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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Value | - | - | APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO | industrials, large cap, Quality, semiconductors, technology, Utilities, value | The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets. | PH AVGO SBUX ORLY APD SHW MCK INTC |
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| 2024 Q2 | Sep 30, 2024 | Qualivian Investment Partners | 2.5% | - | AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V | Compounding, Concentration, long-term, Quality, value | Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods. | URI MUSA |
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| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | 1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX | AI, consumer, global, growth, technology | The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships. | View | |
| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 11.6% | - | APH, BJ, CRWD, EME, F, HUBS, ORLY, VEEV | AI, consumer, growth, healthcare, industrials, mid cap, tariffs, technology | AI spending rebounded after first quarter weakness following DeepSeek's emergence. Ford Motor's CEO predicted artificial intelligence will replace literally half of all white-collar workers in the U.S., confirming the AI megatrend's significance. | APH HUBS EME VEEV BJ ORLY CRWD CRWD |
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| 2025 Q2 | Jul 15, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 12.9% | - | BJ, CRS, CRWD, CW, EME, EVR, F, FROG, HOOD, HUBS, INSP, ORLY, PLTR, SAIA, VEEV | AI, cybersecurity, growth, healthcare, M&A, mid cap, tariffs, technology | The U.S. proposed tariff regime led to significant economic fallout and market volatility. Companies across sectors either scrapped or reduced forward guidance as they wait to see how results fare in this environment. Many companies are understandably conservative with their outlooks as tariff levies are quickly announced and rescinded. | JFROG |
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| 2025 Q2 | Jul 15, 2025 | Akre Focus Fund | 6.5% | - | AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM | Compounding, drawdowns, long-term, Quality, value | The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth. | View | |
| 2025 Q2 | Jul 14, 2025 | Wedgewood Partners | 7.1% | 0.3% | AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS | AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations | Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity. | View | |
| 2025 Q2 | Jun 30, 2025 | Rothschild & Co LongRun Equity Fund | - | - | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | AI, Auto Aftermarket, Compounding, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% with the market pushing their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM ORLY |
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| 2023 Q2 | Jun 30, 2023 | Centerstone Investors Fund | - | - | NVDA, ORLY, SWON.SW | AI, Auto Aftermarket, Banking, China, international, value | The manager discusses the value trade taking a breather in Q2 2023 but expresses confidence that the era of US stock market dominance is waning. They highlight growing evidence supporting globally diversified value investing styles with valuation support, money flows, normalizing interest rates and improving fundamentals overseas. | SWON.SW AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2025 Q1 | Jun 16, 2025 | Qualivian Investment Partners | 1.2% | 1.2% | AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO | compounders, concentrated, long-term, Quality, value | Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns. | AZO |
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| 2026 Q1 | Apr 6, 2026 | Wedgewood Partners | -6.3% | -6.3% | AMZN, BKNG, CB, CDW, CPRT, GOOGL, META, MSFT, MSI, ODFL, ORLY, PGR, PYPL, TOL, TSCO, TSM, UNH, V | AI, energy, geopolitics, growth, large cap, oil, semiconductors, technology | V GOOGL META BKNG MSFT ORLY CB MSI ODFL TSM |
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| 2025 Q1 | Apr 5, 2025 | Right Tail Capital | - | - | AAP, AZO, CPRT, CSU.TO, ORLY | Compounding, Concentration, long-term, Patience, Quality, value | Right Tail focuses on investing in high-quality businesses with strong fundamentals that can compound wealth over multi-year periods. The manager emphasizes owning concentrated portfolios of undervalued, high-quality businesses that have the potential to double in five years. | View | |
