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SHOP-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	TCW Concentrated Large Cap Growth Fund	4.1%	12.6%	ADBE, ANET, ETN, GOOG, IT, NOW, NVDA, SHOP.TO, SPOT	AI, Cloud, consumer, growth, Hyperscalers, inflation, large cap, technology	AI infrastructure spending by hyperscalers continues to drive economic growth, with demand far outstripping supply. The managers believe we are still very early in the AI growth curve, comparing current tech spending (2.0% of GDP) favorably to historical peaks. AI is making companies more efficient and driving secular growth across multiple portfolio holdings.		View
2024 Q3	Sep 30, 2024	Bailard Technology Strategy	-1.7%	26.4%	AAPL, AMZN, CRWD, FISV, GOOGL, KLAC, LRCX, META, MSFT, MU, NFLX, NVDA, PANW, PSTG, SHOP.TO, SMAR, SPOT, TSM, UBER, WMT	AI, cybersecurity, growth, large cap, semiconductors, software, technology	The strategy anticipates a shift in IT budgets towards AI-enabled platforms and applications after infrastructure spending peaks. Enterprises are achieving significant productivity gains through AI solutions, with examples like Walmart improving 850 million catalog pieces and Palo Alto Networks reducing support headcount by 50%. The focus is moving from infrastructure hardware to application software as AI adoption becomes more widespread.		View
2025 Q2	Aug 7, 2025	Wellington Management	9.5%	7.3%	1810.HK, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP.TO, SPOT, TSM, VRTX	AI, Cloud, E-Commerce, gaming, global, growth, semiconductors, technology	The fund continues to benefit from AI momentum with strong performance from NVIDIA driven by surging global demand for AI chips and major spending announcements from cloud and tech giants. Oracle was added as a new position to benefit from its accelerating cloud service business targeted at AI workloads, with a recently announced deal with OpenAI to build significant data center capacity. Alphabet is showing improved revenue growth and is anticipated to benefit from its latest AI model, Gemini 2.0.		View
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	View
2025 Q2	Jul 28, 2025	Harry Qelm Baabsman	-	9.7%	ADBE, BIRD, BWA, CRM, FLNC, GOOGL, HFG.DE, LIGHT.AS, LYFT, MGA, NVDA, NXT, PUM.DE, S92.DE, SEDG, SHOP.TO, THO, VWSB.CO, ZAL.DE, ZM	AI, clean energy, Cloud, E-Commerce, Solar, technology, value, Wind	Solar equipment companies like Nextracker grew 59% since December, while SMA Solar and SolarEdge combined grew 50%. The fund sees solar as a primary energy source with rapidly increasing presence, moving from below 0.5% to 5-7% of total energy consumption and above 10% of electricity generation worldwide.	ADBE PUM GR VWSB GR NXT ZAL GR ZM CRM	View
2025 Q2	Jul 27, 2025	Loomis Sayles Global Growth Fund	16.6%	12.7%	AMZN, GOOGL, MC.PA, MELI, META, MSFT, NFLX, ORCL, SHOP.TO, TCOM, TSLA, V, VRTX, YUMC	global, growth, healthcare, long-term, Quality, technology, value	Netflix continues to demonstrate strong competitive advantages through its global scale, content investment, and subscriber growth. The company is successfully transitioning to an ad-supported model while expanding internationally, with management expecting accelerating revenue growth driven by pricing power and new monetization strategies.	VRTX YUMC TCOM ORCL MELI NFLX	View
2025 Q2	Jul 22, 2025	American Century International Growth Fund	12.1%	-	3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY	AI, Asia, defense, E-Commerce, Europe, growth, international, large cap	Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models.		View
