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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	ValueWorks Capital	-	-	AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI	AI, Bull Market, growth, rates, technology, value	Manager views AI as driving massive economic opportunities and transforming the world, similar to how technological advances have driven economic cycles over the past two hundred years. AI breakthroughs are creating the foundation for the current expansion cycle.		View
2024 Q3	Sep 30, 2024	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, HY, LNG, MLP, MU, QCOM, TDW	energy, growth, semiconductors, technology, value, volatility	Manager is very excited to own Micron Technology for the next upcycle despite the stock correcting from $153 to $85. Qualcomm also experienced similar price action during the quarter's volatility.	AMZN AMZN	View
2023 Q3	Sep 30, 2023	ValueWorks Capital	-	-	AAPL, AL, CHRD, GS, HY, JOBY, LNG, MU, NETI, QCOM, TDW, TSLA, TUSK, WAL	energy, liquidity, positioning, technology, value, volatility	Manager expects an energy explosion rather than transition, supplementing fossil fuels with multiple additional energy sources. Hyster-Yale is deploying industrial scale fuel cells, while Eneti and Tidewater are developing offshore wind farms. Electric vehicles may prove superior due to being quieter, cleaner, less expensive to make, and more comfortable.		View
2025 Q2	Aug 7, 2025	Matrix Dividend Income	-	-	AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH	dividends, financials, tariffs, technology, value, volatility	The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market.	FI AMAT	View
2025 Q2	Aug 7, 2025	Matrix Large Cap Value Strategy	-	-	AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH	dividends, financials, large cap, tariffs, technology, value, volatility	The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably.	UNH FI AMAT AMAT	View
2025 Q2	Jul 31, 2025	Impax US Sustainable Economy Fund	9.9%	3.6%	AAPL, AMZN, AVGO, CVS, LLY, MA, META, MRK, MSFT, NVDA, NVO, ORCL, PGR, PLTR, QCOM, TSLA, V	AI, Esg, healthcare, large cap, semiconductors, sustainability, technology	AI-related holdings including semiconductors, systems software, and technology hardware outperformed during the quarter. Nvidia hit all-time highs driven by strong chip demand and growth in AI infrastructure with new opportunities in robotics. Oracle reported strong earnings with customer commitments projected to double next year and announced plans to purchase $40bn worth of Nvidia chips for collaboration with OpenAI.	PGR MRK LLY NVDA AVGO ORCL MRK NVDA AVGO ORCL	View
2024 Q2	Jul 31, 2024	Fawkes Capital Management	1.0%	-	AGX, BDT.TO, CRDO, GFRD.L, HPS.TO, IBST.L, KIE.L, MJG.L, QCOM, VRT	AI, Construction, energy, infrastructure, Politics, tariffs, Trade Policy	Fund has taken profits on AI infrastructure investments due to soaring investor expectations, though still believes in AI as future platform technology. Currently prefers investing in construction and equipment companies building AI infrastructure, as their profitability is tied to increased sector capex.		View
2024 Q2	Jul 30, 2024	Penn Davis McFarland	-	-	AAPL, AMD, AMZN, BA, CSCO, FTRE, GOOGL, INTC, META, MSFT, MTCH, NVDA, PYPL, QCOM, SPR, TSM	AI, Cash, competition, Geopolitical, productivity, semiconductors, technology, value	The letter extensively discusses AI as a transformative technology with potential for immense productivity gains. The manager draws parallels between today's AI boom and the internet infrastructure build-out of 2000, noting that while Nvidia leads the AI infrastructure space like Cisco did for internet infrastructure, the real winners may be companies that leverage AI to solve real-world problems rather than just build the infrastructure.		View
2025 Q2	Jul 21, 2025	Renaissance Investment Management – Large Cap Growth	-	-	AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO	AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility	Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI.	DT APH FIX AVGO DT TMO FI AAPL FIX AVGO	View
2024 Q2	Jul 2, 2024	TIFF	-	-	AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI	AI, energy, growth, technology, value	Manager views AI as driving massive economic opportunities and transforming the world. AI breakthroughs are creating the foundation for aggressive economic expansion ahead, similar to how technological advances have driven economic cycles over the past two hundred years.		View
2024 Q2	Jul 10, 2024	Aristotle/Saul Global Equity Fund	6.4%	11.6%	9433.T, ADBE, AMGN, CCO, D05.SI, DHR, FCF, LEN, MC.PA, MCHP, MLM, MSFT, OSK, QCOM, TTE, VEEV	catalysts, energy, global, materials, Quality, technology, value	Lennar executed on catalysts including shifting to capital-light model and formal plans for land asset spinoff, but faced affordability pressures from higher prices and mortgage rates. The manager remains sanguine on the US housing market and Lennar's ability to manage through housing cycles.	QCOM CCO OSK LEN	View
2024 Q2	Jul 10, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, ALC, AMGN, AMP, AWK, CCI, CTVA, DHR, ECL, LEN, LOW, MCHP, MLM, MSFT, OSK, PH, QCOM, VEEV, XYL	Homebuilders, infrastructure, large cap, semiconductors, technology, value, water	Microsoft continues to execute on AI catalysts across its businesses, particularly within cloud-based applications like Azure. The company detailed partnerships with NVIDIA and AMD to develop first-party silicon chips including its AI accelerator (Azure Maia) and CPU (Azure Cobalt). Qualcomm benefits as AI applications extend from the cloud to on-device.	AWK	View
2025 Q2	Jun 30, 2025	ValueWorks Capital	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, Portfolio Management, semiconductors, technology, value, volatility	Manager describes a herky-jerky, uncertain period with multiple 15-20% market moves in both directions. Sentiment has swung from fear to exuberance to doom and back to confidence. This volatility could be the new normal for several years as markets advance into a 25-year high.		View
