 500, with significant valuation advantages across all strategies versus their benchmarks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2025 Q1 | Apr 13, 2025 | Munro Global Growth Fund | -7.3% | -7.3% | AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER | AI, Cash, defense, global, growth, tariffs, technology, volatility | Despite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption. | NVDA RHM.DE |
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| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark International Fund | 7.9% | 7.9% | NVDA, TSLA | Europe, international, tariffs, valuation, value | The Trump administration has introduced tariffs as industrial policy to encourage domestic investment and reduce trade deficits. However, these broad tariffs function as taxes on goods and create economic uncertainty, potentially leading to inflation and reduced consumption and investment. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Fund- International Small Cap | 1.1% | 1.1% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Corrections, large cap, Market Timing, rebalancing, value | The manager advocates for value investing principles, emphasizing buying after market corrections when prices decline. Historical data shows strong returns following 10% market corrections, with 75% of cases profitable after one year. | View | |
| 2025 Q1 | Mar 31, 2025 | Mar Vista Global Equity Fund | -3.0% | -3.0% | AAPL, AVGO, BRK-A, CRM, GOOGL, MSFT, NESN.SW, NVDA, SAF.PA, TSLA | AI, Cloud, global, Quality, semiconductors, Stagflation, technology, Trade Policy | The AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficiency breakthrough sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of these developments. Integration of reasoning capabilities into leading LLMs is significantly increasing computing intensity, with some experts estimating up to 100x more computing demand for inferencing models with reasoning. | MSFT CRM AVGO NVDA |
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| 2025 Q1 | Mar 31, 2025 | Alger Spectra Fund | -17.2% | -17.2% | AMZN, GFL, HEI, MSFT, NVDA, SPOT | AI, Cloud, growth, semiconductors, Streaming, technology, Trade Policy | AI is at an inflection point with potential for significant productivity increases. However, concerns emerged about advanced AI models from China developed at lower costs, raising doubts about U.S. technology dominance. Future AI models will require substantially more computational resources, driving continued demand for high-performance infrastructure. | AMZN MSFT NVDA GFL SPOT HEI |
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| 2025 Q1 | Mar 31, 2025 | Distillate Capital Fundamental Stability & Value | -1.0% | -1.0% | BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU | Autos, Buybacks, earnings, real estate, value, volatility | Market volatility has significantly increased with earnings reactions exceeding historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. Realized volatility now occasionally surpasses implied volatility, indicating markets may be underpricing risk. | CMP MBGYY BMWKY FPH DFIN |
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| 2025 Q1 | Mar 31, 2025 | Distillate Capital Small/Mid Cap Quality & Value | -9.3% | -9.3% | AAPL, ABBV, AMZN, BABA, CI, ELV, EPAM, GOOGL, JNJ, META, MSFT, NTAP, NVDA, ON, ORCL, PYPL, TMUS, TPG, TSLA, VTRS | AI, Leverage, Quality, small caps, tariffs, uncertainty, valuation, value | Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale exceeds even Smoot-Hawley tariffs and comes at a time when the economy was already showing signs of fragility. | View | |
| 2025 Q1 | Mar 31, 2025 | Ariel Appreciation Fund | -6.9% | -6.9% | AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA | Buybacks, mid cap, Recession, Recovery, value, volatility | Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries. | SLB OSW NCLH KN BIO ADT MIDD MAT |
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| 2025 Q1 | Mar 31, 2025 | Ariel Focus Fund | -3.9% | -3.9% | AAPL, AMZN, BIO, CVX, Gold, GOOGL, HES, META, MSFT, NTRS, NVDA, ORCL, REZI, SJM, TSLA | energy, gold, large cap, Recession, technology, value, volatility | The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating attractive buying opportunities for patient investors. | ORCL BIO REZI SJM CVX Gold |
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| 2025 Q1 | Mar 31, 2025 | Ariel Fund | -8.0% | -8.0% | AAPL, AMZN, ATGE, BIO, GOOGL, LESL, META, MSFT, NCLH, NVDA, OSW, PARA, RCL, SJM, SPHR, TSLA | Media, Recovery, small caps, Travel, value, volatility | The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, and dislocations of this magnitude have often served as a prelude to robust recoveries. | OSW NCLH SPHR BIO LESL SJM ATGE PARA |
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| 2025 Q1 | Mar 31, 2025 | Ariel Small Cap Value Strategy | -10.7% | -10.7% | AAPL, ADT, AMZN, BIO, FAF, GOOGL, LESL, LIND, META, MIDD, MSFT, NCLH, NVDA, TSLA | discount, Quality, Recession, small caps, value, volatility | The fund focuses on acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating opportunities for patient investors during market dislocations. | BIO LIND LESL NCLH FAF ADT MIDD |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Equity | -2.1% | -2.1% | 002230.SZ, 0700.HK, 1299.HK, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALC, ALFA.ST, AMAT, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BBCA.JK, BKNG, CME, COMP.L, CRM, CSGP, D05.SI, DE, DHR, DPLM.L, EPI-A.ST, GLOB, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, META, MSFT, NFLX, NOC, NOW, NVDA, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SNPS, SU.PA, SY1.DE, TMO, TSM, TTD, TW, UNH, VRTX, WMMVY | AI, Geopolitical, global, Policy Uncertainty, Quality, semiconductors, technology, Trade Policy | The letter extensively discusses heightened US policy uncertainty, particularly around trade policy, with early salvos in the new trade war hitting China, then re-targeting Canada, Mexico, and US allies in Europe and Asia. The manager notes that tariffs and policies aimed at forcing US self-sufficiency create business uncertainty and undermine investment appetite. | View | |
| 2025 Q1 | Mar 31, 2025 | Harding Loevner International Small Companies Equity | -10.5% | -10.5% | AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN | emerging markets, Europe, growth, international, Japan, Quality, small cap | The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets. | View | |
| 2024 Q1 | Mar 31, 2024 | Mar Vista Focus Fund | 3.4% | 0.0% | AAPL, ADBE, DHR, DIS, HON, MSFT, NFLX, NKE, NVDA, TDG | aerospace, AI, Biotechnology, growth, large cap, Quality, Streaming, technology | Artificial intelligence drove significant market gains with AI-related firms leading the surge. Nvidia exemplified this trend with stock price soaring over 82%, adding more than $1 trillion in market value. Microsoft is well-positioned to capture market share as businesses embrace generative AI-driven solutions like ChatGPT. | DHR AAPL NKE ADBE MSFT TDG DIS |
