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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 15, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC | Defensive, gold, healthcare, inflation, value | Gold has risen 20% over six months to new all-time highs driven by monetary debasement, emerging market demand especially from China, central bank purchases exceeding 1,000 tonnes annually, and physical gold flows shifting from West to East. The fund expects gold to outperform the S&P 500 over the next decade. | AGNC HUM |
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| 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 | May 1, 2025 | Mairs & Power - Growth Fund | -4.7% | -4.7% | AAPL, AMZN, FI, GOOGL, JPM, LFUS, META, MSFT, NVDA, NVT, RHHBY, TSLA, TSM, UNH, V, WEC | AI, growth, large cap, semiconductors, tariffs, technology, volatility | The emergence of DeepSeek, a Chinese AI startup, jolted the Information Technology sector by unveiling large language models with comparable functionality to American rivals at a fraction of the cost. This undermined prevailing wisdom that AI requires exorbitant computing power and called into question vast AI investments. The fund remains excited about AI prospects but less enthusiastic about lofty valuations and has been reducing positions accordingly. | TSM |
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| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Large Cap Growth Strategy | - | - | ALNY, ASML, BX, COST, CRM, EQIX, ETN, FICO, GWW, INTU, LIN, MSFT, NFLX, ORCL, PYPL, RHHBY, RTX, SHW, TSM, TXN | AI, Biotechnology, defense, growth, industrials, large cap, semiconductors, technology | PYPL CRM ALNY ROG.SW TXN |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, AVGO, AZO, CHTR, CP, DE, FI, GILD, GOOGL, INTC, MSFT, MU, NVDA, O, ORCL, RHHBY, SPGI, TXN, VZ | large cap, REITs, semiconductors, technology, Telecom, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductors industry. Broadcom benefits from the adoption and proliferation of AI and has established itself as one of the leading providers of custom silicon products. Rising investment in AI fuels demand for memory providers like Micron. | View | |
| 2023 Q1 | Apr 20, 2023 | Titan Wealth | - | - | BMW.DE, JNJ, LVMH.PA, ORCL, PTC, RHHBY | AI, Banking, demographics, Energy Transition, geopolitics, healthcare, inflation, technology | Heightened geopolitical tensions including US-China spy balloon incidents, Russian invasion of Ukraine, and China's military expansion with potential Taiwan invasion by 2027. This backdrop increases market volatility and supports elevated inflation. | View | |
| 2025 Q1 | Apr 15, 2025 | EdgePoint Global | 3.1% | 3.1% | 4612.T, DAY, PAC, RHHBY, RVTY, TTNDY | Change, discount, global, growth, mid cap, Research, uncertainty, value | The manager emphasizes embracing uncertainty as a core investment philosophy, arguing that uncertainty creates opportunity for long-term investors. Historical examples from the 1970s through 2020s demonstrate how navigating uncertain periods has rewarded patient investors. The approach involves looking for businesses undergoing significant change when the economic backdrop is rocky or companies are navigating transformation. | View | |
| 2024 Q1 | Apr 15, 2024 | Mairs & Power - Growth Fund | 0.0% | 19.0% | AAPL, AMZN, CASY, FISV, JPM, LFUS, META, MSFT, NVDA, NVENT, RHHBY, TECH, TTC, ULTA, UNH, VZ, WK | AI, growth, healthcare, large cap, productivity, technology | AI is driving transformative possibilities across industries, particularly healthcare, banking, and telecommunications. The fund holds positions in companies serving as pick and shovel providers of AI tools for businesses. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. | ULTA CASY VZ RHHBY |
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| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments All Cap Growth | - | - | ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM | AI, defense, growth, healthcare, materials, semiconductors, technology | ANET ROG.SW FCX TSM ASML APPL |
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| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2024 Q4 | Dec 31, 2024 | Mairs & Power - Growth Fund | - | 19.6% | AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH | AI, Housing, long-term, Regional, small caps, technology, value | AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts. | NVDA MSFT CLFD |
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| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299.HK, ASML, AZO, B3SA3.SA, BBRI.JK, BKNG, EL, EW, GOOGL, HDB, ILMN, META, MRVL, MSFT, NVDA, RHHBY, RTO.L, TSM, ZTS | AI, Concentration, emerging markets, global, healthcare, Quality, semiconductors | The fund invests across all four layers of the AI tech stack, from end user applications to technical infrastructure. Portfolio companies are seeing meaningful enterprise AI use cases in productivity and efficiency tools, with Google having 25% of new code written by AI and Booking Holdings improving customer service through AI chatbots. Microsoft is on track for $10bn annualized AI revenues. | RTO.L AZO ZTS ILMN |
