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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 5, 2024 | Rowan Street Capital | 12.8% | 42.3% | META, NFLX, SHOP, SPOT, TOI.V, TTD | AI, Concentration, Digital Advertising, E-Commerce, growth, Long Term, Streaming, technology | Meta's significant investment in artificial intelligence, particularly with the development of their Llama 3.1 model, with CEO Mark Zuckerberg envisioning Meta AI as potentially the most used AI assistant globally by year-end. AI integration has bolstered their advertising revenue and demonstrates effectiveness in optimizing their core business. The Trade Desk benefits from the shift towards data-driven advertising. | SHOP TOI.V TTD SPOT META |
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| 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 | |
| 2025 Q3 | Sep 30, 2025 | Edgewood Management | -1.2% | 5.5% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG SNPS ASML LLY FICO |
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| 2024 Q3 | Sep 30, 2024 | Octahedron Capital | - | - | AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP | AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology | Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models. | 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 | |
| 2024 Q3 | Sep 30, 2024 | Antero Peak Group | 7.0% | 28.3% | AAPL, CEG, CP, DHR, ENR.DE, EQIX, GE, ISRG, LIN, LLY, MCO, META, MSFT, MSI, MTD, NDAQ, SAF.PA, SPGI, SPOT, TDG | aerospace, AI, energy, growth, industrials, nuclear, technology | AI is driving structural acceleration in data monetization and enterprise transformation. Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. Digital transformation represents a paradigm shift with major inflection demand for companies enabling transformation through software, services, and AI. | View | |
| 2024 Q3 | Sep 30, 2024 | JDP Capital | 12.4% | 33.9% | 0700.HK, 2318.HK, AMZN, BABA, CYBR, CZR, FLUT.L, PARA, SPOT, TSLA | Buybacks, China, gaming, rates, small caps, Stimulus, technology | Chinese equities rallied on major government stimulus package. Portfolio holds Tencent, Alibaba, and Ping An Insurance at single-digit multiples with enormous cash positions and buyback programs. Position now over 15% of assets after recent rally. | CZR 2318.HK BABA 0700.HK |
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| 2023 Q3 | Sep 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | -0.5% | 35.9% | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | The fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. | View | |
| 2023 Q3 | Sep 30, 2023 | Farrer 36 Asset Management | - | - | ADYEY, BFIT.AS, DBRG, EDRM.L, EVO.ST, IAC, SE, SPOT, TASK | Alternative Assets, Buybacks, Data centers, E-Commerce, gaming, payments, value | Evolution posted strong revenue growth of 28.2% and EBITDA margins over 70%, but faces challenges with RNG business declining 4% and North American growth slowdown. The pathway to US online gambling legalization is clear with only 6 states currently legal versus 37 with sports betting. Evolution trades at reasonable 18x forward P/E given its financial profile. | DBRG ASAI3.SA IAC EVO.ST |
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| 2023 Q2 | Aug 8, 2023 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BX, CRM, GOOGL, KKR, META, MSFT, NOW, NVDA, SPOT, TSLA | AI, Alternative Assets, Cloud, growth, large cap, technology, US | AI is driving a multi-trillion-dollar opportunity in cloud computing, with AWS and Microsoft Azure capitalizing through specialized chips, machine learning models, and AI-assisted programs. Microsoft's Copilot AI assistant promises 40% premium pricing for Office applications, while Meta uses AI for content recommendations and ad targeting to overcome previous headwinds. | KKR ABX ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH AMZN |
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| 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 | Aug 5, 2025 | Baron Opportunity Fund | 23.2% | 8.4% | AAPL, AMZN, ANET, ARGX, AVGO, DKNG, DUOL, EXAS, HUBS, LLY, META, MSFT, NET, NVDA, SPOT, TSLA, TSM, TTD, VRT, ZS | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI adoption and revenue growth accelerating with ChatGPT reaching 800 million weekly active users by April 2025. Multiple AI scaling laws remain intact including pre-training, post-training, and test-time compute. Companies investing massive amounts in AI infrastructure with NVIDIA CEO stating no technology has ever had opportunity to address larger part of world's GDP than AI. | View | |
| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2025 Q2 | Aug 27, 2025 | BlackRock Science And Technology Term Trust | 19.5% | - | 000660.KS, CLS, MELI, NET, NVDA, SNOW, SPOT | AI, Cloud, growth, private equity, semiconductors, technology | The technology sector rebounded strongly in Q2 2025 as AI-driven earnings accelerated. The recent market recovery has reaffirmed the value of high-quality AI enablers and application leaders. The team is selectively adding to companies with AI monetization strategies as the AI infrastructure buildout continues to shape market dynamics. | View | |
| 2025 Q2 | Aug 18, 2025 | Baron Partners Fund | 12.1% | -7.5% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, technology | Tesla remains the Fund's largest position at 30.5% after meaningful rebound. The company completed limited commercial rollout of robotaxi business in Austin, introduced refreshed Model Y globally with design and performance upgrades, and is progressing toward scaling humanoid robot production. | View | |
| 2025 Q2 | Jul 31, 2025 | Artisan Global Discovery | 10.8% | 6.8% | ARIS, BAB LN, GDDY, GXI, III LN, IOT, IRTC, MIPS SS, RBC, SAIA, SPOT, SRT GR, TTD, WING | discovery, Global Growth, inflection points, underfollowed, valuation | The letter emphasizes uncovering underfollowed global companies with emerging competitive advantages and accelerating fundamentals. Management focuses on identifying inflection points where earnings power is not yet reflected in valuations. The outlook favors patient capital deployed into mispriced global opportunities. | III LN WING RBC GXI GR SAIA ARIS SPOT IRTC BAB LN |
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| 2025 Q2 | Jul 31, 2025 | Baron Focused Growth Fund | 12.7% | 3.7% | ABNB, ACGL, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | Balance Sheets, consumer discretionary, growth, small caps, tariffs, technology | Tesla continues to benefit from sequential acceleration in automotive segment and new lower-cost models expected in 2025. The company's energy storage business is growing and becoming a significant contributor to earnings and margins. Tesla should benefit from its eight-year, $10 billion investment in AI training for autonomous technology. | View | |
| 2025 Q2 | Jul 31, 2025 | PGIM Jennison Global Opportunities Fund | - | - | 1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX | AI, consumer, global, growth, technology | The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships. | View | |
| 2025 Q2 | Jul 31, 2025 | JDP Capital | 19.2% | 16.8% | 300750.SZ, AAPL, AMZN, BABA, CZR, META, SPOT, TSLA | AI, Battery, China, Electric Vehicles, Energy Transition, Streaming, technology | AI inference allows Caesar's gaming apps to analyze player behavior instantly, adjusting interfaces and difficulty levels. AI models can infer player risk appetite and mood based on session-level signals for personalized experiences. AI will someday disrupt or eliminate entire corporate divisions supported by mission critical software. | 300750.SZ BABA SPOT 300750 CH BABA SPOT |
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| 2024 Q2 | Jul 31, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CFR.PA, CME, DB1.DE, DIS, GEHC, GIS, LMT, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, WMT, XM | Concentration, Exchanges, global, healthcare, Quality, spinoffs, technology | VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. These exchanges benefit from increased volatility, growing Treasury markets, and transformation into data analytics businesses with recurring revenue streams. | GEHC AMZN CME |
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| 2024 Q2 | Jul 30, 2024 | Montaka Global Investments | - | - | AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA | AI, Cloud, Compounding, Concentration, growth, technology, value | The letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution. | View | |
| 2025 Q2 | Jul 27, 2025 | Lakehouse Global Growth Fund | - | - | 4443.T, ADYEN.AS, AMZN, GOOGL, HEM.ST, KXS.TO, MC.PA, MELI, PINS, SCHW, SE, SPOT, WIX | AI, E-Commerce, global, growth, Streaming, technology | Portfolio heavily weighted toward e-commerce leaders MercadoLibre and Sea Limited, both delivering strong growth. MercadoLibre grew net revenues 38% year-over-year to $22.4 billion with accelerating buyer growth. Sea Limited's Shopee platform emerged stronger with 30% revenue growth and improved profitability as regulatory pressures in Indonesia abated. | GOOGL SPOT MELI SE GOOG MELI SE |
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| 2025 Q2 | Jul 24, 2025 | Montaka Global Investments | - | - | BX, FND, KKR, MC.PA, SPOT | active management, Competitive Advantage, Concentration, Flywheels, long-term, Quality | Montaka focuses on companies with three types of competitive advantages: economies of scale, customer captivity, and irreplicable assets. These advantages create barriers to entry and enable higher returns on invested capital over time. | FND FND |
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| 2025 Q2 | Jul 22, 2025 | Janes Henderson Global Sustainable Equity Fund | 13.8% | 15.5% | 1299.HK, AJG, APG, ICLR, MCK, MMC, MSFT, NVDA, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TMUS, TSM, UBER, WAB | AI, Energy Transition, Esg, global, growth, Quality, sustainability, technology | AI growth narrative recovered after initial concerns around Chinese AI tool DeepSeek dissipated. Many AI-exposed companies reported impressive earnings and guided for increased spending on AI, while companies across sectors increased AI adoption for business efficiencies. TSMC benefited as a critical enabler of the rapidly expanding AI infrastructure ecosystem. | View | |
| 2025 Q2 | Jul 21, 2025 | The Davenport Core Leaders Fund | 11.1% | 7.3% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, growth, large cap, momentum, technology, Valuations, value | Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit. | PWR NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Value & Income Fund | 2.6% | 6.5% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, earnings, Federal Reserve, momentum, small caps, technology, Valuations | Artificial intelligence is described as a powerful technology theme prompting enormous spending from tech titans. The manager notes AI is incredibly promising and expects to participate via ownership of select technology leaders, though warns of a gold rush mindset in certain corners of the market with many perceived beneficiaries prioritizing growth over profit. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, DASH, DOL.TO, DXCM, FLUT, GOOGL, HDFCBANK.NS, ICE, MELI, NFLX, NVDA, ONON, PNDORA.CO, SPOT, SQ, TITAN.NS, V | AI, E-Commerce, global, growth, semiconductors, software, Streaming, technology | Rapid progress in large language model capabilities remains the most important driver for AI businesses like NVIDIA. LLM performance has improved more than sevenfold over the past year, with key enablers including reasoning models, reinforcement learning without human feedback, and advances in pre-training. Microsoft reported a fivefold year-over-year increase in AI token processing, suggesting broader adoption across applications and users. | NET MELI AXON NFLX NVDA |