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| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, growth, income, infrastructure, Utilities, value | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance driven by market concentration in mega-cap tech stocks with low dividend yields. Manager expects dividend investing revival as market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, income, Market Concentration, Utilities, value, volatility | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM | AI, dividends, energy, growth, Utilities, valuation | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAP, AAPL, ACN, AMZN, ASML, CRM, CRWD, HUBS, INTC, JCI, LLY, LSXMK, META, MSFT, NVDA, PANW, SHW, TSLA, TXG, UNH | diversification, growth, healthcare, Quality, Recession, semiconductors, technology | Positive sentiment around generative AI highlighted opportunities for Nvidia among data center and hyperscale cloud providers reliant on GPUs to empower digital transformation and new AI applications. The secular drivers in certain parts of the semiconductor industry outweigh cyclical risks. | ACN ALLY HUBS AMZN CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AIG, AMZN, BAC, COF, DEO, GOOGL, JNJ, JPM, LIN, MET, META, MSFT, NVDA, ORCL, PFE, PNC, SAP, TSLA, UNH, USB | Banking, dividends, financials, interest rates, Quality, value | The strategy emphasizes high-quality dividend compounders as particularly well-suited for the current environment of potentially higher interest rates for longer. Healthy dividends provide cushion in volatile markets and can benefit from dividend growth to offset inflation and preserve purchasing power. | 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, AMZN, DDOG, DIS, GOOGL, ISRG, LULU, MA, META, MSFT, NFLX, NVDA, RNG, SCHW, SHOP, UBER, UNH | growth, innovation, large cap, Market share, secular growth, technology | NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to core technologies being adopted globally, including artificial intelligence. The company has evolved from gaming-focused to one of the largest semiconductor/software vendors through innovation. | GRNG SCHW AAPL|MSFT|NFLX|NVDA|UNH LULU |
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| 2023 Q1 | Mar 31, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ABNB, AMZN, DIS, GOOGL, LULU, MA, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH | AI, E-Commerce, growth, Long/Short, secular themes, technology | NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to many core technologies being adopted globally, including artificial intelligence. The fund expects future growth to remain robust as AI adoption continues. | AAPL|MSFT|NFLX|NVDA|UNH LULU |
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| 2023 Q1 | Mar 31, 2023 | Barometer Capital Management | - | - | AVGO, AXON, CROX, CS.TO, JPM, MSFT, NVDA, ORCL, STLC, STN | AI, asset allocation, Banking, energy, financials, semiconductors, Tactical, technology | Increased investor enthusiasm around generative AI fueled strength in the semiconductor industry. NVIDIA Corp. and Broadcom Inc. significantly contributed to pool gains as funds capitalized on this trend by increasing technology sector exposure. | View | |
| 2023 Q4 | Mar 28, 2024 | Spear Advisors | -3.5% | 0.0% | AMD, CFLT, CRWD, DDOG, MRVL, NET, NVDA, S, SNOW, ZS | AI, Cloud, cybersecurity, Data centers, ETF, growth, semiconductors, technology | AI is a core theme and biggest driver behind strong 2023 performance. Strong demand for AI hardware continued throughout the year, with fundamental upside broadening to the rest of the value chain in 4Q23. Several companies now expecting revenue run-rates in the billions directly from AI, including Microsoft and AMD. Workloads are shifting from model training to inference, with inference representing 40% of Nvidia Data Center revenues. | View | |
| 2023 Q4 | Mar 18, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, BAC, BRK-B, BRO, CMG, GOOGL, MCD, META, MSFT, MTB, NVDA, NVO, NVR, OZRK, SCHW, TSLA | Banking, Canada, long-term, Quality, technology, value | Artificial Intelligence was a major topic in 2023, particularly generative AI machines like Google's Gemini and ChatGPT. The manager notes that companies selling server equipment for AI are benefiting from an explosion in investment spending from major tech companies, though these expenses may not always be recurring in the future. | View | |
| 2023 Q1 | Mar 5, 2023 | Spear Advisors | -3.5% | 0.0% | ALAB, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF | AI, Automation, energy, Industrial, semiconductors, Space, technology | The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is listed as a primary investment focus area for the fund's industrial technology strategy. | View | |
| 2023 Q1 | Mar 4, 2023 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, BAC, IBM, JPM, MSFT, NVDA, T | Banking, Crisis, growth, interest rates, opportunity, value | Regional banks experienced massive withdrawals and stress due to asset-liability mismatches between short-term deposits and long-term securities. SVB, Signature Bank, and First Republic faced solvency concerns as uninsured depositors withdrew funds en masse following unrealized losses on investment portfolios. | View | |
| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS | AI, diversification, growth, large cap, Magnificent Seven, technology | Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward. | View | |
| 2023 Q4 | Feb 29, 2024 | Ashva Capital Management | 23.0% | 0.0% | BLDR, META, NVDA, NVR, RCL, UBER | Fed policy, Goldilocks, Housing, Recession, Soft Landing, technology | Manager believes millennials reaching home ownership age face a housing shortage that could last decades due to insufficient construction following the 2008 housing bubble. This structural shortage supports long-term investment in housing-related companies. | View | |
| 2024 Q4 | Feb 27, 2025 | Saltlight Capital | 20.4% | 63.2% | AAPL, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, TSLA, TSM | AI, Cloud, growth, semiconductors, technology, Valuations | The manager views AI as a defining technological epoch comparable to previous industrial revolutions. They believe AI is progressing up the intelligence curve with reasoning models and test-time compute capabilities, making it a veritable competitor to humans. The focus has shifted from AI infrastructure to AI software opportunities, particularly in digital advertising markets. | View | |
