Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
View |
| 2023 Q2 | Jul 25, 2023 | Ironvine Capital Partners | - | 14.4% | ADBE, AMZN, CTLT, DHR, DLTR, GOOGL, HEI, MA, MCO, ODFL, SPGI, TMO, UNH, V | aerospace, AI, healthcare, Logistics, M&A, Quality, retail, software | New investment in UnitedHealth Group as the largest managed care organization transitioning from health insurer to vertically integrated service provider. Optum drives over half of company-wide profit with decade-plus lead in comprehensive healthcare delivery. | View | |
| 2024 Q2 | Jul 16, 2024 | The Bristol Gate U.S. Equity Strategy | -0.4% | 6.1% | AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS | Concentration, dividends, growth, Quality, technology, value | Bristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential. | ODFL GE |
View |
| 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 | |
| 2025 Q2 | Jul 11, 2025 | Hennessy Equity and Income Fund | - | - | BLK, ENTG, HD, LOW, MLM, ODFL, PGR, RSG, SCHW | fixed income, Quality, semiconductors, tariffs, Trade Policy, Valuations | The portfolio is positioned to weather tariff uncertainty through companies with strong pricing power and financial flexibility. Service-oriented companies like Progressive and Schwab are less susceptible to direct tariff effects, while onshoring beneficiaries include Republic Services and Martin Marietta. | View | |
| 2025 Q2 | Jun 30, 2025 | Parnassus Mid Cap Growth Fund | 13.3% | - | ALC, ALNY, BLDR, CSGP, DDOG, EFX, GWRE, HLT, HOOD, JBHT, KLAC, MELI, NET, ODFL, POOL, RCL, RGEN, SARO, SN, WDC | AI, Cyclical, growth, Logistics, mid cap, semiconductors, software | The fund maintains thematic focus on artificial intelligence exposure through software and semiconductor companies. Portfolio includes companies like Guidewire, Autodesk and Cadence that are well positioned with large datasets and existing customer relationships to train AI technology for specific use cases. | View | |
| 2024 Q1 | Jun 16, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT, ARW, AZO, BLDR, ODFL, TIGO, WBD | Asia, Buybacks, Consolidation, Distribution, Electronics, small caps, Specialty Finance, value | The fund focuses on high-velocity dealerships and distributors across multiple sectors including auto dealerships, building products, and capital equipment. Arrow Electronics represents a major new investment in electronic components distribution with 15% global market share and strong consolidation opportunities. | ARW |
View |
| 2026 Q1 | Apr 6, 2026 | Wedgewood Partners | -6.3% | -6.3% | AMZN, BKNG, CB, CDW, CPRT, GOOGL, META, MSFT, MSI, ODFL, ORLY, PGR, PYPL, TOL, TSCO, TSM, UNH, V | AI, energy, geopolitics, growth, large cap, oil, semiconductors, technology | V GOOGL META BKNG MSFT ORLY CB MSI ODFL TSM |
View | |
| 2026 Q1 | Apr 29, 2026 | Weitz Multi Cap Equity Fund | -8.3% | -8.3% | CSGP, DHR, GOOGL, HEI, IR, IT, MSFT, ODFL, RGEN, SIRI, TXN, V | AI, energy, fundamentals, Geopolitical, multi-cap, Portfolio Management, value | View | ||
| 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 | Bell Global Equities Fund | -11.1% | -11.1% | 4307.T, BOOT, DB1.DE, MELI, NKE, ODFL, TEL | AI, energy, geopolitics, Global Equities, Quality, technology, volatility | MELI 4307.T TEL BOOT DB1.DE |
View | |
| 2026 Q1 | Apr 29, 2026 | Bell Global Emerging Companies Fund | -8.6% | -8.6% | 3064.T, 4307.T, 5803.T, 7741.T, BJ, BOOT, DB1.DE, EVT.DE, EXPN.L, GTT.PA, KEYS, ODFL, SFM, TER, TTI | AI, energy, Geopolitical, global, Quality, small caps, volatility | 4307.T TEL BOOT DB1.DE |
View | |
| 2025 Q1 | Apr 22, 2025 | Ironvine Capital Partners | - | 0.1% | ADI, AHT.L, AMAT, APH, ENTG, GOOGL, HEI, HON, ODFL, TSM, UNP, URI | activism, aerospace, AI, Onshoring, semiconductors, tariffs, technology, Trade Policy | The United States enacted tariffs on essentially all global trading partners, with the magnitude and scope surprising markets. The Liberation Day announcement on April 2nd suggests significant structural change to global trade is possible for the first time in decades. Trade negotiations remain volatile, creating uncertainty for businesses and consumers about manufacturing costs and pricing. | AHT.L HON APH |