2024 Q2	Jun 30, 2024	Platinum International Technology Fund	3.0%	-	000660.KS, 005930.KS, 6758.T, AAPL, ADBE, ADI, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, CDNS, CSU.TO, GOOGL, LRCX, MCHP, META, MSFT, MU, NFLX, NTDOY, NVDA, NXPI, ORCL, QCOM, SAP, TSM, TXN, VEEV	AI, growth, semiconductors, software, technology	AI value chain businesses delivered strong returns with TSMC up 25%, Broadcom up 19%, and Oracle up 12%. The AI narrative boosted hopes for a new refresh cycle in PCs and smartphones, particularly benefiting Qualcomm and Apple. Fund maintains exposure to supply side oligopolies like TSMC and ASML that control unique technologies crucial for AI chip manufacturing.		View
2024 Q2	Jun 30, 2024	ValueWorks Capital	-	-	AAPL, AL, CDLR, CHRD, HY, LNG, MLP, MU, QCOM, RIVN, TDW, WAL-PA	AI, Energy Transition, growth, inflation, semiconductors, technology, value	The gold-rush mindset in the tech space goes well beyond AI and is fueling economic growth across the board. This provides demand for everything from data centers to electricity and is productivity-enhancing for much of the economy.		View
2023 Q2	Jun 30, 2023	TIFF	-	-	AAPL, AL, AMZN, CHRD, HY, LNG, MLP, MU, QCOM, TDW	energy, Recovery, semiconductors, technology, value, volatility	The manager is positioned for the next semiconductor upcycle through holdings like Micron Technology, which corrected significantly during the quarter but is expected to benefit from the next cycle. Qualcomm also experienced similar price volatility but remains a core holding for the semiconductor recovery.	AMZN	View
2023 Q2	Jun 30, 2023	ValueWorks Capital	-	-	AAPL, CHRD, HY, JOBY, LNG, MU, QCOM, TDW, TUSK, WAL	energy, financials, inflation, semiconductors, technology, value	Manager sees declining inflation trends driven by supply chain normalization and commodity price reversals. Oil down 30% from peak, nickel and aluminum down even more. Believes inflation could trend toward Fed targets without serious economic damage.		View
2026 Q1	May 5, 2026	The Sound Shore Fund	-3.5%	-3.5%	BP, CHKP, CTRA, DIS, EQT, KD, LUV, MRVL, QCOM	active management, energy, large cap, technology, value, volatility		MRVL QCOM	View
2024 Q1	May 3, 2024	Meditation Capital	-	-	1405.HK, 3994.T, AAPL, CFLT, DPZ, HCP, QCOM, TSLA, WMT	Cash Management, China, Franchising, Product Focus, Restaurants, valuation	Manager discusses selective investment in Chinese markets despite significant risks including property bust, weak consumer recovery, political shifts toward security over growth, and worsening geopolitical tensions. Notes bombed-out valuations in offshore-listed Chinese stocks create exceptional opportunities despite permanently lower multiples.		View
2026 Q1	May 13, 2026	Matrix Dividend Income	-	-	AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN	AI, dividends, financials, Geopolitical, oil, technology, value		PG ADP NKE INTU	View
2026 Q1	May 13, 2026	Matrix Large Cap Value Strategy	-	-	AAPL, ADP, AMZN, INTU, MSFT, NKE, PEP, PG, QCOM	AI, dividends, financials, geopolitics, oil, technology, value		PG ADP NKE INTU	View
2026 Q1	May 11, 2026	Impax US Sustainable Economy Fund	-4.7%	-4.7%	AMAT, META, ORCL, QCOM, SPGI, TSLA	energy, Esg, Geopolitical, healthcare, sustainability, technology			View
2024 Q1	May 10, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AER, AMGN, BGC, BKRIF, BLKB, EAF, EXPI, FPH, HCC, NVDA, QCOM, ROKU, WBD	activism, Aviation, materials, small cap, technology, trading, value	NVDA represents almost 15% of the portfolio as the top holding. The manager sold NVDA call options that expire in June and are deep in the money, planning to deploy cash from covered calls over time as opportunities arise.	BGC AER EAF	View
2026 Q1	May 1, 2026	Aristotle Value Equity Fund	-2.2%	-2.2%	CVX, MKC, MSFT, MSI, QCOM, TTE, VZ	Consumer Staples, dividends, energy, large cap, semiconductors, technology, Telecommunications, value		MSI CVX QCOM MSFT VZ TTE	View
2026 Q1	May 1, 2026	Aristotle/Saul Global Equity Fund	-2.4%	-2.4%	3064.T, 4578.T, CVX, QCOM, TTE	energy, global, healthcare, long-term, technology, value		CVX QCOM 3064.T 4578.T TTE	View
2025 Q1	May 1, 2025	Mairs & Power – Balanced Fund	0.0%	0.0%	ABT, DIS, FIS, FUL, GOOG, HD, LFUS, MDT, MSI, QCOM, RHHBY, TECH, TTC, TXN, V, WEC	balanced fund, Defensive, healthcare, inflation, technology, Trade Policy, Utilities, value	Tariff uncertainty in March caused equity declines while benefiting fixed income through flight to safety. Prospects of prolonged trade war with China raise concerns about reigniting inflation and slowing economic growth. Tariffs function as a tax that businesses must absorb or pass to consumers, likely creating upward pressure on prices and inflation.		View
2025 Q1	Apr 8, 2025	Matrix Dividend Income	-	-	ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB	dividends, financials, healthcare, tariffs, technology, value, volatility	The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending.	TGT PEP GNRC	View
2025 Q1	Apr 8, 2025	Matrix Large Cap Value Strategy	-	-	ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB	dividends, financials, healthcare, tariffs, technology, value, volatility	The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system.	TGT PEP GNRC	View
2025 Q1	Apr 3, 2025	St. James Investment Company	-	-	BRK-A, CSCO, GME, NVDA, QCOM, TSLA	AI, energy, fundamentals, Speculation, technology, value	The letter discusses AI as part of speculative narratives driving market behavior, noting that technology companies benefited disproportionately from government post-COVID deficits which fed into enormous capital expenditures for AI. AI is characterized as the latest speculative call from Wall Street commentators and hedge fund managers.		View
2023 Q1	Apr 3, 2023	TIFF	-	-	AAPL, AL, CDLR, CHRD, HY, LNG, MLP, MU, QCOM, RIVN, TDW, WAL-PA	energy, growth, inflation, semiconductors, technology, value	The gold-rush mindset in the tech space goes well beyond AI and is fueling economic growth across the board. This provides demand for everything from data centers to electricity and is productivity-enhancing for much of the economy.		View