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| 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 |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Biondo Investment Advisors | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has identified encouraging signs that AI is beginning to broaden to the proprietary data and application layer beyond just infrastructure. Their AI framework spans infrastructure enablement, proprietary data applications, and productivity enhancements across portfolio companies. | BSX ISRG SNPS ASML FICO LLY |
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| 2025 Q2 | Jul 2, 2025 | Vision Capital | - | 11.8% | 0700.HK, 3690.HK, 9618.HK, AMZN, BABA, JD, LULU, MELI, META, NU, NVDA, PLTR, SHOP, SPOT, TSLA, TSM, TTD, WISE.L | China, compounders, E-Commerce, growth, long-term, technology | The fund holds multiple e-commerce platforms including Amazon, MercadoLibre, JD.com, and Meituan. JD.com is competing aggressively in China's food delivery market against Meituan through customer subsidies. The manager views this as a strategic move for user acquisition and cross-selling to e-commerce sales. | 9618.HK 3690.HK PLTR |
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| 2025 Q2 | Jul 18, 2025 | Bailard Technology Strategy | 23.0% | 11.5% | AAPL, ADBE, AMZN, ANET, AVGO, CRWD, CYBR, FISV, GOOGL, KLAC, META, MSFT, MU, NVDA, ORCL, PANW, SPOT, TEAM, TSLA, ZS | AI, Cloud, cybersecurity, Data centers, growth, semiconductors, software, technology | AI is transformational across industries with tech being the engine powering adoption. The manager discusses AI's impact on search, emergence of AI native apps, and insatiable demand for high-performance compute hardware. They remain convicted in long-tail demand for compute power and continue building exposure to companies with products in custom chips and networking equipment. | View | |
| 2025 Q2 | Jul 11, 2025 | Rowan Street Capital | - | 20.1% | ADYEY, DNP.WA, META, NFLX, SHOP, SPOT, TOI.TO, TTD | Compounding, conviction, growth, long-term, Multi-bagger, technology | The fund holds long-term positions in Netflix and Spotify, both delivering over 20% annual returns. Spotify particularly demonstrated the psychological challenges of multi-bagger investing, round-tripping to zero returns after five years before appreciating nearly 10x from 2022 lows. | SPOT META SPOT META |
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| 2025 Q2 | Jul 11, 2025 | Baillie Gifford -International All Cap | - | - | 6869.T, 6981.T, ATD.TO, BNZL.L, BRBY.L, JMT.L, MC.PA, RYA.L, SIK.SW, SPOT | Europe, growth, international, Quality, tariffs, Valuations | US imposition of tariffs on global trading partners created uncertainty for companies and management teams. The tariff shock highlighted merits of international equities after US outperformance. Management teams expressed concerns about prolonged uncertainty effects rather than direct tariff impacts. | View | |
| 2025 Q2 | Jun 30, 2025 | Artisan Mid Cap Fund | 14.4% | 5.9% | ARGX, ASND, BKR, BWXT, DASH, DUOL, DXCM, HOOD, INSM, IOT, IRTC, LSCC, RBC, RBLX, SHOP, SNOW, SPOT, TEAM, TW, TYL | AI, Biotech, Cloud, growth, mid cap, Streaming, tariffs, technology | Portfolio positioned to benefit from AI adoption with holdings like Snowflake, Tyler Technologies, and Guidewire that help businesses and government implement AI tools. Infrastructure leaders like Pure Storage, Synopsys, and Monolithic Power help make data centers powering AI tools faster and more power-efficient. | View | |
| 2025 Q2 | Jun 30, 2025 | Edgewood Management | 15.9% | 6.8% | ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. Broadcom is positioned to benefit from the $250B+ AI chip market through custom silicon and networking equipment for AI datacenter buildouts. NVIDIA continues to drive AI compute with strong performance in the quarter. | FICO AVGO BSX FICO AVGO |
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| 2024 Q2 | Jun 30, 2024 | Octahedron Capital | - | - | AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W | AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology | AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications. | View | |
| 2024 Q2 | Jun 30, 2024 | Bailard Technology Strategy | 9.8% | 28.5% | AAPL, AMD, AMZN, FISV, KLAC, LRCX, META, MSFT, MU, NFLX, NTAP, NVDA, PANW, PSTG, SHOP, SNOW, SPOT, SPT, TSM, UBER | AI, growth, large cap, semiconductors, software, technology | Spending on AI infrastructure coupled with recovery in cyclical markets underscored improving fundamentals for semiconductors. Demand for high performance chips is spurring order activity for new wafer fabrication equipment, setting up a recovery in the tooling segment and strong upcycle in 2025. Apple unveiled a credible suite of AI-enabled apps and stoked expectations for a sizable iPhone upgrade cycle. | View | |
| 2024 Q2 | Jun 30, 2024 | Antero Peak Group | 3.9% | 20.1% | AAPL, AMT, AMZN, AVGO, CP, ETN, GE, GEV, GS, HUBS, ISRG, LLY, MSFT, MSI, NVDA, SAF.PA, SPOT, TDG, TSM, V | aerospace, AI, fundamentals, growth, healthcare, large cap, semiconductors, technology | Generative AI investment universe spans multiple phases from compute and infrastructure to applications. The team sees AI as driving transformation across semiconductors, data centers, and enterprise software. AI proliferation is creating opportunities in robotic surgery with DaVinci 5's 10,000x improvement in computing power. | View | |
| 2023 Q2 | Jun 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 36.7% | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | Manager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. | View | |
| 2023 Q2 | Jun 30, 2023 | Fortress – Caribbean Growth Fund | -0.1% | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2022 Q2 | Jun 30, 2022 | Farrer 36 Asset Management | - | - | DIBS, DIS, HDB, SPOT | - | View | ||
| 2025 Q1 | May 3, 2025 | Springview Capital Management | -1.8% | -1.8% | ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS | Compounding, insurance, Long/Short, Quality, value, volatility | Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty. | WS SEG MCY SPOT |
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| 2024 Q1 | May 18, 2024 | Rowan Street Capital | 12.8% | 42.3% | ADYEY, BABA, CMG, META, SHOP, SPOT, TTD, UA | Concentration, growth, long-term, Recovery, technology, value | The fund focuses on high-growth technology companies that can compound returns over long periods. Their top holdings like Meta, Spotify, Trade Desk and Shopify represent growth companies that experienced significant volatility but demonstrated strong recovery potential. The managers emphasize finding exceptional growth companies at attractive prices and holding them for extended periods. | TTD CMG |
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| 2024 Q1 | May 15, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AAPL, AVTR, FIS, FISV, FMX, SPOT, UMG.AS, WMG | Buybacks, Fintech, Music, payments, Recovery, value | Multiple portfolio companies are executing significant share repurchase programs. Fiserv reported its fifth straight quarter of buybacks over $1 billion, while FIS increased its buyback goal for 2024 after completing the Worldpay sale. | WMG FIS AVTR FISV |
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| 2024 Q1 | May 15, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, ADYEN.AS, AMZN, CSU.TO, GOOGL, MELI, NOW, SCHW, SE, SPOT, V | AI, E-Commerce, global, growth, payments, software, technology | The fund sees mounting evidence of more rational competitive behavior from dominant players in Southeast Asia's e-commerce market, particularly as both Shopee and TikTok Shop raised take-rates meaningfully across several countries. This signals a more favorable industry structure ahead for the sector. | ADYEN NOW GOOGL |
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| 2026 Q1 | May 13, 2026 | Baron Opportunity Fund | -9.0% | -9.0% | AMZN, ANET, ASML, AVGO, COHR, CSGP, DDOG, GOOGL, IOT, LITE, LRCX, META, MSFT, NVDA, RBRK, SHOP, SPOT, TSLA, TSM | AI, Data centers, growth, infrastructure, semiconductors, software, Space, technology | View | ||
| 2026 Q1 | Apr 8, 2026 | ClearBridge Mid Cap Growth Strategy | - | - | ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, HOOD, HUBG, JCI, LHX, META, MSGS, PINS, SHOP, SPOT, TJX, VIK, VRT, W, XPO | AI, defense, E-Commerce, growth, industrials, mid cap, technology, volatility | View | ||
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investment Growth Strategy | - | - | ADSK, APP, CAVA, CMG, CRWD, FAST, FCX, FIX, HOOD, HUBS, JCI, LHX, META, MSGS, PINS, PWR, SHOP, SPOT, TJX, TRGP, VIK, VRT, W, XPO | AI, diversification, growth, mid cap, software, technology, volatility | View | ||
| 2026 Q1 | Apr 29, 2026 | Artisan Global Discovery | -5.5% | -5.5% | ASMI, ASND, COHR, COMP, HTHT, INSM, MDB, MOD, MSI, PRS, RBC, RBLX, SE, SPOT, TWST, WING | AI, Biotechnology, Data centers, defense, energy, global, mid cap, small cap | View | ||
| 2026 Q1 | Apr 28, 2026 | SGA – International Growth | -10.5% | -10.5% | ADYEY, ARM, HDB, LIN, SAP, SPOT, TSM | AI, energy, Geopolitical, growth, international, Quality, semiconductors, valuation | View | ||
| 2026 Q1 | Apr 25, 2026 | Edgewood Management | -13.3% | -13.3% | ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SNPS, SPOT, VRTX | AI, earnings, growth, large cap, semiconductors, software, technology, Valuations | View | ||
| 2025 Q1 | Apr 24, 2025 | Diamond Hill International | 4.0% | 4.0% | 2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM | aerospace, AI, Asia, Europe, infrastructure, international, real estate, value | Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities. | 6501.T BEI.UN.TO BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L TSM SAF.PA SPOT BABA |
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| 2025 Q1 | Apr 21, 2025 | Biondo Investment Advisors | - | - | ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX | AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology | AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is expected to grow substantially, with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over the medium term. | FICO AVGO BSX |
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| 2024 Q1 | Apr 2, 2024 | Middle Coast Investing | - | - | AAPL, ACLS, ADM, AER, AMZN, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, OMAB, PGR, SNX, SPOT, VMEO, WS | Cyclical, financials, industrials, Portfolio Management, Selling, small caps, technology, value | Archers-Daniels-Midland is one of the biggest grain traders in the world, part of the ABCD group that controls 90% of global grain trade. The company is cyclical and peaked in 2022 as the Russia invasion of Ukraine caused grain prices to go up, now closer to the bottom of a cycle. Buying a company with a strong balance sheet at less than 10x bottom earnings usually works out well. | VMEO SNX ADM |
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| 2026 Q1 | Apr 18, 2026 | Baillie Gifford -International Concentrated Growth | -10.6% | -10.6% | ADYEN.AS, ASML, EXA.PA, MELI, SPOT, TSM, WISE.L | AI, concentrated, defense, growth, international, payments, semiconductors | View | ||
| 2026 Q1 | Apr 18, 2026 | Baillie Gifford – US Equity Growth | -6.0% | - | 6920.T, ADYEN.AS, AI.PA, ASML, LONN SW, MBLY, OR.PA, SIK.SW, SPOT, TSM | AI, growth, international, long-term, Quality, semiconductors, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Focus Fund | 7.0% | 28.7% | ALL, AMZN, BA, CNM, CRH, DKNG, EADSY, GE, LLY, MRVL, MSFT, NVDA, PGR, SAF.PA, SPOT, TDG, TSM | active management, aerospace, earnings, industrials, insurance, technology | Aerospace theme remains a key driver of positive alpha with events continuing to elongate the cycle. Original equipment manufacturers struggle to ramp production due to supply chain challenges and Boeing's engineering issues, while end-demand continues to march higher. The industry is undersupplied with narrowbody aircraft, causing existing fleets to work harder and necessitating higher service levels. | View | |
