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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | Broyhill Asset Management | 3.7% | 6.6% | AVTR, DLTR, FI, IQV, PM, SCHW | dispersion, Mean reversion, small caps, stock picking, valuation gaps | The commentary emphasizes record valuation dispersion and fading market leadership as fertile ground for active stock pickers. Smaller and mid-sized companies trading at discounts to fundamentals are highlighted as key opportunities. Dispersion is positioned as a catalyst for mean reversion and long-term outperformance. | View | |
| 2025 Q2 | Aug 18, 2025 | Baron Partners Fund | 12.1% | -7.5% | ACGL, GLPI, IDXX, MTN, SCHW, SPOT, TSLA | Compounding, Concentration, growth, innovation, volatility | The letter emphasizes long-duration growth investing focused on a concentrated set of companies with large addressable markets and durable competitive advantages. Management highlights innovation-driven earnings compounding, particularly in technology-enabled platforms, while accepting volatility as the cost of superior long-term returns. Market pullbacks are viewed as opportunities to add to high-conviction positions. | View | |
| 2025 Q2 | Aug 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ATEG, CME, CWAN, FI, HOOD, INTU, MELI, PGR, SCHW | Digital payments, Financial Services, Fintech, innovation, Platforms | The letter discusses long-term growth in financial technology driven by digitization of payments, capital markets, and financial services. Market volatility has favored challengers and innovative platforms, while regulatory and competitive dynamics remain key risks. Fintech adoption is viewed as structurally increasing across geographies. | View | |
| 2025 Q2 | Jul 8, 2025 | Right Tail Capital | - | - | BYD CN, CHTR, IAC, NSC, NSIT, SCHW, SSNC | Compounding, longterm, Patience, Quality, returnsOnCapital | The strategy centers on owning high-quality businesses with strong returns on incremental capital over multi-year horizons. Volatility is embraced as part of long-term compounding rather than a signal to trade. Patience and business fundamentals are prioritized over short-term market narratives. | View | |
| 2025 Q2 | Jul 22, 2025 | Harris Associates Concentrated Strategy | 3.9% | 3.7% | COF, COP, CRL, CRM, GOOG, ICLR, IQV, SCHW, WTW | downside protection, fundamentals, Mean reversion, valuation dispersion, Value Investing | The letter centers on intrinsic value investing amid extreme valuation dispersion between popular growth stocks and unloved franchises. Management argues that patience and concentration in discounted, high-quality businesses will be rewarded as fundamentals reassert themselves. The strategy emphasizes downside protection and long-term mean reversion rather than short-term momentum. | IQV COP GOOG COF SCHW |
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| 2025 Q2 | Jul 20, 2025 | The London Company Large Cap | -0.4% | 1.8% | BRK/B, FI, NEU, PGR, SCHW, TEL | cash flows, downside protection, large cap, Quality, valuation | The commentary highlights large-cap businesses with durable cash flows, conservative leverage, and strong competitive positions. A focus on quality and downside protection may lag in momentum-driven rallies but is designed to outperform over full cycles. Discipline and fundamentals remain central amid elevated valuations. | PGR BRK.B SCHW TEL NEU |
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| 2023 Q2 | Jul 17, 2023 | Kovitz Core Equity Strategy | 8.4% | 18.3% | AAPL, DGE LN, DLTR, GDDY, JPM, MSI, SCHW | - | View | ||
| 2024 Q1 | Apr 28, 2024 | Blue Tower Asset Management | 8.8% | 0.0% | BERY, SCHW | - | View | ||
| 2024 Q1 | Apr 15, 2024 | FMI All Cap Equity | -1.8% | 11.2% | SCHW | - | View | ||
| 2024 Q1 | Apr 15, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | SCHW | - | View | ||
| 2025 Q1 | Apr 14, 2025 | WestEnd Capital | - | - | BA/ LN, PLTR, RHM GR, SCHW | Artificial Intelligence Platforms, Cash Allocation, Defense Spending, Market Volatility, Tariff Policy | The quarter was dominated by tariff escalation, with projected rates briefly exceeding Smoot-Hawley-era levels, triggering a sharp selloff and spike in Treasury yields :contentReference[oaicite:1]{index=1}. WestEnd raised cash to ~25% before selectively redeploying capital into defense and AI leaders such as BAE Systems, Rheinmetall, Charles Schwab, and Palantir as technical conditions improved. The firm expects continued volatility but sees asymmetric upside in defense spending and mission-critical AI platforms amid geopolitical and policy uncertainty. | RHM GR PLTR SCHW BA LN |