2024 Q1	Apr 29, 2024	Eagle Capital Management	-	-	AAPL, AMD, AMZN, AVGO, HUM, INTC, NVDA, QCOM, SAP, TSM, WWD	aerospace, duration, healthcare, long-term, semiconductors, technology, value	Humana's Medicare Advantage business faces margin pressure from post-pandemic medical procedure catch-up, tighter CMS reimbursement, and industry mispricing. The company expects 2024-25 earnings weakness but believes industry conditions are near trough with multi-year recovery ahead.	TSM SAP WWD AMZN HUM	View
2025 Q1	Apr 25, 2025	O’Keefe Stevens Advisory, Inc	-	-	BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU	Autos, Buybacks, earnings, risk management, value, volatility	The manager extensively discusses heightened market volatility, noting that earnings reactions have significantly exceeded historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. The implied versus realized volatility relationship has reversed since Q1 2021, with realized volatility occasionally surpassing implied volatility.	CMP MBGYY BMWKY FPH DFIN	View
2026 Q1	Apr 21, 2026	Smead Value Fund	8.5%	8.5%	AMZN, APA, AXP, CVE, GOOG, LEN, META, MSFT, OXY, QCOM	cash flow, Concentration, energy, Geopolitical, oil, technology, value			View
2024 Q1	Apr 20, 2024	Alpha Wealth Funds – The Insiders Fund	0.0%	1.2%	AAPL, AMZN, AXON, CRK, DELL, DVN, ET, GOOGL, HR, ILMN, INTC, MSFT, MU, NVDA, ORCL, PEAK, QCOM, RXRX, SEDG, XOM	AI, energy, insider buying, Natural Gas, semiconductors, technology	Manager believes we are at an internet game-changing moment with AI, describing it as profound and transformational. Companies are stampeding to embrace AI or risk being disrupted by chatbots, robots, or machine learning. A massive uptick in capex spending is underway directly attributable to AI adoption.		View
2024 Q1	Apr 2, 2024	TIFF	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, industrials, materials, technology, value, volatility	Manager describes extreme market volatility with multiple 15-20% moves in both directions over weeks, driven by sentiment swings from fear to exuberance to doom and back to confidence. This volatility is expected to be the new normal for several years as markets advance toward a 25-year high.		View
2024 Q1	Apr 15, 2024	Riverwater Sustainable Value Strategy	-0.6%	7.9%	ATKR, AZZ, CROX, HDSN, ICFI, IRDM, LECO, LMNR, LPX, MOD, NYCB, PLXS, QCOM, TALO, WAL	AI, Data centers, Electrical, Energy Transition, industrials, Quality, small caps, value	Small-caps continued what appears to be a new bull market since hitting bottom last October. Small-caps still have significant ground to cover, having last peaked in 2021, while large-caps have continued to hit record highs. The manager believes they're in the 9th inning of large-cap outperformance and the next five and ten-year outlook for small versus large appears highly enticing.	ATKR	View
2024 Q1	Apr 15, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AMP, AMZN, CASY, DIS, ENTG, FI, HSY, JPM, LFUS, LLY, META, MSFT, NVDA, PG, QCOM, TECH, TGT, UNH, USB, WFC	AI, Balanced, dividends, financials, healthcare, semiconductors, technology, value	The fund sees significant opportunities with companies that will benefit from AI implementation and plans to continue improving the portfolio accordingly. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. The fund has invested in pick and shovel providers of AI that are crafting tools for businesses to utilize.		View
2024 Q1	Apr 15, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	AI, dividends, financials, large cap, rates, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2024 Q1	Apr 15, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH	dividends, financials, large cap, Rate Cuts, technology, Utilities, value	Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio.	TSN AEP	View
2024 Q1	Apr 15, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM	energy, Hedging, large cap, Quality, risk management, technology	AI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements.	AMZN NVDA VST RIVN LBRDA SBH	View
2024 Q1	Apr 15, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	AAPL, ADBE, AMD, AMZN, CRM, GOOGL, INTC, META, MSFT, NFLX, NVDA, ORCL, PYPL, QCOM, SHOP.TO, SPOT, SQ, TSLA, TWLO, UBER	AI, cybersecurity, international, Japan, semiconductors, small caps, value	Generative AI is a powerful wave gaining momentum since ChatGPT's launch, with global spending on enabling chips expected to surge from $50B in 2023 to $100-400B over the next few years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain, manufacturing advanced vacuum pumps critical for semiconductor clean rooms where AI chips are produced.		View
2025 Q1	Mar 31, 2025	Loomis Sayles Global Growth Fund	-3.4%	-3.4%	ADYEN.AS, AMZN, BABA, DE, GOOGL, MELI, META, NFLX, NVS, ORCL, QCOM, SHOP, TSLA, V	E-Commerce, global, growth, healthcare, long-term, Quality, technology	The fund maintains significant exposure to e-commerce leaders including MercadoLibre in Latin America and Amazon globally. MercadoLibre continues to execute well with strong GMV growth and market share gains across commerce, payments, and financial services. Amazon's e-commerce business showed solid growth with 11% unit sales growth suggesting continued market share expansion.		View
2025 Q1	Mar 31, 2025	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	policy, portfolio, Selection, tariffs, undervalued, value	The manager extensively discusses recent tariff policies announced by the administration, describing them as jarring, unsettling, and of historic magnitude. While acknowledging significant downside risks similar to Smoot-Hawley tariffs that helped accelerate the Great Depression, the manager also sees potential for positive outcomes if the policies successfully address the US trade deficit and lead to improved trading relationships.		View