| 2024 Q1 | Apr 15, 2024 | Artisan Global Discovery | 7.6% | 13.1% | ANET, BAB.L, BSX, CELH, HUBS, LSCC, MIPS.ST, MKTX, MPWR, PWR, RDC.DE, SAIA, SPGI, SPOT, SWAV, TEAM, TW, TYL, VEEV, VRT | AI, Data centers, global, growth, healthcare, Logistics, mid cap, technology | AI is deserving of attention as a technology trend with diverse use cases being explored and processing power gains suggesting improving effectiveness. The fund has exposure to AI beneficiaries across the technology food chain including chip manufacturers, networking equipment providers, and cloud software leaders incorporating AI functionality. | View | |
| 2024 Q1 | Apr 15, 2024 | Diamond Hill International | 5.7% | 12.4% | 1448.HK, 4507.T, 7451.T, 8058.T, AUPH, BAER.SW, DNP.WA, EVT.DE, HDB, ROG.SW, SAF.PA, SDZ.SW, SPOT, TSM, UCB.BR, UHR.SW, VTSC.DE | aerospace, Banking, China, international, Japan, semiconductors, value | Japan ended its ultra-loose monetary policy after decades of deflation, with the Bank of Japan raising rates and ending yield curve control. Japanese companies like Mitsubishi Corporation are improving capital allocation with share buybacks as corporate governance improves broadly. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, insurance, Leverage, mid cap, technology, Tesla | Tesla remains the fund's largest position despite Q1 underperformance. Management believes investor concerns about Chinese competition and pricing pressure are overblown, citing Tesla's superior technology and manufacturing expertise. The fund maintains conviction in Tesla's mission to accelerate sustainable energy transition. | TSLA |
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| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | ACLX, AMD, AMZN, ASML, AVGO, CRWD, CSGP, INDI, LEGN, MBLY, META, MSFT, NVDA, RIVN, SPOT, SWAV, TSLA, TSM, TTD, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, technology | AI is described as the most significant advancement impacting the digital world since the internet itself. The fund is positioned just past the first upward inflection in a generational S-curve for AI adoption and economic impact. Every digital interaction will eventually be AI powered, making humans more productive across various activities. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, ANSYS, BIRK, BNTX, CHH, CSGP, DNUT, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, ONON, RRR, SHOP, SPOT, TSLA, VRSK | consumer discretionary, financials, growth, long-term, technology | Tesla remains a core holding despite 29% decline in Q1. The company continues to generate sufficient gross profit to support robust product development including the refreshed Model 3 and Y. Tesla should benefit from its eight-year $10 billion investment in AI training for autonomous technology. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, CSGP, DAY, FDS, FICO, GWRE, HLT, IDXX, IT, MTD, PCOR, ROP, SPOT, TECH, TTD, VEEV, VRSK, VRSN | growth, healthcare, industrials, Long Term, mid cap, software, technology | The market has been focused on a narrow group of companies perceived to be AI beneficiaries. Many of Baron's holdings are well positioned to utilize AI to expand their product offerings and competitive differentiation, increase their growth rate and reduce their cost structure. Gartner is expected to emerge as a key decision support resource for every company evaluating AI opportunities and risks. | SPOT PCOR |
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| 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 | |
| 2022 Q1 | Apr 15, 2022 | Kovitz Core Equity | -4.9% | -4.9% | HAYW, J, SPOT | - | View | ||
| 2026 Q1 | Apr 13, 2026 | ClearBridge Investments International Growth ADR Strategy | - | - | 4063.T, 4307.T, 5802.T, 6920.T, 7532.T, ASM, ASML, CHKP, EADSY, ENGI.PA, IX, MELI, REL.L, RIO, SAP, SHOP, SPOT, WDS.AX | AI, defense, energy, Geopolitical, growth, international, Japan, semiconductors | View | ||
| 2023 Q1 | Apr 13, 2023 | LVS Advisory – Growth | 8.1% | 8.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2024 Q1 | Apr 11, 2024 | Regency Wealth Management | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, Cloud, growth, healthcare, large cap, semiconductors, technology | Edgewood maintains a comprehensive AI framework spanning infrastructure, proprietary data applications, and productivity enhancements. The firm sees AI broadening beyond infrastructure to applications and productivity layers, with 28% of the portfolio in AI infrastructure buildout companies. | View | |
| 2026 Q1 | Mar 31, 2026 | Baron Focused Growth Fund | -5.1% | -5.1% | CHH, CSGP, FIGS, GWRE, H, ONON, RRR, SPOT, TSLA | AI, concentrated, consumer discretionary, growth, long-term, Space, technology, valuation | View | ||
| 2025 Q1 | Mar 31, 2025 | The Davenport Core Leaders Fund | -3.5% | -3.5% | AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX | AI, growth, large cap, Quality, risk management, technology | The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Focused Growth Fund | -8.0% | -8.0% | ABNB, ACGL, AMH, ANSS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, financials, growth, real estate, software, technology | X.AI Holdings Corp. is developing an AI model to understand the true nature of the universe, launching Grok 3 which demonstrated top scores ahead of other industry-leading AI models. The company opened the Colossus data center with over 100,000 GPUs and recently acquired X (formerly Twitter) to access vast real-time multimodal data from 600 million users. Tesla's AI ambitions include a robotaxi service launching this year and a fast-growing humanoid program that could transform its growth story. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Partners Fund | -17.4% | -17.4% | ACGL, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, technology, volatility | Tesla faces near-term headwinds from Model Y refresh, political controversy around Elon Musk, and regulatory changes, but the manager remains confident in long-term growth driven by secular EV adoption trends, compelling product line, leading cost structure, and cutting-edge technology including robotaxi service and humanoid programs. | View | |
| 2025 Q1 | Mar 31, 2025 | NCG Large Cap Growth Strategy | 12.2% | 12.2% | AAPL, AMD, AVGO, CRM, CSGP, CVNA, HWM, MRVL, NVDA, PANW, PGR, SNOW, SPOT, SYM, TEAM, TOST, TSLA, V | earnings, growth, large cap, Quality, technology | NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding despite challenging market conditions. The firm expects strong earnings growth in 2025 for small, mid and large cap companies, which would be a continuation of strong growth in large cap. | View | |
| 2025 Q1 | Mar 31, 2025 | PGIM Jennison Global Opportunities Fund | -11.1% | -11.1% | 1211.HK, 1810.HK, AAPL, AMZN, APP, IOT, ISRG, MELI, META, MSFT, NFLX, NOW, NVDA, RDDT, SE, SHOP, SPOT, VRTX | AI, consumer discretionary, E-Commerce, global, growth, healthcare, Luxury, technology | AI accelerated computing segment underperformed, particularly semiconductor-related holdings led by Astera Labs. Concerns over potential excess capital spending on AI datacenters due to development of efficient reasoning models like DeepSeek led to major shift in investor sentiment away from companies correlated to AI computing infrastructure. AI Hypercalers were neutral to performance during the quarter. | View | |
| 2025 Q1 | Mar 31, 2025 | Artisan Global Discovery | -3.7% | -3.7% | ARIS, ASND, BAB.L, CCCS, GWRE, ILMN, IRTC, MTSI, PRCT, PSTG, SAIA, SE, SPOT, TTI, TWST, TYL, USFD, VEEV, WAB, WST | AI, Biotechnology, defense, global, healthcare, SMID Cap, technology, Trade Policy | Defense spending is accelerating globally with increasing defense budgets benefiting companies like Babcock. The European Commission announced an €800 billion plan to boost defense spending, and Germany plans to relax debt brakes for defense investments. | View | |
| 2025 Q1 | Mar 31, 2025 | Bailard Technology Strategy | -9.4% | -9.4% | AAPL, AMZN, DDOG, FI, HUBS, INTU, KLAC, META, MSFT, NSIT, NVDA, PANW, PSTG, SPOT, TSM, TTD, UBER, V | AI, cybersecurity, semiconductors, software, tariffs, technology | The Strategy is positioned for the expected shift to AI agents and copilots, with software exposure tilted towards applications. The ecosystem surrounding AI software applications including security, agent monitoring, workflows, and infrastructure presents numerous investment opportunities over the next several years. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, FICO, GWRE, H, IDEXX, IT, MTD, ONON, ROP, SAIL, SCHW, SPACEX, SPOT, TECH, TTD, VRSK, VRT, WST | AI, Data centers, growth, insurance, mid cap, tariffs, technology | The fund holds X.AI Holdings Corp., which is developing an AI model to understand the true nature of the universe. xAI launched Grok 3, demonstrating elevated user engagement and top scores in evaluation tests, surpassing other industry-leading AI models. The company operates the world's largest coherent training center with over 100,000 GPUs. | DKNG VRT VRSK GDWR |
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| 2025 Q1 | Mar 31, 2025 | Baron Opportunity Fund | -12.0% | -12.0% | AAPL, AMZN, ARGX, AVGO, CSGP, CYBR, LPLA, META, MPWR, MSFT, NARI, NVDA, NVMI, SNOW, SPOT, TEAM, TSLA, TTD, VRT, ZS | AI, growth, innovation, large cap, semiconductors, tariffs, technology, Trade Policy | AI remains the most powerful technology platform shift and secular growth driver since the internet. Despite tariff uncertainty affecting valuations of AI leaders like NVIDIA and Broadcom, robust AI capital investment plans continue through 2025-2026. The manager believes AI will drive productivity-driven digital transformation, with tech spending potentially doubling from 5% to 10% of global GDP. | View | |
| 2025 Q1 | Mar 31, 2025 | Alger Mid Cap Focus Fund | -13.3% | -13.3% | ALAB, APP, HEI, MRVL, PLTR, SPOT | aerospace, AI, growth, mid cap, semiconductors, Streaming, technology, volatility | AI is at an inflection point, potentially enabling significant increases in productivity. Palantir's AI Platform continues to gain adoption across various industries. AppLovin's AI-powered software engine drives a large majority of the company's revenue through its recommendation and targeting engine. | ALAB MRVL APP PLTR SPOT HEI |
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| 2025 Q1 | Mar 31, 2025 | Harbor Capital Appreciation Fund | -10.1% | -10.1% | AAPL, AMZN, AVGO, CEG, DDOG, GE, IOT, LLY, MA, META, MSFT, NFLX, NVDA, ORLY, PGR, SBUX, SPOT, TSLA, TSM, TTD, UBER, V, VRT, VRTX | AI, Cloud, growth, large cap, semiconductors, Streaming, technology, Trade Policy | The surprise launch of China's DeepSeek AI model pressured AI-related stocks, key drivers of 2024 gains. DeepSeek claimed to run on less powerful chips at much lower cost than competitors, exacerbating CapEx concerns and leading to share weakness in U.S. silicon manufacturers and cloud computing companies. The manager expects generative AI use cases to spread from technology providers to various industries, increasing competitive positioning through improved time to market and streamlined customer service. | View | |
| 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 Select Growth Fund | -10.1% | -10.1% | AMZN, APP, AVGO, AXON, DXCM, ICE, META, MSFT, NET, NFLX, NOW, NU, NVDA, RARE, SE, SPOT, SQ, TEAM, UBER, V | AI, Concentration, growth, large cap, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market 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 materializing across fraud detection, content creation, and workflow automation. | View | |
| 2025 Q1 | Mar 31, 2025 | Hayden Capital | -0.6% | -0.6% | APP, COIN, CVNA, LK, SE, SPOT, UBER | Asia, E-Commerce, growth, profitability, Recovery, technology, Trade Policy, volatility | Shopee's expansion into Latin America, particularly Brazil, is generating strong returns with ~$150M EBITDA projected this year. The company has built leading logistics infrastructure and is positioned to re-enter other Latin American markets. Sea Ltd emerged as essentially a monopoly in SE Asian ecommerce after competitors like Lazada and Tokopedia struggled. | SE |