2025 Q2	Jul 21, 2025	Sands Capital International Growth Fund	18.1%	19.4%	4956.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DNP.WA, DOL.TO, EVT.DE, FLTR, GALDERMA.SW, HDFCBANK.NS, HEXAB.ST, IMCD.AS, MELI, ONON, PME.AX, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM, WEGE3.SA	Asia, Automation, E-Commerce, Entertainment, Europe, growth, international, semiconductors, technology	The strategy holds significant positions in leading e-commerce platforms including MercadoLibre in Latin America and Sea in Southeast Asia. MercadoLibre delivered strong quarterly results driven by Argentina's higher contribution margins, while Sea posted strong results with gaming bookings up 51% year-over-year and expanding ecommerce margins.	EVD GR SE 2330 TT SPOT MELI	View
2025 Q2	Jul 16, 2025	Harding Loevner Emerging Markets Equity	10.1%	11.5%	000333.SZ, 018880.KS, 035720.KS, 1211.HK, 2317.TW, 2330.TW, 3690.HK, 4966.T, BABA, GEELY, GLOB, KSPI.L, LREN3.SA, MELI, RDNI3.SA, SE, SHOP.TO, TCS.NS, TS, TTI	AI, Brazil, competition, E-Commerce, emerging markets, South Korea, Taiwan, Trade Policy	Brazilian e-commerce companies like MercadoLibre face intensifying competition from foreign entrants like Shopee, driving innovation in logistics and payment services. MercadoLibre has built competitive advantages through deep local market knowledge, integrated ecosystems, and massive logistics investments. Competition is spurring market expansion as e-commerce penetration remains low at under 20% in Brazil.	018880.KS 2317.TW 4966.T MELI MELI	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	View
2025 Q2	Jul 11, 2025	Baillie Gifford – US Equity Growth	24.8%	12.9%	AFRM, ALNY, AMZN, CSGP, DASH, DDOG, DKNG, DUOL, META, NET, NFLX, NVDA, PINS, RBLX, SHOP.TO, SNOW, TSLA, TTD, WDAY, WSO	Concentration, growth, innovation, long-term, technology, US	The fund is positioned in companies leveraging AI for competitive advantages, including Cloudflare's Workers AI platform growth and AppLovin's advanced AI models for ad optimization. These AI-driven platforms are creating self-reinforcing advantages and significant operating leverage.	SPT ROKU CRCL APP 6857 JP MDLN	View
2024 Q1	Jun 15, 2024	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM	Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium	North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand.		View
2025 Q1	May 22, 2025	Goehring & Rozencwajg Associates, LLC	-	-	AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM	commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale	The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply.		View
2026 Q1	May 14, 2026	Loomis Sayles Global Growth Fund	-13.1%	-13.1%	ABEV, ADYEN.AS, ARM, BA, NVS, SHOP.TO, TSLA	AI, Electric Vehicles, global, growth, healthcare, innovation, Quality, technology			View
2026 Q1	Apr 25, 2026	Sands Capital International Growth Fund	-14.8%	-14.8%	000660 KS, ADYEN.AS, ASML, NU, SE, SHOP.TO, TSM	AI, geopolitics, growth, international, Japan, semiconductors, technology, valuation			View
2026 Q1	Apr 25, 2026	Sands Capital Technology Innovators Fund	-15.0%	-15.0%	000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM	AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology			View
2026 Q1	Apr 18, 2026	Rowan Street Capital	-19.8%	-19.8%	CSU.TO, META, NFLX, SHOP.TO, TOI.TO, TSLA	Concentration, growth, long-term, technology, value, volatility		CSU.TO SHOP TSLA META	View
2026 Q1	Apr 18, 2026	Baillie Gifford – US Equity Growth	-15.1%	-15.1%	AXON, CSGP, DASH, DUOL, ENSG, GH, GLOB, IOT, MSFT, NET, PEN, SHOP.TO	AI, growth, long-term, software, Systems, technology, valuation		RBC AXON	View
2026 Q1	Apr 18, 2026	Baillie Gifford – International Alpha	-5.1%	-5.1%	005930 KS, 0700.HK, 1299 HK, 2454.TW, 2899.HK, 300750.SZ, 8316.T, 9984.T, ADYEN.AS, ASML, B3SA3.SA, DB1.DE, DSV.CO, EXPN.L, LUN.TO, MELI, PBR, RIO, RYA.L, SAP, SHOP.TO, TSM, TTE	AI, banks, Copper, energy, growth, international, semiconductors, volatility			View
