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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Impax US Sustainable Economy Fund	7.3%	11.1%	AVGO, ELV, GOOG, INTC, ORCL, PGR	efficiency, Esg, innovation, Resilience, sustainability	Impax focuses on companies positioned to benefit from the transition to a more sustainable economy, emphasizing corporate resilience, resource efficiency, and long-term structural tailwinds. The fund highlights that sustainability-aligned businesses can deliver competitive returns while managing environmental and social risks. Sustainability remains investable as regulation, capital flows, and innovation reinforce these themes.		View
2025 Q2	Aug 27, 2025	First Eagle Global Fund	7.2%	-	BA/ LN, BABA, BDX, META, ORCL, SLB, TSM, WTW	Fiscal, inflation, Labor, Resilience, wages	The commentary centers on the underappreciated risk of renewed inflation driven by labor market tightness, fiscal expansion, and demographic constraints. While markets appear to be pricing equilibrium, the manager argues that shrinking labor supply and sustained fiscal largesse could reignite wage pressures and destabilize monetary policy. The fund emphasizes resilience through diversified global assets positioned to withstand inflationary and policy shocks.	BABA WTW SLB BDX TSM META ORCL	View
2025 Q2	Aug 27, 2025	Cullen Value Fund	7.0%	8.5%	AMAT, CI, COP, KVUE, MS, ORCL	capital returns, fundamentals, Sentiment, valuation gaps, Value Investing	The commentary stresses disciplined value investing in an environment dominated by growth narratives. Management highlights discounted valuations, improving fundamentals, and capital return potential as key drivers of future returns. The theme centers on patience as sentiment shifts away from crowded trades.	KVUE AMAT ORCL	View
2025 Q2	Jul 31, 2025	Impax US Sustainable Economy Fund	9.9%	3.6%	AVGO, LLY, MRK, NVDA, ORCL, PGR	Esg, productivity, Resilience, resource efficiency, sustainable economy	The letter focuses on positioning portfolios to benefit from the transition toward a more sustainable US economy. Management highlights companies aligned with productivity enhancement, resource efficiency, and resilient business models while avoiding carbon-intensive sectors. Sustainability is framed as both a risk-management and alpha-generating lens.	MRK NVDA AVGO ORCL	View
2025 Q2	Jul 27, 2025	Carillon Eagle Growth & Income Fund	-	-	ABLV, AVGO, BBY, CV, ETN, JPM, ORCL, TMUS, UNH	Balance Sheets, earnings growth, inflation, selectivity, valuation	The fund commentary focuses on earnings growth and quality balance sheets amid narrow market leadership. Management remains constructive but cautious given valuation and inflation risks. Stock selection is emphasized over macro calls.	ETN	View
2025 Q2	Jul 27, 2025	Loomis Sayles Global Growth Fund	16.6%	12.7%	MELI, NFLX, ORCL, TCOM, VRTX, YUMC	Competitive Advantage, Global Growth, innovation, Reinvestment, secular trends	The commentary focuses on global secular growth driven by innovation, productivity gains, and expanding end markets across regions. The manager stresses bottom-up security selection, favoring companies with durable competitive advantages and reinvestment opportunities. Volatility is viewed as a tool to accumulate long-duration growth assets.	VRTX YUMC TCOM ORCL MELI NFLX	View
2025 Q2	Jul 24, 2025	Janus Henderson Forty Fund	19.3%	8.9%	AVGO, HWM, MA, ORCL, UNH	Artificial Intelligence, capital spending, Cloud, Digitization, semiconductors	The letter focuses on durable secular growth themes led by AI infrastructure, cloud computing, and digitization. Management highlights capital spending by hyperscalers and productivity gains across the AI value chain. Stock selection in technology and industrials is positioned to drive long-term compounding.	HWM AVGO ORCL	View
2025 Q2	Jul 23, 2025	Madison Sustainable Equity Fund	6.1%	2.4%	AAPL, DHR, JPM, LLY, MSFT, NEE, ORCL, PGR, TEL, UNH	Esg, Governance, long-term, Quality, sustainability	The letter highlights sustainable investing as a source of long-term risk-adjusted returns. Management emphasizes high-quality companies that effectively manage environmental, social, and governance risks. Sustainability integration is positioned as enhancing durability and capital preservation.	UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL	View
2025 Q2	Jul 23, 2025	Aristotle Atlantic Core Equity Strategy	14.3%	7.5%	AVGO, BDX, CB, EXPE, ORCL, ZTS	Discipline, earnings growth, fundamentals, Pricing Power, Quality	The letter emphasizes strong corporate fundamentals despite macro uncertainty. Management focuses on high-quality businesses with pricing power, earnings durability, and secular tailwinds. The outlook remains constructive but valuation-aware following the market rebound.	ZTS EXPE CB BDX AVGO ORCL	View
2025 Q2	Jul 22, 2025	Columbia Global Technology Growth Fund	24.8%	-	AAPL, AVGO, FI, GPN, HOOD, MSFT, NVDA, ORCL, TMUS	AI, Cloud Computing, innovation, secular growth, semiconductors	The letter emphasizes powerful secular growth driven by artificial intelligence, cloud computing and digital infrastructure. Management highlights strong demand for semiconductors and software platforms with durable competitive advantages. Technology is viewed as a long-duration growth opportunity despite geopolitical and regulatory risks.	AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA	View
2025 Q2	Jul 22, 2025	Janes Henderson Strategic Bond Fund	19.3%	8.9%	AVGO, HWM, MA, ORCL, UNH	Bonds, flexibility, high yield, monetary policy, Yield			View
2025 Q2	Jul 19, 2025	Aristotle Core Equity Fund	14.3%	7.5%	AVGO, BDX, CB, EXPE, ORCL, ZTS	AI, earnings, fundamentals, growth, security selection	The letter highlights security selection as the primary driver of outperformance in a growth-led market. Management favors companies benefiting from AI, cloud infrastructure, and product cycles while managing valuation risk. The outlook supports selective growth exposure with fundamental backing.	ZTS EXPE CB BDX AVGO ORCL	View
2025 Q2	Jul 17, 2025	Ariel Focus Fund	4.8%	-	APA, CLB, GNRC, MOS, ORCL, REZI, SJM	Concentration, conviction, downside protection, fundamentals, Quality	The letter focuses on running a concentrated portfolio of high-conviction ideas where downside risk is carefully managed. Management stresses deep fundamental research, strong balance sheets, and management alignment. The outlook favors selective concentration over broad diversification in an inefficient market.	CLB APA SJM REZI MOS ORCL	View
2025 Q2	Jul 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AON, GLOB, IDXX, NVDA, ORCL, SBUX, SHOP	Balance Sheets, Global Growth, Pricing Power, Quality, Resilience	The letter highlights global quality growth as a defensive yet compounding strategy amid geopolitical uncertainty and uneven economic growth. Management stresses balance sheet strength, pricing power, and recurring revenue as key drivers of resilience. The portfolio is positioned to benefit from long-term global demand trends rather than regional macro calls.	GLOB IDXX SBUX ORCL	View
2025 Q2	Jul 15, 2025	Polen Capital – Focus Growth	9.2%	2.3%	AAPL, ADBE, AMZN, IDXX, NOW, ORCL, SBUX, UNH	Concentration, growth, Margins, Quality, Reinvestment	The commentary centers on owning a concentrated portfolio of high-quality growth businesses with durable competitive advantages and long reinvestment runways. Management believes market volatility creates opportunities to add to exceptional companies whose fundamentals remain intact despite valuation compression. The outlook favors consistent organic growth and margin expansion over cyclical or macro-driven outcomes.	UNH AAPL IDXX ORCL	View
2025 Q2	Jul 15, 2025	Kovitz Core Equity Strategy	7.9%	5.4%	ADI, BDX, FI, FND, HAS, META, MSFT, MSI, ORCL, TMO	Balance Sheets, Capital discipline, Competitive Advantage, Concentration, Quality	The letter focuses on owning a concentrated portfolio of high-quality businesses with strong balance sheets and durable competitive advantages. Management prioritizes downside protection, conservative capital structures, and long holding periods. Patience and business fundamentals are emphasized over market timing.		View
2024 Q2	Jul 12, 2024	Parnassus Value Equity Fund	7.3%	13.7%	ALGN, AVGO, BAX, BEPC, CSCO, GOOG, GPN, INTC, MU, NICE IT, ORCL, TSM	-			View
2025 Q2	Jun 30, 2025	Mar Vista Global Equity Fund	-	13.0%	AAPL, BRK/A, MSFT, NVDA, ORCL	AI, Competitive Advantage, free cash flow, Quality, valuation	The letter highlights quality-focused global equities with durable competitive advantages and strong free cash flow. Management favors companies benefiting from AI, cloud, and productivity trends while maintaining valuation discipline. Quality is positioned as a defense in uncertain macro environments.	GE BRK.B AAPL NVDA ORCL MSFT	View
2025 Q2	Jun 30, 2025	Mar Vista US Quality Select	-	12.4%	AAPL, AVGO, JNJ, MSFT, ORCL	free cash flow, Governance, long-term, Quality, volatility	The commentary highlights quality as the dominant driver of long-term returns, particularly in an environment of elevated valuation dispersion. Management stresses consistent free cash flow generation, conservative capital allocation, and strong governance as key defenses against macro uncertainty. Volatility is framed as an opportunity to accumulate superior businesses rather than a signal to rotate styles.	AAPL ORCL AVGO MSFT	View
2024 Q2	Jun 30, 2024	Carillon Eagle Growth & Income Fund	-	-	ADI, AVGO, AZN, HD, MDT, ORCL, PLD, PPG, TGT, TXN	-			View
2024 Q1	Apr 27, 2024	Parnassus Core Equity Fund	5.5%	18.2%	AAPL, AMAT, AZO, CHTR, DE, FI, INTC, ORCL, RHO GR, SPGI	-			View
2024 Q1	Apr 20, 2024	Alpha Wealth Funds – The Insiders Fund	0.0%	1.2%	AXON, CRK, DVN, ET, HR, MSFT, MU, ORCL, XOM	-			View
2025 Q1	Apr 14, 2025	Polen Capital – Focus Growth	-6.3%	-6.3%	AON, NVDA, NVO, ORCL, SBUX, TSLA	-			View
2024 Q1	Apr 12, 2024	Kovitz Core Equity Strategy	10.3%	10.3%	AON, BDX, CHTR, GIL, GOOG, JPM, KMX, META, ORCL, PCAR, PPG, SPLK, SPOT	-			View
2025 Q4	Mar 6, 2026	Aristotle Core Equity Fund	3.1%	18.2%	AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V	AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade	Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment.		View
2025 Q1	Mar 31, 2025	Madison Sustainable Equity Fund	-	-	A, ACN, COST, ECL, GOOG, LIN, LLY, ORCL, PGR, UPS, USB, V	-			View
2025 Q1	Mar 31, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, AVGO, CVX, ETN, HPE, IBM, MSFT, ORCL, TMUS	-			View
2025 Q1	Mar 31, 2025	ClearBridge Investments Large Cap Value	-	-	AVGO, CVS, EIX, GOOG, NVO, ORCL, ORLY, RTX, SRE	-			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	View
2025 Q4	Feb 8, 2026	Fidelity Dividend Growth Fund	5.1%	22.5%	000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC	aerospace, AI, dividends, energy, large cap, semiconductors, technology	The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks.	GEV AAPL PAYC 000660 KS GOOGL	View
2025 Q4	Feb 5, 2026	Baron Opportunity Fund	4.6%	19.4%	ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD	AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology	AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users.		View