View |
| 2026 Q1 | Apr 17, 2026 | Parnassus Core Equity Fund | -6.2% | -6.2% | AMAT, BRO, BSX, CRM, DE, DHR, KLAC, LIN, NOW, O, ODFL, SPGI, TMO, VMC, WDAY | AI, Geopolitical, healthcare, industrials, large cap, Quality, semiconductors | VMC ODFL |
View | |
| 2026 Q1 | Apr 17, 2026 | Parnassus Mid Cap Growth Fund | -7.0% | -7.0% | ARES, BILL, BLDR, CSGP, DKS, EW, HOOD, HUBG, KLAC, ODFL, RDDT, RKLB, ROK, TER, VMC | AI, growth, Housing, industrials, mid cap, semiconductors, technology | View | ||
| 2026 Q1 | Apr 15, 2026 | Brown Advisors Mid-Cap Growth strategy | -9.0% | -9.0% | AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS | AI, energy, growth, industrials, mid cap, software, technology | GH FTAI ANDG RDDT TOST GWRE |
View | |
| 2025 Q1 | Apr 15, 2024 | The London Company Large Cap | 2.3% | 2.3% | BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG | Defensive, financials, large cap, Quality, semiconductors, technology, value | The portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years. | ENTG |
View |
| 2024 Q4 | Dec 31, 2024 | Parnassus Mid Cap Growth Fund | -2.5% | 10.6% | A, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, JBHT, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT | Automation, Freight, growth, industrials, mid cap, Quality, semiconductors, technology | The fund maintains a key thematic overweight in semiconductors, identifying innovative, competitively advantaged, market-share gainers that can deliver strong performance over the coming years. Holdings include KLA Corporation, a semiconductor process control solutions provider affected by the industry's cyclical downturn and geopolitical risks including U.S.-China export restrictions. | View | |
| 2022 Q4 | Dec 31, 2023 | Zelikovic Investments | - | - | BAM, EXO NA, HEI, IAC, KKR, MSFT, ODFL, TPL | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, EW, GOOGL, META, MSI, ODFL, ORLY, PYPL, TPG, TSM | AI, Auto Aftermarket, Fed policy, growth, interest rates, large cap, technology, Travel | O'Reilly Automotive represents the aftermarket auto parts industry which benefits from higher car financing costs forcing owners to keep cars longer, increasing maintenance needs. The industry remains fragmented with growth opportunities, particularly in the do-it-for-me segment where O'Reilly excels through its distribution network. | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
View |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP | AI, defense, dividends, large cap, Quality, risk management, technology, valuation | AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach. | ODFL MARSH LHX TEL ORCL AVGO |
View |
| 2023 Q3 | Oct 31, 2023 | The London Company Large Cap | 8.1% | 14.6% | ALB, GOOG, MLM, NEU, NSC, ODFL | Buybacks, large cap, Logistics, materials, Quality, technology, value | The manager emphasizes investing in companies with sustainably high returns on capital and low leverage ratios. Quality factors posted the best results in Q3, though their relative advantage was most pronounced down the market cap spectrum. The portfolio focuses on profitable, financially stable companies that consistently generate free cash flow. | NSC KMLM AALB.AS GOOG ODFL AER|AWI|MUSA|NEU|SAIA|WTM |
View |
| 2024 Q3 | Oct 3, 2024 | Seeking Winners | 5.5% | - | APPF, ATD, CMG.TO, CSU.TO, EVO.ST, LMN.TO, ODFL, TOI.TO | Capital Allocation, growth, Quality, small caps, software | The fund acquired two software companies - Computer Modelling Group (CMG) and AppFolio - representing a strategic shift toward high-quality software businesses. CMG operates in a near-monopoly position in reservoir simulation software with 71% recurring revenue, while AppFolio dominates property management software with strong unit economics and margin expansion potential. | APPF CMG.TO |
View |