2024 Q1	Mar 31, 2024	Platinum International Technology Fund	15.2%	15.2%	ADBE, ADSK, AMAT, AMD, AMZN, ASML, AVGO, GOOGL, LRCX, MBLY, META, MSFT, MU, NFLX, ORCL, QCOM, SAP, TSM, UMG.AS, V	AI, Cloud, semiconductors, software, technology, value	Fund holds companies benefiting from AI investment including TSMC, ASML, Applied Materials, AMD, and Lam Research. Manager focuses on reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as downside protection. Portfolio exposure to AI beneficiaries is roughly 14%.		View
2024 Q1	Mar 31, 2024	ValueWorks Capital	-	-	AL, CHRD, GS, HY, LNG, MLP, MU, QCOM, TDW, WAL-PA	energy, financials, industrials, materials, technology, value	Manager acknowledges the AI mania driving indexes but notes their portfolios are not overly exposed to momentum-play and AI mania. Despite this, they recognize AI as part of broader technological productivity gains that will be dramatic and long-lived.		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	Auxier Asset Management	2.0%	15.2%	BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO	AI, Banking, Buybacks, defense, energy, healthcare, technology, value	Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market.		View
2025 Q4	Feb 23, 2026	Bailard Technology Strategy	-2.2%	19.2%	ADBE, AMZN, CRM, DDOG, GOOGL, HUBS, KLAC, LRCX, META, MNDY, MSFT, MU, NOW, NTNX, NVDA, QCOM, SAP, TEAM, TSM, WD	AI, growth, infrastructure, positioning, semiconductors, software, technology	The AI infrastructure cycle has mirrored cloud computing build-out with hyperscalers aggressively financing GPU and data center deployments. The focus is shifting from building computational backbone to realizing value through software and application layers. AI agents are creating concerns about disrupting legacy software applications, but incumbents can embed agents into existing systems to leverage proprietary data and customer relationships. The AI build-out is causing extremely tight supply for memory chips, benefiting companies like Micron that supply memory chips and equipment manufacturers like Lam Research and KLA that manufacture wafer equipment needed to expand the supply chain. The semiconductor complex is expected to remain fundamentally strong with potential for further acceleration in specific verticals. Software sector demonstrated resilient but normalizing revenue growth with highly bifurcated results. High-growth leaders maintained 25-30% growth while enterprise stalwarts sustained low-20% growth. Software valuations faced pressure due to fears that AI agents might disrupt legacy feature-heavy applications, creating a selective opportunity to own high-quality firms at a discount. Hyperscalers have aggressively financed massive deployments of GPUs and data center capacity using robust internal cash flows. Energy availability is becoming the constraining factor on datacenter growth, and the nature of AI investment is evolving toward more complex financing structures including alternative financing and circular financing arrangements.		View
2023 Q4	Feb 20, 2024	Tall Oak Capital Advisors	-	-	AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO	Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology	The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution.	PANW	View
2025 Q4	Feb 17, 2026	Cullen Enhanced Equity Income Fund	2.0%	7.5%	AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP	AI, dividends, growth, healthcare, income, rates, technology, value	The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops.	NSC JPM KVUE UNP UNH QCOM	View
2024 Q4	Feb 10, 2025	Meridian Hedged Equity Fund	0.1%	13.1%	ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU	downside protection, Hedged Equity, large cap, Options, Quality, risk management	Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses.	VST AMZN V COTY DHR AMT	View
2024 Q4	Dec 31, 2024	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, growth, Market Cycle, Speculation, technology, value	Manager focuses on buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The strategy involves identifying potential growth investments trading at discounts to intrinsic value.		View
2023 Q4	Dec 31, 2023	Matrix Large Cap Value Strategy	0.0%	0.0%	AAPL, AMZN, GOOGL, GS, JPM, META, MS, MSFT, QCOM, TEL	financials, large cap, Quality, technology, value	Matrix focuses on investing in quality companies at significant discounts to intrinsic value, using eight proprietary valuation models to identify undervalued stocks across all industries. The strategy emphasizes better companies in better industries to avoid value traps.		View
2023 Q4	Dec 31, 2023	Bailard Technology Strategy	20.0%	68.2%	AAPL, ADBE, AMZN, BRZE, CDNS, GOOGL, INSG, KLAC, LRCX, META, MSFT, MU, NVDA, PSTG, QCOM, TXN, UBER, VRNS, ZI	AI, growth, semiconductors, software, technology	Generative AI emerged as a transformational technology with ChatGPT demonstrating broad potential through Large Language Models. This ignited a technology arms race with spending on AI-related high-performance compute squeezing out traditional enterprise hardware spending. The deployment and uptake of AI-enabled applications should be compelling in 2024 with tangible solutions emerging across cybersecurity, IT services, and other industries.		View
2023 Q4	Dec 31, 2023	Platinum International Technology Fund	6.8%	24.9%	0700.HK, 6861.T, 7974.T, ADBE, ADYEY, AMD, AMZN, ASML, AVGO, BABA, CSCO, GOOGL, INTC, NFLX, NVDA, QCOM, TSM, UMG.AS, V	AI, Quality, semiconductors, Streaming, technology	The fund examined Nvidia's exceptional 250% returns driven by generative AI demand but decided against investing due to concerns about unsustainable private market funding and overly optimistic investor expectations for future GPU demand. The manager believes current AI spending is driven by private capital rather than genuine consumer and enterprise adoption.		View
2023 Q4	Dec 31, 2023	ValueWorks Capital	-	-	AAPL, CHRD, GS, HY, LNG, MU, QCOM, TDW, TUSK, WAL	Election, energy, rates, security selection, technology, value	Manager emphasizes buying best-quality assets at best possible prices, targeting securities trading at 50-75 cents on the dollar. Portfolio results driven by security selection rather than thematic moves, with focus on fairly valued and well-positioned businesses generating cash and earnings versus story-driven equities.		View