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| 2025 Q1 | Mar 31, 2025 | Magellan Global Opportunities Fund No. 1 | 2.0% | 2.0% | 1211.HK, AMT, AMZN, DEO, DG, ES, F, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RB.L, SPOT, TSLA, TSM, VWAGY | Defensive, disruption, global, innovation, Quality, technology, Transportation | The transition from internal combustion engine vehicles to electric vehicles is no longer a question of if but when. Governments worldwide are setting targets to phase out new ICE vehicle sales, with automakers investing billions into the technology. The EV market opportunity extends beyond automakers to battery manufacturers, charging infrastructure, and electricity utilities. | View | |
| 2024 Q1 | Mar 31, 2024 | Antero Peak Group | 15.6% | 15.6% | AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM | aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology | Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied. | View | |
| 2023 Q1 | Mar 31, 2023 | Airlie Small Companies Fund | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2025 Q4 | Feb 8, 2026 | Baron Partners Fund | 19.1% | 24.9% | ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA | AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology | The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier. | RRR IDXX SCHW FDS IT GWRE SPOT CSGP H |
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| 2025 Q4 | Feb 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 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| 2025 Q4 | Feb 5, 2026 | Richie Capital Group | 0.0% | 0.0% | 7203.T, 7974.T, AAPL, AMZN, AZN, BHP.AX, FMG.AX, GOOGL, HD, IBE.MC, LLY, META, MSFT, NFLX, NVDA, RHM.DE, RIO.AX, ROG.SW, SPOT, XRO.AX | AI, earnings, equities, fixed income, Global Markets, inflation, rates | AI stocks showed mixed performance with investor worries about high valuations offset by stellar quarterly earnings from AI-linked companies including Alphabet, NVIDIA and Microsoft. Semiconductor giants SK Hynix and TSMC posted record-high profits driven by accelerating AI adoption. However, concerns about an AI bubble created drag on global tech stocks in early December. The Fed cut interest rates at October and December meetings, bringing total reductions to three in 2025 and lowering the target range to 3.50%-3.75%. The Bank of Japan raised its key rate to a 30-year high at 0.75%. The ECB held rates steady despite elevated eurozone inflation remaining above the 2% target. U.S. inflation slowed to 2.7% in November from 3% in September. Eurozone inflation rose to 2.2% in November, remaining above the ECB's 2% target for three consecutive months. Japan's core inflation rose 3.0% in November, well above the central bank's 2% target. | View | |
| 2025 Q4 | Feb 4, 2026 | Baron Asset Fund | 7.9% | 8.2% | ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL | AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology | The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market. | View | |
| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2024 Q4 | Feb 10, 2025 | Springview Capital Management | 5.4% | 19.7% | AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM | Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value | The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns. | View | |
| 2025 Q4 | Dec 31, 2025 | Edgewood Management | 1.5% | 7.0% | ASML, AVGO, AXON, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, Quality, semiconductors, software, technology | AI infrastructure buildout driving strong demand for semiconductors and data center components. AI Era Plan from Axon represents fastest booked product to date, with Draft One AI tool generating police reports in minutes and saving 50%+ officer time. AI expanding beyond data centers into factories and robotics, driving higher sensor content per system. Portfolio positioned for AI-driven semiconductor demand with holdings in NVIDIA, Broadcom, and ASML. AI servers require greater connector and interconnect content versus traditional servers. Semiconductor equipment companies benefiting from next-generation architecture requirements. Strong earnings growth in healthcare holdings with Eli Lilly delivering 75% EPS growth. Boston Scientific showing consistent performance with 25% EPS growth. Healthcare devices and pharmaceuticals demonstrating resilient fundamentals. Enterprise software companies showing strong fundamentals with ServiceNow, Intuit, and Synopsys delivering consistent growth. Software platforms benefiting from digital transformation and AI integration trends. | APH AXON |
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| 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 | 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 | Artisan Mid Cap Fund | 5.1% | 12.0% | APP, EXAS, FTV, GDDY, GTLB, HOOD, HUBB, IR, LYV, MPWR, MRVL, ON, ONTO, PLTR, PSTG, SHOP, SPOT, TEAM, USFD, XYL | AI, Biotechnology, Cloud, growth, healthcare, mid cap, semiconductors, technology | AI adoption is driving growth across portfolio holdings including custom AI chips from Marvell, networking solutions from Arista Networks, and cloud software companies integrating AI functionality into their platforms. Data centers require vast amounts of electricity to power AI infrastructure, creating energy demand challenges. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill International | -7.5% | 4.0% | 005930.KS, 0700.HK, 7999.T, BOLSAA.MX, EXO.MI, GLEN.L, KRN.DE, PRX.AS, QURE, RACE, SPOT, STLA, TSM, UHR.SW | China, Europe, Gene Therapy, India, international, Japan, semiconductors, value | uniQure's Huntington's disease treatment program advanced with FDA accelerating the approval pathway for its gene therapy treatment. The company demonstrates leadership in innovative therapies and ability to navigate gene therapy development complexities. Future royalty streams and broader drug pipeline position it as an attractive long-term opportunity. | KRN.DE 7454.T PRX.AS EXO.MI GLEN.L 005930.KS TSM SPOT QURE |
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| 2024 Q4 | Dec 31, 2024 | Baron Partners Fund | 27.0% | 32.7% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, SpaceX, technology, Tesla | Tesla appreciated more than 50% in the quarter driven by upcoming product launches, improvements in autonomous driving software, and expectations of regulatory approval under the new administration. The energy business continued to grow with higher margins, and new mass market vehicles are expected to launch in 2025. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS | AI, growth, innovation, large cap, secular trends, technology | AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference. | CYBR LPLA ANET NVDA TSLA |
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| 2024 Q4 | Dec 31, 2024 | Bailard Technology Strategy | 3.1% | 30.2% | AAPL, ADBE, AMZN, AVGO, CRWD, DDOG, FI, HUBS, KLAC, META, MRVL, MSFT, MU, NFLX, NSIT, NVDA, PANW, PSTG, SHOP, SMWB, SNOW, SPOT, TEAM, TSLA, TSM, TTD, UBER, VRNS | AI, cybersecurity, Data centers, Electric Vehicles, Fintech, semiconductors, software, technology | AI is increasingly becoming integrated into daily lives for search, planning, and productivity. Investment in data centers and GPU clusters for LLM training is anticipated to remain strong in 2025. Agentic AI is expected to gain traction in 2025 when industry-specific AI agents bring large language model capabilities directly to local users. | View | |
| 2024 Q4 | Dec 31, 2024 | BlackRock Science And Technology Term Trust | - | 19.8% | ALAB, CRDO, NVDA, RDDT, SPOT, TSLA | AI, Closed-End Fund, Covered Calls, semiconductors, technology | View | ||
| 2024 Q4 | Dec 31, 2024 | Artisan Global Discovery | 2.7% | 16.1% | ARGX, ASND, FWONA, GALDF, GXI.DE, HUBS, INSM, LYV, MPWR, MTSI, NZYM-B.CO, ON, ONTO, PSTG, SE, SGE.L, SPOT, SRT3.DE, TEAM, VCYT, WST | AI, Biotechnology, global, growth, healthcare, semiconductors, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. The team owns multiple technology category leaders positioned to help enable AI advances, including MACOM for networking chips, PureStorage for data storage, and Onto Innovation for inspection systems. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Focused Fund | -6.5% | 0.7% | 005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS | Capital Allocation, Concentration, large cap, Media, technology, value | The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment. | UHAL BOL.PA 005930.KS |
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| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Fund | -4.0% | 4.9% | 005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS | Buybacks, Capital Allocation, energy, large cap, Media, technology, value | The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation. | BOL.PA 005930.KS |
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| 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 | Antero Peak Group | - | 31.9% | AAPL, AMZN, APO, CEG, ENR.DE, EQIX, GE, GEV, ISRG, KKR, KMI, LLY, META, NDAQ, PGR, SPOT, TDG, TSLA, TSM, WMB | aerospace, AI, energy, infrastructure, large cap, Natural Gas, private markets, technology | Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. AI has allowed for enhanced user experiences which leads to customer retention, higher incremental margins, and emerging moats. Digital transformation is a paradigm shift with major inflection demand for companies that enable transformation through software, services, and AI. | View | |
| 2023 Q4 | Dec 31, 2023 | Nixon Capital | - | - | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering Infrastructure & Enablement, Proprietary Data/Applications, and Productivity categories. They see encouraging signs that AI is beginning to broaden beyond infrastructure to proprietary data and application layers. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY |
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| 2022 Q4 | Dec 31, 2022 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MTN, PENN, SPOT, TSLA | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FIGS, IDXX, SCHW, SPOT, TSLA, VLD, XFCH | - | View | ||
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Partners Fund | 13.1% | 4.7% | ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, SCHW, SPOT, TSLA | Concentration, growth, Leverage, mid cap, technology, Tesla | Tesla remains the fund's largest position with strong quarterly performance driven by renewed automotive demand, improved manufacturing efficiencies, and expansion into robotaxi services. The company is transitioning from hardware sales to high-margin recurring software revenue through Full Self-Driving capabilities. | ANET |
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| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, ARGX, AVGO, EXAS, GDS, GTLB, HRTX, IT, LLY, NVDA, PAR, SHOP, SMAR, SNPS, SPOT, TEAM, TSLA, TSM, TTD, VIA | AI, growth, infrastructure, innovation, large cap, semiconductors, technology | The market has absorbed a surge of AI infrastructure buildouts with OpenAI announcing partnerships for tens of gigawatts of compute capacity. NVIDIA CEO Jensen Huang proclaimed global AI infrastructure spending could total $3 trillion to $5 trillion by 2030. The fund conducts intensive research to separate signal from noise in AI developments, examining parallels to past technology paradigm shifts while quantifying AI addressable markets across sectors. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 2025 Q3 | Nov 7, 2025 | Montaka Global Investments | - | - | 0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U | AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value | AI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation. | View | |
| 2025 Q3 | Nov 5, 2025 | PGIM Jennison Global Opportunities Fund | 5.3% | 9.8% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, Cloud, E-Commerce, gaming, global, growth, large cap, technology | The fund continues to benefit from AI momentum, with NVIDIA posting strong gains from 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 expected to drive meaningful revenue growth. | View | |
| 2023 Q1 | Nov 4, 2023 | Rowan Street Capital | 12.8% | 42.3% | META, SPOT, TTD | - | View | ||