2024 Q1	Apr 15, 2024	Harding Loevner International Small Companies Equity	9.1%	4.8%	AAPL, ADBE, AMD, AMZN, CRM, GOOGL, INTC, META, MSFT, NFLX, NVDA, ORCL, PYPL, QCOM, SHOP.TO, SPOT, SQ, TSLA, TWLO, UBER	AI, cybersecurity, international, Japan, semiconductors, small caps, value	Generative AI is a powerful wave gaining momentum since ChatGPT's launch, with global spending on enabling chips expected to surge from $50B in 2023 to $100-400B over the next few years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain, manufacturing advanced vacuum pumps critical for semiconductor clean rooms where AI chips are produced.		View
2026 Q1	Apr 13, 2026	Mawer International Equity Fund	0.2%	0.2%	0700.HK, AD.PA, AON, APH, BAM, BHP.AX, BNZL.L, BWXT, CACI, DB1.DE, EQNR, HDB, MSFT, NOC, SHOP.TO, SII.TO, SKE.TO	AI, defense, diversification, energy, Geopolitical, inflation, Quality			View
2024 Q1	Apr 13, 2024	Vailshire Partners Hedge Fund	0.0%	0.0%	AAPL, ADBE, AMZN, AVGO, AZO, BRK.B, GOOGL, LLY, MA, MELI, MSCI, MSFT, NVDA, NVR, SHOP.TO, SQ, TPL, TSLA, TT, V	Bitcoin, crypto, liquidity, portfolios, SMA, technology	Manager maintains bitcoin price targets of $125,000 by Christmas 2024 and $475,000 by Q4 2025, viewing current conditions as supportive for the next major leg higher during summer months. Bitcoin proxies have provided significant performance advantages, with allocations ranging from 15-49% across different SMA strategies.		View
2026 Q1	Mar 31, 2026	PGIM Jennison Global Opportunities Fund	-11.7%	-11.7%	ASML, AVGO, COST, GEV, GOOGL, HOOD, LRCX, MSFT, PLTR, SHOP.TO, TSM	aerospace, AI, energy, global, growth, semiconductors, technology			View
2025 Q1	Mar 31, 2025	Sands Capital Global Growth Fund	-6.0%	-6.0%	ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V	AI, E-Commerce, global, growth, payments, semiconductors, technology	AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation.		View
2025 Q1	Mar 31, 2025	Sands Capital International Growth Fund	1.1%	1.1%	2914.T, 6098.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, FLUT, HDFCBANK.NS, HEXAB.ST, LONZA.SW, MELI, PNDORA.CO, RACE, SE, SHOP.TO, SIKA.SW, SPOT, TSM, WEG.SA	Asia, emerging markets, Europe, growth, international, tariffs, trade war	Portfolio includes leading e-commerce platforms like Sea's Shopee which grew gross merchandise volume 24% year-over-year while delivering positive EBITDA margin, and MercadoLibre which serves 100 million annual unique customers. Shopify continues to execute well with accelerating growth across gross merchandise value, revenue, and margins.		View
2025 Q1	Mar 31, 2025	Sands Capital Technology Innovators Fund	-10.4%	-10.4%	AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, global, growth, semiconductors, software, technology	AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation.		View
2024 Q4	Mar 2, 2025	Mott Capital Management	-	17.9%	AMZN, ILMN, ISRG, MA, MSFT, NVDA, SHOP.TO	AI, Bubble, Cash, growth, risk, technology, Valuations	Manager is skeptical of AI-related stock valuations, comparing the current environment to the 2000 dot-com bubble. Questions whether AI growth expectations will materialize quickly enough to justify current pricing, particularly for Nvidia which trades at very high valuations.		View
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	View
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
2023 Q4	Feb 20, 2024	Tall Oak Capital Advisors	-	-	AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO	Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology	The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution.	PANW	View
2023 Q4	Dec 31, 2024	Vailshire Partners Hedge Fund	0.0%	0.0%	AAPL, ADBE, AMZN, AZO, FNV, GOOGL, LMT, MA, MELI, MSCI, MSFT, MSTR, NVDA, NVR, OCSL, SHOP.TO, SQ, TPL, TSLA, TT, V	Bitcoin, fixed income, inflation, liquidity, Stagflation, technology	Bitcoin has entered a bull market with potential spot ETF approval and upcoming halving event. Manager believes bitcoin is historically the best performing asset class during bull markets and has been steadily increasing bitcoin proxy holdings.	MSTR OCSL	View