2023 Q3	Dec 26, 2023	Bonsai Partners	0.0%	-3.3%	ACN, CTSH, DAVA, EPAM, G, GLOB, NA9.DE, QCOM, TSM, TWKS, WIT	AI, IT Services, Robustness, semiconductors, technology, Value Investing	Manager emphasizes seeking robust businesses that spread risks across value chains or own key processes outright, avoiding fragile companies with single points of failure. Robust companies with pragmatic leadership are purpose-built to survive difficult terrain and act as hedges against unknowable risks.		View
2023 Q2	Dec 7, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	AAPL, ADI, DHR, GOOGL, HD, LLY, NESN.SW, ORCL, PEP, QCOM, TEL, TGT, UNH, USB	Banking, financials, healthcare, large cap, Quality, sustainability, technology	Manager sees semiconductor fundamentals troughing in Q2 with recovery expected in second half. Qualcomm inventory issues peaked in Q1 and should moderate. Analog Devices showed strength in auto and industrial markets with 30% and 25% growth respectively.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH DHR ALLY USB ICLR\|LLY\|PLTR\|SNPS\|TGT AIRTEL.L QCOM GOOGL ADI	View
2023 Q3	Nov 10, 2023	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA	consumer spending, interest rates, Market Concentration, small caps, technology, valuation	Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations.	5HT.SI AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q3	Oct 7, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Autonomy, Cloud, growth, technology, Tesla, Travel	Autonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet.	TSLA	View
2023 Q3	Oct 26, 2023	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA	AI, Portfolio Management, rates, real estate, semiconductors, small caps, technology, value	Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations.	5HT.SI AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q3	Oct 25, 2024	1 Main Capital	4.0%	11.3%	AAPL, BFIT, CZR, DNTL.TO, IWG.L, LMB, PRKR, QCOM	Concentration, Fed policy, Litigation, rates, small caps, value	Small cap valuations had become unusually cheap relative to their large cap counterparts. Small cap earnings are more sensitive than large caps to economic growth and interest rates. The RTY rally began early in the quarter when inflation data came in below expectations, spurring optimism that the Fed would begin to cut interest rates.	PRKR	View
2024 Q3	Oct 20, 2024	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FISV, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM	large cap, Quality, risk management, small cap, valuation, value	The market shows extreme valuation risk with the S&P 500 trading at just the 13th percentile of historical free cash flow yields. Over 40% of the S&P 500 trades at NTM P/E ratios above 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks account for 40% of market cap while trading at a 72% premium to the rest of the market.		View
2024 Q3	Oct 20, 2024	Distillate Capital Large Cap Value	0.0%	19.7%	ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FIS, HD, HUM, LMT, MCK, PH, PYPL, QCOM, TMUS, TOL, UNH, WSM	free cash flow, large cap, Quality, risk management, valuation, value	The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Current trailing free cash flow yield of 3.2% ranks in just the 13th percentile of history. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions.		View
2024 Q3	Oct 20, 2024	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAPL, ABBV, AMD, AMZN, AVGO, COST, KO, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, QCOM, TMUS, TOL, TSLA, WMT, WSM	cash flow, Leverage, Quality, risk management, small caps, valuation, value	The letter extensively discusses valuation risk in the current market, comparing current conditions to the 2000 TMT bubble. Over 40% of the S&P 500 now trades at NTM P/E ratios over 30x, similar to 2000 levels. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total S&P 500 market cap.		View
2023 Q3	Oct 2, 2023	TIFF	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, growth, Speculation, technology, value	Manager describes their strategy as buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The portfolio is positioned with over 25 securities that represent potential growth investments trading at discounted valuations.		View
2025 Q3	Oct 19, 2025	Harding Loevner International Small Companies Equity	-1.1%	17.3%	AAPL, ADBE, AIRTEL.L, AMAT, AMD, AVGO, CRM, CSCO, IBM, INTC, KLAC, LRCX, MRVL, MSFT, MU, NVDA, NXPI, ORCL, QCOM, TXN	AI, Europe, Health Care, international, IT Services, momentum, Quality, small cap	The portfolio's Health Care holdings faced headwinds from momentum-driven markets favoring short-term sentiment over long-term fundamentals. Despite turbulent conditions including COVID disruptions, rising interest rates, and policy uncertainty, the underlying demand drivers remain strong with aging demographics and increasing health investments. Equipment and supplies companies with recurring revenue models are positioned for recovery.	MEDI NO AFX GR 6869 JP	View
2025 Q3	Oct 19, 2025	EdgePoint Global	-	-	6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX	active management, AI, Concentration, global, Quality, technology, value	Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns.	Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM	View
2024 Q3	Oct 10, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FI, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM	large cap, Quality, risk management, small caps, valuation, value	The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total market cap.		View
2023 Q4	Jan 4, 2024	TIFF	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, portfolio, tariffs, technology, Trade Policy, uncertainty, value	The manager discusses the dramatic tariff policies announced by the administration, noting they are of historic magnitude and could lead to either positive trade relationships or harsh economic outcomes. The uncertainty around policy execution creates both upside and downside scenarios for markets.		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