| 2024 Q1 | Apr 28, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BAM, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, SBAC, TOI.TO, V | active management, Concentration, large cap, Passive investing, technology, value | The fund discusses the shift to passive index-replicating ETFs and mutual funds, questioning whether this trend has gone too far and whether the stock market is now broken. They argue that passive investing depends on active investors for price discovery and value judgments. | View | |
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 0.8% | 0.8% | COR, CRS, CW, EME, HUBS, IBKR, LNG, MPWR, ORLY, TPG, VEEV, VRSK | AI, defense, energy, Geopolitical, growth, mid cap, Resilience | MPWR VRSK CW CRS EME COR VEEV IBKR LNG ORLY |
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| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, CRWD, CYBR, EHC, EME, ESTC, FIVE, HXL, IBKR, JNJ, LEGN, NICE, NVDA, NVS, ORLY, RNR, SMAR, SWAV, VRSK, WCN | AI, cybersecurity, energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for GenAI infrastructure continued through 2024, with expected shift toward data preparation applications including warehousing, streaming, cybersecurity, and search. GenAI's energy demands drive interest in power production and transmission for data centers. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | ANSYS, COR, CRWD, JNJ, LEGN, LNG, NVDA, NVS, ORLY, RNR, SNPS, VEEV, VRSK | energy, growth, healthcare, industrials, mid cap, technology | GenAI fever dominated technology markets with NVIDIA's 82% gain driving returns. Capital expenditures for technology infrastructure should continue through 2024, with a gradual shift toward preparing corporate data for GenAI applications including data warehousing, real time streaming, cybersecurity, and search. | CRWD VRSK SNPS LEGN VEEV COR RNR LNG ORLY |
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| 2025 Q1 | Apr 10, 2025 | Akre Focus Fund | 1.5% | 1.5% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Cash, Concentration, Discipline, Patience, Quality, valuation, value | The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital. | 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 | |
| 2026 Q1 | Mar 31, 2026 | Akre Focus Fund | -19.4% | -19.4% | BN, CCCS, CPRT, CRM, CSGP, CSU.TO, FICO, KKR, LVMUY, MA, MCO, NOW, ORLY, ROP, TOI.TO, V | AI, Concentration, private credit, Quality, software, valuation | BN KKR CSU.TO |
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| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 2.2% | 2.2% | BJ, COR, CRWD, EME, IT, ORLY, TPG, VRSK, WCN | AI, consumer, cybersecurity, growth, industrials, mid cap, technology, Trade Policy | China's DeepSeek AI model announcement created concerns about reduced spending on AI infrastructure including data centers, weighing on semiconductors. Corporate IT buyers showed more moderate spending though resilience expected for AI and cybersecurity. CrowdStrike benefited from optimism about lower AI implementation costs leading to broader adoption. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -3.5% | -3.5% | ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, JNJ, ORLY, ROST, TER, TPG, VRSK, WCN | consumer, financials, growth, healthcare, industrials, mid cap, technology, Trade Policy | China's DeepSeek AI model announcement in January created concerns about reductions in massive AI infrastructure spending, weighing on semiconductors and related industries. Corporate IT buyers showed more moderate spending though with resilience expected for AI and cybersecurity. The wider creation or adoption of GenAI applications for businesses is expected to generate greater activity volumes for companies like JFrog. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Core Equity Fund | -6.1% | -6.1% | AAPL, ADI, AMZN, AR, AVGO, COST, GH, GOOGL, GTLS, ICE, JPM, META, MSFT, NOW, NVDA, ORCL, ORLY, TECH, V, VRTX | AI, growth, large cap, semiconductors, tariffs, technology, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements and continued weakness as concerns around AI capex cuts increased. | ADI |
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| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Large Cap Value | - | - | AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM | AI, defense, energy, financials, healthcare, large cap, Utilities, value | The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue. | View | |
| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER | growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation | Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter. | ABBV CPRT |
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| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BC, BJ, COR, DXCM, FIVE, FND, IBKR, ICLR, IDXX, LEGN, LNG, NDAQ, ORLY, PINS, PXD, RNR, ROST, STVN, TPG | consumer, cybersecurity, growth, healthcare, industrials, mid cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023, requiring additional governance rules for cyber risk management strategy. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2022 Q4 | Dec 31, 2022 | Avenir Corporation | - | - | AMT, AMZN, DBRG, LMT, MSFT, ORLY | - | View | ||