2024 Q4	Dec 31, 2024	ClearBridge Investments International Growth ADR Strategy	-	-	ACN, ARGX, ASML, AZN, CHKP, EDP.LS, ICON, ITX.MC, LSEG.L, MUFG, NVO, RMS.PA, SAP.DE, SE, SHOP.TO, SONY, SPOT, TSM	Europe, growth, international, Japan, Luxury, tariffs, Valuations	Added French accessories maker Hermes which limits supply of ultra-premium handcrafted leather goods despite huge consumer demand. This creates waitlists but underpins brand desirability and exclusivity. Opportunities exist through increased volume, pricing power and product categories like ready to wear, jewelry, watches and beauty still in early growth stages.		View
2024 Q4	Dec 31, 2024	Harding Loevner International Small Companies Equity	-	-	AAPL, BCHN.SW, BELB.SW, BKNT.MC, BOSS.SW, CARL.DE, CLRK.L, CRAN.L, DPLM.L, EVT.DE, GRFN.L, LEMN.SW, PFVN.DE, RGHT.L, RTHB.L, SHOP.TO, SNR.L, STRA.DE, TECN.SW, TOMRA.OL	emerging markets, Europe, growth, international, Japan, Quality, small cap	The manager emphasizes investing in quality-growth small companies with superior profit margins, returns on equity, and balance sheet strength. The portfolio's average profit margin, return on equity, and return on assets exceed benchmark levels, while maintaining healthier balance sheets.		View
2024 Q4	Dec 31, 2024	Baron Focused Growth Fund	14.4%	29.5%	ABNB, ACGL, AMH, ANSYS, BRKR, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KREM, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP.TO, SPOT, TSLA, VRSK	consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, Streaming, technology	Tesla continues to demonstrate strong performance with 54% quarterly gains, driven by core automotive acceleration and new lower-cost model releases expected in 2025. The company benefits from lower interest rates helping car sales and halting continuous price reductions, while energy storage business grew 60% sequentially.		View
2024 Q4	Dec 31, 2024	Baron Global Advantage Fund	11.8%	26.1%	ARGX, ASML, BAJFINANCE.NS, BILL, CPNG, CRWD, DDOG, ENDV.L, INDI, MELI, NET, NVDA, RIVN, SHOP.TO, SNOW, TSLA, TTAN, WIX, ZOMATO.NS, ZS	AI, Cloud, E-Commerce, global, growth, Robotics, semiconductors, technology	The fund views AI as one of the biggest disruptive changes in human history, comparing it to the early internet era. AI model intelligence is improving rapidly through multiple vectors including scaling laws, multiple modalities, synthetic data, post-training techniques, and inference-time scaling. The fund owns businesses positioned to benefit from this paradigm shift including NVIDIA at the epicenter and platforms like Shopify that can utilize AI to help merchants.		View
2024 Q4	Dec 31, 2024	RiverPark Long/Short Opportunity Fund	4.3%	15.9%	AAPL, AMZN, GOOGL, IGV, LLY, MA, META, MSFT, NFLX, NVDA, SHOP.TO, TSLA, UBER	AI, E-Commerce, growth, healthcare, Long/Short, technology	The artificial intelligence arms race, kicked off by ChatGPT and Alphabet's Bard, has generated tremendous demand for Nvidia's next generation graphic processors. NVDA is the leading designer of graphics processing units required for powerful computer processing and has evolved from a gaming-focused chip vendor to one of the largest semiconductor/software vendors in the world. Jensen Huang stated that a trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process.	LLY UBER AMZN NVDA SHOP.TO	View
