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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
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| 2025 Q4 | Jan 30, 2026 | Artisan Focus Fund | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC | aerospace, AI, energy, financials, growth, industrials, semiconductors, technology | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing. | GE |
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| 2025 Q4 | Jan 27, 2026 | Buckley Capital | 2.6% | 21.4% | ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC | aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value | Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability. | LQDA DAVE IWG LN LNW PRTH WLFC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||