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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, CMG, GART, GOOG, GWW, INTU, NKE, NVDA, NVO, WCN, WDAY | earnings, growth, innovation, moats, technology | The commentary emphasizes sustained large-cap growth leadership supported by strong earnings, balance sheet quality, and secular technology adoption. While valuations are elevated, pricing power and margin durability among dominant franchises underpin continued growth potential. Growth remains attractive as innovation and capital discipline drive long-term earnings compounding. | View | |
| 2024 Q3 | Sep 30, 2024 | Brown Capital Management International All Company Fund | 5.2% | 6.5% | 3064 JP, MBLY, MELI, MNDY, NVO | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Orbis International Equity | - | - | ABBV, GMAB DC, JNJ, NVO, REGN, ROG SW | - | View | ||
| 2024 Q3 | Sep 30, 2024 | ACATIS Investment | - | 8.8% | 1193 HK, 6268 JP, BNTX, HALO, NVO, PLTR, REGN, SMCI, SMFT LN, SWKS | Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors | The report underscores the exponential growth in artificial intelligence infrastructure, from semiconductor equipment and performance electronics to data centers and power supply, with European industrial champions playing critical enabling roles. Rising computing intensity, multi-billion-euro model training costs and surging electricity demand are driving investment in semiconductors, grid infrastructure and even nuclear energy solutions to power AI workloads. ACATIS positions portfolios toward companies benefiting from AI-driven capital expenditure cycles, particularly in semiconductors, industrial technology and energy infrastructure. | HALO SMCI 6268 JP SWKS NVO 1193 HK BNTX |
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| 2025 Q2 | Jul 8, 2025 | Fundsmith Equity Fund | - | -1.9% | COLO AV, NVO, ZTS | Discipline, free cash flow, long-term, Quality, returns on capital | The letter reiterates a long-term quality investing philosophy centered on high returns on capital and durable free cash flow. Management downplays short-term volatility and currency effects in favor of business fundamentals. Portfolio turnover remains low, reinforcing a buy-and-hold discipline. | View | |
| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | AVGO, BYD, CRWD, MELI, MSFT, NFLX, NVDA, NVO, ORLY, SPOT | Artificial Intelligence, Digital Platforms, innovation, productivity, secular growth | The letter emphasizes global innovation as the primary driver of long-term equity returns, with a focus on companies benefiting from technological change and expanding end markets. Management highlights artificial intelligence, digital platforms, and productivity-enhancing software as structural growth forces. Volatility is viewed as an opportunity to add to high-conviction innovators with durable competitive advantages. | View | |
| 2025 Q2 | Jul 17, 2025 | Polen Capital – International Growth | 6.9% | 6.9% | 8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME | Compounding, earnings, International Growth, Quality, valuation | The letter emphasizes international growth opportunities in businesses with strong competitive positions and long-duration earnings power. Management argues that non-U.S. markets offer attractive relative valuations without sacrificing quality or growth. The focus remains on compounding intrinsic value over full market cycles. | IBN ICLR GLOB AON SAP GR 8035 JP MELI |
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| 2025 Q2 | Jul 15, 2025 | GreensKeeper Value Fund | - | -3.6% | AXP, BRK/A, CFR SW, FI, GOOG, NVO | capital preservation, Discipline, risk taking, Speculation, valuation excess | The letter warns of rising speculative behavior marked by frothy valuations, renewed risk-taking, and investor complacency. Management stresses that such environments historically reward patience and discipline rather than momentum chasing. The fund positions itself to protect capital and deploy aggressively when fear eventually returns. | CFR SW GOOGL AXP |
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| 2025 Q2 | Jun 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | 15.9% | 6.3% | ABNB, BWXT, NVDA, NVO, SNOW, UBER | innovation, scalability, secular growth, Valuation discipline, volatility | The letter focuses on secular growth businesses with long runways and scalable models. Management highlights patience through volatility and disciplined valuation. Growth is framed as selective rather than broad-based. | View | |
