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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Saturna Sustainable Funds | 4.5% | 14.4% | AAPL, ACN, ADBE, HD, LLY, LOW, LULU, MSFT, NOK, NOW, NVDA, NXPI, SBUX, TEL, TSM | duration, Fed, rates, Sustainable, technology, volatility | The quarter saw significant volatility spikes, particularly on August 4 when the VIX jumped 42 points due to unwinding of popular hedge fund trades including the yen carry trade and AI-exposed technology stocks. These technical rather than fundamental disruptions created forced selling feedback loops as leveraged positions were unwound. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Value | - | - | APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO | industrials, large cap, Quality, semiconductors, technology, Utilities, value | The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets. | PH AVGO SBUX ORLY APD SHW MCK INTC |
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| 2025 Q2 | Aug 7, 2025 | Orbis International Equity | - | - | ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM | Asia, Conglomerates, consumption, E-Commerce, growth, value | Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment. | SE J36.SI 8802 JP |
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| 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 |
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| 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 |
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| 2025 Q2 | Jul 29, 2025 | RiverPark Large Growth | 15.0% | 6.6% | AAPL, AMZN, GOOGL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, SHOP.TO, UBER, UNH | AI, Cloud, growth, healthcare, large cap, Streaming, technology | AI remains a dominant theme with NVIDIA leading through strong demand for Hopper architecture and upcoming Blackwell platform. Microsoft shows growing investor confidence in enterprise AI strategy with Azure growth and Copilot monetization. Meta demonstrates improving AI monetization prospects with Llama 3 model integration across platforms. | PEP SBUX LLY AAPL UNH UBER META NFLX MSFT NVDA PEP SBUX LLY |
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| 2025 Q2 | Jul 22, 2025 | Madison Investors Fund | 3.1% | 2.3% | A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V | consumer, financials, industrials, large cap, Quality, technology, value | The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance. | MSCI CDW ABNB ACGL FI ADI FERG |
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| 2025 Q2 | Jul 20, 2025 | BNY Mellon Global Equity Income Fund | 5.3% | 13.6% | 1299.HK, 8035.T, BA.L, BMY, CME, CSCO, D, ITX.MC, JCI, MDT, PHG, SBUX, SIEGY, SNY | defense, global, healthcare, income, tariffs, technology, valuation | The fund employs an income strategy with strict yield discipline, positioning it differently from the global equity market. Income stocks continue to trade at a discount to low-income stocks, with valuations remaining compelling despite recent market recognition of this opportunity. | View | |
| 2024 Q2 | Jul 17, 2024 | ARK Invest | - | - | AMZN, CSCO, HD, KHC, MCD, MMM, NKE, SBUX, TMO, TXN, UPS, XOM | AI, Deflation, Fed policy, innovation, rates, Recession, technology | ARK expects AI and other disruptive technologies to drive broad-based deflation and pull the economy out of recession. The convergence among 14 technologies in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly software applications that are underrepresented in broad-based benchmarks. | View | |
| 2025 Q2 | Jul 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | IDXX SBUX ORCL GLOB IDXX SBUX ORCL |
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| 2025 Q2 | Jul 15, 2025 | Polen Capital – Focus Growth | 9.2% | 2.3% | AAPL, ADBE, AMZN, AVGO, CSGP, IDXX, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP, TMO, UNH | AI, growth, healthcare, large cap, Quality, risk management, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle was the top-owned relative contributor, up 56% in the quarter as the market embraced meaningful acceleration in growth driven by Oracle Cloud Infrastructure positioning as a go-to cloud infrastructure provider for training generative AI models. Performance leadership was dominated by AI-focused sectors, especially semiconductors which were up 64% in Q2. | IDXX ORCL UNH AAPL IDXX ORCL |