2024 Q4	Dec 31, 2024	Sands Capital Select Growth Fund	8.8%	24.3%	AAPL, AMZN, DASH, DDOG, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, V	AI, growth, innovation, long-term, software, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries since ChatGPT's launch in late 2022. Portfolio companies like AppLovin, ServiceNow, and Axon Enterprise are leveraging AI to enhance their core offerings and create value for customers. The firm owns many businesses that enable AI at the infrastructure layer, such as NVIDIA, which remains the architectural leader.		View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.		View
2024 Q4	Dec 31, 2024	Sands Capital International Growth Fund	-4.1%	8.4%	2802.T, 6098.T, 6273.T, 6861.T, ADYEN.AS, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FERG.L, FLTR, HDFCBANK.NS, HEXAB.ST, LONN.SW, MELI, PNDORA.CO, SE, SHOP.TO, SIK.SW, SPOT, TSM, VACN.SW, WEGE3.SA, ZAL.DE	AI, E-Commerce, Energy Transition, growth, innovation, international, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool, reshaping industries and redefining how businesses create value. Many portfolio businesses are finding specific use cases to leverage AI, including AppLovin's AI advertising placement platform and ServiceNow's automation capabilities. The firm owns businesses that enable AI at the infrastructure layer, such as NVIDIA.		View
2024 Q4	Dec 31, 2024	Sands Capital Technology Innovators Fund	9.0%	37.7%	AAPL, AMZN, CPNG, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V	AI, Cloud, global, growth, innovation, semiconductors, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like NVIDIA remain architectural leaders in AI infrastructure, while others like AppLovin, ServiceNow, and Axon Enterprise are finding specific use cases to create value for customers through AI-enabled products and services.		View
2024 Q4	Dec 31, 2024	Brown Capital Management International All Company Fund	-6.6%	-0.6%	3064.T, AFX.DE, AUTO.OL, CAMT.TA, GIVN.SW, NVO, RAA.DE, SHOP.TO, TEAM, WISE.L	growth, healthcare, international, software, tariffs	Trump's re-election brings potential tariffs of 25% on Canada/Mexico, 10-60% on China, and 10% on all US imports. The fund estimates 70% of holdings are service providers versus 50-60% for benchmarks, providing some protection. Less than 10% of portfolio companies are in heavily targeted countries.	WISE.L NVO GIVN.SW SHOP.TO TEAM	View
2023 Q4	Dec 31, 2023	Harry Qelm Baabsman	-	6.8%	ADBE, CRM, CSIQ, ENPH, GOOGL, HFG.DE, LIGHT.AS, LYFT, SEDG, SHOP.TO, TPIC, VWSB.DE, ZAL.DE, ZM	clean energy, Esg, Europe, long-term, technology, value	The fund invested in solar energy leaders SolarEdge, Canadian Solar, and Enphase after the sector crashed in late 2023 due to declining demand. These companies maintain leadership positions and financial health despite industry cyclical challenges.	SEDG AZM IM CRM TPIC LIGHT.AS HFG.DE ZAL.DE	View
2023 Q4	Dec 1, 2024	Polen Capital – International Growth	3.3%	3.9%	6920.T, AON, ASML, HDFCBANK.NS, ICLR, KER.PA, MDT, SGE.L, SHOP.TO, TEMN.SW, TEP.PA, TSM, UL	AI, E-Commerce, growth, healthcare, international, Quality, semiconductors, technology	The portfolio holds dominant semiconductor companies ASML and Lasertec, which play critical roles in extreme ultraviolet lithography and photomask inspection equipment. Lasertec saw rapid sales growth and management suggests semiconductor sales could be bottoming, though 2024 may deliver less exciting growth for the industry.	TEMN.SW HDFCBANK.NS TEP.PA MDT 6920.T SHOP.TO SGE.L	View
2025 Q3	Nov 8, 2025	Loomis Sayles Global Growth Fund	7.6%	21.3%	0700.HK, AAPL, ADYEY, AMZN, BABA, GOOGL, MELI, META, MSFT, NFLX, NVDA, NVO, ORCL, RIVN, SHOP.TO, TSLA, UBER, VRTX	AI, Cloud, Electric Vehicles, global, growth, long-term, Quality, technology	Multiple portfolio companies are leveraging AI capabilities across their businesses. Alphabet benefits from AI overviews and AI Mode search functionality with over 2 billion monthly users. Oracle's cloud infrastructure is specifically built for AI workloads with major contracts from OpenAI, xAI, and Meta. Tesla continues advancing autonomous driving through AI training on supercomputers with FSD version 13 representing a step change improvement.	LFCR	View