| 2025 Q3 | Oct 28, 2025 | The London Company Large Cap | 6.2% | 8.1% | BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL | AI, Buybacks, financials, large cap, Quality, technology, value | AI enthusiasm fueled market advance in Q3, with companies like Alphabet benefiting from accelerated adoption of AI offerings. However, momentum and sustainability of AI and the capex behind it have been questioned more frequently. | EQH GOOG EQH GOOG |
View |
| 2025 Q3 | Oct 21, 2025 | Zeno | - | - | APH, CSU.TO, CTAS, DHR, EZJ.L, HCSG, LIN, ODFL, RYAAY, SNBR, TPG | Capital Allocation, compensation, execution, management, Ownership, Quality, returns | The fund focuses on companies with exceptional execution and long-term risk assessment capabilities. They seek businesses with owner-operators who demonstrate Founder's Mindset, combining executional urgency with disciplined capital allocation. These quality companies have delivered mid-teens or higher long-term total shareholder returns through superior business models. | View | |
| 2025 Q3 | Oct 20, 2025 | Pelican Bay Capital Management | 7.8% | 11.2% | CPAY, CVS, ELV, EOG, FANG, FIS, GOOGL, KNSL, MU, ODFL, ON, TOL, ULTA, UNH | AI, energy, gold, healthcare, insurance, technology, Trucking, value | Gold miners benefited from heightened investor excitement as bullion prices increased 17% in Q3. Barrick Mining jumped 60% and contributed 3.4% to portfolio returns. Despite strong gains, current stock prices still reflect an underlying gold price of $3,000-$3,400 per ounce, well below the current spot price of $4,300 per ounce. | ELV ODFL GOOG MU ELV ODFL MU |
View |
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG | Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value | The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally. | MGM FDX PRX.AS ERF.PA CNX K DHER.DE |
View |
| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | AI, Cyclical, growth, mid cap, semiconductors, technology, value | The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver. | 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 |
View |
| 2023 Q2 | Oct 7, 2023 | SVN Capital Fund | 0.0% | 29.4% | CPRT, HEI, KNSL, ODFL | aerospace, Concentration, India, insurance, long-term, Luxury, Owner-Operators, Quality | Added Hermès International as new position. Luxury market expected to hit $600 billion by 2030, driven by Chinese customers and younger generations. Hermès unique artisan production model creates scarcity with wait times of years for iconic bags. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2025 Q4 | Jan 23, 2026 | Bell Global Emerging Companies Fund | -1.8% | -5.9% | 3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS | global, industrials, Quality, SMID Cap, technology, value | The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions. | VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL |
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 |
View |
| 2025 Q4 | Jan 22, 2026 | Pelican Bay Capital Management | 8.5% | 20.6% | ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS | AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value | Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL. | GOOGL ONON ZTS FDS ACM |
View |
| 2025 Q4 | Jan 20, 2026 | The Bristol Gate U.S. Equity Strategy | 0.0% | 0.0% | ACN, AMAT, AVGO, CARR, CTAS, GE, IBKR, LLY, MSFT, ODFL, TMO, UNH, ZTS | AI, dividends, healthcare, Quality, semiconductors, technology, value | Bristol Gate focuses on companies with robust free cash flows and disciplined capital allocation that deliver superior risk-adjusted returns through sustainable dividend policies. Portfolio companies grew dividends by 14.3% over the last twelve months compared to 5.6% for the S&P 500. The firm believes dividend growth rates are powerful predictors of total return and fastest dividend growers often outperform the broader dividend universe. Since ChatGPT's launch in late 2022, the market has experienced a seismic shift with investor capital concentrating heavily in AI leaders, creating narrow market