2025 Q4	Feb 5, 2026	ClearBridge Investments All Cap Growth	-	-	AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD	aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility	AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks.		View
2025 Q4	Feb 26, 2026	Crossroads Capital	2.7%	37.7%	ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR	aerospace, AI, gaming, growth, small cap, Space, technology, value	Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines.	FTAI NBIS ASTS NTDOY	View
2025 Q4	Feb 25, 2026	GMO (Grantham, Mayo, Van Otterloo & Co. LLC)	0.0%	0.0%	2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM	AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation	AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales.	HUBS	View
2025 Q4	Feb 23, 2026	Mott Capital Management Thematic Growth Portfolio	0.0%	0.0%	AAPL, AMZN, BRK-A, BSX, GOOGL, GRAIL, META, MSFT, ORCL, OXY, ZTS	AI, Debt, energy, Rotation, technology, underperformance, valuation	Manager expresses significant concerns about AI bubble conditions, citing excessive debt accumulation and CAPEX spending by major tech companies. Believes AI fears are being realized as software stocks decline and valuations become problematic. Questions sustainability of current AI investment levels and competitive dynamics. Manager initiated position in Occidental Petroleum, viewing energy sector as underperforming since dot-com bubble. Believes oil prices are currently depressed and energy represents contrarian opportunity given poor relative performance versus S&P 500.	OXY MSFT	View
2025 Q4	Feb 18, 2026	The Gabelli Dividend Growth Fund	5.2%	18.8%	AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC	AI, dividends, financials, gold, healthcare, value	AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty.	NEM MS GOOG	View
2025 Q4	Feb 10, 2026	FPA Source Capital	4.3%	18.4%	ADI, CRM, GOOGL, IFF, META, MSFT, MTN, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	Balanced, credit, private credit, Quality, small caps, value	The fund emphasizes being 'value aware' and focuses on finding rare cases where both quality and value intersect. They regularly search the 52-week low list for potential opportunities rather than momentum plays. The managers believe the investment community is casting its gaze away from various market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. The fund is actively investing in global securities with lower market capitalizations, believing these offer attractive opportunities that are being overlooked. They note there may be a shrinking pool of active investors with the interest and resources to conduct in-depth research on lower market-cap names. Source has 25.9% committed to private credit including called and uncalled capital as of quarter-end. The managers continue to look for opportunities to increase that exposure, viewing private credit as an attractive asset class for the fund's balanced strategy. The fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads.	MSFT MTN IFF SAF FP TEL	View
2025 Q4	Dec 31, 2025	Guinness Global Innovators	0.0%	12.8%	2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO	AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology	AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher.		View
2025 Q4	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy	2.0%	7.4%	AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG	AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy	The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act.		View
2024 Q4	Dec 31, 2024	The Sound Shore Fund	1.3%	22.6%	BA, BKR, FLEX, ORCL, TEVA, VST	-			View
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTL, KLAC, LIN, LLY, MDLZ, O, ORCL, SYY, VRTX, WDAY	-			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	Platinum International Technology Fund	13.0%	30.0%	ADBE, MA, ORCL, PTC, UBER	-			View
2023 Q2	Dec 7, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	DHR, ECL, GOOG, HD, JPM, LLY, NKE, ORCL, PGR, TGT, USB	-			View
2025 Q3	Nov 8, 2025	Loomis Sayles Global Growth Fund	7.6%	21.3%	ADYEN NA, GOOG, MELI, NFLX, ORCL, TSLA	Cloud, Digital Advertising, E-Commerce, EVs, growth	The fund focuses on high-quality global growth companies with durable competitive advantages and structural growth drivers. Secular adoption curves in cloud computing, digital advertising, EVs, and e-commerce underpin long-term return potential despite near-term volatility. The portfolio manager emphasizes valuation discipline, owning businesses only when they trade at meaningful discounts to intrinsic value.	LFCR	View
2025 Q3	Nov 8, 2025	ClearBridge Investments All Cap Growth	-	-	AVGO, NTRA, ORCL, UNH, VST	AI, Cloud, infrastructure, semiconductors, software	The letter highlights extreme dispersion between AI winners and AI losers, with cloud providers, semiconductor leaders, and AI infrastructure companies massively outperforming. Application software and IT services names face pressure from perceived AI disintermediation, prompting portfolio shifts toward beneficiaries of AI infrastructure spending. The managers maintain a balanced but upgraded AI exposure while acknowledging persistent macro and geopolitical risks.		View
2025 Q3	Nov 8, 2025	Cullen Value Fund	6.8%	15.9%	BDX, BWA, CI, CMCSA, KVUE, MBGYY, NEE, ORCL, SRE, UNH	Concentration, dividends, growth vs value, Speculation, Valuations	The commentary emphasizes extreme valuation dispersion, with Growth trading at a 110% premium to Valuenear historic highs. AI-driven capex cycles have pushed mega-cap concentration to records, elevating speculative behavior while defensive sectors sit at multi-decade lows. These dynamics create compelling setup conditions for Value and Dividend strategies as sentiment normalizes and earnings growth broadens.	UNH SW BDX	View
2025 Q3	Nov 5, 2025	PGIM Jennison Global Opportunities Fund	5.3%	9.8%	1810 HK, APP, GOOG, HOOD, LLY, MELI, NOW, NVDA, ORCL, SHOP, TSM	Artificial Intelligence, Cloud Computing, Digital Platforms, semiconductors, technology	The fund focuses on global growth leaders benefiting from secular AI adoption and innovation-led earnings expansion. Top contributors included NVIDIA, AppLovin, and TSMC, while weakness came from Netflix and MercadoLibre. Jennison remains overweight technology and communication services, expecting durable growth from cloud, semiconductors, and digital platforms.		View
2025 Q3	Nov 25, 2025	Caledonia Investment	-	7.3%	ORCL, SCHW	Balance Sheet Strength, Long-Term Investing, Permanent Capital, Private Capital, Public Equities	Caledonia emphasizes long-term compounding through patient capital allocation across public equities, private capital, and funds, seeking real returns over full market cycles. Its permanent capital structure allows the firm to deploy liquidity opportunistically during periods of market volatility, enhancing long-term value creation. Broad diversification across asset classes, geographies, and investment types is positioned as a core risk management and return stabilization tool.		View
2025 Q3	Nov 16, 2025	Aristotle Atlantic Core Equity Strategy	7.1%	15.1%	ADPT, AR, BDX, BKR, CEG, DAR, DXCM, HAL, NOW, ORCL	earnings, policy, tariffs, technology, Trade	The letter highlights tariff-driven volatility as a defining macro theme influencing U.S. growth, trade flows and sector earnings. Policy uncertainty has created dispersion across industries, while resilient corporate earningsparticularly in technologydemonstrate adaptability amid shifting trade dynamics. The manager emphasizes investing in companies with structural growth tailwinds, strong balance sheets and product-driven cycles that can endure policy shocks.	BDX BKR CEG DXCM ADPT ORCL AR DAR	View
2025 Q3	Oct 9, 2025	ClearBridge Investments Dividend Strategy	-	-	AVGO, MMC, ODFL, ORCL	Artificial Intelligence, defense, Dividend Investing, inflation, valuation	The strategy stresses dividend growth as an all-weather approach amid elevated valuations and market concentration. Flexible dividend policies allow participation in growth sectors like AI while maintaining capital discipline and downside resilience. Dividend growers offer income, inflation protection, and lower volatility across cycles.	ODFL MARSH LHX TEL ORCL AVGO	View
2025 Q3	Oct 9, 2025	Polen Capital – Focus Growth	3.1%	5.5%	AVGO, BSX, INTU, IT, NVDA, ORCL, SNPS, TMO, UBER	AI, Cloud, growth, Quality, semiconductors	Market performance remains dominated by AI enthusiasm and semiconductor strength. Polen emphasizes high-quality, durable businesses like Oracle and Broadcom, expecting AI infrastructure demand to sustain earnings growth despite short-term volatility.	UBER SNPS BSX INTU AVGO NVDA	View
2025 Q3	Oct 7, 2025	Mar Vista US Quality Select	3.3%	-	AAPL, ADBE, APH, CRM, INTU, ORCL, SAP	Artificial Intelligence, diversification, Large Cap Growth, Market Concentration, valuation	The commentary reinforces a quality-first philosophy focused on businesses with resilient earnings and strong free cash flow generation. Short-term macro noise is considered less important than long-term business economics. Valuation discipline is applied within a quality framework.	SAP INTU APH ORCL AAPL	View
2025 Q3	Oct 30, 2025	Trojan Fund from Troy Asset Management	-	-	AMD, GOOG, MSFT, ORCL	Capitalpreservation, diversification, inflation, Resilience, risk	The Trojan Fund reiterates its core objective of capital preservation with steady real returns across market cycles. The letter highlights caution toward overvalued assets, emphasizing resilience, downside protection, and diversification. Capital-focused investing remains relevant as macro uncertainty and valuation risk persist.		View
2024 Q3	Oct 28, 2024	Parnassus Value Equity Fund	7.3%	13.7%	AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Focus Growth	3.0%	11.0%	ABNB, APPL, CRM, GOOG, MSCI, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TSLA	-			View
2024 Q3	Oct 23, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AMZN, AON, GOOG, MSCI, NVO, ORCL, SAP GR, SHOP	-			View
2025 Q3	Oct 22, 2025	Kovitz Core Equity Strategy	-	8.2%	ALC, COO, FI, GOOG, KMX, ORCL, PM, PPG, RYAN, TSLA, WAT	AI, Compounding, Health Care, Quality, valuation	Kovitz highlights market concentration in AI and mega-cap technology stocks while maintaining a valuation-disciplined focus on quality compounders. The strategy increased exposure to healthcare and insurance names like Alcon and Ryan Specialty after taking profits in Oracle. The team stresses long-term fundamentals and risk discipline amid elevated valuations and AI euphoria.	WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL	View
2025 Q3	Oct 22, 2025	First Eagle Global Fund	8.9%	24.9%	7309 JP, CHRW, CMCSA, CRM, ELV, GOOG, ORCL, PM	AI, Cloud, Fiscal Deficit, geopolitics, gold	The Global Fund outperformed its benchmark with gains in gold, AI-driven technology, and Asian equities. Holdings in Oracle, Alphabet, and Alibaba benefited from AI and cloud expansion, while gold exposure provided a hedge against fiscal deficits and currency debasement. Managers stress disciplined capital recycling and valuation awareness amid rising geopolitical and debt risks.	CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL	View