| 2024 Q4 | Feb 26, 2025 | Fawkes Capital Management | 2.2% | 11.2% | AGX, BE, BSL.AX, CENX, CLS, DUOT, GEV, GOOGL, INOD, LPTH, LRV.AX, MND.TO, MSFT, NVDA, OCC, OSIS, RIO, SKYX, SOLI, VRT, WDC | AI, Border Security, Data centers, energy, infrastructure, Mining, semiconductors, tariffs | AI infrastructure demand continues to surge despite DeepSeek disruption. The rise of AI Agents for autonomous task execution represents a pivotal shift in automation, with NVIDIA emphasizing that achieving AI consistency at scale requires extensive training. Big Tech's strategy for AGI involves expanding from probabilistic text generation to capturing human reasoning patterns. | View | |
| 2023 Q4 | Feb 26, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AAPL, AME, AMZN, AVGO, BDX, BMY, COST, GOOGL, HAL, JPM, LLY, META, MSFT, NVDA, PEP, SPR, VRTX | AI, growth, healthcare, large cap, Pharmaceuticals, technology, value | The fund benefited from AI-driven performance, particularly through Broadcom's strength in AI business segments. The broader market's 2023 gains were primarily driven by the seven largest companies, with AI being a key factor in their outperformance. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC ALLY |
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| 2023 Q4 | Feb 26, 2024 | Kinsman Oak | 0.0% | 0.0% | AAPL, AMZN, CIGI, CSCO, GOOGL, META, MSFT, NVDA, TSLA | AI, Concentration, energy, real estate, Sentiment, technology, Valuations | The fascination with artificial intelligence has been around for generations and is obviously growing rapidly, likely to enhance productivity and change industry dynamics. However, at some point the hype gets overblown and anticipated growth rates become unrealistic, leading to ugly expectations resets. The AI narrative is compared to the internet hype during the dot-com bubble. | CIGI |
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| 2024 Q4 | Feb 24, 2025 | Mar Vista Global Equity Fund | -3.3% | 12.7% | AAPL, AMT, AMZN, ASML, AVGO, BN, CRM, DHR, DIS, GOOGL, INTU, META, MSFT, NESN.SW, NOVO-B.CO, NVDA, ROP, TSLA | AI, Cloud, global, growth, large cap, Quality, semiconductors, technology | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager focuses on companies positioned to capitalize on opportunities presented by artificial intelligence and technological advancements. | ASML AMZN CRM AVGO |
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| 2023 Q4 | Feb 23, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TSLA | AI, Consumer Staples, GLP1, healthcare, Quality, technology, Valuations, value | AI euphoria following ChatGPT release drove Information Technology sector returns over 40% in 2023. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-related stocks dominated market performance but created narrow market breadth. | View | |
| 2023 Q4 | Feb 23, 2024 | Saltlight Capital | 15.6% | 35.6% | AMZN, APP, GOOGL, MELI, META, NVDA, RBLX, TCP.JO | Advertising, AI, gaming, Meta, Networks, software, technology | Manager discusses AI infrastructure capex concerns but sees opportunities in AI software applications. Believes market overestimates short-term AI adoption while underestimating long-term potential. Focuses on AI-enhanced advertising platforms where high margins justify expensive AI compute costs. | TCP.JO APP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, AXP, BAC, BRK-A, COST, CVX, DG, GOOGL, KHC, KO, META, MSFT, NVDA, OXY, TSLA | Berkshire, Buybacks, China, energy, inflation, value | Portfolio trades at 10.3x earnings versus S&P 500's 22.3x multiple, representing significant undervaluation. Manager emphasizes buying quality businesses at discounts to intrinsic value as core investment philosophy. | View | |
| 2024 Q4 | Feb 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BRK-A, COST, DG, DLTR, FIVE, GOOGL, MCO, META, MSFT, NVDA, SBUX, TSLA | AI, Berkshire, Buybacks, Concentration, inflation, Secular Peak, value | Portfolio trades at 10.3x earnings versus S&P 500's 25.2x multiple, representing significant undervaluation. Manager emphasizes buying businesses at discounts to intrinsic value with dual margins of safety in price and business quality. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MRNA, MSCI, MTN, NVDA, RRR, SCHW, SPOT, TSLA, VAC | diversification, growth, Leverage, technology, Tesla, volatility | Tesla remains the largest position at 38.1% of assets despite near-term automotive pressures from macroeconomic headwinds and price reductions. The company delivered its highly anticipated Cybertruck and refreshed Model 3 while continuing robust product development. Management anticipates introducing a new lower-priced vehicle next year to address a much larger market segment. | View | |
| 2024 Q4 | Feb 18, 2025 | Atai Capital Management | 3.1% | 7.7% | ALOT, BF, NVDA, SXI, TPB, TSLA | AI, Concentration, Microcap, small caps, valuation, value | Manager extensively discusses market valuation concerns, noting S&P 500 trades at 22x earnings with top 10 stocks at 29x earnings. Historical analysis shows when paying 20x+ earnings for S&P 500, following 10-year returns have never exceeded 5% annually since 1988. Current market concentration at 38% in top 10 stocks exceeds dot-com era levels. | ALOT |
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| 2023 Q4 | Feb 15, 2024 | Lyrical Asset Management | 0.0% | 21.2% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | earnings, global, Magnificent Seven, Non-US, valuation, value | The fund focuses on deep value investing, with their Global portfolio trading at a 43% discount to MSCI World valuation. They emphasize the cheapest quintile of stocks globally, which trade at just 9.4x NTM EPS compared to 19.2x for the median U.S. stock. The valuation spread between the market and cheapest stocks is at historically wide levels similar to the Global Financial Crisis and tech bubble periods. | View | |
| 2024 Q4 | Feb 13, 2024 | Kayne Anderson Rudnick | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | earnings, Fed policy, Quality, small caps, technology, Valuations | Small cap stocks underperformed with Russell 2000 up 0.33% in Q4 and 11.54% for the year. Small caps have underperformed large caps for several years due to weakness in earnings growth, though this trend is forecast to reverse in 2025. The firm continues to focus on high-quality small cap names that experienced only modest earnings contractions and are already reporting growth year-over-year. | View | |
