PWR

PWR

PWR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 21, 2025	Davenport Core Leaders Fund	11.1%	7.3%	NVDA, PWR, UNH	Capital discipline, Competitive Advantage, earnings durability, market leaders, Quality	The letter emphasizes owning a concentrated portfolio of high-quality market leaders with durable competitive advantages. Earnings consistency, balance sheet strength, and long-term demand stability underpin portfolio construction. Volatility is viewed as an opportunity to add to core holdings at attractive entry points.	PWR NVDA	View
2022 Q2	Jul 21, 2022	Kovitz Core Equity Strategy	-18.5%	-22.5%	ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR	-			View
2024 Q2	Jul 17, 2024	WestEnd Capital	10.7%	30.8%	AMZN, ARM, AVGO, FCX, HUT CN, META, MSFT, MU, NVDA, PWR, SMCI, TSM	AI Infrastructure, Data Center Expansion, Hyperscaler Capex, power demand, Semiconductor Supply Chain	The letter details a structural investment boom in AI-driven data center infrastructure, emphasizing GPU demand, hyperscaler capex growth, and semiconductor supply chain dominance. WestEnd positions the portfolio across the AI ecosystem, including Nvidia, TSMC, Broadcom, and power infrastructure beneficiaries, arguing that earnings growth justifies elevated valuations. The strategy remains focused on infrastructure builders rather than speculative AI applications, prioritizing durable cash flow generation and competitive advantages.	PWR HUT CN	View
2023 Q1	Apr 18, 2023	Kovitz Core Equity Strategy	9.1%	9.1%	ANET, AXP, GOOG, J, KEYS, LVS, META, PM, PPG, PWR	-			View
2022 Q3	Oct 17, 2022	Kovitz Core Equity Strategy	-5.4%	-26.7%	ADI, BKNG, J, JPM, KMX, NTRS, PWR	-			View
2023 Q3	Oct 13, 2023	WestEnd Capital	-1.1%	30.1%	PWR	earnings acceleration, Grid Modernization, Infrastructure Spending, Interest Rate Volatility, Renewable Integration	The letter explains that rising long-term yields pressured equities despite improving inflation trends and accelerating GDP forecasts :contentReference[oaicite:2]{index=2}. WestEnd emphasizes earnings resilience outside the Energy sector and expects broader EPS acceleration into 2024. The addition of Quanta Services reflects conviction in grid modernization, renewable integration, and infrastructure investment as long-term growth drivers.	PWR	View
2025 Q4	Jan 30, 2026	Baron Durable Advantage Fund	2.7%	16.6%	AMZN, AVGO, BX, CME, COST, CSGP, DHR, GOOGL, LPLA, MA, META, MPWR, MSCI, MSFT, NVDA, PWR, TMO, TSM, V, WELL	AI, growth, large cap, Quality, semiconductors, technology	AI disruption is coming for all knowledge workers and most physical workers. Companies must overcome innovators' dilemmas, challenge conventional wisdom, and invest aggressively to survive. The Fund benefits from AI buildout through semiconductor investments and companies adapting to AI disruption like Alphabet's Gemini development. Semiconductor investments continue to benefit from AI buildout with over 100% of performance explained by growth in fundamentals rather than multiple expansion. NVIDIA, TSMC, and Broadcom are key beneficiaries of the AI infrastructure build-out with strong demand for next-generation nodes. Google Cloud Platform accelerated growth as Alphabet's AI investments began paying off. Cloud revenue growth accelerated to 34% year-over-year driven by demand for AI cloud services, with large deals over $1 billion signed through Q3 2025 exceeding prior two years combined. Quanta Services positioned to benefit from secular growth tailwinds including AI data centers increasing electricity demand, grid modernization, electrification, and energy transition investments. Utility capex cycle accelerating through at least end of decade.	WELL DHR MSCI MSFT CSGP META ACGL NVDA PWR AVGO TSM GOOG	View
2025 Q4	Jan 18, 2026	Parnassus Mid Cap Growth Fund	-0.8%	9.2%	ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY	AI, growth, industrials, mid cap, portfolio, semiconductors, technology	The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus.	MTD ROK KLA TER SNDK	View
2025 Q4	Jan 14, 2026	Driehaus Small/Mid Cap Growth Fund	1.8%	10.0%	CRNX, CVNA, GH, NTRA, PWR, XBI	AI, Biotechnology, energy, growth, healthcare, industrials, small caps, technology	AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. Healthcare displayed very strong relative performance during the quarter, with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high as the sector broadly performed much better. AI capex and data center spending are expected to remain strong due to exponential demand growth for AI LLMs. However, a key risk involves potential delays in completing data centers from shortages in power generation, the grid and equipment, resulting in project postponements. Energy contributed positively with outperformance coming from strength in oil service and uranium miners. The portfolio maintains an overweight position in energy versus the benchmark, with exposure increasing during the quarter.		View
2023 Q1	Mar 31, 2023	Baron Asset Fund	8.3%	10.6%	ANSS, CSGP, FRC, GWRE, ICLR, IDXX, IT, LPLA, MKTX, PWR, RGEN, TECH, WST	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Seeking Alpha	Seeking Alpha	Quanta Services, Inc.	Engineering & Construction	Infrastructure Construction	Bull	New York Stock Exchange	AI data centers, backlog visibility, financial stability, growth opportunity, hyperscalers, Infrastructure Solutions, M&A activities, profitability, Revenue Growth, utility landscape	View Pitch
Feb 21, 2026	Fund Letters	George Bolton	Quanta Services, Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	5G, backlog, CapEx, diversification, engineering, Grid, infrastructure, Modernization, renewables	View Pitch
Feb 21, 2026	Fund Letters	George Bolton	Quanta Services Inc	Industrials	Construction & Engineering	Bull	New York Stock Exchange	backlog, Electrification, Grid modernization, infrastructure, Power-Demand, utilities	View Pitch
Feb 4, 2026	Fund Letters	Alex Umansky	Quanta Services, Inc.	Industrials	Engineering & Construction	Bull	New York Stock Exchange	CapEx, Electrification, Execution, Grid, infrastructure	View Pitch
Jan 24, 2026	Fund Letters	Frank M. Sands	Quanta Services Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	backlog, Electrification, Energy_Transition, Grid, infrastructure, Labor, utilities	View Pitch
Jan 8, 2026	Fund Letters	George L. Smith III	Quanta Services, Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	backlog, Electrification, Grid, infrastructure, utilities	View Pitch
Aug 13, 2025	Seeking Alpha	Michael Del Monte	Quanta Services	Industrials	Engineering & Construction	Bull	NYSE	—	View Pitch

BSD Shareholders of PWR

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.

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