2024 Q3	Sep 30, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL	Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value	The fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states.	AIG VZ	View
2024 Q3	Sep 30, 2024	Aristotle/Saul Global Equity Fund	6.4%	11.6%	1357.HK, ADBE, AMGN, CCJ, D05.SI, LEN, MCHP, MLM, MSFT, QCOM, RTO.L, SMSN.L	Diversified, fundamentals, global, long-term, Quality, value	MonotaRO, the Japanese B2B e-commerce platform, was a main contributor during the quarter. The company serves as a one-stop solution allowing customers to shop for millions of products via a centralized location, with increasing order value and sales per shipment. Large enterprise customers now represent more than 30% of total sales, up from 25% at the end of last year, providing higher lifetime value and willingness to pay for value-added services.	8439.T RTO.L MCHP BN.TO 8058.T	View
2024 Q3	Sep 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU	Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel	Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets.	AMZN MGM PGNY YOU SBH VST	View
2024 Q3	Sep 30, 2024	Fidelity Dividend Growth Fund	4.4%	25.2%	AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM	aerospace, AI, dividends, energy, large cap, technology, Utilities, value	The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology.		View
2024 Q3	Sep 30, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, PYPL, QCOM, SBUX, UNP	dividends, financials, healthcare, large cap, rates, value	Matrix's Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q3, three portfolio holdings raised their dividends by an average of 6.1%, and over the past 12 months 23 of 24 holdings increased their dividends by 6.1%. The portfolio maintains a 2.80% dividend yield compared to the S&P 500's 1.28% yield.	NESN.SW BDX MDT	View
2024 Q3	Sep 30, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, NESN.SW, PYPL, QCOM, SBUX, UNP	dividends, financials, healthcare, large cap, rates, value	Matrix's Dividend Income portfolio delivered strong performance with 19 holdings raising dividends by 6.4% average in nine months. The portfolio maintains a 2.80% dividend yield versus 1.28% for S&P 500, with 23 of 24 holdings increasing dividends over past 12 months by 6.1% average.	NESN.SW BDX MDT	View
2024 Q3	Sep 30, 2024	Barometer Capital Management	-	-	AEM.TO, ARX.TO, AVGO, BRBR, BWXT, CCO.TO, CIBC.TO, EFN.TO, FFH.TO, GE, HWM, K.TO, MFC.TO, NEE, NVDA, PGR, QCOM, SO, TRP, VLO	AI, banks, energy, gold, insurance, nuclear, Pipelines, technology	Artificial intelligence remained a focus during the quarter with continued voracious demand by large tech companies for GPUs and datacenter capacity. Investor focus has evolved from GPU suppliers to infrastructure and energy providers supporting datacenter expansion.		View
2023 Q2	Aug 8, 2023	Matrix Dividend Income	0.0%	0.0%	AAPL, AMZN, CSCO, GD, GOOGL, KO, LHX, META, MSFT, PFE, PYPL, QCOM, SBUX, UNH	AI, dividends, financials, healthcare, large cap, rates, technology, value	AI enthusiasm has driven investor interest in technology stocks expected to benefit from artificial intelligence advances. The AI rally has boosted mega-cap technology stocks in the first half of 2023, though the manager expects the AI mania to subside and performance to broaden beyond these concentrated winners.	PFE AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q2	Aug 8, 2023	Matrix Large Cap Value Strategy	0.0%	0.0%	AAPL, AMZN, CSCO, GD, GOOGL, KO, LHX, META, MSFT, PFE, PYPL, QCOM, SBUX, UNH	dividends, Fed policy, financials, healthcare, insider buying, Market Rotation, technology, value	AI enthusiasm has driven investor interest in technology stocks expected to benefit from artificial intelligence advances. The AI rally has boosted mega-cap technology stocks significantly in 2023, though the manager expects this AI mania to eventually subside as the market broadens.	PFE AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q2	Jul 31, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN	AI, dividends, financials, healthcare, large cap, technology, value	Technology and Communications Services sectors, holding many stocks benefiting from the booming interest in artificial intelligence, continued to lead market returns in Q2 2024. The market action in June focused almost exclusively on the AI Mega Tech melt up and left most other areas in the dust, feeling like it is hitting extremes.	MDT LOW	View
2024 Q2	Jul 31, 2024	Matrix Dividend Income	0.0%	0.0%	CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN	AI, dividends, financials, healthcare, large cap, rates, technology, value	The Matrix Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q2, eight portfolio holdings raised their dividends by an average of 5.9%, and fifteen holdings raised dividends by an average of 6.7% in the first six months. The portfolio maintains a 3.03% dividend yield compared to 1.33% for the S&P 500.	MDT LOW	View
2024 Q2	Jul 25, 2024	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM	AI, Concentration, large cap, Quality, small cap, valuation, value	AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices.		View
2024 Q2	Jul 25, 2024	Distillate Capital International	0.0%	10.9%	AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM	AI, Concentration, international, Quality, small caps, valuation, value	AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices.		View
2024 Q2	Jul 25, 2024	Distillate Capital Large Cap Value	0.0%	19.7%	AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM	AI, Concentration, free cash flow, large cap, Quality, valuation, value	AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay.		View
2024 Q2	Jul 25, 2024	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM	AI, Concentration, free cash flow, Quality, small caps, valuation, value	The letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm.		View
2024 Q2	Jul 23, 2024	Mairs & Power - Growth Fund	0.0%	19.0%	AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK	AI, growth, healthcare, industrials, large cap, semiconductors, technology	The fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters.	NVT QCOM	View