2025 Q3	Oct 21, 2025	Columbia Seligman Global Technology Fund	23.7%	-	AAPL, AVGO, BE, LRCX, NVDA, ORCL	AI, Cloud, cybersecurity, energy, semiconductors	The fund outperformed benchmarks with 23.7% gains, driven by semiconductors, cloud infrastructure, and AI data center demand. Bloom Energy and Lam Research were key contributors, benefiting from AI-related power and chip investments. Managers expect continued growth in AI infrastructure and cybersecurity spending despite sector concentration risks.	ORCL AVGO WDC BE AVGO WDC LRCX BE	View
2025 Q3	Oct 20, 2025	The Davenport Value & Income Fund	5.2%	-	LOW, NSC, ORCL, UPS	Accenture, Artificial Intelligence, Dividend Growth, energy, healthcare	The fund outperformed as holdings like Oracle and TE Connectivity benefited from AI data center expansion, while dividend growth remained robust across holdings. Managers added Accenture, Novo Nordisk, and ExxonMobil to balance technology with healthcare and energy exposure. They see broadening market leadership as rate cuts support cyclical sectors and income stability.		View
2025 Q3	Oct 20, 2025	Sands Capital Select Growth Fund	6.3%	22.1%	AAP, AVGO, DXCM, GOOG, ICE, NFLX, NOW, NVDA, ORCL, RBLX, TEAM, TSM	Artificial Intelligence, Cloud infrastructure, E-Commerce, semiconductors, software	AI-driven capital spending and infrastructure buildouts dominated the portfolios focus, with holdings in NVIDIA, Broadcom, and Oracle leading performance. Managers increased exposure to cloud and software platforms poised for monetization of AI capabilities. Consumer internet and e-commerce holdings like Roblox and Amazon provided diversification amid cyclical volatility.		View
2025 Q3	Oct 20, 2025	Ironvine Capital Partners, LLC	-	10.0%	ASML, ORCL, UNP	AI, ASML, Capital Allocation, Data centers, semiconductors	Ironvine presents a detailed investment case for ASML as a dominant enabler of global semiconductor production, benefiting from structural demand for advanced chips and near-monopoly economics. The letter also examines AI infrastructure expansion and emerging financial circularity risks in data center financing. The firm expects continued AI-driven growth but remains cautious of leverage buildup and speculative funding cycles.		View
2025 Q3	Oct 19, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, GLW, KOF, LRCX, MDLZ, ORCL	AI, Cloud, Data centers, interest rates, semiconductors	AI infrastructure spending drove performance across technology and semiconductor holdings. Broadcom, Oracle, and Lam Research benefited from growing data center demand and AI-driven contracts. The fund reduced exposure after strong gains, mindful of potential macro risks from rate policy and tariffs.		View
2025 Q3	Oct 17, 2025	Harbor Capital Appreciation Fund	5.0%	12.7%	AAPL, AMD, APPL, AVGO, DIS, MSFT, NFLX, ORCL, SHOP, TOST, TSM, TTD, VRTX	Artificial Intelligence, Cloud Computing, Growth Stocks, semiconductors, Technology leadership	Harbors manager cites AI-driven innovation as the dominant force behind market gains, though warns of valuation risk in mega-cap tech. The fund added exposure to cloud and AI enablers such as AMD and Oracle, reflecting confidence in structural growth. Despite short-term volatility, it remains committed to high-quality growth companies with durable moats and earnings resilience.	ORCL US TOST US AMD US	View
2025 Q3	Oct 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	IDXX, NVDA, ORCL, SBUX	Artificial Intelligence, consumer, healthcare, quality growth, semiconductors	Polen highlights AI leadership and cyclicals as key market drivers, with semiconductors up nearly 60% for the quarter. While the fund lagged due to limited exposure to semis, it added positions in Oracle, IDEXX, and Starbucks to balance growth exposure. The team maintains a disciplined focus on durable earnings compounding through high-quality, globally diversified franchises.	GLOB IDXX SBUX ORCL	View
2025 Q3	Oct 16, 2025	Janus Henderson Forty Fund	8.4%	18.0%	MELI, MRVL, ORCL, TSM	Artificial Intelligence, Cloud infrastructure, Growth Stocks, innovation, semiconductors	The Forty Fund remains centered on AI-driven secular growth themes and companies with durable competitive advantages. Holdings in Oracle and TSMC benefited from hyperscaler demand for AI infrastructure, while consumer and tech stocks like MercadoLibre and Marvell experienced volatility. Managers maintain conviction in long-term growth leaders across AI, cloud, and healthcare innovation.	MELI US ORCL US	View
2025 Q3	Oct 15, 2025	Parnassus Core Equity Fund	2.6%	-	AAPL, AZO, BRO, BSX, DE, FI, GOOG, GWW, ICE, INTU, KLA GR, ORCL, TMO	Artificial Intelligence, quality growth, semiconductors, software, U.S. Equities	The fund remains bullish on U.S. equities, supported by resilient earnings and transformative AI infrastructure investment. It balances defensive holdings with strategic exposure to semiconductors and software leaders benefiting from rising AI monetization. The managers emphasize disciplined allocation toward high-quality, durable franchises capable of compounding through market cycles.	GWW US BSX US	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
2025 Q3	Oct 15, 2025	Madison Sustainable Equity Fund	6.5%	8.2%	AMZN, ANET, COST, GOOG, LLY, ORCL, PLAN CN, TEL, TJX, TXN, V	Artificial Intelligence, Cloud Computing, Esg, sustainability, technology	Madison underscores the integration of AI and sustainability within high-quality, large-cap equities. It highlights Oracle, Alphabet, Arista, and TE Connectivity as key beneficiaries of AI infrastructure growth and cloud expansion, while emphasizing ESG leadership at firms like Amazon, Microsoft, and Linde. The funds outlook favors technology and communication services, expecting AI adoption and sustainability initiatives to drive multi-year earnings growth.	TJX TEL ANET GOOGL ORCL	View
2025 Q3	Oct 14, 2025	Harding Loevner Global Equity	2.5%	10.6%	ACN, GOOG, ORCL, TSM	Artificial Intelligence, diversification, healthcare, technology, valuation	AI-driven capital spending dominated market momentum, but the fund stresses valuation discipline and sector diversification. It highlights risks of overinvestment in speculative AI ventures and emphasizes healthcare as a secular growth engine supported by demographics and innovation. Exposure to Accenture and Thermo Fisher reflects conviction in durable, high-quality earnings.	TCEHY US GOOGL US TMO US ELV US VRTX US ACN US	View
2025 Q3	Oct 12, 2025	Munro Global Growth Fund	4.9%	-	300750 CH, ORCL	AI, Battery, Cloud, infrastructure, Semiconductor	The fund emphasizes AI adoption as a multi-year productivity driver with major firms scaling infrastructure. Oracles and Nvidias expansion into cloud computing and AI hardware reinforce the structural AI investment theme. CATLs dominance in EV and energy storage markets highlights continued battery innovation.	ORCL	View
2025 Q3	Oct 11, 2025	Torre Financial	1.7%	6.5%	ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM	AI, growth, large cap, Quality, semiconductors, technology, US	AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500.		View
2025 Q3	Oct 10, 2025	Headwaters Capital Management, LLC	-2.9%	-5.4%	BSY, DRVN, INSP, MEDP, ORCL	AI, Autos, Capex, infrastructure, valuation	Headwaters argues the AI build-out has become a CAPEX-driven earnings bubble akin to the telecom boom, with $400B+ in projected annual data-center spend. The fund prefers overlooked industrial and auto-service firms such as Driven Brands that benefit from stable, recurring demand.		View
2025 Q3	Oct 10, 2025	INN8	-	-	BABA, ORCL, PRX NA	AI, Complacency, risk, Sentiment, Valuations	INN8 warns that global equity markets reflect rising complacency as valuations stretch despite unresolved economic and geopolitical risks. The letter highlights euphoric sentiment around technology and AI spending, even as stagflation, tariffs, and fiscal stress loom. Complacency is investable as a contrarian signal shaping cautious positioning and selective risk-taking.		View
2023 Q3	Oct 10, 2023	Oakmark Global Fund	7.5%	0.0%	0R0K LN, BC, CHTR, GOOG, ORCL, SJPETLD LN	-			View
2025 Q4	Jan 9, 2026	Vision Capital	-5.0%	9.8%	000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS	AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology	Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers.	SE	View
2025 Q4	Jan 8, 2026	Diameter Capital Partners LP	0.3%	8.0%	AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD	AI, credit, distressed, energy, Fraud, healthcare, technology	The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly.	NVDA SATS ORCL	View
2025 Q4	Jan 7, 2026	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM	AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value	AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles.		View
2025 Q4	Jan 7, 2026	ClearBridge Investments Large Cap Growth Strategy	1.2%	0.0%	ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY	AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance	AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher.		View
2025 Q4	Jan 6, 2026	Smallvalue	6.6%	37.7%	AVGO, NVDA, OLVI.HE, ORCL, PLTR, SFM, TSLA	AI, Beverages, Copper, Data centers, Europe, Grocers, small caps, value	Artificial intelligence was the central theme of 2025, driving stock indices and sparking debate between believers and bubble warnings. The conversation is shaped by massive capital requirements for AI infrastructure, enormous energy consumption, uncertainty over profitability, and asset depreciation risk. AI-related capital investment represents around 2% of U.S. GDP, highlighting extraordinary scale and complexity. Data centers are industrial facilities requiring copper, steel, cement, concrete, and energy. Each megawatt of capacity requires tons of copper, cooling systems, and diesel backup generators. The cloud is not ethereal—it is heavy industry. Real beneficiaries are indirect players: industrial manufacturers, component distributors, and raw material suppliers. Without copper, there is no electrification, digitalization, AI, or data centers. Each megawatt of data center capacity requires roughly 30 tons of copper; with 10,000 MW added annually, this amounts to approximately 300,000 tons—about 1% of the 30 million ton annual market. Minor supply deficits can trigger significant price volatility, reinforcing a structural, long-term bullish outlook. Sprouts Farmers Market remains a high-quality business with some of the best operating margins in its sector and continues to repurchase shares aggressively. The company has ambitious expansion plans, aiming to triple its footprint from 450 to 1,400 stores nationwide while maintaining its fresh-first mission. Olvi Oyj announced strategic acquisitions in Q1 2026, including Estonia's leading mineral water producer Värska Originaal, Bosnia's largest brewery Banjalucka Pivara, and a 51% acquisition of Brewery International. These transactions expand Olvi's non-alcoholic and alcoholic beverage portfolios, increase sales volumes, and strengthen production capabilities across the Baltics, Nordics, and Mediterranean markets.	SFM	View