| 2024 Q4 | Jan 31, 2025 | ACR Alpine Capital | - | - | INTC, NVDA | earnings, Quality, technology, valuation, value | ACR focuses on owning reasonably valued companies and avoiding overpaying for profits. The firm's EQR strategy demonstrates value creation through replacing overvalued companies with undervalued ones, capturing added earning power while pruning valuation risk. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | ADBE, ADYEN.AS, AMZN, ASML, AVGO, CRM, GOOGL, ISRG, META, MSFT, NFLX, NOW, NVDA, PINS, SAP, SNPS, SU.PA, VRTX | AI, global, growth, innovation, Quality, semiconductors, software, technology | AI infrastructure boom of 2023 will serve as foundation for long-term productivity improvements across global enterprises. Companies will connect data sets to language models with AI agents to automate tasks and serve customers. First-mover advantages in language models will dissipate as open-source models proliferate, making proprietary data sets the source of lasting competitive advantage. | MELI|NFLX|ORCL|TCOM|VRTX|YUMC AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q4 | Jan 31, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AFRM, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, PYPL, SHOP, SQ, TSLA | consumer, E-Commerce, Fintech, inflation, payments, rates, technology | Manager focuses on FINTECH businesses as their core investment strategy, analyzing how these companies perform in the current economic environment. They model revenue growth, operating margins, and cash flow for their FINTECH portfolio companies. The letter emphasizes their bottom-up fundamental research approach to understanding FINTECH business prospects. | View | |
| 2023 Q4 | Jan 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930.KS, 105560.KS, 7270.T, AAPL, AD.AS, AMZN, BIDU, DBOEY, FMC, GFNORTEO.MX, GOOGL, META, ML.PA, MSFT, NVDA, TEF2.DE, TSLA, TSM, WIZZ.L | AI, financials, international, semiconductors, technology, undervalued, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund is finding many mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong. | WIZZ.L AIR FP|ICLR|LIN|MRVL|NOW|TSM 005930.KS 105560.KS GFNORTEO.MX FMS.DE DANSKE.CO AD.AS 7270.T BIDU |
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| 2023 Q4 | Jan 31, 2024 | Starvine Capital | 0.0% | 10.8% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA | Benchmarks, large cap, Mega Cap, Performance, technology | View | ||
| 2024 Q4 | Jan 30, 2025 | Aristotle Core Equity Fund | 3.9% | 26.0% | AAPL, AMZN, AVGO, AVY, CI, COST, CRWD, DAR, GE, GOOGL, GTLS, JPM, MCHP, META, MSFT, NEE, NOW, NVDA, SPR, ZTS | aerospace, AI, cybersecurity, growth, large cap, technology | Broadcom demonstrated continuing strength in its artificial intelligence networking and custom accelerator semiconductor business. The company provided long-term guidance for the service addressable market opportunity for its AI-related business, indicating a market opportunity of $60 billion to $90 billion. CrowdStrike benefits from increasing threats from state-sanctioned cybercriminals using high-performance computing and AI, necessitating higher spending on advanced cybersecurity products. | CRWD GE |
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| 2023 Q4 | Jan 30, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADBE, ADYEY, AMZN, CRM, DE, EFX, GOOGL, HSY, INTU, LIN, LLY, MSFT, NVDA, PLNT, SBAC, SHW, TMO, ULTA, V | AI, growth, inflation, large cap, rates, software, technology | The market rally was driven by exceptional earnings growth and positive investor sentiment surrounding artificial intelligence prospects, particularly among the Magnificent Seven technology stocks. Adobe's AI opportunity through Firefly gained market appreciation after initial disruption concerns were resolved. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CRM ADYEY ADBE |
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| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2024 Q4 | Jan 28, 2025 | Third Avenue Value Fund | -9.6% | -2.5% | 6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP | Active Share, Autos, Concentration, global, small caps, value | The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals. | 7270.T MBG.DE BMW.DE |
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| 2023 Q4 | Jan 28, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, BBY, ECL, FUL, GGG, GOOGL, HRL, JNJ, MSFT, NVDA, PIPR, SCHW, SHW, TECH, TTC | AI, earnings, growth, inflation, large cap, Mid-caps, technology, value | The fund benefited from investors' enthusiasm for AI, particularly through holdings in the Magnificent 7 technology stocks. The managers are well positioned to take advantage of growing interest in artificial intelligence and are particularly interested in companies that can utilize AI to improve sales and profitability. | ABBY PIPR AAPL |
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| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V | Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value | The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings. | View | |
| 2024 Q4 | Jan 27, 2025 | RGA Investment Advisors | - | - | AMZN, AVGO, COST, DBX, DEO, GEV, NVDA, PLTR, TSLA, UBER, VST, WMT | AI, large cap, market breadth, rates, technology, valuation | AI enthusiasm drove significant gains in 2024, with AI names like Nvidia, Broadcom, and Palantir among the top performers. AI fueled gains extended to companies like Vistra Corp and GE Vernova on expectations that datacenter investments will require acceleration of power supply development. AWS is investing aggressively to adapt its infrastructure from CPU-optimized to GPU-dominant for AI demands. | View | |
| 2024 Q4 | Jan 27, 2025 | O’Keefe Stevens Advisory, Inc | - | - | AER, BGC, BKRIF, BYON, DFIN, EAF, FNMA, FNMAS, FPH, GLW, ICLTF, NVDA, QCOM, WBD | AI, Capital markets, E-Commerce, real estate, small caps, technology, value | Nvidia continues to face strong product demand that significantly outpaces supply, with competitive advantages widening through advanced GPU and data center infrastructure launches. The Blackwell GPU architecture introduced B100 and B200 data center accelerators with substantial performance gains for AI workloads, featuring enhanced tensor cores and memory bandwidth for faster AI model training and inference. | DFIN BYON |
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| 2023 Q4 | Jan 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, ADM, AMD, AMZN, AN, AVGO, BCHG, BMS.L, CKN.L, CRM, EXP, GBTC, GOOGL, MSFT, NVDA, ORCL, PAG, QCOM, TPL, TSLA | BRICS, China, commodities, crypto, Indexation, inflation, technology, valuation | Bitcoin ETF approval represents institutional acceptance and convergence with traditional financial system. Flash loans and lending markets create new revenue opportunities for ETF providers. Bitcoin Cash offers leveraged exposure to cryptocurrency appreciation potential. | View | |