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| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | RiverPark Large Growth | -7.2% | -7.2% | AAPL, AMZN, GOOG, LLY, MSFT, NVDA, SCHW, UBER, UNH, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | RiverPark Long/Short Opportunity Fund | -5.8% | -5.8% | AAPL, GOOG, NVDA, SCHW, UBER, V | - | View | ||
| 2025 Q4 | Feb 8, 2026 | Baron Partners Fund | 19.1% | 24.9% | ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA | AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology | The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier. | RRR IDXX SCHW FDS IT GWRE SPOT CSGP H |
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| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| Q4 2025 | 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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| Q4 2025 | Feb 18, 2026 | Baron FinTech Fund | -2.2% | 0.9% | APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V | AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology | Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property. | NEPT MS GWRE MELI HOOD FICO JKHY SPGI |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Global Select Fund | -5.0% | 4.7% | BAYN GR, COF, DEO, ELV, SCHW | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Madison Sustainable Equity Fund | -2.1% | 17.4% | AAPL, ADBE, BKRP, DHR, ECL, GOOG, JPM, LIN, LLY, NEE, SCHW, TEL, UNH, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Partners Fund | 27.0% | 32.7% | ACGL, CSGP, IDXX, SCHW, TSLA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | BAC, CTVA, ELAN, HWM, IQV, LEN, MELI, OLED, SCHW, TEAM, UBER, VRT | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FIGS, IDXX, SCHW, SPOT, TSLA, VLD, XFCH | - | View | ||
| 2022 Q4 | Dec 31, 2022 | RiverPark Large Growth | 3.7% | 16.4% | AMZN, GOOG, ISRG, MA, NFLX, NKE, PYPL, SCHW | - | View | ||
| 2017 Q4 | Dec 31, 2017 | Aquamarine Fund | - | 34.9% | ATGE, BRK/A, COGN3 BZ, COST, FCAU, GM, RACE IM, SCHW, TSLA | - | View | ||
| 2024 Q3 | Nov 5, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, BN FP, DG, EPAM, EVO SS, FI, NICE, PM, PYPL, RTO, SCHW | - | View | ||
| 2025 Q3 | Nov 25, 2025 | Caledonia Investment | - | 7.3% | ORCL, SCHW | Balance Sheet Strength, Long-Term Investing, Permanent Capital, Private Capital, Public Equities | Caledonia emphasizes long-term compounding through patient capital allocation across public equities, private capital, and funds, seeking real returns over full market cycles. Its permanent capital structure allows the firm to deploy liquidity opportunistically during periods of market volatility, enhancing long-term value creation. Broad diversification across asset classes, geographies, and investment types is positioned as a core risk management and return stabilization tool. | View | |
| 2023 Q4 | Nov 1, 2024 | Right Tail Capital | 0.0% | 10.3% | SCHW | - | View | ||
| 2024 Q3 | Oct 7, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, ABNB, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN | - | View | ||
| 2024 Q3 | Oct 4, 2024 | Middle Coast Investing | 0.0% | 0.0% | ABM, ACLS, APOG, ATKR, ATRO, BOOM, DALN, OMAB, PGR, PTLO, SCHW | - | View | ||
| 2024 Q3 | Oct 28, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | View | ||
| 2024 Q3 | Oct 2, 2024 | The London Company Income Equity | 10.4% | 14.6% | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | - | View | ||
| 2024 Q3 | Oct 2, 2024 | The London Company Large Cap | 8.1% | 14.6% | BLK, CB, CSCO, FDX, FI, GOOG, ORLY, PGR, SCHW, TEL | - | View | ||
| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT LN, CIEN, FERG, FI, SCHW, SSNC | - | View | ||
| 2024 Q3 | Oct 17, 2024 | Kovitz Core Equity Strategy | 6.9% | 28.7% | AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH | - | View | ||
