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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AAPL, GLBE, GOOG, META, MSFT, NFLX, NVDA, OKTA, PANW, SPOT, TEAM, TSM, V | AI, Cloud, innovation, semiconductors | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2024 Q2 | Jul 12, 2024 | Parnassus Growth Equity Fund | 3.3% | 21.0% | AAPL, ADYEN NA, AMAT, AZN LN, CRM, GOOG, MSCI, NTRA, NVDA, ODFL, PANW, PCOR, TSM, WDAY | - | View | ||
| 2025 Q4 | Feb 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2023 Q4 | Feb 20, 2024 | Tall Oak Capital Advisors | - | - | PANW | - | View | ||
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, IDXX, IT, MLM, PANW, RNR, VRSK | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Mairs & Power – Growth Fund | 8.0% | 10.1% | CGNX, JPM, PANW, UNH | AI, Cloud, cybersecurity, Machine Vision, semiconductors | The portfolio participates in AIs secular adoption while trimming exuberant names; additions in machine vision and cybersecurity target durable, compounding growth. Managers stress that leadership must broaden beyond mega-cap AI and see opportunities in housing recovery and select smaller caps. Stock selection (e.g., TSMC strength, UNH rebound) offset drags from non-AI areas. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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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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| 2024 Q4 | Jan 10, 2025 | Sandhill Investment Management | - | - | ANET, CDNS, HUBB, ISRG, JPM, NOW, PANW, SPXC, TT | Inflation Risk, Investment Grade Bonds, Market Concentration, quality growth, Valuation discipline | The newsletter underscores a continued focus on high-quality U.S. equities with durable competitive advantages, while acknowledging elevated market concentration and valuations near historical extremes that warrant caution. Sandhill highlights disciplined positioning with increased cash levels, short-duration investment grade bonds, and selective rotation into companies such as J.P. Morgan, Arista Networks and Trane Technologies amid volatility. Looking into 2025, inflation risks, fiscal imbalances and expensive equity multiples frame a backdrop of heightened volatility, reinforcing an emphasis on balance sheet strength and valuation discipline. | JPM |
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| 2024 Q3 | Sep 30, 2024 | PGIM Jennison Global Opportunities Fund | 2.0% | 23.0% | AAPL, CDNS, CRWD, ITX SM, NVR, PANW, ZOMATO IN | - | View | ||
| 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 | - | View | ||
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | PANW, PYPL | - | View | ||
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, CHE, COR, CRWD, LEGN, PANW, TER, VEEV, VRSK | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | 1732020D, AGYS, AYX, BSY, NTRA, PANW | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | BATRA, BILL, CEG, NTRA, PANW, VRDN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 8, 2026 | Fund Letters | Emerson Bluhm | Palo Alto Networks, Inc. | Information Technology | Systems Software | Bull | NASDAQ | AI, Cloud_Security, cybersecurity, Firewalls, Platforms | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Bay Area Ideas | Palo Alto Networks, Inc. | Information Technology | Software - Infrastructure | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||