| 2023 Q4 | Jan 27, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, ARGX, CDAY, CRWD, CSGP, DT, GOOGL, GTOS, GWRE, HUBS, ILMN, INDY, IT, LEGN, LRCX, META, MRVL, MSFT, NOW, NVDA, RIVN, SHOP, SWAV, TSLA, TTD, V, VKTX, WDAY | AI, Cloud, growth, innovation, semiconductors, software, technology | AI is described as real and transformative, not hype, with the fund positioned across the AI stack from semiconductors to cloud services to applications. The manager emphasizes they have been investing in AI for years, predicting it will forever change human-computer interaction through natural language processing. | LRCX AAPL|MSFT|NFLX|NVDA|UNH AMZN AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Jan 27, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | AAPL, ACIW, AMZN, AON, DHR, GOOG, GWRE, IT, LBRDA, META, MLM, MSFT, NVDA, SCHW, TSLA, VLTO, VMC | Building Materials, Multi Cap, Quality, small caps, technology, value | The fund employs a Quality at a Discount framework applicable to businesses of all sizes. They seek high-quality businesses trading at attractive discounts to business value, with the portfolio collectively trading at an estimated price-to-value ratio in the mid 80s. | View | |
| 2023 Q4 | Jan 26, 2024 | Lansing Street Advisors | 0.0% | 0.0% | AAPL, GOOGL, NVDA, TSLA | AI, large cap, Magnificent Seven, Speculation, technology, US | AI advancement propelled large-cap tech sector throughout 2023, driving massive speculation and investment flows. The combination of AI hype, passive flows, and peak rates expectations powered speculative fervor in technology stocks. However, artificial intelligence may end up over-hyped with only Nvidia figuring out how to make money in early innings. | View | |
| 2024 Q4 | Jan 25, 2025 | Blue Tower Asset Management | 5.0% | 22.3% | ARM, ENVA, MSFT, NVDA, ORCL, WCC | AI, global, infrastructure, Russia, Sanctions, technology, Ukraine, value | AI continues as the most important technology theme in 2025, with DeepSeek's breakthrough demonstrating superior reasoning capabilities using reinforcement learning at a fraction of US training costs. The $500 billion Stargate Project will build massive AI infrastructure across the US. AI will transform the entire economy over 20 years, with the biggest beneficiaries potentially being companies with proprietary data or deployment capabilities rather than AI technology suppliers. | View | |
| 2023 Q4 | Jan 25, 2024 | Pzena Investment Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Earnings Yield, ERP, multiples, rates, value | Value stocks have historically outperformed during low equity risk premium periods, significantly outperforming value-light and expensive stocks. Value offers a superior double-digit earnings yield of 13.2% compared to the broader universe and expensive stocks. The firm believes value stocks should be an attractive addition to any portfolio given their far superior earnings yield in the current environment. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, selectivity, valuation, value | The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | 6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM | Concentration, free cash flow, international, Mega-caps, Quality, value | The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, valuation, value | The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View | |
| 2023 Q4 | Jan 24, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, AMGN, BGC, DFIN, EAF, FPH, HCC, ICLTF, LAZ, LIVE, LL, NVDA, QCOM, TSLA | AI, commodities, Concentration, Predictions, small caps, technology, value | AI became mainstream in 2023 with Nvidia appreciating over 200% as the fund's largest position. The manager notes AI's significant impact on technology sector performance despite cautious analyst commentaries. | EAF AER FPH |
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| 2023 Q4 | Jan 24, 2023 | Stenham Asset Management | 11.1% | 21.8% | ADBE, ADYEN.AS, AMAT, ASML, CSU.TO, MSFT, NVDA, PYPL, TMO | AI, Biotech, Cloud, large cap, payments, semiconductors, technology | Artificial Intelligence became the year's favourite buzzword, with the mere use of the term helping boost stock prices. Microsoft's cloud computing (Azure) and enterprise software stack firmly positions the company in this category as a picks and shovels company. Microsoft Azure's OpenAI services grew from ~250 entering the year to ~18,000 by Q3 2023. | ADYEN ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ASML AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 23, 2025 | Deep Sail Capital Partners | 11.8% | 38.1% | ANET, ELF, IONQ, KRKNF, LCID, META, NVDA, QBTS, QMCO, QUBT, RIVN, RKLB, TSSI, VRT | AI, Bubble, growth, Robotics, Short Selling, small cap, technology | Manager discusses the emergence of a speculative AI and quantum computing bubble in late 2024, particularly following Google's Willow quantum chip announcement. The bubble has focused on lower-quality companies rather than established AI leaders like Nvidia, Meta, and Arista Networks, creating attractive short-selling opportunities. | SHEL.F VRT ELF TSSI RKLB PNG.TO |
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| 2024 Q4 | Jan 23, 2025 | NZS Capital – Growth | -1.3% | 20.5% | 6367.T, AMT, ANSYS, ASML, AXON, DHR, FI, GOOGL, GTLS, LIN, MCHP, MRNA, NVDA, PGR, SHOP, SNOW, TEAM, TSM, TT, WDAY | AI, global, growth, innovation, Resilience, semiconductors, technology | NZS is positive about the long-term potential of AI while remaining cognizant of diverse range of outcomes at various layers. They continue to invest more heavily in the infrastructure layer, which benefits from ongoing spending tied to the AI buildout, regardless of who the end-game winners might be. The foundational model and application layers have the most open-ended trajectories. | View | |
| 2023 Q4 | Jan 23, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, ALB, AMZN, BLK, CVX, FDX, GOOGL, HES, META, MLM, MSFT, NVDA, SCHW, TSLA | Buybacks, Concentration, dividends, financials, large cap, materials, Quality, value | The manager emphasizes quality factors as central to their investment approach, noting that quality factors were headwinds in Q4 but believing quality will help in the years ahead. They view quality as the antidote to uncertainty and focus on profitable, financially stable companies with strong fundamentals. | FDX CVX AALB.AS KMLM SCHW BLK |
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| 2024 Q4 | Jan 21, 2025 | Equity Management Associates | - | 19.2% | AAPL, AMZN, GOOGL, LGCFF, META, MSFT, MSTR, NVDA, ORCL, TSLA | Bitcoin, Fiscal Dominance, gold, inflation, Mining, Precious Metals, Silver | Gold broke out from three-year ceiling to $2,650 per ounce, driven by fiscal dominance, central bank buying, and BRICS countries settling trade imbalances in gold. The fund sees almost perfect storm conditions for gold performance with weakening economy, credit bubble collapse, and monetary debasement. | View | |