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments International Growth ADR Strategy | - | - | 0700.HK, 1211.HK, 3064.T, 8035.T, ADYEN.AS, AEM, ALC, ARGX, ARM, BBVA, BVI.PA, CLS.TO, CPG.L, DOL.TO, DTE.DE, HDB, HSBA.L, KBC.BR, KOF, L.TO, LSEG.L, MELI, NVO, NVZMY, PRY.MI, REL.L, SAN, SAP, SFTBY, SIK.SW, SONY, SPOT, STMN.SW, TRI.TO, UCB.BR, VNA.DE | AI, banks, Biotechnology, China, Europe, growth, international, value | European biotechs Argenx and UCB delivered solid contributions with robust sales growth and positive clinical trial results. Argenx benefited from strong Vyvgart autoimmune treatment sales and renewed pipeline confidence. UCB rose on strong uptake of recently launched treatments Bimzelx and Rystiggo, plus positive Phase 3 seizure disorder trials. | CLS CN UCB BB |
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| 2025 Q3 | Oct 31, 2025 | Latitude Global Fund | - | - | AMZN, AZO, COR, COST, DG.PA, FOUG.PA, GOOGL, IBKR, JPM, KR, MCK, NFLX, RYA.L, SONY, SPOT, TGT, WMT | Buybacks, dividends, Europe, financials, healthcare, industrials, technology, value | The fund benefits from companies returning capital through dividends and buybacks, with almost 5% of annual return coming from this capital return. Ryanair has retired 7% of shares outstanding in just the last year. | View | |
| 2025 Q3 | Oct 3, 2025 | Vision Capital | - | 15.6% | 3690.HK, ADYEN.AS, AMZN, CRWD, JD, LULU, MELI, META, NET, NFLX, NOW, NU, PLTR, PME.AX, SHOP, SPOT, TSLA, TSM, TTD, ZS | AI, Cloud, Data Analytics, E-Commerce, global, growth, SaaS, technology | Palantir's AI-powered platform AIP is driving commercial customer growth and revenue acceleration. The company's Ontology provides a single source of truth for data-driven decision-making with AI agents. Information is the oil of the 21st century, and analytics is the combustion engine, positioning Palantir to reign supreme in the AI revolution as the ultimate operating system for data and decision-making. | View | |
| 2025 Q3 | Oct 28, 2025 | Baron Focused Growth Fund | 4.8% | 8.6% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer discretionary, Electric Vehicles, growth, portfolio construction, small caps, technology | AI concerns impacted several holdings including FactSet and Verisk, with investors fearing competitive threats to data moats. However, FactSet continues to benefit from AI through revenue enhancements and cost containments. Tesla's AI initiatives advance rapidly with robotaxi network expansion and Full Self-Driving development. | 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 |
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| 2025 Q3 | Oct 24, 2025 | Wellington Management | 8.1% | 16.0% | 1810.HK, AAPL, APPL, FICO, GALDF, GOOGL, HOOD, IOT, LLY, MELI, META, MSFT, NFLX, NOW, NTDOY, NVDA, ORCL, SHOP, SPOT, TSM, VRTX | AI, 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 expected to benefit from its latest AI model, Gemini 2.0. | View | |
| 2025 Q3 | Oct 23, 2025 | JDP Capital | 12.8% | 31.8% | 0700.HK, BABA, CZR, LYV, META, NFLX, NOW, NVDA, SPOT, T, TSLA, V | AI, China, Electric Vehicles, growth, Long/Short, Sentiment, technology, value | The exponential part of the growth curve in AI adoption is still in front of us. Token costs have fallen 90% while usage increased 3,800% in 2025. The falling costs of compute and inference are unlocking possibilities for smaller companies to compete in areas once reserved for largest incumbents. | CZR TCEHY BABA 300750 CH SPOT |
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| 2025 Q3 | Oct 22, 2025 | Easterly – Global Real Estate Fund | -2.9% | 8.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026. | View | |
| 2025 Q3 | Oct 21, 2025 | Bailard Technology Strategy | 9.4% | 21.9% | AAPL, AMZN, APP, CDNS, CYBR, FI, GOOGL, HUBS, INTU, KLAC, LRCX, META, MSFT, NSIT, NVDA, PSTG, SHOP, SPOT, TSM | AI, Data centers, energy, growth, infrastructure, semiconductors, software, technology | AI-driven demand continues to anchor sector fundamentals with surging investment in compute capacity and infrastructure. The focus has shifted to operational scalability, energy efficiency, and maturing economics of AI deployment. Computing efficiency now hinges on tokens per watt rather than simply low-cost silicon, making energy the binding constraint in modern AI data centers. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International All Cap | 1.0% | 13.6% | 000333.SZ, 005930.KS, 0388.HK, 0700.HK, 1299.HK, 300750.SZ, 4519.T, 4612.T, 4911.T, 6098.T, 6273.T, 669.HK, 6861.T, 7733.T, 7741.T, 7980.T, 8035.T, 8113.T, ABI.BR, ADYEN.AS, AHT.L, AI.PA, ASML, ASSA-B.ST, ATCO-A.ST, AUTO.L, B3SA3.SA, BHP, BIM.PA, BNZL.L, CABK.MC, CFR.SW, DSV.CO, EPIROCK-A.ST, EXO.MI, EXPN.L, FEMSAUBD.MX, GAW.L, GRG.L, HDB, IMCD.AS, INVEB.ST, ITRK.L, JMT.LS, LONN.SW, MC.PA, MELI, NEM.DE, PRX.AS, RADL3.SA, RCO.PA, RMV.L, ROG.SW, RYA.L, SCT.L, SEB-A.ST, SIK.SW, SOI.PA, SPOT, SPX.L, TRN.L, TSM, TTE, UBS, UL, UOB.SI, WALMEX.MX, WEIR.L, WISE.L | AI, Asia, Europe, growth, healthcare, international, semiconductors, technology | Artificial Intelligence remained a dominant theme during the quarter, with several perceived beneficiaries rallying. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt EUV technology. The rapid adoption of AI applications and high-performance computing is driving unprecedented orders for leading-edge technologies. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford -International Concentrated Growth | 2.7% | 25.0% | ADYEY, ASML, MELI, SHOP, SPOT, TSM | AI, E-Commerce, global, growth, payments, semiconductors, technology | The fund maintains significant exposure to leading e-commerce platforms like MercadoLibre and Shopify. MercadoLibre continues to grow revenues strongly through deepening free-shipping incentives in Brazil that boost GMV despite margin pressure. Shopify demonstrates broad-based growth with particularly strong momentum in Europe where GMV rose over 40% last quarter. | ASML TSM SHOP ADYEN SPOT MELI ASML TSM SHOP ADYEN SPOT MELI |
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| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – US Equity Growth | 3.4% | 20.2% | 300750.SZ, 6857.T, 9926.HK, ADYEN.AS, ASML, MELI, SHOP, SPOT | Biotech, E-Commerce, Energy Transition, global, growth, semiconductors, technology | The fund has meaningful exposure to the semiconductor value chain providing equipment critical to the digital age. Rising demand for AI-related chips is pressuring customers to push into more advanced nodes and adopt extreme ultraviolet lithography technology. Testing intensity grows as chip complexity and AI workloads scale. | ASML NA MELI SPOT ADYEY |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Core Leaders Fund | 3.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, earnings, Fed policy, momentum, small caps, technology, Valuations | Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit. | NVO NVDA |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Value & Income Fund | 5.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, dividends, large cap, momentum, technology, Valuations, value | Artificial intelligence is driving enormous spending from tech titans and prompting explosive moves in AI-linked stocks. The technology theme has joined forces with monetary stimulus to embolden risk taking. While AI is incredibly promising, many perceived beneficiaries are prioritizing growth over profit and investors may question ultimate returns on AI spending. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Global Growth Fund | -2.0% | 12.2% | ADYEY, AMZN, ASML, AXON, DASH, DXCM, GOOGL, HDB, ICE, ISRG, MELI, NET, NFLX, NVDA, SHOP, SPOT, SQ, TEAM, TSM, V | AI, E-Commerce, global, growth, semiconductors, Streaming, technology | Artificial intelligence remained a key market theme, bolstered by strong business results and continued innovation. The portfolio benefits from AI-related demand through holdings like NVIDIA, which delivered strong datacenter growth, and Taiwan Semiconductor, which continues to benefit from AI infrastructure buildout. Google has moved quickly to develop high-quality AI products to counter competitive threats. | TEAM DEXCOM INTU NFLX AXON GALD SHOP GOOGL NVDA |
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| 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 Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | 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 |
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| 2025 Q3 | Oct 19, 2025 | Artisan Mid Cap Fund | 8.8% | 15.3% | ANET, ARGX, ASND, BKR, DASH, DXCM, INSM, IRTC, LPLA, LSCC, LYV, PSTG, RBC, RDDT, SHOP, SNOW, SPOT, TDY, TEAM, TYL, VCYT, WING, WST, WWD | AI, Biotechnology, Cloud, defense, growth, healthcare, mid cap, semiconductors | Healthcare sector holdings, particularly biotech, led outperformance with strong company-specific results. Argenx's VYVGART therapy showed strong growth with new subcutaneous formulation launch. Insmed received FDA approval for Brinsupri, the first once-daily oral treatment for non-cystic fibrosis bronchiectasis addressing over one million diagnosed patients. | SPOT WING LSCC INSM ARGX |
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| 2023 Q3 | Oct 19, 2023 | Montaka Global Investments | - | - | AMZN, BAC, CRM, META, MSFT, NOW, SPOT, STJ.L, U | active management, AI, Cloud, Concentration, geopolitics, Streaming, technology | Recent advances in the AI revolution are moving at the fastest pace of all. ChatGPT can now see, hear and talk. Microsoft is releasing its Copilot. Meta AI is being infused into Meta's properties and hardware. Spotify is using AI to translate podcasts. ServiceNow is using generative AI to dramatically increase productivity of service assistants. | View | |
| 2024 Q3 | Oct 17, 2024 | Montaka Global Investments | - | - | AMD, AMZN, BX, CRM, FND, GOOGL, KD, KKR, MA, META, MSFT, NOW, SPGI, SPOT, V | AI, Asset Management, Cloud Computing, Global Equities, long-term, payments, technology | AI revolution is overwhelmingly native to the cloud and will drive incremental growth in cloud usage due to its inherently higher compute intensity. Enormous value can be unlocked through productivity enhancements on the enterprise side and engagement boosters on the consumer side. Most value is unlocked when AI models are married with customer data and meta data, favoring incumbents with decades of dataset building and existing customer bases for distribution. | View | |
| 2025 Q3 | Oct 16, 2025 | Janes Henderson Global Sustainable Equity Fund | 3.0% | 18.9% | 1299.HK, AJG, APTV, ARGX, IFC.TO, MCK, MSFT, NVDA, ORCL, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TEL, TSM, WOLSF | AI, Electrification, Esg, global, infrastructure, semiconductors, sustainability, technology | AI has emerged as a transformative force driving a new Industrial Revolution, reshaping industries at unprecedented pace and moving beyond data centers into the physical world. The fund maintains balanced exposure to AI themes, classifying holdings as AI enablers, beneficiaries, bottlenecks, or immune sectors to ensure diversification and resilience. | View | |
| 2023 Q3 | Oct 13, 2023 | WestEnd Capital | -1.1% | 30.1% | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology | Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. | BSX ISRG ICLR|LLY|PLTR|SNPS|TGT ASML FICO ALLY PWR |
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| 2025 Q3 | Oct 1, 2025 | Eagle Point Capital | - | - | BTI, CHTR, COST, LULU, SPOT, TSLA | dividends, free cash flow, Mean reversion, risk management, Tobacco, value | Eagle Point Capital emphasizes buying businesses at low absolute valuations, preferably with 10-15% free cash flow yields. They believe low valuations provide attractive base returns, low bars for positive surprises, and soft price floors that reduce risk while providing asymmetric returns. | BTI LN |
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| 2025 Q4 | Jan 9, 2026 | Vision Capital | -5.0% | 9.8% | 000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS | AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology | Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers. | SE |