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| 2024 Q2 | Jul 10, 2024 | HORAN Capital Advisors | 0.0% | 0.0% | AMZN, EBAY, LULU, META, MSFT, NKE, NVDA, ROST, SBUX, TGT, TJX, WEN, WMT | consumer, earnings, Economic Slowdown, Fed policy, Market Concentration, Sentiment | Consumers are changing shopping habits due to elevated prices and higher unemployment, with higher earners now shopping at discount stores. Walmart is seeing increased higher income shoppers while companies like Starbucks and Nike face headwinds from consumer pressure. Sales growth for discount stores has outperformed name brands for several quarters. | View | |
| 2024 Q2 | Jul 10, 2024 | QV Investors | - | - | AAPL, AMZN, AVGO, BRK-A, GOOGL, LLY, META, MSFT, NVDA, POOL, SBUX | AI, consumer, credit, Economic Cycle, Market Concentration, rates, Risk Appetite, Valuations | AI-driven bull market continues with Nvidia driving significant market returns. Seven AI-related stocks drove the entire S&P 500 return in Q2. Current AI enthusiasm parallels historical tech bubble patterns with extreme concentration and high expectations. | View | |
| 2024 Q2 | Jun 30, 2024 | Saturna Sustainable Funds | -1.9% | 9.5% | AAPL, ACN, ADBE, DASTY.PA, FERG.L, GIB.A.TO, GSK, HD, LLY, LOW, LULU, NVDA, NVO, NXPI, SBUX, SCHNEIDER.PA, STM, TJX, TSM, WKL | AI, global, growth, healthcare, large cap, semiconductors, Sustainable, technology | Generative AI is driving stock prices, index returns, and capital expenditures across technology companies. The fund sees significant productivity enhancements from AI tools and believes AI will follow the path of transformative technologies like desktop computers and cellular phones. Big tech companies are committing tens to hundreds of billions in capital investment for AI development. | View | |
| 2024 Q2 | Jun 30, 2024 | Magellan High Conviction Fund | - | - | AMZN, EL, GME, GOOGL, META, MSFT, NKE, SBUX | AI, China, Energy Transition, global, Long Term, Quality, technology | Technological innovation, particularly Artificial Intelligence and generative AI, has been a key driver of improving fundamentals and revenue growth. The scale of spending by major companies including Microsoft, Amazon, Alphabet and Meta on AI innovation is extraordinary and driving industry rebound. | View | |
| 2024 Q1 | May 13, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, APD, BRK.B, LIN, META, MLM, NSRGY, NVDA, PGR, SBUX | AI, dividends, large cap, momentum, Quality, value | The fund focuses on quality factors including profitable, financially stable companies with strong balance sheets, consistent free cash flow generation, and high returns on capital. Quality factors faced headwinds in Q1 as the market favored momentum and growth over quality characteristics. | SBUX APD NSRGY BRK.B MLM PGR |
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| 2024 Q1 | May 13, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, APD, FAST, FIS, MSFT, PGR, SBUX | dividends, income, large cap, Quality, technology, value | The Artificial Intelligence hype that powered 2023's market rally extended its momentum into 2024. The market failed to bestow the halo of artificial intelligence exposure on Apple, as the company's AI plans remain shrouded in development and mystery. Microsoft should benefit from the utilization of AI in various products. | MSFT SBUX AAPL FIS PGR |
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| 2025 Q1 | Apr 8, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ALC, AMZN, GOOGL, ICE, INTU, META, MMC, MNST, MSFT, NVDA, RTX, SBUX, SHW, SNPS, SPGI, TSLA, UBER, V | AI, growth, large cap, Magnificent Seven, semiconductors, tariffs, technology | The emergence of DeepSeek, a Chinese large language model with capabilities similar to the best LLMs but built with inferior chips and at lower cost, caused investors to question whether massive capex devoted to Gen AI would continue. Nvidia fell sharply despite delivering record financial results amid strong rollout for its newest Blackwell GPU system. | View | |
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – Focus Growth | -17.3% | -17.3% | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility | CSGP ROL META LRCX |
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| 2026 Q1 | Apr 18, 2026 | Madison Large Cap Fund | -2.7% | -2.7% | A, ADI, CRM, DE, DHR, IT, KEYS, META, PCAR, SBUX, TXN, WDAY | AI, large cap, Quality, semiconductors, technology, value | META CRM |
