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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2025 Q2	Jul 11, 2025	Pelican Bay Capital Management	5.9%	3.1%	BF.B, BLDR, CSCO, EXPE, GNRC, MU, ON, RPRX, SLB, ULTA, VZ	concentrated, energy, semiconductors, Spirits, technology, Travel, value	Technology stocks, particularly semiconductors Micron and On Semiconductor, were primary performance drivers with gains of 42% and 29% respectively during the quarter. The manager views this as recovery from previous underperformance.	BF-B VZ BF/B SLB	View
2026 Q1	Apr 29, 2026	Jensen Investment	-2.5%	-2.5%	AON, BR, CDNS, FDS, G, HOLX, KEYS, KR, LH, LULU, ON, ROST, SHW, TTC	AI, competitive advantages, energy, mid cap, Quality, ROE, value			View
2026 Q1	Apr 29, 2026	Cambiar SMID Fund	2.2%	2.2%	ALGN, BOKF, CF, CLX, HF, LUV, ON, PHR, SAIA, SOLV, WBS	AI, diversification, energy, Geopolitical, Quality, SMID Cap, value		PHR SOLV ON	View
2024 Q1	Apr 25, 2024	Pelican Bay Capital Management	7.6%	7.6%	BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ	Concentration, energy, gold, Homebuilders, Quality, value	Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left.	Gold	View
2025 Q1	Apr 23, 2025	Pelican Bay Capital Management	-2.6%	-2.6%	BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ	Exchanges, gold, Pharmaceuticals, Quality, value, volatility	The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity.	RPRX	View
2024 Q1	Apr 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL	-			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	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
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
2024 Q4	Dec 31, 2024	Artisan Mid Cap Fund	5.1%	12.0%	APP, EXAS, FTV, GDDY, GTLB, HOOD, HUBB, IR, LYV, MPWR, MRVL, ON, ONTO, PLTR, PSTG, SHOP, SPOT, TEAM, USFD, XYL	AI, Biotechnology, Cloud, growth, healthcare, mid cap, semiconductors, technology	AI adoption is driving growth across portfolio holdings including custom AI chips from Marvell, networking solutions from Arista Networks, and cloud software companies integrating AI functionality into their platforms. Data centers require vast amounts of electricity to power AI infrastructure, creating energy demand challenges.		View
2024 Q4	Dec 31, 2024	Artisan Global Discovery	2.7%	16.1%	ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST	AI, Biotechnology, global, growth, healthcare, semiconductors, technology	Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites.		View
2023 Q4	Dec 31, 2023	Artisan Global Discovery	7.6%	13.1%	AMD, ARQX, BC.MI, EFX, EXAS, GXI.DE, HUBB, HUBS, MRO.L, ON, QNTA, TREX, VEEV, WST	AI, Biotechnology, Energy Transition, growth, healthcare, semiconductors, small cap, technology	AMD's stock strength driven by growing excitement around AI exposure and MI300 GPU chip launch to compete against NVIDIA. Manager believes this could be a $20 billion opportunity for AMD that would nearly double its revenue. Software companies are rapidly exploring generative AI tools, with early opportunities for vendors to expand solutions via integrated AI.		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
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
2023 Q4	Jan 16, 2024	Pelican Bay Capital Management	12.2%	28.6%	APAM, BLDR, CPRI, CSCO, EOG, EXPE, GNRC, GOOGL, MO, NTR, ON, PXD, TOL, XOM	concentrated, energy, Fertilizers, Homebuilders, Quality, semiconductors, Travel, value	Homebuilding-related stocks were top performers in Q4 with Toll Brothers up 39% and Builders FirstSource rising 32% as interest rates dropped from 5.0% to 3.8%. The manager made tactical position sizing adjustments in BLDR, trimming at $143 in summer and adding back at $117 in October before shares rebounded to $170.	EOG 6ON GR	View
2024 Q3	Sep 30, 2024	American Century Equity Income Fund	9.6%	0.0%	BDX, EPD, INTC, JNJ, JPM, KVUE, MCHP, MDT, NSC, ON, PG, RB.L, TROW, UNH, VZ, XOM	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	Value stocks outperformed growth stocks across the market-capitalization spectrum during the quarter. The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company.		View
2022 Q3	Sep 11, 2022	Artisan Global Discovery	7.6%	13.1%	AZTA, BBVA, BURL, CAE, CTLT, GNRC, ON, SMGKF, TEAM, VEEV, VMI	-			View
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	Jun 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST	AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, 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
2024 Q2	Jun 30, 2024	Fidelity Growth Strategies Fund	6.3%	17.9%	ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST	AI, growth, healthcare, industrials, Mid-cap, technology, value	The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers.		View
2023 Q3	Apr 10, 2023	Artisan Global Discovery	7.6%	13.1%	0669.HK, ADYEN.AS, AMD, ARGX, BSX, GXI.DE, LSCC, LSEG.L, ON, SWAV, TEAM, VEEV	Biotechnology, global, growth, Medical Devices, payments, software	Argenx is a commercial stage biotechnology company with an approved first-in-class therapy for autoimmune diseases. The company's platform antibody treatment Vyvgart has one indication in market for treating myasthenia gravis that is experiencing a successful launch, with FDA approval for subcutaneous injection version and positive results for CIPD treatment.	SWAV ADYEN TEAM ARGX	View
2025 Q1	Mar 31, 2025	Distillate Capital Large Cap Value	0.8%	0.8%	ABBV, AMZN, CI, CME, ELV, EPAM, JNJ, META, MPC, MRK, MSFT, NTAP, ON, ORCL, PYPL, SCCO, TMUS, VRSN, VST, VTRS	AI, free cash flow, Leverage, Market Concentration, Quality, tariffs, uncertainty, valuation	President Trump announced significant tariffs on April 2nd with an effective rate around 23%, marking levels not seen in a century. The potential tariff impact on GDP is enormous, creating inflationary pressures and economic uncertainty. The scale puts markets in uncharted territory with complex follow-on impacts including potential wealth declines and consumption effects.		View
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
2022 Q4	Jan 31, 2023	Meridian Growth Fund	6.8%	0.0%	76J GR, GNRC, MMSI, ON, SH5 GR, SYNH	-			View
2023 Q4	Jan 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL	Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology	Healthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions.		View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 1, 2026	Fund Letters	Cambiar SMID Fund	ON Semiconductor	Semiconductors	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Cyclical, datacenter, Power management, semiconductors, technology, turnaround, Value	View Pitch
Apr 24, 2026	Seeking Alpha	Seeking Alpha	ON Semiconductor Corporation	Semiconductors	Semiconductors	Neutral	NASDAQ Stock Market	AI data center, automotive segment, divestitures, Macroeconomic Risks, margin expansion, ON Semiconductor, Revenue Growth, share repurchase, Technical Indicators, valuation	View Pitch
Aug 8, 2025	Seeking Alpha	Tech Stock Pros	ON Semiconductor Corporation	Information Technology	Semiconductors	Bear	NASDAQ	—	View Pitch

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