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| 2025 Q3 | Nov 17, 2025 | Appleseed Fund | - | - | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. | View | |
| 2023 Q4 | Nov 3, 2024 | WS Ruffer Total Return Fund | 0.0% | 0.0% | BABA, BP, NVDA, PFE, RHHBY | AI, Bonds, China, gold, inflation, liquidity, Multi-Asset, rates | AI-fuelled rally drove markets to new highs with Nvidia's earnings announcement causing a 16% single-day rally. The market jitters around a single company's earnings hints at an unstable trend that could surprise to the downside. | View | |
| 2025 Q4 | Jan 23, 2026 | American Century Equity Income Fund | 1.8% | 11.9% | BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL | Consumer Staples, dividends, financials, healthcare, Quality, value | The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience amid continuing inflation and uncertain macroeconomic conditions. Healthcare led all sectors in the fourth quarter after being beaten down for much of the year. The fund remains keen on healthcare stocks, particularly those in the healthcare equipment and supplies industry, because they are attractively valued and demand tends to be less susceptible to changes in the economic environment. The fund's investment objective focuses on current income and long-term capital growth, with a strategy of investing in companies believed to be undervalued. The portfolio positioning emphasizes income generation through dividend-paying stocks and preferred securities. | View | |
| 2025 Q4 | Jan 22, 2026 | Thornburg Equity Income Builder Fund | 7.0% | 37.0% | 005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE | dividends, financials, global, healthcare, Telecommunications, Utilities, value | The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital International | 0.0% | 41.5% | 005930.KS, 066570.KS, 1024.HK, 2319.HK, 2618.HK, 267270.KS, 601600.SS, 6594.T, 9618.HK, AEM, AUTO.L, BATS.L, CX, FMX, GIB.TO, MC.PA, RHHBY, RIO.AX | cash flow, fundamentals, international, Quality, valuation, value | U.S. equities are historically expensive by any measure and at a valuation level that has typically been associated with much more subdued future returns. The S&P 500 is near record multiples and trading at concerningly rich valuations primarily due to a short list of very large and expensive stocks. International stocks look very appealing even after significant outperformance in 2025. International stocks significantly outperformed their domestic counterparts in 2025, and the less expensive portions of the market did particularly well. International companies offer an important counterbalance to the richness of the broader U.S. market when selectively chosen and are beneficial from a diversification perspective. The strategy systematically filters out highly levered or fundamentally less stable companies and focuses on cash flow stability and low indebtedness thresholds. Quality metrics include fundamental stability scores and leverage ratios that differentiate the portfolio from broader market benchmarks. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Balanced Fund | 0.0% | 6.6% | AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC | AI, Balanced, earnings, financials, healthcare, rates, technology | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power - Growth Fund | 2.7% | 10.5% | FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS | AI, growth, healthcare, large cap, technology, valuation | AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare. | View | |
| 2025 Q4 | Jan 13, 2026 | Oakmark Global Select Fund | 2.9% | 20.7% | BABA, BAYRY, CHTR, CNHI, GOOGL, IQV, MBG.DE, RHHBY, SNY | China, Europe, global, healthcare, Pharmaceuticals, technology, value | The fund is positioned in pharmaceutical companies with strong fundamentals and growth potential. Bayer benefited from positive drug trial results and potential Supreme Court review of litigation matters. Sanofi was added as a new position, featuring the blockbuster drug Dupixent and strong R&D pipeline despite being weighed down by vaccine market volatility and patent cliff concerns. The fund maintains exposure to Chinese e-commerce through Alibaba despite near-term headwinds. While the core e-commerce business performs well and cloud revenue growth accelerates, the company faces earnings pressure from Quick Commerce subsidies. The managers believe losses will reduce over time and see long-term positioning in Chinese AI as valuable. | SAN FP BABA BAYN GR |
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| 2023 Q4 | Aug 1, 2024 | Oakmark Global Fund | 7.5% | 0.0% | A, AMZN, BAYRY, CHTR, COF, GOOGL, KKR, KR, ORCL, RHHBY, RYAAY | consumer, financials, global, healthcare, Pharmaceuticals, technology, value | The fund focuses on purchasing shares of high-quality businesses at discounts to intrinsic value, as demonstrated with Agilent trading at a discount to life science peers and Kroger trading at just 10x estimated next year's EPS despite strong competitive positioning. | RHHBY 005930 KR 0A53LN BAYRY COF |