| 2022 Q3 | Oct 17, 2022 | Ensemble Capital | 0.0% | 8.0% | MASI, NVR, SCHW | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Pabrai Wagons Fund | 8.0% | - | BRK/A, FI, IBKR, PSH, SCHW, SF, SOFI | Buybacks, Margin Of Safety, Replacement cost, Spin-Offs, Value Investing | The Pabrai Wagons Fund focuses on concentrated value investing inspired by Buffett and Munger, circling around high-conviction holdings with long runways. Its portfolio includes undervalued, cash-flowing businesses in India, Türkiye, and the U.S., such as Edelweiss, TAV Airports, and Alpha Metallurgical. The fund emphasizes disciplined capital allocation, buybacks, and margin of safety at fractions of replacement cost. | TAVHL TI EDEL IN RIG US AMR US |
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| 2022 Q3 | Oct 14, 2022 | Giverny Capital Asset Management | 7.0% | 20.2% | BRK/A, CIEN, COHR, ERF FP, FRC, JPM, KMX, META, MKL, MTB, PGR, SCHW | - | View | ||
| 2022 Q3 | Oct 11, 2022 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, IBKR, NFLX, SCHW, SSNC, XPEL | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Middle Coast Investing | 2.7% | 16.9% | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua International Growth Fund | 0.1% | 19.2% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, Automation, China, growth, international, semiconductors, Trade Policy, value | AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities. | View | |
| 2025 Q4 | Jan 6, 2026 | The Baird Chautauqua Global Growth Fund | 4.2% | 22.1% | 2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX | AI, China, growth, international, rates, semiconductors, Trade Policy, value | AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target. | View | |
| 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 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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| 2025 Q4 | Jan 21, 2026 | Renaissance Investment Management – Large Cap Growth | 0.0% | 0.0% | AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM | AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation | AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies. | NFLX AMAT GOOG |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Large Cap Equity | 4.3% | 0.0% | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology | AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. | OLED AEIS ILMN ALB |
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| 2025 Q4 | Jan 11, 2026 | Thornburg Global Opportunities Fund | 6.5% | 41.1% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE | Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value | The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies. | View | |
| 2024 Q3 | Sep 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | CBRE, GPC, MRK, SCHW | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | APPL, COST, DHR, EFX, GOOG, KEYS, LLY, MSFT, NEE, ORCL, PGR, QCOM, SCHW, UAHC | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | BAM, CLOV, CPRT, DLTR, GOOG, KEYS, LOW, PCAR, SCHW | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | CBRE, CLB, LAZ, NOV, SCHW, SWK | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Asset Fund | 8.3% | 10.6% | COO, CSGP, DUOL, DXCM, FICO, GWRE, IT, SCHW, VRSK, WELL, WST | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Partners Fund | 13.9% | 4.5% | ARCH, BIRK, GWRE, MTN, SCHW, TSLA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | RiverPark Large Growth | 3.7% | 16.4% | ADYEY, BX, GOOG, KKR, META, MSFT, PINS, SCHW, SHOP, SNAP | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, DEI, FIGS, GWRE, H, IRDM, SCHW, TSLA | - | View | ||
| 2022 Q4 | Aug 2, 2023 | Sequoia Strategy | 7.1% | 20.8% | BATRA, CACC, CSU CN, ELV, ERF FP, GOOG, ICE, SCHW, UMG, UNH | - | View | ||
| 2023 Q2 | Jul 27, 2023 | Broyhill Asset Management | 6.0% | 0.0% | 0R1E LN, FHN, PYPL, SCHW, TD | - | View | ||
| 2023 Q2 | Jul 19, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, CCI, LOW, MSFT, PGR, SCHW, TGT | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Nightview Capital | 0.0% | 0.0% | AAPL, AMZN, BLK, DKNG, GOOG, GS, H, LVS, META, MGM, MS, NFLX, NITE, QCOM, SCHW, TSLA, TSM, WYNN | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FDS, IBKR, MSCI, SCHW, TSLA | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Partners Fund | 13.9% | 4.5% | GLPI, H, IDXX, SCHW, SPOT, TSLA | - | View | ||
| 2023 Q1 | May 23, 2023 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | ASML, AZPN, CASY, DISH, EMR, MCK, META, MSFT, SCHW | - | View | ||
