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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 2025 Q4 | Feb 5, 2026 | Rowan Street Capital | 0.0% | 11.1% | META, SHOP.TO, SPOT, TSLA, TTD | Compounding, Concentration, long-term, Quality, technology | Shopify represents a key e-commerce infrastructure play that has strengthened its competitive position despite valuation compression. The company refocused operations, improved efficiency, and prioritized long-term economics while expanding its merchant ecosystem and deepening merchant services. Meta Platforms demonstrates the power of long-term compounding in social media, with the business consistently growing revenues, earnings, and cash flow over eight years. Current AI investments are improving advertising platform effectiveness with benefits flowing through to engagement and monetization. Tesla represents exceptional competitive advantages and deep engineering capabilities in the electric vehicle space. The company is led by a founder focused on long-duration value creation who has repeatedly reshaped entire industries through willingness to invest through uncertainty. The Trade Desk operates critical infrastructure for the open internet as an independent, data-driven advertising platform with strong network effects. However, recent execution challenges and communication issues have moderated conviction in management's ability to navigate adversity. | View | |
| 2025 Q4 | Feb 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2025 Q4 | Jan 30, 2026 | Artisan Focus Fund | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC | aerospace, AI, energy, financials, growth, industrials, semiconductors, technology | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing. | GE |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Global Growth Fund | 6.2% | 10.2% | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions. | ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Touchstone Sands Capital International Growth Equity Fund | -4.2% | 10.9% | 6861.T, ADDTECH-B.ST, ADYEN.AS, AJINOMOTO.T, ARGX, ASML, BAJFINANCE.NS, DNP.WA, DOL.TO, EL.PA, FLUT, HDFCBANK.NS, HEXA-B.ST, III.L, MELI, NU, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, STVG.MI, TSM, VACN.SW, WEGE3.SA | AI, defense, energy, growth, international, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term pull in logistics and warehouse environments. Focus on companies that make robots reliable, safe, and economically compelling rather than headline makers. Energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites helping run internet, support defense, and guide transportation. Lower launch costs and improved satellite capabilities are creating growing businesses with steady, long-term revenue. | EL FP MELI RACE IM SPOT 2802 JP SE SHOP VACN SW 2330 TT GALD SW |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2025 Q4 | Jan 20, 2026 | The Bristol Gate Canadian Equity | 3.4% | 7.4% | CLS.TO, CM.TO, DOL.TO, EFN.TO, ENGH.TO, EQB.TO, FSV.TO, L.TO, OTEX.TO, PBH.TO, PET.TO, RY.TO, SHOP.TO, TFII.TO, TIH.TO, TRI.TO, TVK.TO | Banking, Canada, commodities, Copper, dividends, gold, materials, value | Bristol Gate focuses on companies with consistent high dividend growth supported by robust free cash flow and disciplined capital allocation. The firm believes dividend growth rates are powerful predictors of total return, with fastest dividend growers often outperforming the broader dividend-growth universe. Several portfolio transactions were driven by deteriorating dividend growth prospects. Gold finished up 67.41% in 2025, the strongest annual return since 1979. Gold benefitted from multiple underlying fundamental and macro drivers, pushing the metal meaningfully higher. The portfolio's underweight and lack of exposure to gold/silver miners was a primary detractor from relative performance. Copper gained over 42% in 2025 and continued its move higher after bottoming during the pandemic. Copper finished up 21.43% in Q4 alone, benefitting from multiple underlying fundamental and macro drivers. The metal's strong performance contributed to Materials sector dominance. | TFII CN CM CN PET CN RY CN OTEX CN TRI CN FSV TVK CN |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Small Companies Equity | -1.9% | 15.1% | 0005.HK, 0700.HK, AAPL, BHP.AX, BP.L, GSK, HSBA.L, LLY, MARS, MC.PA, MKC, MSFT, NESN.SW, OR.PA, PAN, SANOFI, SAP.DE, SHOP.TO, VOW3.DE, WEED.TO | AI, Consumer Staples, gold, growth, international, momentum, Quality, small cap | The fund emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies equipped with durable competitive advantages, operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The fund discusses AI infrastructure buildout and questions about the durability of demand across the AI supply chain, while also addressing concerns about AI disrupting IT services businesses. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, yet surging gold prices sparked a rally in mining stocks. | EVT GR HERDEZ MM 4527 JP 002891 CH CWK LN DIA IM |
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| 2025 Q4 | Jan 18, 2026 | T. Bailey Multi-Asset Growth Fund | 4.0% | 14.6% | AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA | AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget | Artificial intelligence shifted from growth to returns on capital as earnings and guidance highlighted rapidly rising infrastructure spending. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, marking a turning point that tempered earlier enthusiasm for AI infrastructure and chipmakers. Gold surged above US$4,300 per ounce in October, prompting exposure to be trimmed closer to long-term strategic targets. The metal experienced one of its steepest single-day declines in years on 21 October but subsequently recovered to reach a new high above US$4,500 in December, supported by safe haven demand and central bank purchases. Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025 driven by tariff-related volatility, copper stabilised and rebuilt momentum through Q4, underpinned by a structurally tight supply-demand backdrop and disruption risk across key producing regions. Trade tensions stayed elevated despite a truce, with threatened tariff escalation in October giving way to a one-year US-China tariff truce after late-October talks. This eased near-term supply-chain risk but left strategic issues unresolved, with stockpiling activity providing additional support to commodity markets. | LGEU LN |