2025 Q4	Jan 6, 2026	PivotalPath	0.0%	0.0%	AGG, AVGO, CWB, HYG, IBB, LQD, ORCL, XBI, XLE, XLF, XLK, XLU, XLV, XLY	AI, Crowding, Fed policy, Hedge Funds, liquidity, Long/Short, Macro, Multi-Strat	AI remained the loudest theme but tone shifted from breakthrough to balance sheet. The market's new habit of asking show me the cash flow reinforced that AI isn't being abandoned but is being priced more realistically. AI infrastructure remained the sturdier expression across equity and credit books. Fed announced short-term Treasury bill purchases as technical measure to maintain ample reserves. This mix of policy easing and practical focus on liquidity helped explain December's feel of being supportive when conditions were orderly, jittery when they weren't. Funding markets can suddenly drive the agenda. Fed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. Healthcare and biotech took a breather after strong run, falling back over December. Managers believe this pause reflects digestion rather than dramatic change of heart. Biotech remained a stock-picker's market where one good dataset can massively move the needle. Momentum fell 1.91% over the month with quick switches between stick with winners and take the money and run. Many quant teams operated with shorter lookbacks, smaller position sizes, and tighter crowding guardrails because Momentum has become too popular for its own good. Utilities fell 5.79% as market rotated away from defensives, though structural story didn't disappear. Managers continued to blend core yield exposure with targeted bets on transmission upgrades, renewables rollout, and data-center power demand seeking mix of income and growth.		View
2025 Q4	Jan 6, 2026	Broadleaf Partners	-1.8%	14.5%	NVDA, ORCL, PLTR	AI, Concentration, credit, growth, innovation, large cap, technology	AI remains central to investment thesis despite bubble concerns. The technology development is in infant stages requiring sustained financial support. AI-related spending drove economic growth across multiple sectors in 2025, though concerns about data center spending and funding levels created volatility. All eyes remain on artificial intelligence as the primary innovation driver. The manager expects AI productivity gains to broaden beyond the Magnificent 7 to benefit the broader S&P 493 companies through reduced labor costs and improved efficiency. For the first time in years, the financial sector led by banks has started to outperform. Debt markets both public and private have become more popular as funding sources. The manager sees greater contributions from the Credit Cycle needed to realize AI's long-term dreams.		View
2025 Q4	Jan 6, 2026	Legal & General – Active Fixed Income	0.0%	0.0%	AMZN, GOOGL, LXS.DE, META, MSFT, ORCL, PARA, SESG.PA, WBD, WPP.L	AI, Bonds, credit, Fiscal, Hyperscalers, infrastructure, Issuance, technology	Massive AI capital expenditure by hyperscalers is driving extraordinary levels of bond issuance, with companies like Microsoft, Amazon, Meta and Google requiring $500-800 billion of additional debt annually. This AI spending boom is creating significant macroeconomic impact and supporting US growth expectations as companies redeploy capital back into the economy. Hyperscalers are increasingly accessing private credit markets for bespoke AI infrastructure projects, with Meta's $29 billion public/private credit deal representing the largest private credit transaction in history. The private credit market is becoming a key funding source for off-balance-sheet AI projects and data center development. Global shift from monetary to fiscal policy is driving increased government infrastructure spending, with Germany releasing their debt-brake and Japan electing a pro-fiscal policy prime minister. This fiscal expansion is creating a new paradigm of government-led growth initiatives alongside corporate AI infrastructure investment.		View
2025 Q4	Jan 5, 2026	Rathbones Asset Management	0.0%	0.0%	ORCL	AI, Bonds, equities, Global Markets, inflation, technology, Trade Policy, volatility	The technology sector experienced three bouts of volatility around generative AI, including challenges from Chinese competitor DeepSeek, MIT study questioning corporate benefits, and profit-taking as investors demand higher revenues before rewarding companies with higher share prices. Despite volatility, the manager retains long-term belief that genAI will deliver positive outcomes for companies and consumers. President Trump's tariff threats triggered significant market volatility, including a near-20% fall in US equities when 'liberation day' tariffs were announced, though markets rallied after tariffs were put on 'pause'. China's control of 90% of global rare earth mineral refining capacity gives it strong leverage in trade negotiations. More trade-related volatility is expected in 2026. Core inflation in the US and UK is proving slow to return to 2% targets, with the manager expecting inflation to remain generally higher and more volatile than the pre-Covid era due to political preferences for more deficit spending, less globalization, climate change, and demographics. This drives preference for shorter maturity government bonds.		View
2025 Q4	Jan 5, 2026	Douglass Winthrop Advisors, LLC	0.0%	0.0%	AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER	AI, inflation, Quality, technology, Trade Policy, value	AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies.		View
2025 Q4	Jan 31, 2026	Montaka Global Investments	0.0%	0.0%	0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V	AI, Cloud, geopolitics, Lithium, software, technology, value	AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses.	KKR BX NOW FND ALB	View
2025 Q4	Jan 30, 2026	PGIM Jennison Global Opportunities Fund	-4.1%	5.3%	AAPL, AMD, AMZN, APP, CRWD, GEV, GOOGL, ITX.MC, MSFT, NET, NFLX, NTDOY, NVDA, ORCL, RMS.PA, SE, SHOP, TSM	AI, consumer, Data centers, global, growth, semiconductors, technology	The team is a big believer in the massive paradigm shift to GenAI and expects leadership in accelerated computing, agentic applications, search, robotics and autonomous driving to move dynamically. Jennison plans to execute with fluidity in this rapidly evolving set of opportunities that cross into multiple sectors. The most interesting part of the Fund, with the strongest secular growth profile, seems to be the most controversial in the market and centers on the massive paradigm shift to GenAI. The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation. This trend led Jennison to add GE Vernova to the Fund's Industrials sector for their natural gas turbine, wind, and electrification businesses. Taiwan Semiconductor rose on record profitability as AI demand continues to exceed expectations. Jennison initiated a position in Advanced Micro Devices as the team believes the use of GPUs for agentic AI applications will continue to expand and customers of NVIDIA are looking for second sources.	GEV	View
2025 Q4	Jan 30, 2026	Skybound Wealth Management	0.0%	0.0%	AMZN, GOOGL, META, MSFT, ORCL	AI, Capex, Data centers, energy, Hyperscalers, inflation, rates, yield curve	AI remained the dominant theme driving US and global returns, with Communication and IT sectors delivering exceptional performance. The worldwide adoption of GenAI is already at 15-20% with projected growth rates for 2026-2027 almost doubling these rates. Major hyperscalers are expected to increase their capex to around $500bn in 2026, over three times their pre-ChatGPT levels. Global Data Centers currently use 1.5% to 3% of all total global electricity usage, with 5% to 15% consumed by AI workloads. The enormous demand for AI equipment results in ever-growing demand for energy, creating infrastructure challenges for projected growth rates ahead. Energy costs face upward pressure due to AI infrastructure demands, with 80% of all energy production being hydrocarbon generated. The growth rate in non-hydrocarbon energy is not fast enough, and refining capacity cannot keep up with demand. Energy inflation could feed back into services inflation if it picks up sufficiently. Services inflation has become sticky with key items such as food running at alarmingly high levels. The multi-variate nature of current inflation is different this time, with energy costs unable to sink much lower and potential feedback loops between energy and services inflation creating structural concerns. Markets are watching for equilibrium between full employment and stable inflation to determine R* (neutral rate). The front-end of the yield curve remains suppressed by easing expectations, but the long-end remains anchored to pre-covid norms inconsistent with higher debt and higher R*. This creates risk of adjustment delivered with whiplash force.		View
2025 Q4	Jan 29, 2026	Weitz Large Cap Equity Fund	0.6%	-0.2%	ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO	AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value	The artificial intelligence infrastructure trade took a breather after a red-hot summer. Google's Gemini AI surpassed expectations with performance moving to the front of the pack according to respected industry benchmarks, helping Alphabet solidify its spot as an AI leader.		View
2025 Q4	Jan 29, 2026	FPA Crescent Fund	3.1%	17.7%	ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	AI, global, healthcare, Quality, small caps, technology, value	The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined.	MSFT	View
2025 Q4	Jan 28, 2026	Rodrigo Benedetti	0.0%	0.0%	ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP	AI, Biotechnology, commodities, Fintech, gold, healthcare, oil	Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system.	EMO CN KITS CN	View
2025 Q4	Jan 28, 2026	GMO (Grantham, Mayo, Van Otterloo & Co. LLC)	-	-	2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM	AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation	AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales.		View
2025 Q4	Jan 26, 2026	Peapack Private	0.0%	0.0%	AMZN, GOOGL, META, MSFT, ORCL	AI, Economic Growth, geopolitics, Labor Market, monetary policy, technology, Valuations	Hyperscalers are dramatically increasing AI capital expenditure from $400 billion in 2025 to over $600 billion by 2027. AI investment is driving 30% of GDP growth but faces risks from over-investment with 95% of organizations getting zero return on AI investments currently. S&P 500 trades at 22 times forward earnings, matching Internet bubble levels and 1.5 standard deviations above 30-year average. Elevated valuations reflect low interest rates and optimistic 12.1% earnings growth expectations for 2026. Unemployment rose to 4.6%, highest in four years, with job creation averaging only 22,000 monthly over past three months. Companies are retaining staff but not hiring, with particular weakness among recent college graduates at 5.8% unemployment. Trump Administration is remaking world order with radically reset trade relations, strained alliances replaced by unilateralism, and commercial interests prioritized over strategic interests. This creates heightened uncertainty where unpredictability is seen as virtue.		View
2025 Q4	Jan 26, 2026	Impax US Sustainable Economy Fund	4.2%	16.0%	AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS	AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology	AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed.		View