| 2024 Q2 | Jun 30, 2024 | Brown Capital Management International All Company Fund | -1.9% | 1.2% | 1IG GR, AFX GR, AJB LN, NVO, OCDO LN | - | View | ||
| 2025 Q1 | Apr 19, 2025 | Polen Capital – International Growth | 0.0% | 0.0% | ADYEN NA, AON, GLOB, ICLR, LONN SW, MELI, NVO, SAP GR, TCEHY, TME, TSM, ULVR | - | View | ||
| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABT, ADYEN NA, AMZN, AON, GLOB, MELI, NVDA, NVO, SAP GR, WTW | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Polen Capital – Focus Growth | -6.3% | -6.3% | AON, NVDA, NVO, ORCL, SBUX, TSLA | - | View | ||
| Q4 2025 | Mar 6, 2026 | Argosy Investors | - | - | DAVA, EPAM, FND, HD, LLY, LOW, NVO | AI, Cyclical, Pharmaceuticals, retail, software, value | AI developments from major companies are causing rapid market changes and stock price volatility. AI is reshaping the investment landscape with massive capital being deployed for infrastructure, while creating uncertainty about whether it will enhance productivity or cause more disruptive economic impacts. The manager remains open-minded about AI's various potential development paths. Software companies are experiencing significant declines as the market reassesses AI impacts. Concerns include reduced seat-based revenue from efficiency gains, lower pricing power from AI-first competitors, and decreased new customer bookings. However, some software solutions may be less easily replaced by AI, particularly those requiring high security and user interconnectedness. The manager sold Novo Nordisk after brief ownership due to competitive disadvantages versus Eli Lilly. While NVO was attractive from a valuation perspective and first to market with oral GLP-1, LLY has a superior product and NVO's competitive position may weaken when LLY brings similar options to market. Floor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring retail. The company offers superior inventory selection and lower prices, taking market share consistently. Current margins are depressed but should recover as store base builds out and same-store sales normalize from post-COVID and interest rate headwinds. | View | |
| 2025 Q1 | Mar 31, 2025 | American Century International Growth Fund | 1.9% | 1.9% | 6758 JP, 7203 JP, AI FP, GLBE, GLE FP, NVO, ONON, SIE GR | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Brown Capital Management International All Company Fund | -1.5% | -1.5% | AFX GR, AJB LN, COH AU, GIVN SW, ICLR, MELI, NVO, NVX AU | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Large Cap Value | - | - | AVGO, CVS, EIX, GOOG, NVO, ORCL, ORLY, RTX, SRE | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ACATIS Investment | -5.5% | -5.5% | 2413 JP, 3458 JP, 4088 JP, 4755 JP, 6920 JP, 8113 JP, ADI, BIDU, BN, BNTX, ELIS FP, HNR1 GR, INTU, LEMN SW, MC FP, META, NDA GR, NVO, SPGI, SWKS, SY1 GR, UBER | Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors | 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. | UBER SPGI BN BIDU 8113 JP 4755 JP 6920 JP SWKS ELIS FP HNR1 GR |
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| 2024 Q1 | Mar 31, 2024 | Brown Capital Management International All Company Fund | 3.2% | 3.2% | ASML, GRF SM, NVO, TEMN SW | - | View | ||
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments International Growth ADR Strategy | - | - | NVO, SPOT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Artisan International Fund | - | 10.6% | 4091 JP, ABI BB, AER, AMZN, KO, MRO LN, NVO, SHOP | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | ADBE, AMZN, CHTR, CRWD, GOOG, NVO, SNOW, UEEC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Bell Global Equities Fund | 8.9% | 21.7% | AVGO, GOOG, LULU, NVO | - | View | ||