2024 Q2	Jul 19, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AMZN, BABA, GLW, GOOGL, META, MSFT, NVDA, PRGO, QCOM, SWX	AI, China, healthcare, SMID Cap, technology, value	AI rally broadened beyond obvious players with Qualcomm gaining recognition for mobile AI capabilities and Corning benefiting from optical connectivity for Generative AI. While AI use cases appear endless, ROI on spending remains unclear, creating uncertainty about the duration of the ongoing capex boom.	PRGO BABA GLW QCOM	View
2024 Q2	Jul 17, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMZN, COST, DHR, EFX, GOOGL, HD, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, QCOM, TGT, UNH, USB, V	Esg, healthcare, large cap, sustainability, technology, Utilities	AI is emerging as a key theme with Qualcomm benefiting from AI moving to smartphones through higher silicon content and potential share gains. Apple introduced Apple Intelligence at their developer conference as their answer for artificial intelligence.	EFX	View
2024 Q2	Jul 17, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Cloud, E-Commerce, gaming, growth, large cap, technology	Amazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway.		View
2024 Q2	Jul 15, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD	Concentration, energy, Euphoria, financials, Homebuilders, value	The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets.		View
2024 Q2	Jun 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU	Covered Calls, Hedging, large cap, Quality, risk management, technology, value	Strong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads.	AMZN RIVN VST USB DIS LSXMK	View
2024 Q2	Jun 30, 2024	Fidelity Dividend Growth Fund	4.4%	25.2%	005930.KS, AAPL, ALSN, AMZN, AVGO, CI, EIX, GOOGL, GPN, HD, JNJ, MRK, MU, NEE, NVDA, QCOM, TER, TSLA, TSM, VST	aerospace, AI, dividends, energy, large cap, semiconductors, technology, Utilities	The fund is focused on following the implications of the generative AI revolution for the U.S. economy, believing it could result in an expanded upgrade cycle for PCs and smartphones that incorporate new AI capabilities. The explosive growth of AI is seen as a key advantage for chip-related stocks, with positions in companies like Nvidia, Micron Technology, Qualcomm, and Samsung Electronics to leverage this opportunity.		View
2024 Q2	Jun 30, 2024	Bell Global Equities Fund	-3.5%	5.8%	3064.T, AAPL, ADBE, AMZN, CRDA.L, DEO, FI, GOOGL, MA, MSFT, NESN.SW, NESTE.HE, NKE, ORCL, POOL, QCOM, ROG.SW, ULTA, UNH, V	AI, global, Quality, software, technology, value	Strong demand for AI large language model training and inferencing drove Oracle's cloud infrastructure growth, with management guiding 50%+ OCI growth in FY25. Oracle signed IaaS contracts totaling US$12.5 billion with 43% YoY growth, including partnerships with Google, Microsoft, and OpenAI. The AI theme continues to propel technology-related names higher across semiconductors, software, and hardware segments.	4768.T NKE ADBE ORCL	View
2024 Q2	Jun 30, 2024	BlackRock Advantage Global Fund	5.3%	19.5%	AAPL, AMZN, CMCSA, GOOGL, JNJ, LRCX, MSFT, NVDA, QCOM, SPGI	AI, global, growth, large cap, momentum, technology	The fund successfully captured the dominant artificial intelligence theme through sentiment and macro-thematic insights. AI leaders drove strong earnings in May, igniting another rally as investor focus shifted to earnings momentum. The AI theme continued its persistent returns throughout the quarter.		View
2023 Q1	Apr 18, 2023	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, BURL, CRM, DXCM, INTU, ISRG, MSFT, NOW, NVDA, PYPL, QCOM, SNOW, SQ	AI, Cloud, concentrated, growth, large cap, semiconductors, technology	NVIDIA benefited from tremendous excitement surrounding advanced chatbots, specifically ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia's products far into the future. Microsoft's stock appreciated on excitement surrounding the company's investments in OpenAI and potential opportunities to take search market share away from Google.	DXCM SNOW ISRG AAPL\|MSFT\|NFLX\|NVDA\|UNH CRM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q1	Apr 14, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	AAPL, ADI, ADP, DHR, GOOGL, HD, LLY, NESN.SW, ORCL, PEP, QCOM, TEL, TGT, UNH, USB	financials, healthcare, large cap, Quality, sustainability, technology	Manager sees semiconductor fundamentals troughing in Q2 2023 with recovery expected in second half. Analog Devices performed well with strong auto and industrial end markets. Qualcomm inventory issues peaked and should moderate going forward.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH DHR ALLY USB ICLR\|LLY\|PLTR\|SNPS\|TGT AIRTEL.L QCOM GOOGL ADI	View
2025 Q1	Mar 31, 2025	Distillate Capital Fundamental Stability & Value	-1.0%	-1.0%	BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU	Autos, Buybacks, earnings, real estate, value, volatility	Market volatility has significantly increased with earnings reactions exceeding historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. Realized volatility now occasionally surpasses implied volatility, indicating markets may be underpricing risk.	CMP MBGYY BMWKY FPH DFIN	View
2025 Q1	Mar 31, 2025	Harding Loevner International Small Companies Equity	-10.5%	-10.5%	AAPL, ADBE, AMAT, AMD, AMZN, AVGO, CRM, GOOGL, INTC, KLAC, LRCX, META, MRVL, MSFT, NFLX, NVDA, ORCL, QCOM, TSLA, TXN	emerging markets, Europe, growth, international, Japan, Quality, small cap	The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM	AI, dividends, energy, growth, Utilities, valuation	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2024 Q4	Jan 27, 2025	O’Keefe Stevens Advisory, Inc	-	-	AER, BGC, BKRIF, BYON, DFIN, EAF, FNMA, FNMAS, FPH, GLW, ICLTF, NVDA, QCOM, WBD	AI, Capital markets, E-Commerce, real estate, small caps, technology, value	Nvidia continues to face strong product demand that significantly outpaces supply, with competitive advantages widening through advanced GPU and data center infrastructure launches. The Blackwell GPU architecture introduced B100 and B200 data center accelerators with substantial performance gains for AI workloads, featuring enhanced tensor cores and memory bandwidth for faster AI model training and inference.	DFIN BYON	View