| 2023 Q4 | Jan 18, 2024 | Broadleaf Partners | 8.3% | 25.1% | MSFT, NVDA | Economy, Fed, innovation, Markets, rates, technology | Artificial intelligence rescued the entire tech sector in 2023, taking management teams by surprise. ChatGPT captured investor imagination and unleashed massive capital spending campaigns by companies like Microsoft on new data center architectures. The Innovation Cycle will likely have greater impact on returns than the Economic Cycle in 2024, as companies can no longer raise prices and innovation becomes more vital for market success. | View | |
| 2023 Q4 | Jan 17, 2024 | Comus Investment | 0.0% | 4.8% | AAPL, MCD, META, MSFT, NVDA, SHOP, TSLA, V | Hong Kong, Japan, Microcap, Price-to-Book, quantitative, small caps, value | Manager employs quantitative value approach focusing on price-to-book and company size as primary return drivers. Emphasizes buying stocks at severe discounts to book value, particularly in smallest public companies where competition is limited and passive funds cannot participate. | View | |
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Focus Growth | 4.7% | 16.1% | AAPL, ADBE, AMZN, AVGO, CSGP, GOOGL, IT, LLY, META, MSFT, NFLX, NOW, NVDA, ORCL, SHOP, TMO, TSLA, UNH, ZTS | AI, Cloud, Concentration, E-Commerce, growth, large cap, technology, Valuations | Amazon's AI business is described as a multi-billion-dollar business growing triple digits, 3x faster than AWS at the same stage. ServiceNow is integrating GenAI capabilities to drive increasing workflow efficiencies for customers. Broadcom's AI chip business is experiencing a demand surge with AI revenue opportunity projected to grow to $60-90B in 2027 from $12B in 2024. | View | |
| 2023 Q4 | Jan 16, 2024 | NZS Capital – Growth | 4.0% | 22.0% | ADSK, ADYEN.AS, AMD, AMZN, ANSS, ASML, BALL, CCJ, DHR, GTLS, MRNA, MSFT, NEE, NVDA, RGEN, SHOP, SWAV, TSLA, TT, WDAY | AI, Cloud, Energy Transition, growth, innovation, semiconductors, technology | AI will have transformational impact on society and the economy, drawing focus outside of IT including healthcare. The FDA approved the first CRISPR/Cas9 gene-edited therapy, marking the precipice of curative therapies. AI is boosting digital transformation of scientific research and accelerating innovation in scientific discovery. | 1102 TT |
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| 2024 Q4 | Jan 15, 2025 | Wedgewood Partners | 5.5% | 29.1% | AAPL, BKNG, CDW, EW, GOOGL, META, MSFT, MSI, NVDA, ODFL, ORLY, POOL, SPGI, TPG, TSCO, TSM, UNH, V | AI, growth, interest rates, large cap, semiconductors, technology, Valuations | Wedgewood views AI as evolutionary rather than revolutionary, noting that companies like Alphabet and Meta have been using machine learning for over a decade. They emphasize that AI has been hiding in plain sight, with their portfolio companies already generating substantial returns from AI-related investments in R&D and capex. | View | |
| 2024 Q4 | Jan 15, 2025 | Claret Asset Management | - | - | NVDA | Bubbles, dividends, insurance, Market History, private equity, technology, Valuations | Manager argues that dividend-focused investing is flawed because dividends are simply a return of shareholder money and don't increase intrinsic value. High-yielding stocks often carry higher risk and volatility, making high yields more of a red flag than green flag. | View | |
| 2024 Q4 | Jan 15, 2025 | Warden Capital | - | 8.5% | ANF, AVGO, BRK-A, ILPT, MAC, NVDA, PK, SPOT, SPWH, VNO | AI, rates, real estate, small caps, tariffs, technology, value | Manager analyzes massive AI capex spending (~$220B) versus minimal end-user revenues (~$15B), questioning ROI sustainability. Deepseek's 30x cheaper pricing model threatens industry economics. Compares current situation to 2000 tech bubble with potential for capital overspending. | View | |
| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Jan 14, 2025 | Ithaka US Growth Strategy | 8.2% | 30.2% | ADBE, AMD, AMZN, ANET, ASML, CRM, LULU, MEDP, MELI, NOW, NVDA, PLTR, UBER | AI, concentrated, growth, large cap, technology | Portfolio holdings with significant exposure to the global AI theme outperformed in Technology sector. Palantir's meteoric rise was driven by investor excitement regarding the company's ability to further monetize its AI product across its growing customer base. ServiceNow's stock rose driven by growing investor recognition of the company's dominant position in monetizing AI workloads. | ASML UBER AMD PLTR AMZN NOW |
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| 2024 Q4 | Jan 14, 2025 | Mawer International Equity Fund | -1.2% | 14.6% | AAPL, AHT.L, AON, APH, ASM.AS, ASML, AVGO, BAM, CME, CPG.L, CTS.TO, IAG.TO, META, NFLX, NVDA, TSLA, TSM, TVK.TO, V, WKL.AS | AI, financials, global, long-term, Quality, semiconductors, value | Mawer believes they are in the earlier stages of AI deployment and therefore long-term winners and losers are too difficult to predict. They maintain diversified exposure toward companies that benefit from AI use cases as well as those focused on building AI infrastructure. Taiwan Semiconductor Manufacturing Co. performed well on strong AI-driven demand and advanced chip technologies, while Amphenol continued its positive trajectory with AI-related products driving significant growth. | View | |
| 2024 Q4 | Jan 14, 2025 | Myrmikan Research | - | - | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, TSLA | AI, Bitcoin, Bubble, Fed, gold, liquidity, Miners, rates | Junior gold mining companies offer operational leverage to gold prices through their thin margins and low valuations. When gold prices rise, their net present values increase fastest, and valuation multiples converge toward majors. They generally move last but then the most in bull markets. | View | |
| 2024 Q4 | Jan 14, 2025 | ABS Global Investment | - | - | NVDA | AI, China, emerging markets, Geopolitical, semiconductors, technology, Trade Policy, Valuations | 2025 is poised to be a breakthrough year for AI applications and commercialization, creating meaningful opportunities across China, Taiwan, and other markets. The emergence of new consumer electronics like AI glasses, AR glasses, AI smartphones, and AI toys is underway, with China's manufacturing capabilities set to benefit. Taiwan's supply chain is positioned to capitalize on NVIDIA's GB200/GB300 servers and AI infrastructure build-out. | View | |
| 2024 Q4 | Jan 13, 2025 | Patient Capital Management | - | - | AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL | AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value | Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle. | BIIB CVS RPRX SDRL KOS FBTC OMF PGEN |
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| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN | AI, Concentration, long-term, Quality, technology, volatility | The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia. | View | |