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| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0700.HK, AAPL, AMZN, BABA, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. The portfolio bears little resemblance to benchmark indices as the team maintains their value-oriented approach in international markets. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | AAPL, AMZN, DEO, FMC, GOOGL, HEIN.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL.ST, TSLA, VRTX | Currency, industrials, insurance, international, Pharmaceuticals, value | The fund continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. New positions were established in companies that were financially strong and had attractive runways for potential future growth, all purchased at prices representing significant discounts from intrinsic value estimates. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0169.HK, AAPL, AMZN, DEO, FMC, GOOGL, HEIA.AS, IONS, JNJ, META, MSFT, NRMG.DE, NVDA, NVS, RHHBY, SAF.PA, SCOR.PA, SKF-B.ST, TREL-B.ST, TSLA, VRTX | industrials, insurance, international, Pharmaceuticals, technology, value | The firm continues to focus on companies purchased at significant discounts from estimates of their underlying intrinsic values. They emphasize price sensitivity and stock selection in an environment where active management should be rewarded over time. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | AAPL, ACN, AMZN, ATKR, BECG.DE, BWA, ENS, FIVE, GOOGL, IBM, KWS.L, LLY, MSFT, OLLI, PFE, PLUS, RHHBY, RMV.L, XPEL, YOUGV.L | AI, barriers to entry, competition, global, Quality, small caps, technology | Global small caps underperformed large caps due to fewer AI-related stocks in the segment. The portfolio focuses on high-quality small companies with competitive advantages in growing, profitable niches that can withstand competition from larger, well-funded competitors. | View | |
| 2024 Q2 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2024 Q2 | Jun 30, 2024 | American Century Equity Income Fund | 9.6% | 0.0% | ADI, BDX, CB, EPD, INTC, JNJ, JPM, KMB, KVUE, MCHP, MDT, NSC, RHHBY, TXN, UL, VZ, XOM | Consumer Staples, dividends, financials, Quality, technology, Utilities, value | The portfolio focuses on higher-quality stocks with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience against uncertain economic environments and lagging effects of elevated interest rates. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel Global Fund | 6.9% | 0.0% | BIDU, CREDICORP, DTBSF, ENDSF, GILD, GSK, JNJ, MGDDY, MSFT, PM, RHHBY, VZ | Concentration, global, liquidity, momentum, technology, value | Growth stocks significantly outpaced value names this quarter, with the MSCI ACWI Growth Index surging +9.19% while the MSCI ACWI Value Index only returned +2.98%. The manager maintains their value approach despite recent underperformance, believing these factors will pivot in their favor once excessive monetary and fiscal stimulus effects abate. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | BABA, BAC, BAESY, BIDU, BRK-B, CSCO, DGE.L, FDX, GOOGL, JNJ, NESN.SW, NVS, RHHBY, SAF.PA, TFC, TTE, UL, USB, VRTX, WFC | Banking, dividends, international, Reset, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples. The owner earnings yield for many new buys has typically been around 7-8% or higher. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Global Fund | 6.9% | 0.0% | BAP, BOLSF, GSK, ML.PA, RHHBY, VZ | Banking, Defensive, global, Pharmaceuticals, Telecom, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund continues to focus on finding mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong. | BOLSAA.MX ROG.SW AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU BVZN SW ML.PA GSK.L |
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| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V | Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value | The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Oakmark Global Fund | Roche Holding | Health Care | Pharmaceuticals | Bull | OTC | diagnostics, drug development, healthcare, Innovation Engine, pharmaceuticals, Pipeline Value, R&D investment | View Pitch |
| Apr 13, 2026 | Fund Letters | Mairs & Power - Growth Fund | Roche Holdings | Health Care | Pharmaceuticals | Bull | OTC | Artificial Intelligence, biologics, biotechnology, drug development, healthcare, pharmaceuticals, Swiss | View Pitch |
| Jan 30, 2026 | Fund Letters | Robert Feitler | Roche Holding AG | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | diagnostics, innovation, Oncology, Patent cliff, Pharma Pipeline | View Pitch |
| Jan 23, 2026 | Fund Letters | George Droulias | Roche Holding AG | Health Care | Pharmaceuticals | Bull | Swiss Exchange | cashflow, diagnostics, pharma, pipeline, Volatility | 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. | ||||||||