| 2025 Q3 | Dec 15, 2025 | Qualivian Investment Partners | 6.4% | - | APH, BN, BRO, CPRT, GOOGL, MA, MCO, ORLY, TJX, WSO | AI, compounders, long-term, Quality, technology, value | The fund focuses on Quality Compounders - high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation that compound capital at mid-teens rates. Research shows quality stocks outperform over extended periods, similar to betting on favorites versus long shots in racetrack markets. | View | |
| 2023 Q3 | Dec 10, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, BKNG, CDW, EW, GOOGL, META, MSI, ODFL, ORLY, PYPL, TPG, TSM | AI, Auto Aftermarket, Fed policy, growth, interest rates, large cap, technology, Travel | O'Reilly Automotive represents the aftermarket auto parts industry which benefits from higher car financing costs forcing owners to keep cars longer, increasing maintenance needs. The industry remains fragmented with growth opportunities, particularly in the do-it-for-me segment where O'Reilly excels through its distribution network. | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2023 Q2 | Dec 7, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT | aerospace, Concentration, infrastructure, Media, small cap, technology, value | Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI. | View | |
| 2025 Q3 | Nov 5, 2025 | ClearBridge Investments Large Cap Value | - | - | AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC | AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value | The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position. | View | |
| 2025 Q3 | Oct 5, 2025 | Right Tail Capital | - | - | AAP, AZO, CSU.TO, ORLY | Auto Aftermarket, Compounding, Culture, Distribution, long-term, Quality | O'Reilly Auto Parts represents a compelling investment in the auto aftermarket sector, benefiting from aging car fleets, necessary product demand, and superior distribution capabilities. The company's balanced DIY/DIFM business model and cultural advantages create sustainable competitive moats that e-commerce cannot easily replicate. | ORLY |
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| 2024 Q3 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 2024 Q3 | Oct 2, 2024 | The London Company Large Cap | 8.1% | 14.6% | BLK, BRK.B, CB, CSCO, FDX, FI, GOOG, MO, ORLY, PGR, SCHW, TEL, UPS | financials, large cap, Quality, rates, technology, value | The fund focuses on profitable, financially stable, quality large-cap companies that consistently generate free cash flow and high returns on unleveraged operating capital. Management emphasizes their focus on quality, diversification, and valuation as their margin of safety in uncertain market conditions. | CB FI BLK PGR |
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| 2023 Q3 | Oct 19, 2023 | Akre Focus Fund | 11.8% | 18.6% | ADBE, AMT, BN, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V | Concentration, financials, interest rates, Quality, real estate, technology, value | The second quarter narrative abruptly changed to bullishness on artificial intelligence, giving rise to the Magnificent 7 market darlings. These seven companies were largely responsible for the S&P 500's 13.07% year-to-date return through September, while the S&P 493 excluding them only returned 3.18%. | View | |
| 2025 Q3 | Oct 14, 2025 | Wedgewood Partners | 5.9% | 6.2% | AAPL, AMD, AMZN, AVGO, BKNG, CDNS, CDW, CPRT, GOOGL, META, MSFT, NVDA, ODFL, ORCL, ORLY, PGR, PYPL, SNPS, TSM, URI | AI, Capex, Data centers, growth, large cap, semiconductors, technology | AI infrastructure spending is reaching unprecedented levels with forecasts of trillions in necessary investment. The manager expresses concern about the sustainability of current AI spending plans and the transformation of capex-light tech companies into capital-intensive businesses. They worry about the cyclical nature this will create as depreciation expenses weigh on future earnings. | MSFT US META US PYPL US GOOGL US |
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| 2024 Q3 | Oct 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V | Compounding, Focus, long-term, Patience, Quality, returns | The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors. | View | |