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| 2024 Q1 | Apr 18, 2024 | The Bristol Gate U.S. Equity Strategy | 6.5% | 6.5% | AMAT, AMT, AVGO, CCL.TO, CP.TO, CTVA, ENGH.TO, FSV.TO, IFC.TO, JWEL.TO, MCK, MMC, OTEX.TO, PBH.TO, SBUX, T.TO, TIH.TO, UNH, WCN, ZTS | AI, dividends, financials, healthcare, Quality, semiconductors, valuation | Bristol Gate focuses on companies with positive dividend growth, using dividend growth as a key valuation driver. The firm's conceptual return framework emphasizes dividend growth alongside returns on invested capital. Both strategies continued to outpace their benchmarks in dividend growth despite underperforming on total returns. | MMC MCK UNH ZTS CTVA AVGO AMAT |
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| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMZN, DHR, DIS, EFX, GXO, HON, JNJ, MTD, NFLX, NKE, NVDA, SBUX, TDG | AI, E-Commerce, growth, large cap, Streaming, technology | AI-related firms led the market surge with Nvidia's stock soaring over 82%, adding more than $1 trillion in market value. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. | EFX GXO NKE ADBE AMZN TDG DIS |
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| 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 |
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| 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 |
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| 2025 Q1 | Apr 14, 2025 | Polen Capital – Focus Growth | -6.3% | -6.3% | AAPL, ABT, ACN, AMZN, AON, CMG, GOOGL, IT, LLY, META, NFLX, NOW, NVDA, NVO, ORCL, SBUX, TSLA, V, ZTS | AI, growth, healthcare, large cap, Quality, Resilience, technology, Trade Policy | The AI infrastructure narrative dominated headlines and powered much of the Russell 1000 Growth Index's 90% two-year return. However, semiconductors—the most visible AI beneficiary—declined 19% in Q1 2025 as the bloom came off the AI rose. Polen has no exposure to semiconductor companies and views Oracle's AI exposure as minimal. | AON SBUX |
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| 2026 Q1 | Apr 13, 2026 | The London Company Large Cap | 2.4% | 2.4% | APD, D, ENTG, EQH, FDX, GOOG, MLM, SBUX, SCHW, V | broadening, downside protection, energy, Geopolitical, large cap, Quality, technology | MLM D GOOG V APD FDX ENTG |
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| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 2024 Q4 | Feb 28, 2025 | Askeladden Capital Partners | - | - | AMD, CHGG, CSCO, DDD, INTC, MSFT, NVDA, SBUX, SSYS | AI, productivity, Research, semiconductors, Small-cap, technology, value | Manager conducted extensive research on artificial intelligence, concluding it will significantly enhance research productivity (2-3x improvement expected) but won't replace human judgment. AI excels at pattern recognition and statistical processing but lacks true reasoning, causality understanding, and struggles with hallucinations. The technology represents a powerful force multiplier for knowledge work rather than a replacement. | View | |
| 2025 Q4 | Feb 22, 2026 | City Different Investments – Multi-Cap Core | 2.8% | 18.1% | AMG, APG, CHTR, FLYW, GILD, GOOGL, KMX, LOPE, META, MSFT, NFLX, SBUX, SCHW, TGT, TMO | Behavioral, Diversified, long-term, multi-cap, value | Mature (Value) businesses led performance in the fourth quarter and were the strongest contributors for the full year, reflecting durable execution in companies that continued to generate healthy free cash flow and return capital. | FLYW |
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| 2024 Q4 | Dec 31, 2024 | BNY Mellon Global Equity Income Fund | -5.4% | 6.4% | 1299.HK, AAPL, AMZN, AVGO, CME, CSCO, DPW.DE, EXC, FHN, GILD, GOOGL, IP, JCI, MDT, NVDA, PEP, SBUX, SNY, SYY, TSLA | dividends, financials, global, income, rates, technology, value | The fund maintains strict yield discipline and cannot hold mega-cap technology stocks due to their low yields. Income stock valuations remain compelling, with stocks offering above-average income rates trading at substantial discounts to low-income stocks. The strategy has zero weightings in the magnificent seven technology stocks and instead focuses on dividend-paying sectors. | View | |
| 2024 Q4 | Dec 31, 2024 | Saturna Sustainable Funds | -4.2% | 9.6% | AAPL, ADBE, AVGO, GOOGL, LIN, LLY, LULU, NEE, NOW, NVDA, NVO, SBUX, TJX, TSCO, TSM | AI, infrastructure, Onshoring, semiconductors, Sustainable, tariffs, technology, Utilities | AI infrastructure companies like Nvidia, Taiwan Semiconductor, and Broadcom drove significant portfolio returns. The fund maintains exposure to AI enablers while adding companies whose growth opportunities are not contingent on AI advancements. Many companies contributing to AI building blocks enjoyed extraordinary returns during 2024. | View | |