breadth. Bristol Gate devotes significant resources to data science and machine learning in their investment approach, believing in AI's transformative power. However, their focus remains on identifying high dividend growth companies rather than over-concentrating in AI themes. Eli Lilly continues to benefit from the strength of its incretin portfolio, commanding 58% of the US incretin market and exiting Q3 with 71% of new prescriptions. The company raised annual guidance for the third time in 2025, with strength expected to continue into 2026 when its oral GLP-1 drug orforglipron hits the market in Spring. The oral alternative is expected to significantly expand the market globally due to ease of use, simpler supply chain, and lower cost. Applied Materials rose despite mixed results due to AI-driven demand optimism, specifically around advanced logic and high bandwidth memory chips. Management issued cautiously optimistic Q1 2026 outlook and forecast significant uplift in second half of calendar 2026 as spending shifts back toward AMAT's strengths. Analog semiconductor companies have been reporting improving results, signaling a shift in real-world manufacturing and consumer spending. | IBKR ZTS TMO AMAT LLY |
View |
| 2025 Q4 | Jan 18, 2026 | Parnassus Mid Cap Growth Fund | -0.8% | 9.2% | ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY | AI, growth, industrials, mid cap, portfolio, semiconductors, technology | The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. | MTD ROK KLA TER SNDK |
View |
| 2025 Q4 | Jan 14, 2026 | Wedgewood Partners | -1.8% | 4.3% | AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | AI, growth, large cap, Portfolio Management, Quality, technology, valuation | AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index. | PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN |
View |
| 2025 Q4 | Jan 12, 2026 | ClearBridge Investment Growth Strategy | - | - | ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO | AI, balance, growth, innovation, semiconductors, technology, volatility | The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion. | ELF SHOP |
View |
| 2024 Q3 | Sep 30, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV | concentrated, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | AMP, AXON, COH, CRWD, DOXY, DPZ, ENTG, FICO, GWW, HWM, IDXX, IT, MPWR, ODFL, PLTR, RMD, TDG, TTD, VST, WFRD | AI, growth, healthcare, industrials, Mid-cap, technology, Utilities | The fund discusses AI's impact across multiple sectors, particularly noting Palantir's Artificial Intelligence Platform offering driving strong growth. The manager anticipates AI-related movement expanding across mid-caps beyond current concentration in industrials and utilities. AI-capable data centers are expected to drive demand for industrial companies. | View | |
| 2024 Q2 | Jul 28, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. | ODFL |
View |
| 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 28, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value | AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. | ODFL CSU.TO IEX |
View |
| 2024 Q2 | Jul 25, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT | growth, healthcare, industrials, mid cap, technology | View | ||
| 2024 Q2 | Jul 22, 2024 | The London Company Large Cap | 8.1% | 14.6% | ALB, APD, GOOG, MLM, NEU, NSC, NSRGY, ODFL, TEL, TXN | dividends, industrials, large cap, Quality, technology, value | The London Company emphasizes quality factors in their investment approach, seeking profitable, financially stable companies with consistent free cash flow generation and high returns on capital. They note that Quality factors had mixed impact during the quarter but remain central to their long-term strategy. | TEL GOOG |
View |