| 2024 Q4 | Jan 13, 2025 | Pantera Capital | - | - | AAPL, AMZN, BLK, COIN, GOOGL, HOOD, JPM, NVDA, PYPL, SNE | AI, Bitcoin, Blockchain, crypto, DeFi, ETFs, gaming, Stablecoins | 2025 marks a turning point for crypto adoption with regulatory clarity emerging. The convergence of gateways, developer tools, and applications will unlock mainstream adoption. Blockchain networks secure $3 trillion in crypto assets with potential for 300x growth as global financial assets migrate onchain. | View | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BLKB, CHX, EYE, FOUR, FOXF, IBP, LSCC, MIRM, MPWR, NARI, NVDA, SILK, SMCI, STAA, TREX, VRNS, WHD, WING, WMT | AI, Biotech, growth, healthcare, industrials, M&A, small cap, technology | Generative artificial intelligence captured significant attention with OpenAI's ChatGPT driving massive investment in rival models and infrastructure build in data centers and GPU-heavy AI servers. Public market capital chased AI beneficiaries while selling perceived disrupted businesses, with most significant winners in large cap universe. | IBP MIRM BLKB NARI |
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| 2023 Q4 | Jan 13, 2024 | HORAN Capital Advisors | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Bonds, Election Year, Fed policy, Magnificent Seven, small caps, Valuations | The firm began adding small company stock exposure to client portfolios in late Q3 2023, capturing the strong Q4 rebound. Small cap stocks trade at historically low relative valuations to large caps, with earnings growth expected to be up 17% in 2024 and 32% in 2025. | View | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD | diversification, growth, large cap, software, technology, volatility | AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks. | 0CUN LN AIR FP|ICLR|LIN|MRVL|NOW|TSM CTAS |
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| 2023 Q2 | Jan 7, 2023 | Manole Capital Management | 0.0% | 0.0% | AAPL, AMZN, BAC, COF, GOOGL, INTU, JPM, MA, META, MSFT, NVDA, PACW, PNC, PYPL, SCHW, SQ, SYF, USB, V, WFC | Banking, credit, Digital Wallets, Federal Reserve, Fintech, inflation, payments, technology | Manager discusses digital wallets, P2P payments, and how fintech companies like PayPal and Square are trying to become online banks. Emphasizes transaction-based businesses with recurring revenue as preferred investments over traditional credit-sensitive banks. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. | View | |
| 2025 Q2 | Jan 1, 1970 | Aegis Value Fund | - | 27.6% | AFM.TO, AMRG.TO, ASTL.TO, ATH.TO, BOCHGR.AT, CYL.TO, DPM.TO, EQX.TO, FL, GAU.TO, GMIN.TO, HNRG, IPCO.TO, KMR.L, LN.TO, MEG.TO, NCAU.TO, NGSGU, NVDA, ORE.TO | Canadian, deep value, energy, Gold Miners, Precious Metals, small cap, tariffs, value | Precious metals mining stocks were stand-out performers with the Fund's 21 positions delivering 13.62 percentage points to performance. Gold prices soared 25.9% amid dollar weakness and policy uncertainty. The manager continues to believe mining investments represent good value despite recent run-ups. | HNRG BOCHGR.AT MEG.TO IPCO.TO EQX.TO ASTL.TO FL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 4, 2026 | Fund Letters | Antipodes Global Fund | NVIDIA | Semiconductors | Semiconductors | Bull | NASDAQ | Agentic AI, AI infrastructure, CUDA, enterprise, hyperscalers, robotics, semiconductors | View Pitch |
| May 4, 2026 | Fund Letters | Antipodes Global Value Fund | NVIDIA | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, CUDA, data centers, Enterprise AI, hyperscalers, robotics, semiconductors | View Pitch |
| May 1, 2026 | Fund Letters | Alger Spectra Fund | NVIDIA Corporation | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, AI training, cloud infrastructure, data centers, Graphics Processing Units, market leadership, semiconductors | View Pitch |
| Apr 19, 2026 | Seeking Alpha | Seeking Alpha | NVIDIA Corporation | Semiconductors | Graphics Processing Units | Bull | Nasdaq Stock Market | AI infrastructure, Blackwell architecture, CUDA Software, Full-Stack Computing, Government AI, high margins, Mellanox acquisition, NVIDIA, robotics, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, automotive, Cloud computing, data center, Enterprise software, Gaming, Gpu, growth, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality Select | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, Computing Intensity, DeepSeek, generative AI, GPUs, hyperscalers, Jevons Paradox, large language models, Reasoning Capabilities | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, Artificial Intelligence, data centers, GPUs, growth, hyperscalers, infrastructure, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality | NVIDIA | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, DeepSeek, GPUs, hyperscalers, Llms, Reasoning Models, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, CUDA, data centers, GPUs, growth, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Contrarius Global Equity Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, autonomous vehicles, Cloud computing, CUDA Ecosystem, data centers, Digital Twins, GPUs, growth, machine learning, robotics, semiconductors, Software Services | View Pitch |
| Apr 13, 2026 | Fund Letters | Munro Global Growth Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Cloud computing, Computing Infrastructure, data centers, Gpu, growth, hyperscalers, machine learning, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Large Growth | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, automotive, Blackwell Platform, CUDA, data center, Enterprise Inference, Gpu, growth, Hopper Architecture, semiconductors, Sovereign AI | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Enterprise AI, GPUs, high-performance computing, Parallel Processing, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Baillie Gifford -International Concentrated Growth | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Cyclical, GPUs, Hardware, machine learning, Performance, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI, CUDA, data centers, Edge computing, GPUs, machine learning, semiconductors, valuation compression | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Durable Advantage Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, data centers, fabless, Full-stack, GPUs, large language models, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Competitive advantages, Gpu, growth, market leadership, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Longriver Investment Partners | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI training, Artificial Intelligence, CUDA, data center, Graphics Processing Units, high-performance computing, machine learning, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, autonomous driving, Cloud computing, data center, Gaming, Gpu, machine learning, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Core Equity Fund | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Computing, data