2025 Q3	Nov 16, 2025	UBS Asset Management	-	-	0700.HK, 7203.T, AAPL, BHP.AX, BP.L, HSBA.L, MC.PA, MSFT, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA, UBS	Banking, Capital markets, Credit Risk, integration, Investment Banking, Switzerland, Wealth management	UBS operates significant capital markets activities through its Investment Bank division, with revenues increasing 23% year-over-year to $3.2bn in Q3 2025. The division saw strong performance in Global Banking and Global Markets, driven by higher revenues in Capital Markets, Advisory, and Financing activities.		View
2025 Q3	Oct 9, 2025	Mawer International Equity Fund	3.7%	21.8%	0700.HK, AJG, APH, ASML, ATR, BDX, BMO.TO, BNS.TO, BWXT, DB1.DE, FNV.TO, GOOGL, LSEG.L, MLM, MMC, MSFT, RELX.L, RY.TO, SHOP.TO, TD.TO, TME, TSM, VRSK, WAT, WKL.AS	AI, Banking, Canada, gold, rates, semiconductors, technology	AI-related stocks have dominated market returns since ChatGPT's launch in November 2022, accounting for a lion's share of S&P 500 returns, earnings growth, and capital spending. Corporate spending on data center infrastructure and semiconductors is projected to be several trillion dollars over the next three years. AI companies are making enormous investment deals with each other, staying largely within the established AI ecosystem.		View
2025 Q3	Oct 9, 2025	Brown Capital Management International All Company Fund	-4.5%	6.7%	3064.T, CYBR, DSY.PA, MNDY, PANW, SHOP.TO	AI, Concentration, cybersecurity, E-Commerce, growth, international, software	Software companies face questions about AI impact on standalone providers, but mission-critical firms with vertical focus and high switching costs can integrate AI to enhance products and operations. Companies like Dassault Systèmes use domain-specific AI for simulations and design optimization rather than generic AI tools.		View
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	View
2025 Q3	Oct 24, 2025	Rowan Street Capital	0.2%	20.4%	ADYEY, DNP.WA, META, NFLX, SHOP.TO, SPOT, TOI.TO, TSLA, TTD	AI, Compounding, conviction, Electric Vehicles, growth, innovation, long-term, technology	Tesla's Full Self-Driving system leverages billions of miles of real-world driving data to train neural networks, creating a compounding advantage that grows stronger every day. Tesla's proprietary AI stack powered by Dojo processes video data to handle unpredictable driving situations, learning in the real world rather than relying on synthetic data. The company has solved edge cases like driving in direct sunlight, fog, or at night using a direct photon count approach.	SPOT TSLA SPOT TSLA	View
2024 Q3	Oct 23, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	ADP, AMZN, AON, GLOB, GOOGL, LLY, MSCI, MSFT, NVDA, NVO, ORCL, PAYC, SAP, SHOP.TO	Cloud, global, growth, Quality, technology	Oracle's cloud infrastructure business is accelerating as the company transitions applications and databases to the cloud. Oracle Cloud Infrastructure comprises many smaller datacenters that can act as public or private clouds, particularly benefiting large enterprises like banks and healthcare companies. The shift to cloud for Oracle applications and databases will provide a revenue tailwind for years to come.	ORCL	View
2025 Q3	Oct 20, 2025	Sands Capital International Growth Fund	-3.1%	15.7%	2914.T, 6758.T, ADYEN.AS, ARGX, ASML, BAJFINANCE.NS, CSU.TO, DOL.TO, FLUT, HDFCBANK.NS, HEXAB.ST, III.L, MELI, NU, PNDORA.CO, RACE, SE, SHOP.TO, SPOT, TSM	AI, Asia, E-Commerce, Europe, growth, international, semiconductors, technology	AI-driven demand continues to support semiconductor and technology sectors, particularly in Taiwan and South Korea. TSMC benefits from strong AI-related demand and is expanding CoWoS capacity. However, AI concerns are growing around certain businesses like Constellation Software, with markets conflating AI disruption risks with operational performance.		View