| 2024 Q4 | Dec 31, 2024 | Magellan Global Fund | - | - | AMZN, EL, GME, GOOGL, META, MSFT, NKE, SBUX | AI, China, consumer, Energy Transition, Global Equities, Quality, technology | Artificial Intelligence and generative AI are driving improving fundamentals and technological innovation across portfolio companies. The scale of spending by major companies like Microsoft, Amazon, Alphabet and Meta is extraordinary and driving a rebound in activity across many industries. The investment to drive this new era is real with enormous benefits to be realized. | View | |
| 2023 Q4 | Dec 31, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADI, AMT, AMZN, APD, CRM, DIS, FTNT, GOOGL, MCHP, MKL, MSFT, PEP, SBUX, TDG, VEEV | AI, Cloud, growth, large cap, Quality, semiconductors, technology, value | The market rally was fueled by AI dreams and enthusiasm for artificial intelligence potential, propelled by advances like ChatGPT, Microsoft Copilot, and Large Language Models. Microsoft is capitalizing on digital transformation with AI-powered solutions that enhance productivity. | ADI 0TDG LN AAPL|MSFT|NFLX|NVDA|UNH AMT |
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| 2025 Q3 | Nov 5, 2025 | Horos Asset Management | 10.7% | 23.7% | AAPL, AMD, AMZN, BIDU, CMG, COST, GOOGL, INTC, KKR, MA, MCD, META, MSFT, NEON, NVDA, ORCL, PYPL, SBUX, TSLA, WMT | AI, Bubble, Europe, Margin Of Safety, technology, Valuations, value | Massive investments by hyperscalers in AI infrastructure reaching $365 billion, resembling dot-com bubble dynamics. Cross-investments between companies like NVIDIA and OpenAI mirror 1990s patterns. Energy demands and valuations appear unsustainable despite real technological potential. | View | |
| 2025 Q3 | Nov 16, 2025 | Matrix Dividend Income | - | - | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | defense, dividends, financials, healthcare, technology, value | Technology and Communications sectors led the market rally in Q3, accounting for close to 70% of the S&P 500's performance. Many companies within these sectors benefit from investor enthusiasm for artificial intelligence including the Magnificent 7. The manager expects corporations to continue finding new ways to run their businesses more efficiently as they incorporate AI. | LMT STZ ACN |
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| 2025 Q3 | Nov 16, 2025 | Matrix Large Cap Value Strategy | - | - | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | AI, defense, dividends, financials, large cap, rates, technology, value | Technology and Communications sectors led the market rally, accounting for 70% of S&P 500 performance in Q3, driven by investor enthusiasm for artificial intelligence including the Magnificent 7. Companies are expected to continue incorporating AI to run businesses more efficiently and drive earnings growth. | View | |
| 2023 Q3 | Nov 16, 2023 | Auxier Asset Management | 7.4% | 0.0% | AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO | energy, healthcare, insurance, rates, technology, value | Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money. | View | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology | Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. | SBUX SUNP IN ICLR|LLY|PLTR|SNPS|TGT AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q3 | Oct 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AAPL, ACN, ADBE, AMZN, AVGO, BSX, CSGP, GOOGL, IT, META, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP.TO, TMO, TSLA, V | AI, Cloud, growth, healthcare, large cap, Quality, semiconductors, technology | Generative AI was the dominant theme driving Q3 performance, with semiconductors as the primary driver. The hyperscalers are announcing massive increases to AI-related spending, confirming capex spigots are wide open as they struggle to keep up with voracious demand. Oracle's quarterly results showed remaining performance obligations increasing 359% to $455 billion in one quarter, highlighting extraordinary demand for cloud computing and AI infrastructure. | UBER SNPS BSX INTU AVGO NVDA |
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| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH | Commercial real estate, interest rates, real estate, small cap, United Kingdom, value | Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value | Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline. | View | |
| 2025 Q3 | Oct 8, 2025 | Orbis International Equity | - | - | ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM | Asia, Conglomerates, consumer, Hong Kong, Indonesia, value | Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment. | SE ASII IJ JAR LN |