2023 Q4	Jan 27, 2024	Horizon Kinetics	0.0%	0.0%	AAPL, ADM, AMD, AMZN, AN, AVGO, BCHG, BMS.L, CKN.L, CRM, EXP, GBTC, GOOGL, MSFT, NVDA, ORCL, PAG, QCOM, TPL, TSLA	BRICS, China, commodities, crypto, Indexation, inflation, technology, valuation	Bitcoin ETF approval represents institutional acceptance and convergence with traditional financial system. Flash loans and lending markets create new revenue opportunities for ETF providers. Bitcoin Cash offers leveraged exposure to cryptocurrency appreciation potential.		View
2023 Q4	Jan 24, 2024	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM	Concentration, free cash flow, large cap, Quality, selectivity, valuation, value	The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles.		View
2023 Q4	Jan 24, 2024	Distillate Capital International	0.0%	10.9%	6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM	Concentration, free cash flow, international, Mega-caps, Quality, value	The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market.		View
2023 Q4	Jan 24, 2024	Distillate Capital Large Cap Value	0.0%	19.7%	AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM	Concentration, free cash flow, large cap, Quality, valuation, value	The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch.		View
2023 Q4	Jan 24, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AER, AMGN, BGC, DFIN, EAF, FPH, HCC, ICLTF, LAZ, LIVE, LL, NVDA, QCOM, TSLA	AI, commodities, Concentration, Predictions, small caps, technology, value	AI became mainstream in 2023 with Nvidia appreciating over 200% as the fund's largest position. The manager notes AI's significant impact on technology sector performance despite cautious analyst commentaries.	EAF AER FPH	View
2023 Q4	Jan 14, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO	financials, healthcare, inflation, large cap, rates, Sustainable, technology	Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate.		View
2023 Q4	Jan 13, 2024	Aristotle Value Equity Fund	6.3%	12.3%	ALC, CINF, COF, CTRA, CTVA, LEN, MSFT, MUFG, QCOM, STZ, TDY, USB	Agriculture, Banking, financials, Homebuilders, technology, value	Lennar demonstrated strong performance with dynamic pricing models and digital marketing platforms driving volume and cash flow generation. The company delivered 73,000 homes in 2023 with a 10% year-over-year increase, while advancing its land light strategy with 76% of land controlled through options. Management's ability to respond to changing housing dynamics positions the company well amid decade-long undersupply of homes in the U.S.	USB TDY	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 10, 2026	Substack	Monopolistic Investor	Qualcomm	Technology	Semiconductors	Bull	NASDAQ Stock Market	3G networks, Capital-light, CDMA technology, Gross margin, Intellectual Property, Qualcomm, Scalability, semiconductors, telecommunications	View Pitch
May 6, 2026	Fund Letters	The Sound Shore Fund	Qualcomm Incorporated	Semiconductors	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI, automotive, data centers, Developer Tools, diversification, IoT, Licensing, Mobile Chips, semiconductors	View Pitch
May 4, 2026	Fund Letters	Aristotle/Saul Global Equity Fund	Qualcomm	Semiconductors	Semiconductors	Bull	NASDAQ	AI, automotive, Connected Computing, diversification, Edge computing, Free Cash Flow, Handsets, IoT, market share, R&D, semiconductors	View Pitch
May 4, 2026	Fund Letters	Aristotle Value Equity Fund	Qualcomm Incorporated	Semiconductors	Semiconductors	Bull	NASDAQ	automotive, Connected Computing, diversification, Edge AI, Free Cash Flow, Internet of Things, R&D, semiconductors, wireless technology	View Pitch
Apr 28, 2026	Fund Letters	Madison Sustainable Equity Fund	Qualcomm Inc	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	5G, automotive, Cyclical Recovery, IoT, semiconductors, Smartphones, Wireless	View Pitch
Apr 27, 2026	Fund Letters	Madison Sustainable Equity Fund	Qualcomm Inc	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	5G, automotive, IoT, semiconductors, Smartphones, turnaround, Wireless	View Pitch
Apr 13, 2026	Fund Letters	Mairs & Power - Growth Fund	Qualcomm Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	5G Technology, AI inferencing, Cellular modems, patents, R&D, semiconductors, Smartphones, Wireless Communications	View Pitch
Apr 13, 2026	Fund Letters	Aristotle/Saul Global Equity Fund	Qualcomm Incorporated	Information Technology	Semiconductors	Bull	NASDAQ	5G Technology, automotive technology, design wins, IoT Solutions, On-device AI, semiconductors, Smartphone Recovery, Wireless Communications	View Pitch
Apr 13, 2026	Fund Letters	O'Keefe Stevens Advisory, Inc	Qualcomm Inc	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI, growth, Mobile Technology, On-device AI, semiconductors, Smartphones, technology	View Pitch
Feb 21, 2026	Fund Letters	James Cullen	Qualcomm Incorporated	Information Technology	Semiconductors	Bull	NASDAQ	AI, automotive, diversification, dividend, semiconductors, Smartphones	View Pitch
Nov 2, 2025	Seeking Alpha	Seeking Alpha	QUALCOMM Incorporated		Semiconductors	Bull		AI accelerator market, AI chips, AI200, AI250, earnings potential, Revenue Growth, semiconductors, wireless technology	View Pitch
Oct 28, 2025	Seeking Alpha	Seeking Alpha	Qualcomm Incorporated		Semiconductors	Bull		AI accelerators, AI inference, AI market, AI software integration, AMD competition, Cost efficiency, Edge computing, energy efficiency, Nvidia competition, Qualcomm AI200	View Pitch
Aug 8, 2025	Seeking Alpha	Danil Sereda	Qualcomm Incorporated	Information Technology	Semiconductors	Bull	NASDAQ	—	View Pitch

BSD Shareholders of QCOM

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.

QCOM

QCOM

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BSD Shareholders of QCOM

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