2025 Q3	Oct 20, 2025	Sands Capital Technology Innovators Fund	8.4%	22.4%	AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V	AI, global, growth, innovation, semiconductors, software, technology	AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply.	SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA	View
2025 Q3	Oct 19, 2025	American Century International Growth Fund	-	-	3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY	AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology	Artificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models.		View
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	View
2025 Q3	Oct 14, 2025	Ithaka US Growth Strategy	1.0%	-	ANET, APH, ASML, CMG, CRM, GOOGL, HOOD, ISRG, NFLX, NOW, NVDA, ORCL, PLTR, SHOP.TO, TTD	AI, Cloud, growth, infrastructure, large cap, semiconductors, technology	Massive AI infrastructure buildout with $400B-$600B in capex for 2025, led by hyperscalers investing $300B-$350B. Companies see once-in-a-generation opportunity to own infrastructure layer of transformative technology. Early productivity gains of 20-50% in software development and customer service, with ChatGPT reaching 800M weekly active users.		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	View
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	View
2025 Q4	Jan 22, 2026	Sands Capital International Growth 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	View
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	View
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	View
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	View
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	View
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	View
2025 Q4	Jan 18, 2026	Ninepoint	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	View
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	View
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	View
2025 Q1	Apr 22, 2025	Ithaka US Growth Strategy	-10.5%	-10.5%	ADBE, AMZN, AXON, LLY, MA, MELI, MRVL, NOW, NVDA, PLTR, SHOP.TO, TTD, UBER, V	AI, growth, large cap, Policy Uncertainty, semiconductors, technology, Trade Policy, volatility	The Trump administration implemented sweeping protectionist measures including a baseline 10% tariff on all imports, 20-50% reciprocal tariffs on 60 countries, and 25% tariffs on foreign vehicles. This tit-for-tat escalation with China and the EU has created significant policy uncertainty, driving market volatility as management teams hesitate to make long-term decisions in an environment where operating assumptions may need revision.	TTD NVDA NOW UBER V PLTR	View
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	View
2024 Q4	Feb 22, 2025	Berkshire Hathaway	-	25.5%	0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA	energy, insurance, long-term, Manufacturing, Railroads, value	Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases.		View
2024 Q4	Jan 16, 2025	Polen Capital – Global SMID Company Growth	2.3%	12.0%	ABNB, ADBE, AMZN, CSGP, CSL.AX, GOOGL, ICLR, MC.PA, NVO, OR.PA, ORCL, PAYC, SHOP.TO	AI, Cloud, E-Commerce, global, growth, Quality, software	AI applications are emerging across several software and cloud businesses in the portfolio, though still representing a modest percentage of revenues. The focus is shifting from infrastructure build-out to monetizing AI in the application layer, positioning the portfolio to benefit from this transition.	CSGP PAYC AMZN SHOP.TO	View