| 2024 Q4 | Dec 31, 2024 | BlackRock Global Dividend Fund | -4.6% | 9.5% | AVGO, NVO | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston International Equity | -3.3% | 13.4% | 8750 JP, AZN LN, MC FP, MELI, NEX FP, NOD NO, NVO, SDZ SW, STAN LN, TEAM, TSM, UCB BB | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Brown Capital Management International All Company Fund | -6.6% | -0.6% | 0268 HK, 1IG GR, 3064 JP, AFX GR, CAMT, DSG CN, GIVN SW, NVO, RAA GR, SHOP, TEAM, WISE LN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ACATIS Investment | - | 16.2% | ADP, GOOG, NVO, PLTR, UBER, VRTX, VU FP | Artificial Intelligence, Data centers, Nuclear Energy, Power Infrastructure, semiconductors | The report highlights the accelerating global investment cycle in artificial intelligence infrastructure, emphasizing semiconductors, data centers and energy supply as critical bottlenecks in scaling AI capabilities. Management argues that exponential growth in computing power requirements and model training costs is reshaping capital allocation toward chip manufacturing equipment, grid expansion and power generation, including nuclear solutions. In this environment, ACATIS positions portfolios to benefit from structural AI-driven capex while remaining selective on valuations amid heightened market concentration. | ADP VRTX GOOG PLTR |
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| 2023 Q2 | Dec 7, 2023 | Rowan Street Capital | 12.8% | 42.3% | CMG, NVO, TSCO | - | View | ||
| 2023 Q4 | Dec 1, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ABT, ADP, ALGN, AMZN, AON, EL, NESN SW, NVO, SAP, WDAY | - | View | ||
| 2025 Q3 | Nov 3, 2025 | BlackRock Global Dividend Fund | 6.7% | 16.5% | BABA, NVO | AI, Cloud, consumer, dividends, Quality | BlackRock Global Dividend Fund emphasizes quality dividend growers across global markets with selective AI exposure. Key contributors included Alibaba, Broadcom, and Oracle, while Novo Nordisk and Colgate detracted. Management remains optimistic on AI infrastructure and defensive consumer names, favoring resilient earnings and diversified sector exposure. | CL NOVO ORCL AVGO BABA ORCL AVGO BABA |
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| 2025 Q3 | Oct 31, 2025 | Castlebay Investments | - | - | AZO, DOM LN, NVO | capital, confidence, Leverage, returns, solvency | Banks face structurally high leverage, low returns on equity, and confidence-sensitive funding models that make them unattractive long-term investments. Regulatory changes have reduced leverage but also constrained economic growth and profitability. Rising non-performing loans, liquidity risks, and misaligned incentives further weaken the investment outlook for the sector. | View | |
| 2025 Q3 | Oct 30, 2025 | Argosy Investors | - | - | DAVA, DFH, FERG, NVO, POST, W | Artificial Intelligence, Auto Loans, Credit Risk, Housing, interest rates | The letter analyzed the failure of subprime auto lender Tricolor as an example of credit excesses fueled by lax underwriting and over-leverage, drawing parallels to pre-2008 housing dynamics. Portfolio updates reflected cautious trimming of housing-related names like Dream Finders Homes amid mixed interest rate signals and continued selective exposure to builders with deleveraging potential. The manager also noted AI-related overinvestment risks, preferring overlooked industrial and life sciences opportunities as valuations normalize. | DFH NVO DAVA POST DFH NVO DAVA POST |
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| 2024 Q3 | Oct 23, 2024 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | AMZN, AON, GOOG, MSCI, NVO, ORCL, SAP GR, SHOP | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Hardman Johnston International Equity | 8.5% | 36.2% | 6501 JP, 7269 JP, DTE GR, HDFCB IN, ICICIBC IN, IFX GR, MELI, NVO, PRX NA, PRY IM, SDZ SW, STM, TEAM, TSM, UCB BB | AI, Europe, healthcare, International Equities, semiconductors | The fund benefited from strong stock selection in Europe and Asia, led by AI-related semiconductor names like TSMC and STMicroelectronics. Healthcare and consumer discretionary sectors also contributed, while financials and Japan detracted. The outlook highlights opportunity in undervalued international equities amid tariff normalization and AI-led productivity investment. | SUZUKI PROS SDZ UCB |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – International Alpha | 6.7% | 19.5% | 0XXT LN, BHP AU, COIN, EDEN FP, ENSG, ENTG, GMAB DC, MEDP, MSCI, NVO, SHOP, UNH | Artificial Intelligence, Digital Platforms, Global Growth, Healthcare Innovation, semiconductors | The fund highlights AI enthusiasm driving markets to record highs, with holdings like AppLovin, Shopify, and TSMC benefiting from data infrastructure and digital platform growth. Healthcare positions such as Medpace and Novo Nordisk are viewed as cyclical recovery opportunities tied to innovation in clinical trials and obesity drugs. Managers remain focused on global quality growth across sectors despite U.S. market dominance. | View | |