| 2024 Q2 | Jul 15, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, GOOGL, META, MSI, ODFL, POOL, PYPL, TSM, V | AI, Cloud, Concentration, growth, large cap, semiconductors, technology | Apple unveiled Apple Intelligence at WWDC, rebranding AI as Apple Intelligence. The company has been developing AI capabilities for years through custom silicon and neural processing units. Apple's vertically integrated approach positions it well for AI applications, though the rollout will be modest initially. | View | |
| 2023 Q1 | Apr 20, 2023 | The London Company Large Cap | 8.1% | 14.6% | BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR | Banking, energy, large cap, Quality, Recession, technology, Transportation | The manager emphasizes owning lower beta, higher quality holdings with durable profitability, strong free cash flow, and balance sheet flexibility. They believe quality portfolios provide a tangible advantage in an unpredictable world with greater economic volatility. | CVX BLK NSC SCHW GOOG ODFL FDX |
View |
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2025 Q1 | Apr 14, 2025 | Wedgewood Partners | -6.3% | -6.3% | AAPL, CPRT, GOOGL, META, MSFT, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | China, growth, infrastructure, large cap, payments, tariffs, technology, volatility | The Trump administration's tariff policy has created significant market volatility, with reciprocal tariff rates initially announced at 10% across-the-board and 145% on Chinese exports. The administration issued a 90-day pause to negotiate lower rates, with critical technology exclusions for computers, smartphones and chip-making equipment representing nearly 25% of Chinese imports. | URI ORLY V |
View |
| 2024 Q4 | Jan 29, 2025 | Weitz Multi Cap Equity Fund | -0.6% | 15.6% | AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN | inflation, Multi Cap, rates, small caps, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Large Cap Equity Fund | -0.6% | 12.7% | ADBE, AMZN, CHTR, CRM, CSGP, DHR, EFX, GOOGL, GPN, IEX, MA, MCHP, META, ODFL, ORCL, ROP, SPGI, TMO, V | Concentration, large cap, Quality, technology, value | The fund employs a Quality-at-a-Discount approach to investing, emphasizing concentrated, valuation-sensitive investing. The portfolio trades at a price-to-value in the high 80s, which they believe offers adequate return potential over a multi-year period. | View | |
| 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 | |
| 2023 Q4 | Jan 13, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, ODFL, ORLY, PYPL, TPG, TSCO, TSM, UNH, V | AI, Cloud, Fed policy, growth, large cap, semiconductors, technology | AI has been a multi-year phenomenon driving growth and profitability across portfolio companies. Meta Platforms has built one of the world's fastest supercomputers and uses AI for advertising optimization and content curation. Alphabet has spent $150 billion on R&D over five years, with 80% of advertising customers using AI-enabled tools. Apple has developed custom neural processing units enabling FaceID and other AI features across 200+ million devices annually. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | The London Company Large Cap | Old Dominion Freight Line | Industrials | Trucking | Bull | NASDAQ | consolidation, Freight, Industrials, Ltl, market share, network, Transportation, Trucking | View Pitch |
| Apr 27, 2026 | Fund Letters | The London Company Large Cap | Old Dominion Freight Line Inc | Industrials | Trucking | Bull | NASDAQ | Cost Containment, defensive, franchise business, LTL Trucking, Record Profitability, Service Quality, Transportation | View Pitch |
| Apr 23, 2026 | Fund Letters | Parnassus Core Equity Fund | Old Dominion Freight Line, Inc. | Trucking | Ground Transportation | Bull | NASDAQ | capital allocation, Freight, Industrial Consolidation, Logistics, LTL Transportation, Nearshoring, network effects | View Pitch |
| Apr 14, 2026 | Fund Letters | Wedgewood Partners | Old Dominion Freight Line | Trucking | Trucking | Bull | NASDAQ | Capacity Management, Cyclical, Freight, Industrial Recovery, Ltl, manufacturing, Transportation, Trucking | View Pitch |