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| 2024 Q4 | Jan 7, 2025 | Montaka Global Investments | - | - | AMZN, BABA, BX, CRM, FND, GOOGL, KD, KKR, MC.PA, MDB, META, MSFT, NOW, SPGI, SPOT, UNH | AI, Alternative Assets, Cloud, Concentration, Enterprise Software, growth, technology | AI represents a major structural transformation where the marginal cost of intelligence is rapidly approaching zero, catalyzing infusion into nearly all aspects of life and the economy. Montaka focuses on owning business advantages in AI rather than technologies, including economies of scale in compute delivery and embedded distribution channels. Enterprise deployments of AI applications are expected to accelerate meaningfully in 2025. | View | |
| 2025 Q4 | Jan 31, 2026 | Montaka Global Investments | 0.0% | 0.0% | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value | AI is driving dramatic transformation and propelling stock prices higher. The manager sees AI as creating enormous capital investments in data centers and driving growth in LLM tokens north of 200% per annum. They believe AI will increase cloud computing TAM to $2 trillion per annum over the next 10 years. The manager sees high probability of an impending lithium supply shortage as prices have been too low to incentivize new production capacity. They added Albemarle as an asymmetric value investment, expecting a price squeeze driven by electric vehicle batteries and industrial-scale Battery Energy Storage Systems demand. Enterprise software leaders like ServiceNow and Salesforce have been sold off on AI disruption narratives. The manager believes these companies have scale advantages in R&D, customer distribution, and customer data that favor them in the AI transition, making them significantly undervalued after 2025 declines. Alternative asset managers like Blackstone and KKR declined in 2025 despite strong fundamentals. The manager sees cyclical upswing potential as M&A returns, asset realisations follow, and private wealth channel growth continues. They assess the future looks bright for these businesses. | KKR BX NOW FND ALB |
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| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2023 Q4 | Jan 3, 2024 | Middle Coast Investing | - | - | AAPL, ACLS, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, KBAL, OMAB, PGR, SCHW, SCS, SPOT, TSM, VMW, WOR, WS | Banking, industrials, semiconductors, small cap, technology, value | AI investment excitement boosted semiconductor holdings including Axcelis Technologies, VMWare, Broadcom, and Taiwan Semiconductor. Broadcom benefits from AI investments as a leading semiconductor company, though its stock is expensive. The AI rally in May/June was one of the violent market rallies that engenders caution. | ACLS DFS OMAB EWORK.ST FCNCA ANEB |
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| 2025 Q4 | Jan 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2023 Q4 | Jan 28, 2024 | Montaka Global Investments | - | - | 0700.HK, AMZN, BABA, BX, CG, CRM, GOOGL, KKR, LVMH.PA, META, MSFT, NOW, SPGI, SPOT, V | AI, Alternative Assets, compounders, Digital Marketing, Financial Services, global, Luxury, technology | Montaka sees AI winners across three dimensions: those that can distribute AI benefits to customers (Microsoft, ServiceNow, Salesforce, Spotify), those that employ AI in their operations (Meta, Alphabet), and those that sell compute and services for AI applications (Amazon, Microsoft, Alphabet). The firm believes large-scale AI rollouts have not yet begun despite early experimentation. | ^VIX SPGI KKR ABX MC.PA |
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| 2025 Q4 | Jan 27, 2026 | Artisan Global Discovery | 1.7% | 12.1% | ARGX, ASND.CO, BAB.L, BKR, BLD, CCC, COH, DUOL, FROG, FWONA, INSM, IRTC, LABS, LYV, MOD, MPWR, MTSI, PEN, PSTG, RBC, SAIL, SE, SPOT, TTAN, TXRH, TYL, VRCY, WESCO, WST, WWD | AI, Biotechnology, defense, global, growth, healthcare, SMID Cap, technology | AI-related capital spending remains an area of active debate entering 2026, with investors weighing strong industry momentum against concerns about circular financing dynamics and datacenter construction delays. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength, with the team maintaining relatively high exposure despite several years of industry headwinds. Strong conviction in profit cycle opportunities for biotech companies, with several franchises delivering strong results as product launches gained momentum and investor sentiment toward the sector improved. Aerospace and defense holdings appear well positioned for multiyear growth, with companies capitalizing on rising global defense spending. Commercial aerospace suppliers are positioned to benefit from significant content gains in new planes and growth in recurring aftermarket sales for many years. Several portfolio companies benefit directly from AI-related capital spending, with strong demand from datacenter customers as capacity is added to support high-density computing environments. Companies are seeing increased activity within datacenter-related electrical and communications businesses. | MTSI IRTC IOT NEM GR TTAN SAIL BLD TXRH BAB LN SPOT SE FROG INSM COHR |
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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 | 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 |
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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 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
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| 2025 Q4 | Jan 21, 2026 | NCG Large Cap Growth Strategy | 1.0% | 15.3% | AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT | active management, growth, Outperformance, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas. | View | |
| 2025 Q4 | Jan 19, 2026 | Artisan Mid Cap Fund | -0.4% | 14.8% | ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST | AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology | AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities. | IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2025 Q4 | Jan 16, 2026 | Janus Henderson Global Sustainable Equity Fund | -1.5% | 9.2% | 1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK | AI, Climate, Energy Transition, global, semiconductors, sustainability, technology | AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term. | View | |
| 2025 Q4 | Jan 16, 2026 | Richie Capital Group | - | - | AAPL, AMZN, AZN, BABA, BHP, FMG, GOOGL, HD, IBE, LLY, META, MSFT, NFLX, NTDOY, NVDA, RHM, RIO, ROG, SK, SPOT, TCEHY, TM, TSM, XIAOF, XRO | AI, Data centers, emerging markets, geopolitics, rates, technology | The AI revolution is accelerating with technology companies pouring billions into data center construction. Investment in AI is surging but concerns exist that the relentless pace could trigger a sharp market correction. Growth is expected to be underpinned by ongoing AI integration across industries in 2026. | 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 15, 2026 | Baillie Gifford -International Concentrated Growth | -6.7% | 16.7% | 0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L | AI, concentrated, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – US Equity Growth | -2.4% | 17.2% | 1299.HK, 6146.T, 6857.T, 6861.T, ADYEN.AS, ARGX, ASML, ATCO-A.ST, DSV.CO, GALP.SW, MELI, NU, OR.PA, RACE, RMS.PA, SE, SHOP, SPOT, TSM, WTC.AX | AI, E-Commerce, growth, international, semiconductors, technology | Artificial intelligence demand is driving structural growth in semiconductor testing equipment and memory chips. Advantest benefits from sustained AI data center investment with improved visibility, while SK Hynix leads in high-bandwidth memory (HBM) technology critical for AI infrastructure bottlenecks. The fund maintains significant exposure to semiconductor leaders across the value chain. TSMC and ASML delivered strong performance, while new position SK Hynix represents technological leadership in memory chips with two-year order book visibility driven by structural AI demand. Sea Limited showed strong growth with group revenues rising 40% year-on-year, led by Garena gaming and Shopee marketplace expansion. Management continues investing in logistics and fulfillment infrastructure despite near-term profitability pressures in Latin American operations. Spotify demonstrated continued operating progress with 11% user growth to 713 million and 12% subscriber growth to 281 million. Operating margins expanded to mid-teens with record quarterly free cash flow, supported by pricing optimization and advertising efficiency improvements. | GALD SW DSV DC RACE SE SPOT |
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| 2025 Q4 | Jan 13, 2026 | Generation Investment Management Global Equity | - | - | ADYEY, AMZN, ASML, CRM, CSL, DHR, GOOGL, LEGN.PA, MCO, MELI, MSCI, MSFT, SIK.SW, SNPS, SPOT, SU.PA, TMO, TSM, VWS.CO, WDAY | AI, Energy Transition, global, long-term, Quality, sustainability, technology, valuation | Generation believes computing power demand will roughly triple if a third of internet users interact with AI services via voice for 20 minutes daily. They invest across the AI build-out from chip manufacturing (TSMC, ASML) to electrical equipment (Legrand, Schneider) to cloud companies. Roughly one third of the portfolio is involved in AI build-out in some capacity. Generation focuses on quality companies with strong pricing power, indispensable products, and long-term thinking management teams. They believe quality stocks have had one of their weakest relative performances in 15 years, creating attractive valuations. The portfolio has never been so cheaply valued relative to benchmark despite faster earnings growth. MercadoLibre serves as Latin America's core digital infrastructure, operating in 18 countries with strong positions in Brazil, Argentina and Mexico. The platform handled 1.8 billion shipments in 2024, roughly doubling from 2020 figures. Over half a million SMEs sell on the platform representing upwards of 70% of gross merchandise sales. Generation invests across the payments ecosystem including Visa, Mastercard, PayPal, and Adyen. Adyen processes EUR 1.4 trillion of payments with a single global platform approach. More than half of MercadoLibre users say Mercado Pago was their first digital payment method, demonstrating the financial inclusion benefits. The portfolio includes renewable energy companies like Vestas Wind Systems and energy efficiency companies like Legrand and Schneider Electric. Companies are setting science-based emissions targets with 67% of portfolio covered by validated targets. The transition faces political headwinds but technological and economic advances continue to accelerate. | View | |
| 2024 Q3 | Sep 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CBRE, EFX, EXAS, HUBB, HUBS, ILMN, IOT, IRTC, MPWR, NVR, ONTO, PWR, SAIA, SNPS, SPOT, TEAM, WST, XYL | AI, Biotechnology, growth, healthcare, mid cap, real estate, technology | The team is focused on AI enablers that remain well positioned to benefit from reasonable industry investment levels because they are gaining market share based on superior technologies. They are watching to see if large AI investments translate to productivity gains or competitive advantages. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ABNB, ACGL, AMH, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDEXX, ILMN, IRDM, JEF, KKD, LVS, MRNA, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | concentrated, consumer discretionary, financials, growth, long-term, small caps, technology | Tesla represents the fund's largest position at 9.8% of assets, with the stock contributing 274 bps to quarterly performance. The manager believes lower interest rates should help Tesla sell more cars and halt continuous price reductions, while the energy storage business continues to grow rapidly. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, Electric Vehicles, financials, growth, long-term, mid cap, technology | Tesla appreciated 32% in the quarter as investors focused on the company's potential rather than near-term macro impacts. The company has improved vehicle deliveries, particularly in China, and is expected to launch new models next year. Tesla has also made significant advances in autonomous driving, robotics, and energy storage products. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments International Growth ADR Strategy | 5.7% | 0.0% | 0992.HK, 1299.HK, 4091.T, 4543.T, 7936.T, 8035.T, 8766.T, ARGX, ASML, BN.PA, CPG.L, EL.PA, HLN.L, ICLR, ITX.MC, LSEG.L, NESN.SW, NVO, RTO.L, SAP, SPOT | China, cyclicals, growth, international, Japan, Stimulus, Value rotation | The manager is convinced that Japan's move to upgrade profitability, capital allocation and shareholder returns is authentic, adding four new Japanese positions. The Bank of Japan's latest Tankan survey confirmed continued recovery in domestic demand, rising GDP growth and low risk of deflation returning. | BN.PA 0992.HK 4091.T 8766.T 7936.T 4543.T |