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| 2024 Q3 | Oct 21, 2024 | Tourlite Capital Management | 4.5% | 13.8% | ABUS, APG, FTAI, ROIV, SBUX, SOC, ULTA, WMT | aerospace, consumer, Correlation, healthcare, industrials, Long/Short, technology, volatility | FTAI Aviation benefits from strong aerospace aftermarket tailwinds, with Boeing issues providing additional upside. The company exceeded Q2 expectations and raised 2026 EBITDA guidance by 25% to $1.25 billion. Significant valuation gap exists between FTAI and aerospace aftermarket peers. | APG ABUS ROIV FTAI SOC |
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| 2024 Q3 | Oct 2, 2024 | The London Company Income Equity | 10.4% | 14.6% | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | dividends, income, large cap, Quality, rates, value | The Income Equity strategy focuses on higher overall dividend yield orientation and is designed to provide greater yield and downside protection. The manager expects shareholder yield including dividends to comprise a significant percentage of total equity returns in the near term. | MSFT MRK SCHW SBUX LOW PGR |
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| 2025 Q3 | Oct 16, 2025 | Polen Capital – Global SMID Company Growth | 7.9% | 1.9% | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. | GLOB IDXX SBUX ORCL |
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| 2024 Q3 | Oct 16, 2024 | ARK Invest | - | - | AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS | AI, Deflation, Fed, innovation, rates, Recession, technology | ARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks. | View | |
| 2025 Q3 | Oct 14, 2025 | Madison Investors Fund | -2.2% | -0.1% | A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V | financials, industrials, large cap, Quality, technology, value | The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability. | View | |
| 2025 Q3 | Oct 1, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS | AI, Cloud, cyclicals, growth, healthcare, large cap, technology | The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum. | VRTX US DDOG US ORCL US |
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| 2025 Q4 | Jan 9, 2026 | The Bristlemoon Global Fund | -6.2% | 0.0% | ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER | AI, growth, Housing, Restaurants, semiconductors, software, technology, value | The fund has benefited from AI winners like AppLovin, which applies machine learning to improve ad algorithms with 72% revenue growth and 89% EBITDA growth. The manager views AI as creating opportunities through the Jevons paradox, where lower content creation costs increase demand for editing tools like Adobe. PAR Technology is positioned as an AI beneficiary through its unified platform strategy enabling Coach AI functionality. ASML is highlighted as a monopoly in the semiconductor industry during an AI boom. The manager outlined bear case arguments and explained why they were misguided, with the stock appreciating from €600 to over €900 per share in a quarter as other investors agreed with their thesis. The fund holds multiple software positions including PAR Technology, Adobe, and others. PAR is viewed as benefiting from restaurant technology consolidation, with potential McDonald's partnership validation. Adobe is seen as an AI beneficiary rather than victim, trading at 15x earnings despite double-digit revenue growth. PAR Technology represents a play on restaurant technology consolidation, with potential tier-1 client wins including McDonald's. The manager believes even large tech-forward restaurants are realizing POS software is too complex to maintain internally, favoring best-of-breed vendors like PAR with unified platform strategies. Floor & Decor represents a category killer business model in hard surface flooring with 75,000 square foot warehouse stores carrying 2,350+ SKUs versus 630-680 at competitors. The company has grown comparable store sales at 11% annually over 14 years, with strong unit economics and store rollout potential to 500 locations. The manager extensively analyzes mortgage rate dynamics affecting Floor & Decor's housing-dependent business. They expect mortgage spread normalization from current 300+ basis points back toward historical 168 basis point average, potentially reducing rates to 5.5-6.0% range and unlocking housing transaction velocity. | FND 215A JP BCG LN ADBE PAR ASML NA |