| 2024 Q3 | Oct 14, 2024 | Right Tail Capital | 0.0% | 10.3% | BRO, CDW, FERG, LKQ, MSFT, NSIT, ORLY | Concentration, Distribution, IT Solutions, long-term, technology, value | CDW and NSIT are technology resellers positioned between fragmented customer and vendor bases, creating value for all parties. CDW serves as an outsourced IT teammate for businesses with less than 5000 employees, selling over 100,000 products from over 1000 brands as a neutral third party. These distributors have superior financial characteristics with high incremental returns on capital. | NSIT CDW |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CRS, CRWD, CTAS, CYBR, EME, HUBS, IBKR, IT, MLM, MPWR, NVDA, ORLY, PANW, RNR, VRSK | AI, consumer, financials, growth, industrials, materials, mid cap, technology | AI remains a dominant theme though cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and its sustainability. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot com peak levels. | View | |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 5.3% | - | ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO | AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors | AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels. | View | |
| 2025 Q3 | Oct 10, 2025 | Akre Focus Fund | -3.4% | 3.9% | BN, CSGP, CSU.TO, FICO, KKR, MA, MC.PA, MCO, ORLY, ROP, TOI.TO, V | AI, Compounding, ETF Conversion, software, tax efficiency, technology, Vertical Markets | The fund addresses concerns about AI disruption to vertical market software companies, particularly through AI-native competitors using large language models. However, they believe Constellation Software can navigate this technological shift due to customer intimacy and access to the same AI tools as competitors. | CSU CN |
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| 2023 Q4 | Oct 1, 2024 | Akre Focus Fund | 11.8% | 18.6% | AMT, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, V | financials, long-term, Quality, technology, value | The fund emphasizes investing in great businesses with quality standards and valuation discipline. They focus on business quality and value as primary drivers of investment decisions, maintaining these standards even when faced with compelling new themes that capture investor imagination. | View | |
| 2023 Q4 | Jan 6, 2024 | Torre Financial | 14.0% | 51.4% | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | Auto Parts, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% as the market pushed their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | -3.8% | 13.9% | APH, COR, CRS, CYBR, EME, HUBS, IBKR, LNG, ORLY, PANW, PFGC, TPG, VEEV, VRSK | defense, energy, financials, growth, healthcare, industrials, mid cap, technology | The portfolio initiated a position in Karman Holdings, a missile systems design and manufacturing specialist. The company is well-positioned as a vital picks-and-shovels provider in the defense and commercial space industries, supporting defense stockpile replenishment, commercial satellite constellation expansion, and major Department of Defense investments in hypersonic and air defense systems. The manager anticipates a significant acceleration in AI adoption as 2026 unfolds. This represents a key forward-looking catalyst that could drive investment opportunities across the technology sector. The manager is currently awaiting a Supreme Court decision on the Trump Administration's tariffs and expects potential pivots toward alternative trade enforcement frameworks. The implementation of the One Big Beautiful Bill is projected to drive higher consumer tax refunds and catalyze corporate capital spending. The portfolio holds CyberArk Software, an access security solutions provider, which reported strong third quarter results. The stock is closely linked to Palo Alto Networks following its acquisition offer, demonstrating the consolidation dynamics in the cybersecurity sector. | HUBS APH KRMN VEEV IBKR |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -4.7% | 9.4% | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology | Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook. | AMAT AXON PINS TTWO |
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| 2025 Q4 | Jan 14, 2026 | Wedgewood Partners | -1.8% | 4.3% | AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | AI, growth, large cap, Portfolio Management, Quality, technology, valuation | AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index. | PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN |
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| 2025 Q4 | Jan 12, 2026 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2024 Q4 | Jan 11, 2025 | Akre Focus Fund | -0.5% | 18.0% | AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V | Compounding, Concentration, large cap, Long Term, Quality, value | The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV | consumer, energy, financials, growth, healthcare, industrials, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic affects Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, BJ, CHE, CRWD, CTAS, ORLY, RNR, TER, VEEV, VRSK | AI, consumer, cybersecurity, Data centers, growth, healthcare, mid cap, technology | AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic is affecting Information Technology budget setting cycles as companies approach year end. | View | |