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| 2024 Q3 | Sep 30, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CSU.TO, GOOGL, MELI, NOW, SE, SPOT, WIX | E-Commerce, global, growth, Networks, software, technology | The fund holds significant positions in e-commerce leaders including MercadoLibre and Amazon. Sea Limited showed strong performance with a 17.8% gain during the month, capitalizing on leading market share and increasing take rates across Southeast Asian e-commerce markets. The ongoing increases in industry take rates may signal a more favorable industry structure ahead. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, CHH, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MANU, MGM, MSCI, MTN, ONON, RRR, SPOT, TSLA, VAC | Concentration, consumer discretionary, financials, growth, long-term, technology | Portfolio companies continue to generate strong results despite macroeconomic concerns. Most businesses have yet to experience changes in customer demographics or spending levels and have been able to offset cost increases with higher prices without impacting demand. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MRNA, MSCI, MTN, NVDA, RRR, SCHW, SPOT, TSLA, VAC | diversification, financials, growth, Leverage, mid cap, technology, Tesla | Tesla remains the Fund's largest holding at 41% despite quarterly decline due to macroeconomic pressures and price reductions. The manager expects Tesla to benefit from Cybertruck deliveries, next platform development, and AI investments in Dojo supercomputer for full self-driving capabilities. | View | |
| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2022 Q3 | Sep 11, 2022 | Rowan Street Capital | 12.8% | 42.3% | DOCU, SPOT | - | View | ||
| 2023 Q2 | Aug 8, 2023 | VGI Partners | 0.0% | 0.0% | 7733.T, AMZN, CFR.SW, CME, DB1.DE, DIS, DSMNF, GEHC, ISRG, LSEG.L, MA, PHG, PINS, RHM.DE, SAP, SIE.DE, SLB, SPOT, VG1.AX, XM | Concentration, Exchanges, global, healthcare, Quality, technology, value | VGI holds significant positions in financial exchanges including CME Group, Deutsche Börse, and London Stock Exchange Group. They view these as critical market infrastructure with strong competitive moats and benefiting from increased interest rates through net interest income. | DSM.AS LSEG.L DB1.DE GEHC AMZN CME |
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| 2024 Q2 | Jul 29, 2024 | Lakehouse Global Growth Fund | 0.0% | 0.0% | 4443.T, AMZN, CRM, CSGP, CSU.TO, DOCS, GOOGL, MC.PA, MELI, NOW, SCHW, SPOT, V, WDAY | AI, Cloud, E-Commerce, global, growth, long-term, technology | Generative AI represents a transformative technology with foundational models trained on massive data sets that can be adapted for various applications. The best investment opportunities are in facilitators like cloud providers (AWS, Azure, GCP) and companies with proprietary first-party data that can build unique models with durable advantages. The technology is still in early build phase with many unknowns about how it will play out. | CSGP MELI SPOT AMZN |
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| 2024 Q2 | Jul 27, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MSCI, MTN, RRR, SCHW, SPOT, TSLA | Concentration, growth, Leverage, Long Term, mid cap, technology, Tesla | Tesla demonstrated better-than-expected margins despite operational complexities and manufacturing shutdowns. The company continued to drive manufacturing costs lower, accelerate new model launches, and invest heavily in AI initiatives. Tesla expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth and increased factory utilization. | CSGP SPACEX TSLA |
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| 2024 Q2 | Jul 27, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, AMH, ANSYS, ARE, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK | concentrated, consumer discretionary, Disruptive Growth, growth, Long/Short, rates, technology | Tesla continues to drive manufacturing costs lower and invest heavily in AI initiatives. The company expects to launch a lower cost model as soon as late 2024, which should result in accelerated revenue growth and increased factory utilization. Tesla's energy storage business almost doubled in Q2 from Q1 levels. | COST GWW IBKR TSLA SPOT |
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| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN | AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology | The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025. | VMC XAI FICO GWRE VRSK |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill International | 5.7% | 12.4% | 0700.HK, 8058.T, ARVIND.NS, CNHI, EVT.DE, GXI.DE, SPOT, TSM, WALMEX.MX, WHC.AX | AI, Coal, Elections, Electric Vehicles, geopolitics, healthcare, international, value | AI advancements are creating substantial buzz with international companies providing necessary tools and hardware, especially chip makers, poised to benefit immensely. The ripple effects include a massive investment cycle and potential global materials shortage due to skyrocketing demand. Taiwan Semiconductor outperformed due to strong financial performance and increasing optimism about AI growth. | GXI.DE ARVIND.NS WHC.AX CNH 0700.HK SPOT TSM |
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| 2024 Q2 | Jul 25, 2024 | Alger Mid Cap Focus Fund | 4.6% | 18.7% | AGYS, APPF, AXON, BRKR, CDNS, CEG, CELH, DECK, DXCM, HEI, MLM, MU, NTRA, ODFL, PINS, SPOT, TYL, VKTX, VRT | growth, healthcare, industrials, mid cap, technology | View | ||
| 2023 Q2 | Jul 25, 2023 | Diamond Hill International | 5.7% | 12.4% | 7974.T, ASHM.L, BABA, CS.TO, DNP.L, EPOKY, FERG.L, FFH.TO, FM.TO, FMX, SPOT, TCEHY, UHR | China, Copper, emerging markets, inflation, international, Mining, value | The fund initiated positions in two copper mining companies, First Quantum Minerals and Capstone Copper, anticipating meaningful long-term supply challenges in copper due to its heavy use in alternative energy sources. There has been a recent trend toward consolidation and M&A in the copper industry, and both companies could present attractive acquisition candidates for large mining companies seeking to increase their copper exposure. | CCS.TO AFM.TO FERG.L EPIA.ST DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2024 Q2 | Jul 16, 2024 | Polen Capital – Focus Growth | 3.0% | 11.0% | AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ANET, ARGX, CCCS, CELH, CMG, EXAS, FIVE, FWONK, INSM, LSCC, MPWR, MRVL, MTSI, ON, POOL, RBLX, SPOT, TYL, WST | AI, Biotech, Cyclical, growth, healthcare, mid cap, semiconductors, technology | AI has received tremendous attention and driven extraordinary gains among companies directly exposed to the trend, such as those producing GPUs, networking equipment and other data center infrastructure. Corporate decision-makers have been prioritizing spending toward AI-related projects versus enterprise software solutions. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMD, AMZN, AVGO, CDNS, CRWD, CSGP, DAY, DDOG, EXAS, GWRE, IOT, META, MSFT, NVDA, RCKT, SPOT, TSLA, TSM, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, software, technology | Manager believes AI is the most significant technological platform shift since the internet, driving explosive growth in infrastructure investments. Currently in the AI infrastructure-build phase with hyperscalers investing $200 billion in capex. Early AI applications showing measurable ROI with 30-60% developer productivity improvements and 15-30% customer service cost savings. | View | |
| 2024 Q2 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View | |
| 2022 Q2 | Jun 30, 2022 | Baron Focused Growth Fund | 11.7% | 13.2% | CSGP, FIGS, GWRE, H, MSCI, RRR, SPOT, TSLA | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Partners Fund | 13.9% | 4.5% | GLPI, H, IDXX, SCHW, SPOT, TSLA | - | View | ||
| 2025 Q1 | Apr 22, 2025 | JDP Capital | -2.0% | -2.0% | CZR, ENDI, RDFN, RKT, SPOT | China, gaming, Streaming, tariffs, Trade Policy, value, volatility | The manager extensively discusses the 2025 Tariff Tank and its impact on markets, analyzing both bear and bull cases for MAGA trade policies. He views tariff uncertainty as creating extreme volatility but believes the ultimate outcome will be somewhere between extremes and not as disruptive as either side predicts. | RDFN SPOT CZR ENDI |
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| 2025 Q1 | Apr 18, 2025 | Baillie Gifford – US Equity Growth | 1.9% | 1.9% | 1211.HK, 6146.T, 6273.T, ASML, GALDF, GMAB, OR.PA, PDD, SPOT, WTC.AX, WXB | China, Geopolitical, growth, international, long-term, technology, volatility | The strategy focuses on long-term ownership of exceptional growth companies, seeking at least 50 holdings across two types: companies that can grow rapidly and disrupt industries, and those that can compound growth at exceptional rates over long periods. The team remains excited about the international growth opportunity set despite market volatility. | View | |
| 2025 Q1 | Apr 16, 2025 | Rowan Street Capital | - | - | ADYEY, BAC, BKNG, CMG, DKS, MCK, META, NVO, SHOP, SPOT, TSCO, TTD | Compounding, Discipline, growth, long-term, Patience, Quality, technology, value | The fund focuses on high-quality growth businesses that can compound capital at double-digit rates over the long run. They emphasize finding companies with expanding competitive moats, long growth runways, and the ability to reinvest capital at high rates of return. | View | |
| 2025 Q1 | Mar 31, 2025 | Alger Spectra Fund | -17.2% | -17.2% | AMZN, GFL, HEI, MSFT, NVDA, SPOT | AI, Cloud, growth, semiconductors, Streaming, technology, Trade Policy | AI is at an inflection point with potential for significant productivity increases. However, concerns emerged about advanced AI models from China developed at lower costs, raising doubts about U.S. technology dominance. Future AI models will require substantially more computational resources, driving continued demand for high-performance infrastructure. | AMZN MSFT NVDA GFL SPOT HEI |
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| 2025 Q1 | Mar 31, 2025 | Artisan Mid Cap Fund | -7.4% | -7.4% | ANET, AZO, BBY, BFAM, BKR, CCCS, COHR, DASH, DDOG, DECK, GWRE, ILMN, MRVL, ONTO, PLTR, PSTG, SAIA, SNOW, SPOT, TYL, VEEV, VHI, WEST | AI, Cloud, energy, growth, healthcare, mid cap, tariffs, technology | The fund experienced significant challenges from AI-related holdings as China's DeepSeek AI model disrupted assumptions about data center spending durability. Companies leveraged to data center spending like Arista Networks, Pure Storage, Coherent and Onto Innovation declined, while Marvell was punished despite strong earnings due to high AI expectations. | View | |
| 2022 Q1 | Mar 31, 2022 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA | - | View | ||