2025 Q4	Jan 26, 2026	First Eagle Global Fund	5.4%	31.6%	005930.KS, BA.L, BABA, CHRW, GOOG, GOOGL, META, ORCL, PRX.AS	AI, defense, Geopolitical, global, gold, Resilience, technology	Gold surged 65% during 2025, its largest annual gain since 1979, reflecting acknowledgment of the double-bind facing US policymakers. The price rally has aligned gold with its 50-year geometric average relative to US public debt and brought it closer to its geometric average versus the S&P 500. The fund continues to highly value gold's strategic hedge potential given current fiscal and geopolitical dynamics. Massive spending on AI infrastructure buildout has been a chief tailwind supporting economic and equity market growth. Spending on semiconductor fabrication and data centers has accounted for 0.4% of GDP growth annually since 2022. However, hyperscaler capex as a percentage of cash flow has grown from 20% in 2015 to 70% today, making the current rate of growth unsustainable absent other financing sources. Geopolitical tensions ratcheted up with US military action in Venezuela to remove President Maduro, reflecting broader disequilibrium in the global order. The emergence of the Eurasian heartland with authoritarian powers growing increasingly aligned has increased the possibility of destabilizing left-tail events across the Americas, Europe, and Asia. The fund focuses on building portfolio resilience through equities offering ballast through their lower risk character. This is achieved by evaluating stocks from the bottom up for attributes contributing to low correlations with the broader market, including strong balance sheets, high margins, diverse product lineups, long-lived assets, and contractually obligated revenues.	BA LN BABA META ORCL CHRW 005930 KS GOOG	View
2025 Q4	Jan 22, 2026	Mondrian Global Equity Fund	0.0%	0.0%	005930.KS, CAP.PA, GOOGL, MSFT, ORCL	AI, banks, Currency, Europe, financials, Global Equities, value	AI investment has accelerated with massive capital requirements for frontier model development. Hyperscalers fund build-out from free cash flow while AI startups strike extraordinary deals with uncertain economics. The shift toward debt-funded expansion adds systemic fragility given unproven AI economics and uncertain future demand. European banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. Non-US equity markets remain particularly attractive from a stock-picking perspective, offering less concentration risk and a broader opportunity set for valuation-driven investors. The firm maintains disciplined, value-oriented investment approach to identify materially mis-priced securities with superior risk-adjusted return profiles.		View
2025 Q4	Jan 21, 2026	Polen Capital – Global SMID Company Growth	-2.7%	1.8%	0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW	AI, global, growth, Quality, software, technology	The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years.	SPOT 0700 HK ORCL LLY	View
2025 Q4	Jan 21, 2026	Columbia Global Technology Growth Fund	2.0%	25.1%	AAPL, AMZN, ASML, AVGO, GOOGL, HOOD, LRCX, META, MSFT, MU, NFLX, NOW, NVDA, ORCL, TSM	AI, Cloud, global, growth, semiconductors, technology	The fund views AI as being in early innings of a long-term secular growth trend that will take years or decades to play out. The quarter marked a critical transition from experimental pilots to scaled enterprise implementations, with markets scrutinizing elevated investment levels and the path from capital expenditure to cash-flow generation. AI-driven demand is driving insatiable chip demand and productivity gains of 10-30% for knowledge workers. Semiconductor companies experienced strong performance driven by AI demand, with memory-chip suppliers surging on supply constraints. Taiwan Semiconductor Manufacturing received overwhelming validation of insatiable AI chip demand, while Micron Technology sold out its entire 2026 production of advanced memory chips with pricing locked through the following year. The sector benefits from continuous capacity expansion requirements. Cloud infrastructure remains a key focus with AI-driven demand from enterprise customers. Alphabet's cloud business showed strong performance with key contract wins from the Pentagon and AI pioneer Anthropic. The fund continues to monitor cloud commitments and infrastructure spending as part of AI buildout strategies.	NOW MU TSM GOOGL	View
2025 Q4	Jan 21, 2026	Columbia Seligman Global Technology Fund	5.0%	35.4%	AAPL, AMAT, AVGO, BE, GOOGL, LRCX, LYFT, MRVL, MSFT, MU, NVDA, ORCL, PINS, TER, WDC, WIX	AI, Data centers, Equipment, global, growth, semiconductors, technology	AI infrastructure build-out remains strong with hyperscalers and enterprises committing to large-scale spending on GPUs, high-speed networking and high-bandwidth memory. The quarter saw volatility around AI capital expenditure concerns and whether spending had ramped too fast, but fundamentals remained intact with continued demand for AI data centers and power solutions. Semiconductor equipment demand remained steady and recovered strongly following April volatility around global tariffs. Companies focused on reallocating production across geographic locations to adjust for potential tariff impacts. Memory and storage pricing improved following the 2022-2023 down cycle, with NAND/DRAM markets tightening on AI data demand. Power shortage overhangs new AI data center builds globally, creating demand for alternative energy solutions. Bloom Energy's fuel cells provide solutions that can plug into natural gas lines and ramp up power delivery quicker than traditional providers, addressing the largest constraint on AI development according to NVIDIA's CEO. High-bandwidth memory and AI chips are fueling significant investments and demand for advanced storage solutions. Western Digital benefited from increased purchase orders from major hyperscalers extending into 2026 and 2027, driven by AI infrastructure demand for high-capacity hard disk drives. Cybersecurity consistently remains a top priority for CIO budgets as non-technology companies continue increasing AI solution usage in daily operations. However, increased regulatory scrutiny on data privacy, AI ethics and antitrust could create headwinds as companies seek more security solutions amid AI adoption.	AMAT TER WDC BE LRCX NVDA	View
2025 Q4	Jan 21, 2026	Advisors Capital Management, LLC	-	-	AAPL, AMD, AMZN, AVGO, GOOGL, META, MSFT, NVDA, ORCL, SLB, TSLA	AI, energy, Geopolitical, inflation, productivity, technology, Venezuela	AI-driven capital spending remains a powerful force propelling company valuations higher over the past three years. AI adoption is proceeding rapidly with productivity gains helping offset wage pressures and containing inflation. The technology is displacing many jobs while reducing business costs, creating an almost ideal environment for stock prices. The capture of Nicolás Maduro represents a dramatic change in U.S. foreign policies under the Monroe-Trump Doctrine. This signals a more assertive approach to countering hostile regimes in the Western Hemisphere, with implications for Cuba, Iran, and China's strategic positioning in Latin America. Venezuela's leadership change may lower global oil prices and benefit energy companies and oilfield service providers. Oil prices are likely to decline further with positive economic consequences globally, boosting real household income and helping reduce inflation measures. Inflation has moderated meaningfully from its 2022 peak and while it remains above the Fed's target, pressures are expected to ease further into 2026. AI-driven productivity gains may help offset wage pressures, keeping inflation and interest rates relatively contained.		View
2025 Q4	Jan 21, 2026	NCG Large Cap Growth Strategy	1.0%	15.3%	AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT	active management, growth, Outperformance, Quality, small caps, technology	The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas.		View
2025 Q4	Jan 20, 2026	Harding Loevner Global Small Companies	0.4%	8.5%	AAPL, ADBE, AMD, AMZN, AVGO, CRM, CSCO, GOOGL, IBM, INTC, META, MSFT, NFLX, NOW, NVDA, ORCL, PYPL, QCOM, TSLA, TXN	global, healthcare, momentum, Quality, small caps, technology, value	The manager emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies with durable competitive advantages operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The manager notes that many AI-related winners lack clear basis for continuing, with some companies barely connected to the AI theme benefiting from momentum. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, making the current rally questionable for long-term returns.	2344 TT DIA IM 298380 KS	View
2025 Q4	Jan 19, 2026	Carillon Eagle Growth & Income Fund	0.0%	0.0%	ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS	AI, Capital markets, earnings, growth, large cap, semiconductors, technology	AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance.		View
2025 Q4	Jan 18, 2026	Ithaka US Growth Strategy	-6.1%	4.5%	AMD, AMZN, AVGO, BX, CRDO, ELF, GOOG, HWM, ISRG, LLY, META, MRVL, NFLX, NOW, ORCL, SHOP, TTD, UBER, VEEV	AI, concentrated, growth, large cap, technology	The AI megatrend remains a vital secular tailwind with massive global investment providing significant economic buffer. 2026 will be the year of the Show Me phase where AI-driven revenue begins to offset massive capital expenditures. Companies are reporting tangible productivity gains from AI implementation across sectors, with examples including Uber's routing optimization, Howmet's manufacturing efficiency improvements, and Meta's conversion rate increases. AMD posted strong earnings and guided to 35% revenue CAGR driven by soon-to-be launched MI450 and MI500 series products, putting it in more direct competition with NVIDIA in rack scale architecture. The semiconductor sector continues to benefit from AI infrastructure buildout despite valuation concerns. Google Cloud Platform continues growing as part of Alphabet's diversified technology ecosystem. ServiceNow faces fears that software applications could be disintermediated by AI native products, driving multiple compression despite strong fundamental growth. Intuitive Surgical delivered massive earnings beat with da Vinci robotic surgical system continuing to generate high-margin recurring revenue from growing global installed base of 10,200 units. The MedTech sector has fallen out of favor with compressed valuations despite strong fundamentals. Netflix faced headwinds from surprise $83B bid to acquire Warner Bros Discovery requiring $50B in new debt, sparking leverage concerns and departure from traditional build-not-buy strategy. The company also faced $620M tax charge from Brazilian authorities dispute.	VEEV NOW GOOG AMD ISRG	View
2025 Q4	Jan 18, 2026	Titan Wealth	-	-	ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE	AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology	AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage.		View
2025 Q4	Jan 18, 2026	The Davenport Value & Income Fund	1.5%	13.7%	ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX	AI, Buybacks, dividends, large cap, technology, value	Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before.		View