| 2025 Q3 | Oct 20, 2025 | Davenport Core Leaders Fund | 3.2% | - | EA, NVDA, NVO | Artificial Intelligence, healthcare, Large Caps, Robotics, technology | The funds performance was driven by large-cap technology names like NVIDIA, Alphabet, and Apple benefiting from ongoing AI investment cycles. The managers maintained an underweight in the Magnificent 7 for valuation and risk reasons while adding to Intuitive Surgical, citing long-term growth in robotic-assisted healthcare. Despite lagging the S&P 500, the fund remains focused on disciplined capital allocation and steady compounders. | NVO NVDA |
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| 2025 Q3 | Oct 2, 2025 | Vltava Fund | - | - | FI, MRX, NVO | commodities, growth, healthcare, payments, value | The letter centers on valuation discipline, warning against both value traps and growth traps caused by narrative-driven investing. Intrinsic value estimation, margin of safety, and long-term fundamentals are positioned as the foundation of sustainable returns. Valuation remains critical as markets misprice growth and cyclicality. | MRX FISV |
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| 2023 Q3 | Oct 17, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | 80TE LN, CME, MC FP, NVO | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BALL, BK, CMI, DE, DHI, HD, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | Artificial Intelligence, Health Care, Medical Devices, Rate Cuts, Value Investing | Parnassus outperformed its benchmark as AI-related holdings such as Oracle and TSMC boosted returns. The fund trimmed IT exposure after strong gains, reallocating into healthcare names like Abbott and Stryker to capture durable medical device growth. Management expects value stocks to outperform amid declining rates, stable growth, and rich overall market valuations. | View | |
| 2024 Q3 | Oct 1, 2024 | Protean Select | 0.0% | 10.6% | AZN LN, GNGBY, NVO | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | View | |
| 2024 Q4 | Jan 7, 2025 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ARNB, AVGO, ICON, NEE, NVO, TSLA | - | View | ||
| 2024 Q4 | Jan 7, 2025 | Protean Select | - | 11.0% | 0CX9 LN, EVO SS, NVO | - | View | ||
| 2025 Q4 | Jan 23, 2026 | GreensKeeper Value Fund | 0.0% | 0.0% | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value | The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige. | ADBE ICLR NVO LULU FISV CFRUY AXP GOOG |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Equity | 4.2% | 27.6% | 005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA | AI, defense, emerging markets, international, semiconductors, technology, Valuations | AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization. | BA LN 035420 KS |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Fund | 0.1% | 3.0% | AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM | AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology | AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture. | MSFT GOOG TSM |
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| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 2 | 1.4% | 0.0% | AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM | AI, Cloud, consumer, Defensive, global, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures. | View | |
| Q4 2025 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments International Growth ADR Strategy | 0.0% | 0.0% | 0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI | AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value | The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital. | HEI GR ROG SW NWG LN AZN LN |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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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 14, 2026 | Hardman Johnston International Equity | 4.3% | 0.0% | 0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L | AI, Asia, defense, Europe, financials, healthcare, international, Mining | The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory. | DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW |