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| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Large Cap Growth Strategy | 1.2% | 0.0% | ACN, ADBE, ANET, AVGO, CMG, DDOG, EQIX, ETN, GOOGL, ISRG, LLY, MRVL, NVDA, ORCL, PLTR, SBUX, TMO, UNH, VRTX, WDAY | AI, growth, healthcare, large cap, momentum, semiconductors, technology, underperformance | AI spending exceeded expectations with hyperscalers accelerating capex, emergence of OpenAI and Anthropic as major spending sources, and Alphabet selling custom AI chips to competitors. The managers acknowledge underestimating AI spending magnitude and are repositioning with purchases of Broadcom, Marvell Technology, Datadog and Oracle while exiting lower-conviction AI plays. Cloud infrastructure remains central to AI deployment with data center operators like Equinix positioned as later-stage beneficiaries. Oracle's cloud business represents significant upside potential despite current market skepticism, with the company having a large backlog of signed contracts and generating free cash flow. Semiconductor exposure through Nvidia has been a top holding since 2018, with additional positioning in Broadcom for custom silicon chips and Marvell Technology. The managers regret not scaling positions more aggressively in semiconductor beneficiaries during the AI-driven rally. Healthcare positioning was repositioned with purchases of high-quality biotechnology company Vertex Pharmaceuticals, which was a leading contributor in Q4. The managers exited Eli Lilly too early before GLP-1 reimbursement deals and oral treatment readouts drove shares higher. | View | |
| 2025 Q4 | Jan 30, 2026 | Immersion Investment Partners | 0.0% | 0.0% | BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING | AI, Food, growth, Restaurants, small caps, tech, Valuations | The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves. | BROS MAMA PAR |
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| 2025 Q4 | Jan 15, 2026 | Columbia Dividend Opportunity Fund | 2.8% | 15.9% | ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM | AI, Banking, dividends, financials, Lithium, technology, value, Yield | The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ACN, AMZN, APTV, CMG, EL, EQIX, GOOGL, META, MMC, MSFT, NEE, NVDA, PYPL, RTX, SBUX, SHW, TEAM, TSLA, UNH | AI, diversification, growth, healthcare, large cap, technology, valuation | The Strategy manages exposure to AI-driven growth stocks including NVIDIA, which has been trimmed due to valuation concerns despite belief in its 10-year trajectory as hyperscaler and enterprise customers invest in GPU architecture. The managers acknowledge AI momentum has driven market leadership but are selective about valuations. | APTV TEAM EL SBUX |
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| 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 |
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| 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 |
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| 2023 Q3 | Sep 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEY, AMZN, BKNG, BX, EQIX, FIVN, GOOGL, ILMN, INTU, LLY, LMT, MA, MCD, META, MSFT, NFLX, PEP, SBUX, UBER | AI, Cloud, growth, large cap, payments, Streaming, technology, Travel | AI tools are driving advertising growth at Alphabet, with 80% of advertisers using at least one of the company's advertising AI tools. The company highlighted AI tools as a key driver of re-acceleration in advertising growth during the quarter. | SBUX PEP IMCD NA CLMT ALLY EQIX |
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| 2023 Q3 | Sep 30, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEY, AMZN, BKNG, BX, EQIX, GOOGL, ILMN, LLY, LMT, MA, MCD, META, MSFT, PEP, SBUX, SHOP, UBER | AI, Cloud Computing, Internet Media, Long/Short, payments, secular growth, technology | The fund highlights AI tools as a key driver for Alphabet, noting that 80% of advertisers use at least one of the company's advertising AI tools. This contributed to re-acceleration in advertising growth and strong performance across Google's platforms. | 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 |
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| 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 |
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| 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 |