2025 Q4	Jan 18, 2026	T. Bailey Multi-Asset Dynamic Fund	3.5%	13.9%	AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L	AI, Central Banks, Copper, diversification, gold, Multi-Asset, Trade Policy, UK Budget	Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. After experiencing one of its steepest single-day declines in years on 21 October, the metal subsequently recovered to reach a new high above US$4,500 in December, supported by falling bond yields and growing expectations of rate cuts. Copper performed well this quarter, rising 16.57%, with demand remaining resilient supported by ongoing electrification and infrastructure spend. Supply stayed relatively tight due to limited new mine capacity and periodic disruptions, while improving risk sentiment and pockets of inventory rebuilding provided additional support. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing support as market participants hedged against further tariff uncertainty.		View
2025 Q4	Jan 18, 2026	T. Bailey Multi-Asset Growth Fund	4.0%	14.6%	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA	AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget	Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. The metal experienced one of its steepest single-day declines in years on 21 October but subsequently recovered to reach a new high above US$4,500 in December, supported by safe haven demand and central bank purchases. Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025 driven by tariff-related volatility, copper stabilised and rebuilt momentum through Q4, underpinned by a structurally tight supply-demand backdrop and disruption risk across key producing regions. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing additional support to commodity markets.	LGEU LN	View
2025 Q4	Jan 18, 2026	T. Bailey Global Thematic Equity Fund	3.8%	15.3%	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TESCO.L	AI, Copper, emerging markets, gold, healthcare, Japan, thematic, Trade Policy	Artificial intelligence shifted from growth to returns on capital focus. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation. AI-exposed strategies performed well with Polar Capital AI Fund returning 6.58%. Gold surged above US$4,300 per ounce in October, then reached new highs above US$4,500 in December. Supported by falling bond yields, rate cut expectations, geopolitical tensions, and central bank purchases. Copper performed well rising 16.57% in Q4, supported by ongoing electrification, infrastructure spend, tight supply due to limited new mine capacity, and stockpiling activity amid tariff uncertainty. Healthcare exposure contributed positively as policy risks receded, valuations looked attractive, and investors rotated toward high-quality, cash-generative businesses with resilient earnings. Trade tensions stayed elevated despite a truce. Threatened tariff escalation in October gave way to a one-year US-China tariff truce after late-October talks, easing near-term supply-chain risk but left strategic issues unresolved.	PCGH LN	View
2025 Q4	Jan 18, 2026	T. Bailey UK Responsibly Invested Equity Fund	3.8%	6.7%	AZN.L, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, NWG.L, ORCL, ROR.L, TSCO.L	Banking, Esg, financials, Responsible Investing, UK Equities	The fund benefited from exposure to the banking sector through Lloyds and NatWest, with NatWest being one of the strongest performers. Leading performance came from financial exposure through asset manager Man Group, which reached record assets under management.	MNDI LN NWG LN EMG LN	View
2025 Q4	Jan 18, 2026	Parnassus Core Equity Fund	1.6%	11.6%	AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY	AI, growth, healthcare, large cap, Quality, semiconductors, technology, value	The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development.		View
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	View
2025 Q4	Jan 16, 2026	Janus Henderson Forty Fund	0.3%	18.4%	AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM	AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology	AI remains a strong driver of returns with Oracle emerging as a leading player through its hyperscale market position and AI partnerships. The multi-year AI adoption trajectory remains on track with demand outpacing available capacity. Revenue-generating opportunities are moving beyond infrastructure into the application layer, creating new investment opportunities and productivity advances. Power companies are capitalizing on rapid expansion of data center capacity to support AI. Eaton provides energy-efficient power management solutions for data centers, representing a multi-year market opportunity despite near-term production bottlenecks and margin concerns from capital spending. Eli Lilly reported strong results fueled by accelerating sales growth for blockbuster GLP-1 weight loss products Mounjaro and Zepbound. The company has promising pipeline drugs including orforglipron and retatrutide, with government pricing agreements potentially expanding market access for Medicare and Medicaid users. Oracle's cloud business has signed several multibillion-dollar contracts leading to large increases in remaining performance obligations. The company remains well positioned to benefit from ongoing AI capacity buildout due to technological advantages and strategic business relationships, despite market concerns about funding and customer concentration. The fund sees opportunities tied to reshoring of manufacturing capacity in industries from semiconductors to pharmaceuticals as part of broader secular trends transforming the economy.	MDGL LLY ETN ORCL	View
2025 Q4	Jan 16, 2026	Janus Henderson Global Sustainable Equity Fund	-1.5%	9.2%	1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK	AI, Climate, Energy Transition, global, semiconductors, sustainability, technology	AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term.		View
2025 Q4	Jan 16, 2026	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	View
2025 Q4	Jan 15, 2026	Chevy Chase Trust	0.0%	0.0%	AAPL, AMZN, GOOGL, META, MSFT, NVDA, ORCL, TSLA	AI, Automation, Genomics, global, healthcare, inflation, technology, thematic	AI is extremely capital-intensive and competitive, unlikely to produce extraordinary profitability of prior tech companies. Capital spending and R&D consume greater share of sales for largest AI providers than drug stocks. Manager reduced exposure to AI-related companies over the last year due to concerns about future return on AI investment. After four decades of declining interest rates and ten years of very low inflation, both rates and inflation have returned to long-term norms. This marks a notable shift in the global investment landscape that has not yet been reflected in most investors' portfolio positioning. As the global labor force ages and need for supply-chain redundancies becomes more acute, companies increasingly seek ways to do more with fewer people. Automation technologies have matured and reached an inflection point, now offering attractive returns on investment across many industries. Breakthroughs in genomics have changed the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics have converged to generate diagnostics and treatments specific to individual patients and diseases. Companies leading the genomic medical revolution are well positioned for long-term outperformance.		View
2025 Q4	Jan 15, 2026	Contrarius Global Equity Fund	6.5%	54.4%	000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW	AI, contrarian, disruption, global, Satellites, Space, technology, value	The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries.	SATS	View
2025 Q4	Jan 15, 2026	GROW Funds LLC	0.0%	0.0%	AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS	AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation	The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection.	MDXH AXSM MAMA	View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Focused Equity Strategy	2.1%	13.2%	1179.HK, 8035.T, AHT.L, AMAT, AMZN, ASML, AVGO, BLK, CB, CSU.TO, DE, DEO, GOOGL, LMT, LSEG.L, MSFT, NOW, ORCL, SHEL, TMO	AI, China, Quality, semiconductors, technology, Trade Policy, value	AI dominated 2025 with massive data center investment announcements including OpenAI's $300 billion commitment and Meta's five-gigawatt Hyperion data center. The manager sees AI driving demand for semiconductor tools and custom chips, positioning companies like Applied Materials, ASML, and Broadcom to benefit from the infrastructure buildout. Semiconductor companies were top performers with Applied Materials up 59.6% and ASML up 55.8%. The manager emphasizes the bright prospects for chip design tools given silicon requirements for AI deployment, while also initiating Broadcom for its custom chip capabilities serving cloud hyperscalers. Trump announced the highest tariffs since the 1930s, with effective rates settling around 17% after negotiations. This triggered initial market corrections but companies adapted by flexing supply chains, with macroeconomic consequences remaining benign on inflation and GDP fronts. China had a strong year with the Hang Seng up 32% as investors warmed to signals that regulatory tightening was over. Chinese tech companies demonstrated ability to deploy AI efficiently at lower costs despite GPU restrictions, while valuations became attractive after years of consolidation. The manager focuses on high-quality compounders trading at discounts after being left out of the AI rally. They target companies generating strong free cash flow with high ROIC that can redeploy capital effectively, finding opportunities in unloved sectors and geographies like Swiss stocks at multi-year valuation lows.		View
2025 Q4	Jan 14, 2026	Emerald Wealth Partners – Growth Equity Strategy	3.0%	16.0%	0700.HK, 6857.T, 8035.T, AAPL, AMZN, ASML, AVGO, AZN.L, BABA, FTNT, GOOGL, META, MSFT, NOW, NVDA, ORCL, TMO, TSM	AI, China, Cloud, cybersecurity, growth, infrastructure, semiconductors, technology	AI continues to show rapid progress with Google's Gemini 3 representing a significant leap in capabilities. The manager believes we may be nearing a Barnes & Noble moment where widespread business adoption accelerates, similar to internet adoption after 1995. They maintain strategic positioning in AI infrastructure companies with strong moats. Semiconductor equipment holdings drove strong Q4 performance, benefiting from improving industry outlooks and attractive valuations. The manager reduced underweight in Nvidia while favoring Broadcom's ASIC strategy, expecting custom silicon to gain market share in AI data centers. Following extensive research including a field trip, the manager re-entered Chinese technology and e-commerce through Alibaba and Tencent. They believe the regulatory environment has shifted from crackdown to active support, creating opportunities to buy excellent businesses at compelling valuations despite ongoing geopolitical tensions. Cloud infrastructure remains critical to AI deployment with companies like Alibaba holding 30% of China's cloud market and integrating AI capabilities. The manager sees cloud as essential infrastructure for the AI ecosystem with substantial growth runway as penetration remains below Western markets. The manager added back to Fortinet following 40% underperformance, seeing the company positioned to benefit from secular tailwinds in cybersecurity and vendor consolidation. Strong customer switching costs and network effects support continuous market share gains despite recent volatility.		View