2024 Q4	Jan 16, 2025	Polen Capital – International Growth	-	-	ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW	E-Commerce, financials, growth, healthcare, industrials, international, software, technology	Shopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth.	WTW SPOT SU.PA MNDY NU SAP SGE.L SHOP.TO	View
2023 Q4	Jan 16, 2024	Brown Capital Management Mid Company Fund	-7.9%	-3.1%	DXCM, MANH, OMCL, SHOP.TO, VEEV	E-Commerce, growth, healthcare, Medical Devices, mid cap, software, Supply Chain, technology	Clinical trial results showed GLP-1 obesity drugs lower diabetes and cardiovascular disease risk, initially causing investor fears about medical device companies. However, additional studies revealed high patient discontinuation rates, alleviating concerns and supporting coexistence with other therapies like continuous glucose monitors.	VEEV OMCL MANH SHOP DXCM	View
2023 Q4	Jan 13, 2024	ClearBridge Investments International Growth ADR Strategy	5.7%	0.0%	0700.HK, 4911.T, 6098.T, 6273.T, 7741.T, 8035.T, 9449.T, ACN, ADYEN.AS, ASML, CLNX.MC, CRH, III.L, NVO, RELX, RTO.L, SAP, SEDG, SHOP.TO, TRI	AI, Europe, growth, international, Japan, semiconductors	Recognition of generative artificial intelligence opportunities for companies outside the U.S. Semiconductor equipment makers ASML and Tokyo Electron are considered enablers of AI, while enterprise software maker SAP and IT consultant Accenture are seen as facilitators of AI adoption. RELX and Thomson Reuters own large proprietary data sets and stand to become key beneficiaries of the processing power of large language models that drive generative AI.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - International Growth	Shopify	Software & Services	Internet Software & Services	Bull	Toronto Stock Exchange	Canada, e-commerce, margin expansion, market share gains, Mid-Teens Compounder, platform, SaaS	View Pitch
Apr 28, 2026	Fund Letters	Polen Capital - International Growth	Shopify Inc.	Information Technology	Application Software	Bull	Toronto Stock Exchange	AI, B2b, digital commerce, e-commerce, Enterprise software, international expansion, Point of Sale, SaaS	View Pitch
Apr 27, 2026	Fund Letters	Polen Capital - International Growth	Shopify Inc.	Information Technology	Application Software	Bull	Toronto Stock Exchange	AI, B2b, digital commerce, e-commerce, Enterprise software, international expansion, Point of Sale, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Global Growth	Shopify Inc.	Information Technology	Internet & Direct Marketing Retail	Bull	Toronto Stock Exchange	B2b, Cloud software, digital payments, e-commerce, Enterprise software, growth, Mobile Commerce, Omnichannel, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - International Growth	Shopify Inc.	Information Technology	Application Software	Bull	Toronto Stock Exchange	Cloud software, digital payments, e-commerce, Enterprise software, Mobile Commerce, Omnichannel, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Focus Growth	Shopify Inc.	Software	Application Software	Bull	TSX	Application Software, digital payments, DTC, e-commerce, Mobile Commerce, Omnichannel, platform, SaaS	View Pitch
Apr 13, 2026	Fund Letters	RiverPark Long/Short Opportunity Fund	Shopify Inc.	Information Technology	Application Software	Bull	Toronto Stock Exchange	digital payments, e-commerce, growth, Merchant Services, platform, retail technology, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Brown Capital Management International All Company Fund	Shopify Inc.	Software & Services	Internet Software & Services	Bull	Toronto Stock Exchange	Canada, digital payments, e-commerce, Gmv Growth, Merchant Services, platform, SaaS	View Pitch

BSD Shareholders of SHOP-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

SHOP-TO

SHOP-TO

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of SHOP-TO

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