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| 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 |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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| 2023 Q2 | Jul 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SHLX, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, Global Growth, healthcare, Quality, secular growth, technology, Trade Policy | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. Not having exposure to semiconductors presented a significant headwind to relative performance. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2024 Q2 | Jul 17, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADI, ALC, AMZN, BDX, BRK.B, CPRT, DE, DLTR, FI, GOOGL, LOW, PCAR, PGR, PH, SBUX, TJX, TXN, V | consumer, industrials, insurance, large cap, Quality, semiconductors, technology, value | Semiconductor manufacturers Analog Devices and Texas Instruments continue to see declining sales and profits due to weak demand and inventory reduction by customers and distributors. However, the cycle appears to be bottoming, setting conditions for a profit rebound over the coming years as investors better appreciate the industry's secular demand characteristics. | DE SBUX |
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| 2024 Q2 | Jun 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADI, AMZN, APH, AVGO, CRM, DIS, EFX, GOOGL, MCHP, MCO, META, MSFT, NKE, NVDA, PEP, SBUX | AI, Cloud, consumer discretionary, growth, large cap, semiconductors, technology | AI enthusiasm has driven approximately 60% of market gains, with Nvidia contributing 30% to the first-half advance. The manager believes in AI's long-term transformative effect but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. | META AVGO CRM DIS NKE APH GOOGL AAPL |
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| 2023 Q1 | Apr 19, 2023 | Polen Capital – Global SMID Company Growth | 3.5% | 9.5% | ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, global, growth, Oracle, Quality, semiconductors, technology | AI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK SBUX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner Emerging Markets Equity | 1.3% | 1.3% | 005930.KS, ASIANPAINT.NS, BABA, CATL, CIB, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, JD, MARUTI.NS, MELI, MINDRAY, SAFARICOM, SANY, SBUX, TCEHY, TCS, TSMC | AI, China, Electric Vehicles, emerging markets, India, productivity, technology, Trade Policy | China outperformed most major markets in Q1 as policymakers showed stronger support for private enterprise. The government has shifted from real estate-led growth to supporting innovative companies in AI, electric vehicles, and technology. This transition could lead to higher-quality, more productive economic growth similar to Taiwan's path rather than Japan's stagnation. | BAJAJ-AUTO.NS SUPREMEIND.NS |
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| 2024 Q4 | Feb 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BRK-A, COST, DG, DLTR, FIVE, GOOGL, MCO, META, MSFT, NVDA, SBUX, TSLA | AI, Berkshire, Buybacks, Concentration, inflation, Secular Peak, value | Portfolio trades at 10.3x earnings versus S&P 500's 25.2x multiple, representing significant undervaluation. Manager emphasizes buying businesses at discounts to intrinsic value with dual margins of safety in price and business quality. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | Starbucks Corporation | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | Coffee, consumer staples, Free Cash Flow, Global, growth, Restaurant | View Pitch |
| Apr 28, 2026 | Fund Letters | RiverPark Large Growth | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand portfolio, Coffee, delivery, Food Attachment, Global, Restaurants, Specialty retail, supply chain | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global Growth | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Consumer Discretionary, Operations, Restaurant, retail, turnaround | View Pitch |