2025 Q4	Jan 14, 2026	Horos Asset Management	0.0%	0.0%	0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA	AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value	The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels.	TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER	View
2025 Q4	Jan 13, 2026	Mar Vista US Quality Select	0.2%	12.8%	AAPL, AMZN, APH, AVGO, CRM, DHR, EFX, GOOG, JNJ, LIN, META, MSFT, NFLX, NVDA, ORCL, ROP, SAP, TSM, V	AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology	The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors. Companies deploying AI infrastructure are seeing tangible improvements in ROIC through more efficient ad targeting and premium AI cloud services. Cloud computing continues to be a key beneficiary of AI infrastructure deployment. Google Cloud emerged as a standout performer with 34% revenue growth and $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth and increasing adoption of Copilot offerings. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Netflix has built a durable economic moat around its globally-scaled streaming business. With more than 300 million members, Netflix enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals and accelerate its competitive flywheel.		View
2025 Q4	Jan 13, 2026	Mar Vista US Quality Select	1.8%	18.2%	AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO	AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology	The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse.	ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG	View
2025 Q4	Jan 13, 2026	Blackstone Private Equity Strategies Fund	0.0%	0.0%	AMZN, GOOGL, META, MSFT, ORCL	AI, Capital Deployment, credit, growth, infrastructure, private markets, real estate, technology	AI is the most consequential force shaping the global economy, driving unprecedented investment in data centers, chips, power grids, and connectivity. Hyperscalers are set to increase CapEx by 45% YoY in 2026, funded largely by cash flows rather than debt. AI adoption is accelerating productivity gains and transforming business operations across portfolio companies. Private credit continues to offer 200-250bps of excess return over leveraged loans with structural advantages including direct origination, matched funding, and conservative structures. The opportunity set is expanding beyond sponsor-backed lending into financing the real economy with an addressable market exceeding $30 trillion. Infrastructure is in a supercycle driven by AI investment and US reindustrialization, creating compelling investment opportunities. An estimated $106 trillion of global infrastructure investment is needed through 2040, with 75% concentrated in digital infrastructure, power generation, transportation, and renewables. Real estate appears to be in early stages of cyclical recovery after values troughed in 2023. Borrowing costs are now roughly 40% lower than peak levels, materially improving equity yields. Secular demand remains robust across data centers, logistics, and rental housing driven by AI, e-commerce, and demographic trends. US electricity generation is on track to grow over 40% cumulatively in the next 10 years driven by AI adoption, electrification, and expanding electric vehicle fleets. Renewable energy remains attractive given lower costs and shorter development timelines, while natural gas plants are emerging as compelling options for reliable data center power.		View
2025 Q4	Jan 13, 2026	Carrington Wealth Management	-	-	AMZN, META, MSFT, NVDA, ORCL	AI, China, Geopolitical, global, gold, oil, technology, value	AI bubble concerns dominated Q4 headlines despite tech rally. US tech companies plan $500bn+ annual AI infrastructure spending by early 2030s without consistent profits. Market cap expands $3 for every $1 of AI investment announced. Value investing made a comeback in 2025. The firm's tilt toward active value managers provided good balance. UK and Chinese equity markets offered particularly attractive value opportunities with strong performance. Precious metals were the best performing asset class in 2025. Gold mining ETF finished up 138%, physical gold ETC gained 65%. Performance fueled by falling interest rates, geopolitical tensions, and inflation expectations. China asserted itself as AI leader, bringing competition to US tech. Hang Seng closed up 33%. New 5-year plan focuses on innovation and technological self-reliance. Value remains despite strong 2-year performance. Geopolitical tensions continue to dominate global economic landscape. US capture of Venezuelan President set precedent for military action for economic gains. Oil deal estimated to add 1.2 million barrels daily supply.		View
2025 Q4	Jan 12, 2026	Munro Global Growth Fund	-0.7%	12.2%	300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT	AI, Cloud, Data centers, global, growth, semiconductors, technology	AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting physical power constraints, requiring distributed data center solutions that benefit networking infrastructure providers like Ciena. Data center infrastructure is experiencing unprecedented demand driven by AI workloads requiring massive compute power. Hyperscalers are scaling across multiple locations due to power constraints, creating opportunities for networking and infrastructure providers. Google Cloud demonstrated strong momentum with a record $50 billion sequential increase in backlog to $158 billion, driven by unique TPU offerings and AI workload demand. Cloud providers are differentiating through custom silicon and AI-optimized infrastructure. TSMC continues benefiting from compute demand and plays a critical role in chip manufacturing regardless of whether hyperscalers use Nvidia products or custom solutions. The semiconductor cycle remains supported by AI infrastructure buildout.	CIEN GOOGL	View
2025 Q4	Jan 12, 2026	Polen Capital – Focus Growth	-1.5%	3.9%	AAPL, ABT, AMZN, GOOGL, ISRG, LLY, META, MSFT, NFLX, NOW, ORCL, SHOP, WDAY, ZTS	AI, Concentration, growth, healthcare, large cap, Quality, software	Despite market concerns about an AI bubble and infrastructure investment circularity, the managers believe the datacenter capex cycle should continue driven by rapid revenue and earnings growth, increasing demand, and supportive policy. They maintain exposure while diversifying beyond AI themes for portfolio resilience. The portfolio faces headwinds as quality factors continue to underperform while high-beta factors outperform in the current market environment. The managers remain focused on competitive advantages and long-term business fundamentals despite near-term performance challenges. Initiated position in Intuitive Surgical, which maintains a de facto monopoly in soft tissue robotic surgery globally. The company has become standard of care in many surgical modalities with large barriers to entry and continues to innovate with its next generation platform driving accelerating procedure growth. Eli Lilly rallied over 40% in Q4 driven by strong financial results and reaching agreement with the White House that lowering GLP-1 drug prices will greatly increase the addressable market in the US and provide a long runway for future growth.	NFLX WDAY ISRG ORCL LLY	View
2025 Q4	Jan 11, 2026	Horizon Kinetics	0.0%	0.0%	AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR	AI, Compounding, energy, Exchanges, long-term, private markets, value, water	The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure.		View
2025 Q4	Jan 11, 2026	Kathmandu Capital	10.9%	45.6%	ACMR, GOOGL, HII, LITE, NVDA, ORCL, VICR	AI, China, defense, geopolitics, gold, Power Electronics, semiconductors, technology	Market concerns about AI capex cycle intensified with Oracle results falling short. The fund is positioned to benefit from AI-driven power requirements and data center architecture transitions, particularly through holdings like Vicor which provides power solutions for XPU applications. China still lacks ability to design and manufacture leading-edge chips at US levels. The fund holds ACM Research, China's leading wafer-fab cleaning equipment manufacturer, positioned to benefit from China's semiconductor self-sufficiency push. National security has become central focus for both US and China. Added Huntington Ingalls to capture increased shipbuilding needs as defense becomes key battleground between rivals and government spending focuses on naval readiness. Portfolio ended quarter with approximately 35 percent in gold and cash. Hold precious metals as hedge positions to protect portfolio against inflation and potential economic setbacks.		View
2025 Q4	Jan 11, 2026	Penn Davis McFarland	0.0%	0.0%	COST, NVDA, ORCL	AI, Debt Markets, Fed policy, regulation, tariffs, technology, Valuations	AI boom entering new phase with tech companies turning to debt markets to fund infrastructure investment. Over $400 billion in debt issued by global tech companies in 2025. OpenAI considering IPO in 2026 with $1.4 trillion capital expenditure commitments for data centers and chips. Tariffs remained a clear headwind throughout 2025, creating uncertainty for supply chain planning. Tariffs at 125% against China with frequent changes making strategic planning difficult. Companies like Costco have sued the government for potential refunds if tariffs deemed illegal. Federal Reserve announced $40 billion monthly Treasury Bill purchases on December 10, moving back to quantitative easing under reserve management guise. Fed balance sheet normalized from $9 trillion peak in 2022 to $6.5 trillion before new purchases began.		View
2024 Q3	Sep 30, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	APPL, COST, DHR, EFX, GOOG, KEYS, LLY, MSFT, NEE, ORCL, PGR, QCOM, SCHW, UAHC	-			View
2024 Q3	Sep 30, 2024	Ariel Focus Fund	10.6%	0.0%	APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU	-			View
2024 Q3	Sep 30, 2024	Columbia Global Technology Growth Fund	-0.9%	0.0%	AAPL, AVGO, CRWD, ORCL, SNPS	-			View
2024 Q3	Sep 30, 2024	Columbia Seligman Global Technology Fund	1.0%	0.0%	AAPL, AVGO, GDDY, GOOG, NVDA, ORCL, SMTC	-			View
2024 Q3	Sep 30, 2024	Mar Vista Focus Fund	3.4%	0.0%	AAPL, AMT, GOOG, LIN, MCHP, MSFT, NKE, ORCL, V	-			View
2024 Q3	Sep 30, 2024	Mar Vista Global Equity Fund	7.2%	-	AMT, GOOG, MCHP, MSFT, ORCL, UL	-			View
2023 Q3	Sep 30, 2023	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	CB, DG, HAL, META, ORCL, SPR	-			View
2023 Q3	Sep 30, 2023	Mar Vista Strategic Growth Fund	5.5%	0.0%	AAPL, AMT, DHR, GOOG, INTU, MSFT, MTD, ORCL	-			View
2023 Q4	Aug 1, 2024	Oakmark Global Fund	7.5%	0.0%	A, BAYN GR, COF, KR, ORCL, ROG SW	-			View
2024 Q2	Jul 31, 2024	Ariel Focus Fund	10.6%	0.0%	AMG, APA, CLB, GS, KKR, MHK, ORCL, SNA	-			View
2024 Q2	Jul 31, 2024	The Sound Shore Fund	6.7%	21.1%	BBWI, GEHC, ORCL, TEVA	-			View
2024 Q2	Jul 15, 2024	Parnassus Core Equity Fund	5.5%	18.2%	AAPL, AMAT, BALL, COST, CRM, DE, GOOGL, INTC, ORCL, VRSK	-			View