| 2024 Q3 | Sep 30, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V | Compounding, Concentration, long-term, Quality, value | The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods. | URI MUSA |
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| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, IDXX, LNG, MLM, ORLY, PANW, RNR, SNPS, VRSK, WCN | Cloud, consumer, cybersecurity, energy, growth, healthcare, infrastructure, mid cap | While cloud adoption is still nascent, businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ICLR|LLY|PLTR|SNPS|TGT RNR DLNG AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MO, MTD, ORLY, PM, POOL, UNH, ZTS | Capital Allocation, Concentration, Essential Services, Quality, Resilience, value | Andvari focuses on companies that provide essential services and products that customers will buy regardless of economic conditions. These businesses demonstrate revenue stability even during challenging periods, with examples like Gallagher showing minimal revenue declines during recessions and O'Reilly selling essential auto parts. The portfolio emphasizes businesses with predictable cash flows and non-discretionary purchase patterns. | View | |
| 2024 Q1 | Jul 22, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AJG, AMZN, BRO, DHR, GOOGL, JNJ, META, NOC, ORLY, SPGI, WSO | compounders, Concentration, large cap, Quality, technology, value | The fund focuses on quality compounders with wide moats, long reinvestment runways, and outstanding capital allocation. Portfolio companies demonstrate superior margins, growth, and return characteristics compared to the S&P 500. The fund seeks companies expected to compound capital at mid-teens rates over extended periods. | View | |
| 2024 Q2 | Jul 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | AAPL, AMT, BN, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, MSFT, NVDA, ORLY, ROP, V | Concentration, financials, large cap, Mega Cap, technology, value | The manager extensively discusses the unprecedented concentration in mega-cap stocks, particularly Apple, Microsoft, and Nvidia with $3+ trillion market caps each. He questions whether these companies can continue compounding at historic rates given the law of large numbers, noting their combined value approaches 36% of US GDP under 15% annual growth assumptions. | View | |
| 2023 Q2 | Jul 7, 2023 | Saga Partners | 22.6% | 39.4% | AAPL, ADBE, AMZN, CMG, CPRT, CRM, GOOGL, HD, HEI, MA, META, MSFT, NFLX, NOW, ORLY, ROKU, TDG, TJX, TSCO, V | Concentration, innovation, long-term, Streaming, technology, volatility | Connected TV has moved into the transitional phase where the market has chosen winners who are scaling products with rising barriers to entry. The real value will move to TV operating system aggregators rather than content suppliers, with Roku positioned to benefit from its growing market share approaching half of US households. | View | |
| 2024 Q2 | Jun 27, 2024 | Asheville Capital Management | 19.9% | 6.9% | AAP, APR, AZO, GPC, LKQ, ORLY | Auto Parts, Buybacks, Distribution, Europe, Poland, value | Auto Partner operates as a Polish distributor of aftermarket auto parts with superior value proposition of availability, speed, and service. The company has proven ability to take market share from local distributors through just-in-time delivery and comprehensive inventory. Management estimates 10% market share in Poland but only 0.5% in rest of Europe, providing significant growth runway. | APR |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2025 Q1 | Apr 14, 2025 | Wedgewood Partners | -6.3% | -6.3% | AAPL, CPRT, GOOGL, META, MSFT, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | China, growth, infrastructure, large cap, payments, tariffs, technology, volatility | The Trump administration's tariff policy has created significant market volatility, with reciprocal tariff rates initially announced at 10% across-the-board and 145% on Chinese exports. The administration issued a 90-day pause to negotiate lower rates, with critical technology exclusions for computers, smartphones and chip-making equipment representing nearly 25% of Chinese imports. | URI ORLY V |
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| 2025 Q1 | Mar 31, 2025 | Aristotle Atlantic Core Equity Strategy | -6.0% | -6.0% | ADI, AR, AVGO, CHI, GH, ICE, NOW, ORCL, ORLY, TECH, VRTX | AI, large cap, semiconductors, technology, Trade Policy, value | The DeepSeek AI model release stunned investors and raised concerns about rapid decline in AI model development costs and effects on capex spending for new infrastructure and advanced semiconductors. The entire AI infrastructure investment space saw significant declines following DeepSeek announcements. Intercontinental Exchange highlighted new AI solutions in its Mortgage Technology product suite to improve and digitize workflows. | ADI |