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| 2025 Q4 | Jan 18, 2026 | Ninepoint Partners LP | 0.0% | 0.0% | COIN, FIGR, SHOP.TO | AI, crypto, Electrification, energy, fixed income, gold, infrastructure, Natural Gas | Natural gas has transitioned from a bridge fuel to the fuel to satisfy massive increases in power demand. U.S. export capacity is projected to increase by 2 bcf/d in 2026, while LNG Canada is expected to ramp up to full capacity. The EIA estimates U.S. electricity demand will grow by 2.2% in both 2025 and 2026, with ERCOT demand expected to grow by 20% from 2024 levels. AI remains the strongest tailwind for global equities, driving immense investment in data centers and providing an offset to economic weakness from trade uncertainty. The technology is still in early stages of adoption and should create new investment opportunities across healthcare and consumer applications. AI agents require crypto rails as the only internet-native financial infrastructure through which they can operate autonomously. Gold continued its upward ascent in 2025, starting at approximately $2,640/oz and peaking at $4,356/oz in October before settling into the $4,000/oz range. This momentum was fueled by continuing central bank demand and increased interest from Western investors embracing gold as a strategic asset. Gold equities finally started to work in 2025 and are expected to continue playing catch-up in this commodity-led rally. 2025 was crypto's strongest year yet due to regulatory progress and institutional adoption. The tokenization of real-world assets accelerated, stablecoins gained legal clarity, and prediction markets emerged as powerful pricing engines. Crypto stands on the edge of its most transformative chapter where digital assets, traditional finance, and AI begin to operate as one interconnected system. Global infrastructure is supported by structural tailwinds from electrification and fiscal spending on large-scale construction projects. Electricity demand is expected to accelerate through 2035, led by power-intensive AI-focused data centers. The IEA expects global electricity demand to increase by 3% per year to 2035, equivalent to adding Japan's current total demand annually. The metals and mining sector has become a strategic priority in a complex geopolitical landscape, with governments pivoting policies to ensure access to critical minerals. Technology is driving strong demand from AI-focused data centers, battery chemistry advances, and electrical grid upgrades. Canada is well positioned as a Tier-1 mining jurisdiction and leading metal producer. The electrification of the global economy has been the most important structural tailwind for infrastructure. Rising electricity demand is a global trend, with the IEA expecting growth across all major regions led by emerging economies. Meeting this demand requires ongoing investment across power generation, electricity transmission and distribution. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | 1.2% | 19.6% | 000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL | E-Commerce, growth, international, Quality, semiconductors, technology, value | Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality. | 2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME |
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| 2025 Q4 | Jan 14, 2026 | Brown Capital Management International All Company Fund | -6.5% | 0.0% | ASML, FLTR.L, HUB.AX, REA.AX, SHOP.TO, XRO.AX | AI, EGCs, growth, international, long-term, Quality, technology, underperformance | About one-quarter of underperformance came from market distinctions between AI winners and losers. Companies viewed as AI enablers like ASML and Camtek benefited, while businesses perceived to have AI disruption risk like online classifieds and software companies experienced valuation pressure. The firm assessed AI impact using four factors: data defensibility, workflow stickiness, substitution risk, and adaptation ability. Shopify was highlighted as a leading global commerce platform serving as the operating system for modern commerce. The company showed accelerating growth with 32% revenue growth and strong international expansion. Online pharmacy Apotea was added as a new position, benefiting from the structural shift toward online channels in Sweden's pharmacy market. REA Group operates Australia's leading online property marketplace with substantial scale advantages and network effects. The company was impacted by AI-related sentiment despite solid fundamentals and operational execution. The firm remains confident in marketplace platforms that sit at the center of high-value transactions with trusted, market-leading positions. The firm focuses on Exceptional Growth Companies (EGCs) with mission-critical products, durable competitive advantages, and ability to compound value over decades. 2025 was difficult for quality growth attributes as capital flowed toward more cyclical, capital-intensive businesses. The portfolio comprises growing, profitable companies providing mission-critical products that are difficult to replace. Temenos provides core banking software with cloud-native platforms managing banks' critical systems. The company showed strong operating performance despite leadership transition, with accelerating subscription revenue and expanding margins. Xero offers cloud-based accounting software with high-recurring subscription model and broad ecosystem integrations. | TECN SW AUTO NO TEMN SW HUB AU XRO AU SHOP FLTR LN REA AU |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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