| 2023 Q1 | Apr 20, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FIS, MSFT, NSC, PFE, SCHW, TXN | - | View | ||
| 2023 Q1 | Apr 20, 2023 | The London Company Large Cap | 8.1% | 14.6% | BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR | - | View | ||
| 2023 Q1 | Apr 17, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | FRC, META, SCHW | - | View | ||
| 2023 Q1 | Apr 15, 2023 | Blue Tower Asset Management | 8.8% | 0.0% | LEN, SBER RU, SCHW | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, BKI, GOOG, SCHW, USB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Oakmark Select Fund | 8.1% | 0.0% | FCNCA, SCHW | - | View | ||
| 2023 Q1 | Mar 31, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, DDOG, ISRG, LULU, META, NVDA, SCHW, SHOP, UBER, UHN | - | View | ||
| 2023 Q1 | Mar 31, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ARNB, EZU, LULU, META, NVDA, SCHW, SHOP, UBER, UNH, XHB, XLI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | FIS, LSXMA, META, SCHW | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Weitz Partners Value Fund | 9.2% | 11.3% | FRC, META, SCHW | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Weitz Value Fund | 12.3% | 19.0% | FIS, META, SCHW | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | 0UMG LN, AHT LN, BAC, CSU CN, ERF FP, GOOG, ICE, KMX, LBRDA, LSXMA, META, NFLX, RR/ LN, SAP, SCHW, UNH | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | BWA, CG, CLB, KKR, MAT, SCHW | - | View | ||
| 2023 Q4 | Jan 23, 2024 | The London Company Income Equity | 10.4% | 14.6% | APD, BLK, CVX, DEO, NSC, SCHW | - | View | ||
| 2023 Q4 | Jan 23, 2024 | The London Company Large Cap | 8.1% | 14.6% | ALB, BLK, CVX, FDX, MLM, SCHW | - | View | ||
| 2022 Q4 | Jan 23, 2023 | Giverny Capital Asset Management | 8.5% | -22.7% | COHR, ERF FP, FD, FIVE, FRCB, GOOG, HEI, JPM, KMX, KO, MA, META, PGR, SCHW | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Nightview Capital | - | - | ABNB, AMZN, BLK, DE, DKNG, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSMC, WYNN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | George Bolton | The Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | Asset flows, Brokerage, diversification, Eps, NIM, Rates, Trading, Volatility | View Pitch |
| Feb 21, 2026 | Fund Letters | Ronald Baron | The Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | Asset flows, Brokerage, Deposits, Funding, guidance, Integration, leverage, NIM, Revisions | View Pitch |
| Jan 29, 2026 | Fund Letters | David M. Poppe | Charles Schwab Corp | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | assets, Brokerage, earnings growth, scale, wealth management | View Pitch |
| Jan 8, 2026 | Fund Letters | Tony Coniaris | The Charles Schwab Corp. | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | Assetgathering, Brokerage, Deposits, Netinterestmargin, Wealthmanagement | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian Campbell | The Charles Schwab Corporation | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | balance sheet, Brokerage, Cash Sorting, Moat, Net New Assets | View Pitch |
| Oct 14, 2025 | Seeking Alpha | Seeking Alpha | The Charles Schwab Corporation | Capital Markets | Neutral | asset growth, brokerage accounts, Charles Schwab, client assets, earnings expectations, economic recession, financial services, Interest rates, market valuation, Neutral Rating | View Pitch | ||
| Sep 16, 2025 | Short Thesis | Dirty Bubble Media | Charles Schwab Corp/The | Financials | Investment Banking & Brokerage | Bear | NYSE | Brokerage, Deposits, HTM, Margins, Regulation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Daniel Jones | The Charles Schwab Corporation | Financials | Capital Markets | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Brian Gilmartin, CFA | Charles Schwab Corporation | Financials | Capital Markets | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Jonathan Weber | The Charles Schwab Corporation | Financials | Capital Markets | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Asian Investor | Charles Schwab | Financials | Capital Markets | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Brian Gilmartin, CFA | Charles Schwab Corporation | Financials | Capital Markets | Bull | NYSE | — | 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. | ||||||||