center, Gpu, hyperscalers, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Ithaka US Growth Strategy | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data center, Gaming, Gpu, growth, machine learning, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global Growth | NVIDIA Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | Artificial Intelligence, Cyclical, Graphics Processing Units, infrastructure, innovation, semiconductors, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Atlantic Core Equity Strategy | Nvidia | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, data centers, Gpu, hyperscalers, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Impax Global Environmental Markets Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, CapEx, data center, Gpu, growth, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Columbia Global Technology Growth Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI Computing, CUDA Platform, data centers, enterprise, hyperscalers, semiconductors, Software Ecosystems | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | Nvidia Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, CUDA Software, data center, Gpu, growth, market leader, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Artificial Intelligence, China, Cloud computing, data centers, GPUs, semiconductors, tariffs | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Atlantic Core Equity Strategy | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Computing, data center, Gpu, hyperscalers, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, China Trade, data centers, geopolitical risk, GPUs, semiconductors, Technology Export Controls | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data centers, Equity, GPUs, growth, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Impax US Sustainable Economy Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI ecosystem, AI infrastructure, energy efficiency, GPUs, Hyperscale Cloud, robotics, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Hedged Equity Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, automotive, Blackwell Platform, data centers, Gaming, GPUs, large language models, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data center, Gpu, growth, semiconductors, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Large Growth | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, asset-light, data center, Free Cash Flow, Gaming, Gpu, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | NVIDIA Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data center, Gaming, Gpu, growth, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Saltlight Capital | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Enterprise Technology, Gpu, Hardware, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Large Growth | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI, Edge AI, GPUs, hyperscalers, inference, semiconductors, Software Ecosystem | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI, Edge AI, GPUs, hyperscalers, inference, Networking, semiconductors, Software Ecosystem, supply chain | View Pitch |
| Apr 13, 2026 | Fund Letters | Jackson Peak Capital | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI leader, CapEx cycle, data center, growth, Market rally driver, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Columbia Global Technology Growth Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Gpu, Hardware, market leadership, Product cycle, semiconductors, Software Ecosystem | View Pitch |
| Apr 13, 2026 | Fund Letters | Mar Vista Global Equity Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI infrastructure, Artificial Intelligence, Blackwell Platform, GPUs, large language models, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Spear Advisors | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CapEx, data center, GPUs, Hardware, hyperscaler, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis US Select Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, Gpu, growth, semiconductors, technology hardware | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis Global Select Fund | NVIDIA Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | AI, China, Competitive Threat, Gpu, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Global Advantage Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, datacenter, Gaming, GPUs, growth, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPUs, growth, high-performance computing, semiconductors, technology leadership | View Pitch |
| Apr 13, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CUDA, data center, Ecosystem, Gpu, growth, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Global Advantage Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data center, Full-stack, generative AI, Gpu, growth, platform, semiconductors, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Infuse Partners | NVIDIA Corporation | Technology Hardware & Equipment | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, competitive moat, CUDA, data centers, hyperscalers, semiconductors, technology infrastructure | View Pitch |
| Apr 13, 2026 | Fund Letters | Mayar Capital | NVIDIA Corporation | Technology Hardware & Equipment | Semiconductors | Bear | NASDAQ | AI, Chips, Competition, Margins, Overvaluation, semiconductors, technology, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Mairs & Power - Growth Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, data centers, Deep Learning, Gaming, Graphics Processing, high-performance computing, machine learning, semiconductors, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, data centers, GPUs, high-performance computing, Hopper H200, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Opportunity Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, data center, GPUs, growth, Networking, semiconductors, Software, Systems | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data centers, Gaming, GPUs, growth, semiconductors | View Pitch |
| Apr 13, 2026 | Fund Letters | Jackson Peak Capital | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Artificial Intelligence, CapEx cycle, infrastructure, market rally, semiconductors, Technology leader | View Pitch |
| Apr 13, 2026 | Fund Letters | Andrew Hill Investment Advisors | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, autonomous vehicles, ChatGPT, Computing, Drug Research, Gaming, GPU Technology, semiconductors | View Pitch |
| Apr 13, 2026 | Substack | Alpha Seeker 84 | NVIDIA Corporation | Semiconductors | Graphics & Multimedia | Bull | NASDAQ Stock Market | AI infrastructure, CUDA moat, data centers, economic margins, NVIDIA, NVLink Fusion, performance per watt, Pricing power, rack-scale systems, Software Stack | View Pitch |
| 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. | ||||||||