2024 Q2	Jun 30, 2024	Mar Vista Global Equity Fund	7.2%	-	0NIQ LN, AAPL, AVGO, CRM, DIS, GOOG, LIN, META, ORCL	-			View
2024 Q2	Jun 30, 2024	Columbia Seligman Global Technology Fund	1.0%	0.0%	AVGO, BE, GDDY, GOOG, GPN, MSFT, NVDA, ORCL, TER	-			View
2023 Q2	Jun 30, 2023	Ariel Focus Fund	10.6%	0.0%	Gold, MOS, NTRS, ORCL, SNA, ZBH, ZIMV	-			View
2023 Q1	Apr 14, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	ADI, DHR, GOOG, HD, LLY, NESR GR, ORCL, PEP, QCOM, TEL, TGT, USB	-			View
2025 Q1	Mar 31, 2025	Ariel Focus Fund	-3.9%	-3.9%	BIO, CVX, Gold, NTRS, ORCL, REZI, SJM	-			View
2023 Q1	Mar 31, 2023	Barometer Capital Management Inc.	-	-	AVGO, CS CN, NVDA, ORCL	-			View
2024 Q4	Jan 16, 2025	Polen Capital – Focus Growth	4.7%	16.1%	ADBE, AMZN, AVGO, CSGP, LLY, NFLX, NOW, ORCL, SHOP, TMO, TSLA, ZTS	-			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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Aziz V. Hamzaogullari	Oracle Corporation	Information Technology	Enterprise Software	Bull	New York Stock Exchange	Artificial Intelligence, backlog, CapEx, Cloud computing, Enterprise software, Subscriptions	View Pitch
Jan 28, 2026	Fund Letters	Julien Albertini	Oracle Corporation	Information Technology	Application Software	Bear	New York Stock Exchange	AI, CapEx, cloud, leverage, Software	View Pitch
Jan 28, 2026	Fund Letters	Scott LaBreche	Oracle Corp.	Information Technology	Systems Software	Bear	New York Stock Exchange	AI infrastructure, CapEx, cloud, debt, Enterprise software	View Pitch
Jan 28, 2026	Fund Letters	Thomas Küpfer	Oracle Corp.	Information Technology	Application Software	Bull	New York Stock Exchange	AI infrastructure, CapEx, cloud, Enterprise software, valuation	View Pitch
Jan 27, 2026	Fund Letters	Silas Myers	Oracle Corp.	Systems Software	Systems Software	Bull	New York Stock Exchange	AI, cloud, Contracts, Databases, hyperscale, infrastructure	View Pitch
Jan 27, 2026	Fund Letters	Silas Myers	Oracle Corp.	Information Technology	Application Software	Bear	New York Stock Exchange	AI, CapEx, Concentration, infrastructure, ROIC	View Pitch
Jan 24, 2026	Fund Letters	Frank M. Sands	Oracle Corp.	Information Technology	Software	Bear	New York Stock Exchange	Balance_Sheet, CapEx, cloud, Competition, growth, leverage, Partnerships	View Pitch
Jan 24, 2026	Fund Letters	Damon Ficklin	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, backlog, cloud, Execution, valuation	View Pitch
Jan 21, 2026	Fund Letters	Nick Schommer	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, cloud, hyperscale, infrastructure, Rpo	View Pitch
Jan 20, 2026	Fund Letters	Charles K. Bobrinskoy	Oracle Corporation	Information Technology	Software	Bull	New York Stock Exchange	Artificial Intelligence, backlog, Cloud computing, Enterprise software, Platform Shift	View Pitch
Jan 16, 2026	Fund Letters	Dan Davidowitz	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, backlog, cloud, Execution, valuation	View Pitch
Jan 16, 2026	Fund Letters	Scott Goodwin	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	cloud, Database, Financing, infrastructure, Issuance	View Pitch
Jan 9, 2026	Fund Letters	John Baldi	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, CapEx, cloud, Margins, Risk	View Pitch
Jan 8, 2026	Fund Letters	Nick Schommer	Oracle Corp.	Information Technology	Consumer Finance	Bull	New York Stock Exchange	AI, cloud, Gpu, Rpo, Sovereign Deals	View Pitch
Jan 8, 2026	Fund Letters	Scott LaBreche	Oracle Corporation	Information Technology	Systems Software	Bull	New York Stock Exchange	AI, backlog, cloud, datacenters, productivity, resilience, Software	View Pitch
Jan 8, 2026	Fund Letters	Silas Myers	Oracle Corporation	Information Technology	Systems Software	Bull	New York Stock Exchange	AI, backlog, Bookings, cloud, hyperscaler, Oci	View Pitch
Jan 8, 2026	Fund Letters	Damon Ficklin	Oracle Corporation	Information Technology	Systems Software	Bull	New York Stock Exchange	AI infrastructure, cash flow, cloud migration, Databases, recurring revenue	View Pitch
Jan 8, 2026	Fund Letters	Dan Davidowitz	Oracle Corporation	Information Technology	Systems Software	Bull	New York Stock Exchange	cloud infrastructure, Digital transformation, Enterprise software, Omega AI, recurring revenue	View Pitch
Jan 8, 2026	Fund Letters	Silas Myers	Oracle Corp.	Information Technology	Application Software	Bull	NASDAQ	AI, cloud, enterprise, infrastructure, SaaS	View Pitch
Jan 8, 2026	Fund Letters	Aziz V. Hamzaogullari	Oracle Corporation	Information Technology	Systems Software	Bull	New York Stock Exchange	cashflow, cloud, Margins, Software, Subscription	View Pitch
Jan 8, 2026	Fund Letters	Maya Bittar	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, backlog, cloud, enterprise, growth	View Pitch
Dec 6, 2025	Fund Letters	Julien Albertini	Oracle Corporation	Information Technology	Software - Infrastructure	Bull	NYSE	AI, cloud, enterprise, Recurring, Software	View Pitch
Dec 5, 2025	Fund Letters	James Cullen	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	AI, backlog, CapEx, cloud, Databases, infrastructure, Software	View Pitch
Dec 5, 2025	Fund Letters	Rahul Narang	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	AI, cloud, Databases, growth, Margins	View Pitch
Dec 3, 2025	Fund Letters	Owen Fitzpatrick	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	backlog, buybacks, cloud, infrastructure, Margins, Recurring, SaaS, Software	View Pitch
Dec 3, 2025	Fund Letters	Owen Fitzpatrick	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	backlog, buybacks, cloud, infrastructure, Margins, Recurring, SaaS, Software	View Pitch
Dec 3, 2025	Fund Letters	Charles K. Bobrinskoy	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	AI, cloud, Databases, Margins, migration, Recurring, switching costs	View Pitch
Nov 29, 2025	Fund Letters	Damon Ficklin	Oracle Corp.	Information Technology	System Software	Bull	NYSE	AI infrastructure, backlog, cloud migration, operating leverage, recurring revenue	View Pitch
Nov 29, 2025	Fund Letters	Nick Griffin	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	AI, backlog, cloud, Database, growth, hyperscaler, infrastructure, Oci	View Pitch
Nov 29, 2025	Fund Letters	Silas Myers	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	AI, cloud, EPS growth, hyperscale, infrastructure, Oci, Rpo	View Pitch
Nov 29, 2025	Fund Letters	Maya Bittar	Oracle Corporation	Information Technology	Systems Software	Bull	NYSE	AI, cloud, Contracts, enterprise, growth, Margins, Oci, recurring revenue, Rpo	View Pitch
Nov 29, 2025	Fund Letters	Julien Albertini	Oracle Corporation	Information Technology	System Software	Bull	NYSE	AI, backlog, buybacks, cloud, Margins, operating leverage	View Pitch
Nov 29, 2025	Fund Letters	Matt Hayner	Oracle Corporation	Information Technology	System Software	Bear	NYSE	AI, backlog, cloud, concentration risk, Contracts, risk management, valuation	View Pitch
Nov 29, 2025	Fund Letters	Olivia Treharne	Oracle Corp.	Information Technology	Software	Bull	NYSE	AI, cloud, Contracts, enterprise, growth, recurring revenue, Software	View Pitch
Nov 29, 2025	Fund Letters	Owen Fitzpatrick, Thomas Hynes, Jr, Brendan O’Neill	Oracle Corporation	Information Technology	Application Software	Bull	NYSE	AI, cloud, Contracts, Oci, visibility	View Pitch
Nov 29, 2025	Fund Letters	John Baldi	Oracle Corp.	Information Technology	Systems Software	Bull	NYSE	AI, cloud, enterprise, growth, Margins, recurring revenue, Software	View Pitch
Nov 29, 2025	Fund Letters	Tom Press	Oracle Corporation	Information Technology	System Software	Bull	NYSE	AI, backlog, buybacks, cloud, enterprise, growth, infrastructure, Margins, Partnerships, Software	View Pitch
Nov 29, 2025	Fund Letters	Vimal Patel	Oracle Corp.	Information Technology	System Software	Bull	NYSE	AI, backlog, cloud, Margins, Oci, Partnerships, Software	View Pitch
Nov 28, 2025	Fund Letters	Julien Albertini	Oracle Corporation	Information Technology	System Software	Bull	NYSE	AI, backlog, buybacks, cloud, Margins, operating leverage	View Pitch
Nov 28, 2025	Fund Letters	Matt Hayner	Oracle Corporation	Information Technology	System Software	Bear	NYSE	AI, backlog, cloud, concentration risk, Contracts, risk management, valuation	View Pitch
Nov 28, 2025	Fund Letters	Olivia Treharne	Oracle Corp.	Information Technology	Software	Bull	NYSE	AI, cloud, Contracts, enterprise, growth, recurring revenue, Software	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		AI, backlogs, Cloud computing, competitive position, Enterprise software, Margins, OpenAI, operational efficiency, Oracle, Revenue Growth	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		Cloud computing, cloud services, Enterprise software, margin expansion, market positioning, OpenAI, operational efficiency, Oracle, Revenue Growth, strategic contracts	View Pitch
Nov 7, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		AI demand, AI transition, cloud services, Enterprise software, growth opportunity, market perception, OpenAI commitment, Oracle, Order Backlog, stock surge	View Pitch
Oct 2, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		AI ecosystem, AI technology, backlog orders, Cloud computing, Enterprise software, financial commitments, growth driver, market positioning, OpenAI, Oracle Corporation	View Pitch
Sep 26, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		AI, backlog growth, cloud infrastructure, database management, Enterprise software, financial projections, hyperscaler, OpenAI, Oracle Corporation, strategic deals	View Pitch
Sep 17, 2025	Substack	Rijnberk Invest Insights	Oracle Corporation	Technology	Software - Infrastructure	Bull		AI inferencing, AI partnerships, capital expenditure, Cloud computing, Customer concentration, debt management, financial health, market positioning, Oracle Cloud Infrastructure, RPO growth	View Pitch
Sep 14, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Neutral		AI enterprise solutions, AI IT spending, CapEx program, cloud infrastructure, debt levels, ERP systems, financial risks, market position, OpenAI partnership, Oracle Corporation	View Pitch
Sep 11, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		backlog growth, Cloud computing, cloud services, contract wins, enterprise IT, Oracle Cloud Infrastructure, Oracle Corporation, Revenue Growth, Strategic Partnerships, strong buy	View Pitch
Sep 1, 2025	Seeking Alpha	Seeking Alpha	Oracle Corporation		Software - Infrastructure	Bull		AI infrastructure, cloud services, competitive positioning, expansion, growth strategy, market demand, Oracle, risk-reward profile, strategic focus, technology sector	View Pitch
Aug 8, 2025	Seeking Alpha	Wall Street Breakfast	Oracle Corporation	Information Technology	Software - Infrastructure	Bull	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	JR Research	Oracle Corporation	Information Technology	Software - Infrastructure	Bull	NYSE	—	View Pitch
Aug 7, 2025	Substack	Rijnberk Invest Insights	Oracle Corporation	Information Technology	Software - Infrastructure	Bear	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Polen Capital	Oracle Corporation	Information Technology	Software - Infrastructure	Bull	NYSE	—	View Pitch

BSD Shareholders of ORCL

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

ORCL

ORCL

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of ORCL

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