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| 2025 Q4 | Jan 12, 2026 | Summers Value Fund | 1.7% | 6.7% | CCSI, DPLO, ELMD, ENDP, NVO | concentrated, healthcare, long-term, small caps, special situations, value | Fund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. Fund employs fundamental value-oriented approach with focus on margin of safety and intrinsic value calculations. Seeks companies trading at discounts to long-term intrinsic value using cash flow yield or asset value methodologies. Emphasizes downside protection relative to estimate of intrinsic value. Concentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities. | CCSI |
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| 2025 Q4 | Jan 12, 2026 | Summers Value Fund | 1.7% | 6.7% | CCSI, DPLO, ELMD, ENDP, NVO | concentrated, healthcare, long-term, small caps, special situations, value | Fund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. Fund employs fundamental value-oriented approach with focus on margin of safety and intrinsic value calculations. Seeks companies trading at discounts to long-term intrinsic value using cash flow yield or asset value methodologies. Emphasizes downside protection relative to estimate of intrinsic value. Concentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities. | View | |
| 2024 Q3 | Sep 30, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 6690 HK, ATD CN, HDB, MELI, NESN SW, NVO, OR FP, SU FP, TSM | - | View | ||
| 2024 Q3 | Sep 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | ALLE, AMAT, NVDA, NVO | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Hardman Johnston International Equity | 5.7% | 17.2% | 1299 HK, 7011 JP, 8750 JP, 8795 JP, ASML, HDB, MELI, NEX FP, NOD NO, NVO, PRX NA, PRY IM | - | View | ||
| 2024 Q3 | Sep 30, 2024 | American Century International Growth Fund | 6.6% | 0.0% | 669 HK, 6981 JP, 7011 JP, ASML, BVI FP, CLNX SM, ICON, NESN SW, NVO, ONON | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Lansdowne Partners European Fund | 1.1% | 9.1% | FER SM, LDO IM, NVO, SGRO LN, SIKA SW, TEL2B SS | - | View | ||
| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | DEO, EL, IDXX, META, MTD, NVO | - | View | ||
| 2024 Q2 | Jul 31, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, AMD, AVGO, DIS, ETN, FICO, LLY, MC FP, MDB, NVDA, NVO | - | View | ||
| 2024 Q2 | Jun 30, 2024 | American Century International Growth Fund | 6.6% | 0.0% | 0RR6 LN, AIR FP, AKE FP, DIM FP, EDEN FP, NVO, TSM, TYT LN, UBSG SW, ULVR LN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments International Growth ADR Strategy | - | - | 1211 HK, 7011 JP, AIR FP, NVO, NWG LN, UCG IM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mayar Capital | 2.9% | 2.9% | 005930 KS, AHT LN, ALO FP, BFAM, BLND LN, CAP FP, FOUR LN, GOOG, HLCL LN, JNJ, KVUE, LH, NKE, NVO, PYPL, SAP FP, SOLV, SOM LN, UPS, V, VTY LN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston International Equity | 6.9% | 6.9% | 7011 JP, ASML NA, CDIIQ, FTI, MELI, NVO, PRX NA, RHM GR, STAN LN, TSM | - | View | ||
| 2023 Q4 | Mar 18, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | BRO, CMG, NVO | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – Global SMID Company Growth | 2.3% | 12.0% | ABNB, ADBE, AMZN, CSGP, GOOG, ICLR, MC FP, NVO, OR FP, ORCL, PAYC, SHOP | - | View | ||
| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, ATCOA SS, BF/B, DEO, IDXX, META, MKC, NKE, NVDA, NVO, OR FP, PM, TXN | - | View | ||
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 4307 JP, 472 GR, CRH, NVO, SMCN MM | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bear | New York Stock Exchange | clinical trial, Drug-Pricing, GLP-1, Obesity, pipeline, Regulation | View Pitch |
| Feb 18, 2026 | Substack | Modern Value Investing | Novo Nordisk | Healthcare | Pharmaceuticals | Bull | NASDAQ Stock Market | chronic disease therapy, FDA approval, GLP-1, Novo Nordisk, obesity market, oral Wegovy, Pricing Strategy, Revenue Growth, US launch, valuation | View Pitch |
| Feb 18, 2026 | Substack | Modern Value Investing | Novo Nordisk | Pharmaceuticals | Biotechnology | Bull | Copenhagen Stock Exchange | FDA intervention, GLP-1 market, Intellectual Property, market dominance, Novo Nordisk, pharmaceuticals, regulatory support, Revenue Growth, semaglutide, Wegovy pill | View Pitch |