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| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| 2024 Q4 | Jan 15, 2025 | Wedgewood Partners | 5.5% | 29.1% | AAPL, BKNG, CDW, EW, GOOGL, META, MSFT, MSI, NVDA, ODFL, ORLY, POOL, SPGI, TPG, TSCO, TSM, UNH, V | AI, growth, interest rates, large cap, semiconductors, technology, Valuations | Wedgewood views AI as evolutionary rather than revolutionary, noting that companies like Alphabet and Meta have been using machine learning for over a decade. They emphasize that AI has been hiding in plain sight, with their portfolio companies already generating substantial returns from AI-related investments in R&D and capex. | View | |
| 2023 Q4 | Jan 13, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, ODFL, ORLY, PYPL, TPG, TSCO, TSM, UNH, V | AI, Cloud, Fed policy, growth, large cap, semiconductors, technology | AI has been a multi-year phenomenon driving growth and profitability across portfolio companies. Meta Platforms has built one of the world's fastest supercomputers and uses AI for advertising optimization and content curation. Alphabet has spent $150 billion on R&D over five years, with 80% of advertising customers using AI-enabled tools. Apple has developed custom neural processing units enabling FaceID and other AI features across 200+ million devices annually. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | O'Reilly Automotive Inc. | Auto Parts | Specialty Retail | Bull | NASDAQ | Automotive Aftermarket, Consumer Discretionary, Dual Channel, Parts Distribution, professional services, Specialty retail | View Pitch |
| Apr 22, 2026 | Seeking Alpha | Seeking Alpha | O'Reilly Automotive, Inc. | Consumer Discretionary | Auto Parts Retail | Bull | Nasdaq Stock Market | Auto aftermarket, Consumer Discretionary, DIY and DIFM, earnings growth, Labor Costs, multiple expansion, O'Reilly Automotive, price target, SG&A leverage, tariffs | View Pitch |
| Apr 14, 2026 | Fund Letters | Wedgewood Partners | O'Reilly Automotive | Auto Parts | Specialty Retail | Bull | NASDAQ | Automotive Aftermarket, comparable sales, defensive, Non-Discretionary, Pricing power, Professional Business, Specialty retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Wedgewood Partners | O'Reilly Automotive Inc. | Consumer Discretionary | Automotive Retail | Bull | NASDAQ | Automotive Aftermarket, market share, Professional Customers, retail, Returns on Capital, Value, West Coast | View Pitch |
| Apr 13, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | O'Reilly Automotive | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Automotive Aftermarket, Consumer Discretionary, defensive, Specialty retail, value-oriented | View Pitch |
| Apr 13, 2026 | Fund Letters | TimesSquare Capital Management U.S. FOCUS Growth Equity strategy | O'Reilly Automotive | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Auto parts, Automotive Aftermarket, DIFM, Equity, growth, professional services, Specialty retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Rothschild & Co LongRun Equity Fund | O'Reilly Automotive | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | aftermarket, Antifragile, automotive, consolidation, defensive, Distribution, DIY, high-ROIC, market share, Parts, Professional, retail | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | O'Reilly Automotive, Inc. | Consumer Discretionary | Automotive Retail | Bull | NASDAQ | Auto parts, Automotive Retail, Best-in-Class Operator, Consumer Discretionary, Counter-cyclical, high-ROIC, market share gains, Reasonable Valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Jeremy Kokemor | O’Reilly Automotive Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Auto parts, compounding, Distribution, Margins, Reinvestment, retail | View Pitch |
| Oct 23, 2025 | Value Investors Club | moneytr33 | O’Reilly Automotive Inc. | Consumer Discretionary | Specialty Retail | Bear | NASDAQ | Buyback Inefficiency, Defensive Rotation, margin compression, Retail Normalization, Tariff Reversal, Valuation risk | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Josh Arnold | O'Reilly Automotive | Consumer Discretionary | Auto Parts | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | First Principles Partners | O'Reilly Automotive, Inc. | Consumer Discretionary | Auto Parts | Neutral | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Triba Research | O'Reilly Automotive, Inc. | Consumer Discretionary | Auto Parts | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | TimesSquare Capital Management | O'Reilly Automotive | Consumer Discretionary | Auto Parts | Neutral | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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