| Apr 13, 2026 | Fund Letters | Weitz Multi Cap Equity Fund | Old Dominion Freight Line, Inc. | Industrials | Trucking | Bull | NASDAQ | Cyclical, Freight, Logistics, Ltl, market share, network effects, Transportation, Trucking | View Pitch |
| Apr 13, 2026 | Fund Letters | Weitz Large Cap Equity Fund | Old Dominion Freight Line, Inc. | Industrials | Trucking | Bull | NASDAQ | Cyclical Recovery, Freight Network, Less-than-truckload, Logistics, Ltl, market share gains, Network Density, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | The Bristol Gate U.S. Equity Strategy | Old Dominion Freight Line Inc | Industrials | Ground Transportation | Bull | NASDAQ | Dividend Growth, high-ROIC, Logistics, Ltl, market consolidation, operating efficiency, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | Seeking Winners | Old Dominion Freight Line Inc | Industrials | Road & Rail | Bull | NASDAQ | Customer service, Direct Control, double-digit growth, E-commerce Growth, Hub-and-Spoke Network, Ltl-Shipping, market share gains, operational excellence, Premium Operator, Technology investment | View Pitch |
| Jan 28, 2026 | Fund Letters | Ned Bell | Old Dominion Freight Line Inc. | Industrials | Cargo Ground Transportation | Bull | NASDAQ | Cyclicals, Logistics, Ltl, Pricing, Trucking | View Pitch |
| Jan 27, 2026 | Fund Letters | Ned Bell | Old Dominion Freight Line, Inc. | Industrials | Trucking | Bull | NASDAQ | Cyclicality, Freight, Ltl, Margins, Pricingpower | View Pitch |
| Jan 16, 2026 | Fund Letters | David A. Rolfe | Old Dominion Freight Line, Inc. | Industrials | Cargo Ground Transportation | Bull | NASDAQ | Cyclicality, efficiency, Freight, Logistics, Pricing | View Pitch |
| Nov 29, 2025 | Fund Letters | John Baldi | Old Dominion Freight Line Inc. | Industrials | Trucking | Bull | NASDAQ | dividends, Industrials, Logistics, Margins, recovery, Transportation, Trucking | View Pitch |
| Nov 29, 2025 | Fund Letters | Tyler Hardt | Old Dominion Freight Line Inc. | Industrials | Trucking & Logistics | Bull | NASDAQ | FCF, Logistics, Ltl, Pricing power, recovery, Reinvestment, ROIC, Trucking | View Pitch |
| Nov 28, 2025 | Fund Letters | Tyler Hardt | Old Dominion Freight Line Inc. | Industrials | Trucking & Logistics | Bull | NASDAQ | FCF, Logistics, Ltl, Pricing power, recovery, Reinvestment, ROIC, Trucking | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $13.3M | 0.01% | 84,962 | +84,962 | +100.00% | 0.0327% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.5M | 0.01% | 22,100 | -2,700 | -23.28% | 0.0085% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $407,680 | 0.00% | 2,600 | +2,600 | +100.00% | 0.0010% |
| Ray Dalio | Bridgewater Associates | $27.4B | $1.5M | 0.01% | 9,538 | -7,416 | -43.74% | 0.0037% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $869,613 | 0.00% | 5,546 | +3,612 | +186.76% | 0.0021% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.7M | 0.00% | 48,920 | -589,346 | -92.34% | 0.0188% |
| Jeremy Grantham | GMO LLC | $39.1B | $3.4M | 0.01% | 21,653 | +21,653 | +100.00% | 0.0083% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $222.3M | 0.18% | 1,417,524 | -194,174 | -12.05% | 0.5458% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $92.8M | 0.14% | 591,653 | -984,817 | -62.47% | 0.2278% |
| Cliff Asness | AQR Capital Management | $190.6B | $15.9M | 0.01% | 101,474 | -2,403 | -2.31% | 0.0391% |
| Charles Mawer | Mawer Investment Management | $17.9B | $3.1M | 0.02% | 19,484 | +19,484 | +100.00% | 0.0075% |
| Mario Gabelli | GAMCO Investors | $10.4B | $784,000 | 0.01% | 5,000 | +5,000 | +100.00% | 0.0019% |
| Wallace Weitz | Weitz Investment Management Inc | $1.7B | $32.7M | 1.94% | 208,800 | +300 | +0.14% | 0.0804% |
| David Rolfe | Wedgewood Partners Inc | $535.5M | $18.8M | 3.52% | 120,051 | +31,504 | +35.58% | 0.0462% |
| Francois Rochon | Giverny Capital | $3.0B | $823,984 | 0.03% | 5,255 | -10,510 | -66.67% | 0.0020% |
| Rich Handler | Jefferies | $19.3B | $1.5M | 0.01% | 9,398 | +1,841 | +24.36% | 0.0036% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $141.4M | 0.38% | 902,092 | -36,301 | -3.87% | 0.3473% |