| Feb 4, 2026 | Seeking Alpha | Seeking Alpha | Novo Nordisk A/S | Pharmaceuticals | Biotechnology | Bear | Nasdaq Stock Market | API costs, biotechnology, FDA approval, margin contraction, Novo Nordisk, oral GLP-1, pharmaceuticals, Pricing Strategy, Sales Decline, Wegovy | View Pitch |
| Feb 4, 2026 | Twitter / X | @BourbonCap | Novo Nordisk A/S | Pharmaceuticals | Biotechnology | Bull | New York Stock Exchange | biologics, Denmark, Diabetes, Glp1, MetabolicDisease, NASH, Obesity, pharmaceuticals | View Pitch |
| Jan 27, 2026 | Fund Letters | Michael McCloskey | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | GLP-1, growth, innovation, Obesity, pharmaceuticals | View Pitch |
| Jan 27, 2026 | Fund Letters | Terry Smith | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bear | NASDAQ | Generics, Glp1, management, Obesity, Repricing | View Pitch |
| Jan 22, 2026 | Twitter / X | @EarningsB4Hugs | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Glp, Insulin, Nordisk, Novo, Novo Nordisk, NVO, Protein, Protein Chemistry | View Pitch |
| Jan 22, 2026 | Substack | Modern Value Investing | Novo Nordisk | Healthcare | Pharmaceuticals | Bull | NASDAQ Stock Market | competitive pressures, diabetes care, healthcare, January Effect, market share, Momentum, Novo Nordisk, pharmaceuticals, R&D, regulatory changes | View Pitch |
| Jan 8, 2026 | Substack | Modern Value Investing | Novo Nordisk | Pharmaceuticals | Biotechnology | Bull | New York Stock Exchange | Competitive Advantage, diabetes care, global reach, GLP-1 supercycle, Innovative treatments, Market expansion, Oral formulations, pharmaceuticals, research and development, Sustained growth | View Pitch |
| Nov 29, 2025 | Seeking Alpha | Seeking Alpha | Novo Nordisk A/S | Drug Manufacturers - General | Bear | cost-cutting, Evoke trial, GLP-1 drugs, growth challenges, Healthcare Sector, international operations, market share, Novo Nordisk, Pricing pressure, Value trap | View Pitch | ||
| Nov 29, 2025 | Fund Letters | George L. Smith III | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bear | NYSE | Competition, Diabetes, GLP-1, healthcare, Obesity, pharmaceuticals, R&D | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael McCloskey | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Competition, Diabetes, efficiency, GLP-1, growth, Obesity, pipeline | View Pitch |
| Nov 29, 2025 | Fund Letters | Mike Loeb | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Capacity, GLP-1, Obesity, pipeline, Reimbursement | View Pitch |
| Nov 28, 2025 | Fund Letters | Mike Loeb | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Capacity, GLP-1, Obesity, pipeline, Reimbursement | View Pitch |
| Nov 25, 2025 | Seeking Alpha | Seeking Alpha | Novo Nordisk A/S | Drug Manufacturers - General | Bull | Alzheimer's trials, diabetes care, dividend yield, investment opportunity, market sentiment, Novo Nordisk, pharmaceuticals, pipeline, semaglutide, stock undervaluation | View Pitch | ||
| Nov 25, 2025 | Substack | Compound and Fire | Novo Nordisk | Health Care | Drug Manufacturers - General | Bear | capital expenditures, diabetes treatment, Eli Lilly competition, GLP-1, market share, Novo Nordisk, Obesity drugs, patent expiration, pharmaceuticals, Pricing pressure | View Pitch | |
| Nov 11, 2025 | Seeking Alpha | Seeking Alpha | Novo Nordisk A/S | Drug Manufacturers - General | Bull | cash flow, Diabetes, dividend yield, growth potential, Metsera acquisition, Novo Nordisk, obesity treatments, pharmaceuticals, pipeline risks, valuation | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Novo Nordisk A/S | Drug Manufacturers - General | Bear | CagriSema, compounding pharmacies, diabetes care, drug safety, FDA approval, Intellectual Property, Novo Nordisk, patent challenges, pharmaceuticals, semaglutide | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Oakoff Investments | Novo Nordisk A/S | Health Care | Drug Manufacturers - General | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mark Bern, CFA | Novo Nordisk | Health Care | Drug Manufacturers - General | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Finance Flash | Novo Nordisk A/S | Health Care | Drug Manufacturers - General | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Cyn Research | Novo Nordisk | Health Care | Drug Manufacturers - General | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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