| Apr 27, 2026 | Fund Letters | Polen Capital - Global Growth | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Consumer Discretionary, operational efficiency, Restaurant, retail, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Large Growth | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand Equity, Coffee, Consumer Franchise, Digital Investment, global scale, loyalty program, Quick Service Restaurant, Real Estate, same-store sales, Traffic Trends | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand recognition, Coffee Retail, Consumer Discretionary, Free Cash Flow, Global distribution, management changes, Real Estate, store expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand recognition, Coffee Retail, Consumer Discretionary, Customer loyalty, Free Cash Flow, Global Brand, Retail real estate, store expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee Retail, Consumer Discretionary, Customer loyalty, Free Cash Flow, Global Brand, Real Estate, store expansion, Value Compounding | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee Retail, Consumer Discretionary, Free Cash Flow, Global Brand, Management Transition, Retail real estate, store expansion, Value Compounding | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee Retail, Consumer Discretionary, Customer loyalty, Free Cash Flow, Global Brand, management changes, Real Estate, store expansion, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Focus Growth | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Coffee, margin expansion, Operations, Restaurant, retail, Store Productivity, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Investors Fund | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee Chain, Consumer Discretionary, Global Brand, loyalty program, Mobile Ordering, operational efficiency, Restaurants, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | China, Coffee, Consumer Discretionary, global leader, margin expansion, Restaurants, scale | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Large Cap | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand strength, China, Coffee, Consumer Discretionary, cost-cutting, Free Cash Flow, loyalty program, Restaurants | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand strength, Cash Flow Yield, China market, Coffee Retail, Consumer Discretionary, Cost management, loyalty program | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global Growth | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Consumer Discretionary, Management Change, Restaurant Operations, retail, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Large Cap Growth Strategy | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | brand value, CEO change, Coffee Retailer, Consumer Discretionary, Global Retail, Operational Improvement, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Coffee, Food service, Management Change, Operational Issues, QSR, Restaurants, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Breakfast Consumption, Brian Niccol, Coffee, customer experience, Global Brand, Normalized Basis, operational expertise, Restaurants, turnaround | View Pitch |
| Apr 2, 2026 | Seeking Alpha | Seeking Alpha | Starbucks Corporation | Consumer Discretionary | Restaurants | Bear | NASDAQ Stock Market | Back to Starbucks strategy, coffee-shop chain, Competition, consumer sentiment, Labor Costs, macro headwinds, profit margins, Starbucks, Technology investment, valuation | View Pitch |
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | Starbucks Corporation | Consumer Discretionary | Restaurants | Bear | Nasdaq Stock Market | asset-light strategy, brand value, Brian Niccol, debt management, Franchising, international expansion, licensing model, operational efficiency, P/E ratio, Starbucks | View Pitch |
| Jan 29, 2026 | Seeking Alpha | Seeking Alpha | Starbucks Corporation | Consumer Cyclical | Restaurants | Neutral | NASDAQ Stock Market | Brian Niccol, China market, comparable-store sales, Customer Engagement, Joint venture, North America, operating margins, premium valuation, Starbucks, Turnaround strategy | View Pitch |
| Jan 9, 2026 | Fund Letters | Peter Bourbeau | Starbucks Corporation | Consumer Discretionary | Restaurants | Bear | NASDAQ | consumer, Execution, Restaurants, turnaround, Unit_economics | View Pitch |
| Jan 8, 2026 | Fund Letters | Conrad van Tienhoven | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Coffee, consumer, Loyalty, Margins, Restaurants, turnaround | View Pitch |
| Jan 8, 2026 | Fund Letters | Damon Ficklin | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, consumer, operating leverage, Restaurants, turnaround | View Pitch |
| Nov 29, 2025 | Fund Letters | Damon Ficklin | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Digital, international expansion, Margins, Throughput, turnaround | View Pitch |
| Oct 23, 2025 | Value Investors Club | tharp05 | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Inflection, margin expansion, premium multiple, Service recovery, turnaround | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Aseity Research | Starbucks Corporation | Consumer Discretionary | Restaurants | Bear | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||