| 2023 Q4 | Feb 21, 2024 | Lux Capital | 0.0% | 0.0% | AAPL, ADBE, GOOGL, INTC, LLY, META, MSFT, NVO, SPOT | AI, Biotechnology, defense, Maintenance, Open Source, Resilience, technology, Venture Capital | Lux has devoted exceptional attention to funding robust and open software platforms in artificial intelligence, with portfolio companies like Hugging Face, MosaicML, Runway, Osmo, Together AI and Evolutionary Scale using open approaches to build world-class technology businesses. The firm sees AI as increasingly augmenting burnt-out workers across diverse industries and helping maintain systems through predictive capabilities. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, BIRK, CSGP, FDS, FIGS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, MRNA, MSCI, MTN, NVDA, RRR, SCHW, SPOT, TSLA, VAC | diversification, growth, Leverage, technology, Tesla, volatility | Tesla remains the largest position at 38.1% of assets despite near-term automotive pressures from macroeconomic headwinds and price reductions. The company delivered its highly anticipated Cybertruck and refreshed Model 3 while continuing robust product development. Management anticipates introducing a new lower-priced vehicle next year to address a much larger market segment. | View | |
| 2024 Q4 | Jan 28, 2025 | JDP Capital | 10.4% | 47.9% | AAPL, AMZN, CZR, META, NFLX, ROKU, SPOT, TSLA | China, Electric Vehicles, gaming, growth, Streaming, technology, value | Spotify benefits from ever-lower barriers to produce consumer content, the rapid shift away from all forms of linear media consumption, and behavioral data generated by hundreds of billions of consumption hours. The company achieved unexpected earnings power in 2024 with 3Q gross profit up 62% YoY and operating income surging to about $2 billion annualized. Roku represents the largest connected TV operating system in North America with nearly 50% market share, positioned to benefit from Value Migration of digital advertising budgets converging with CTV. | View | |
| 2023 Q4 | Jan 27, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, ANSYS, BNTX, CHH, CSGP, FDS, FIGS, GWRE, H, IDXX, ILMN, IRDM, MSCI, RIVN, RRR, SHOP, SPOT, TSLA, VAC, VRSK | Casinos, consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, technology | Tesla remains the Fund's largest position at 11.4% despite modest quarterly decline. The manager views Tesla as benefiting from AI investments through autonomous driving technology, Dojo training computer, and humanoid robotics. The Cybertruck launch and refreshed Model 3 are generating strong demand while improving unit economics. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK CHRS ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA BNTX |
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| 2024 Q4 | Jan 24, 2025 | Rowan Street Capital | - | 56.6% | META, NFLX, SHOP, SPOT, TOI.V, TTD | Concentration, growth, long-term, Quality, technology | Meta's advertising business continues to drive strong growth with advancements in AI, monetization of Reels, and expansion into business messaging. The company is expected to grow revenues, earnings, and free cash flow at mid-teens rates over the next two years. | TOI.V SHOP TTD SPOT META |
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| 2023 Q4 | Jan 24, 2024 | Rowan Street Capital | 12.8% | 42.3% | ADYEY, META, SHOP, SPOT, TOI.TO, TTD | Advertising, E-Commerce, growth, long-term, payments, Social Media, Streaming, technology | Adyen represents the best-run payments company globally with a unified platform offering end-to-end payment services. The company processes 910 billion euros in payment volume with 37% revenue CAGR over five years while maintaining 65% EBITDA margins. Their single integrated platform eliminates reliance on legacy partners and provides competitive advantages through high authorization rates and global reach. | ADYEY |
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| 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 |
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| 2024 Q4 | Jan 15, 2025 | Warden Capital | - | 8.5% | ANF, AVGO, BRK-A, ILPT, MAC, NVDA, PK, SPOT, SPWH, VNO | AI, rates, real estate, small caps, tariffs, technology, value | Manager analyzes massive AI capex spending (~$220B) versus minimal end-user revenues (~$15B), questioning ROI sustainability. Deepseek's 30x cheaper pricing model threatens industry economics. Compares current situation to 2000 tech bubble with potential for capital overspending. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930.KS, 4503.T, 8058.T, ASHM.L, ASSA-B.ST, BABA, CVE.TO, DNP.WA, ERII, FCX, FM.TO, GLEN.L, SPOT, UBI.PA, UCB.BR | Asia, emerging markets, Europe, international, Japan, Non-US, value | The fund initiated a position in Glencore, which is well-positioned for uncertainty surrounding the energy transition as one of the world's largest copper producers and a large coal producer. The company can take healthy cash flows from its coal business and invest them in copper and other future-facing metals, while coal cash flows provide an attractive hedge if the energy transition takes longer than expected. | UCB.BR 8058.T GLEN.L DNP.WA ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA |
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| 2023 Q4 | Jan 2, 2024 | VGI Partners | 0.0% | 0.0% | AMZN, CME, DIS, GEHC, KVUE, META, RHM.DE, SHEL, SPOT, TECK | AI, Concentration, defense, global, Long/Short, Quality, Streaming, technology | Amazon's investments in artificial intelligence including chip company Annapurna and Anthropic provide material foothold in AI technology stack. AWS exposure to AI infrastructure requirements and continued LLM investment will contribute strongly to growth. Meta's AI investments in cloud infrastructure and recommendation engines have been important in improving engagement and growing user base. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Lakehouse Global Growth Fund | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Neutral | NYSE | Audio Streaming, media, Music, Podcasts, Subscription, technology, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Rowan Street Capital | Spotify | Communication Services | Interactive Media & Services | Bull | NYSE | Audio, growth, media, Music streaming, platform, Subscription, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | Spotify Technology | Communication Services | Interactive Media & Services | Bull | NYSE | Ad-supported, AI integration, Audio Platform, Audiobooks, digital media, Podcasts, Premium Subscription, Streaming | View Pitch |
| Apr 13, 2026 | Fund Letters | JDP Capital | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising, Audio Streaming, Free Cash Flow, Linear Media Shift, Media Services, operating leverage, Podcasting, SaaS, Subscription | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Neutral | NYSE | Audio Streaming, margin expansion, Media Services, Subscription, Sweden, User growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Lakehouse Global Growth Fund | Spotify | Communication Services | Interactive Media & Services | Bull | NYSE | Audio Streaming, Audiobooks, cost optimization, Free Cash Flow, Music, Pricing power, Subscription, turnaround, User growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Audio, digital media, monetization, Pricing power, Streaming, Subscription, Sweden | View Pitch |
| Apr 13, 2026 | Fund Letters | Springview Capital Management | Spotify Technology | Communication Services | Interactive Media & Services | Bull | NYSE | Audio, digital media, founder-led, Free Cash Flow, growth, SaaS, Streaming, Subscription | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Mid Cap Focus Fund | Spotify Technology SA | Communication Services | Interactive Media & Services | Bull | NYSE | advertising, AI integration, Audio Platform, digital media, Music, Podcasts, Streaming, Subscription | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Focused Growth Fund | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Audio Content, Consumer Discretionary, Digital Music Streaming, Pricing power, SaaS, subscription model, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | JDP Capital | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | App Store, Audio Streaming, Audiobooks, Data Monetization, Direct Billing, EU, Marketplace Platform, Podcasts, Subscription, US | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Asset Fund | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising revenue, AI innovation, digital media, Global Platform, operational discipline, Podcasts, Pricing power, Streaming Music, subscription model | View Pitch |
| Apr 13, 2026 | Fund Letters | Rowan Street Capital | Spotify | Communication Services | Interactive Media & Services | Bull | NYSE | Audio Content, cash generation, digital media, Music streaming, Podcasts, subscription model, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - International Growth | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Ad-supported, Audiobooks, digital media, Mobile Entertainment, Music streaming, Podcasts, Premium Subscriptions, Sweden | View Pitch |
| Apr 13, 2026 | Fund Letters | Rowan Street Capital | Spotify | Communication Services | Entertainment | Bull | NYSE | Audio Streaming, Digital Entertainment, MAU Growth, Music, platform, Podcasts, Subscription, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Audio, digital media, growth, margin expansion, Streaming, Subscriber Growth, Sweden, technology | View Pitch |
| Feb 26, 2026 | Fund Letters | Alan Breed | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, Free Cash Flow, Gross margin, monetization, Personalization, Podcasts, Streaming, Subscriptions | View Pitch |
| Feb 21, 2026 | Fund Letters | Ronald Baron | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | ARPU, Audio, Margins, Streaming, Subscriptions | View Pitch |
| Feb 4, 2026 | Fund Letters | Ronald Baron | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, Engagement, Margins, Pricing, Streaming, Subscriptions | View Pitch |
| Jan 29, 2026 | Fund Letters | Jason L. White | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | Audio, media, monetization, Streaming, Subscriptions | View Pitch |
| Jan 27, 2026 | Fund Letters | Jeremy Deal | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | monetization, platform, scale, Streaming, Subscriptions | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Spotify Technology SA | Communication Services | Entertainment | Bull | New York Stock Exchange | AI, Audio, Engagement, Margins, Pricing, royalties, Subscriptions | View Pitch |
| Jan 24, 2026 | Fund Letters | Brian A. Christiansen | Spotify Technology S.A. | Communication Services | Entertainment | Bull | New York Stock Exchange | AI, Audio, Margins, Pricing, Streaming | View Pitch |
| Jan 24, 2026 | Fund Letters | David E. Levanson | Spotify Technology SA | Communication Services | Entertainment | Bull | New York Stock Exchange | AI, Margins, Pricing, Streaming | View Pitch |
| Jan 24, 2026 | Fund Letters | Damon Ficklin | Spotify Technology S.A. | Communication Services | Movies & Entertainment | Bull | New York Stock Exchange | Engagement, Freecashflow, monetization, network, Streaming | View Pitch |
| Jan 23, 2026 | Fund Letters | Matthew Kamm | Spotify Technology S.A. | Communication Services | Music Streaming | Bull | New York Stock Exchange | Audio, Margins, monetization, Streaming, Subscriptions | View Pitch |
| Jan 21, 2026 | Fund Letters | Tom Coutts | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, AI, Margins, Streaming, Subscriptions | View Pitch |
| Jan 9, 2026 | Fund Letters | Andrew Macken | Spotify Technology SA | Communication Services | Music Streaming | Bull | New York Stock Exchange | Audio, Margins, Operatingleverage, scale, Streaming | View Pitch |
| Jan 8, 2026 | Fund Letters | Jeremy Deal | Spotify Technology S.A. | Communication Services | Electrical Components & Equipment | Bull | New York Stock Exchange | Audio, Direct Billing, monetization, Pricing power, Streaming | View Pitch |
| Jan 8, 2026 | Fund Letters | Emerson Bluhm | Spotify Technology S.A. | Communication Services | Entertainment | Bull | New York Stock Exchange | Audio, Margins, Pricing_Power, Streaming, Subscriptions | View Pitch |
| Jan 8, 2026 | Fund Letters | David E. Levanson | Spotify Technology S.A. | Communication Services | Entertainment | Bull | New York Stock Exchange | advertising, Margins, monetization, Streaming, Subscriptions | View Pitch |
| Jan 8, 2026 | Substack | Winter Gems | Spotify | Media | Streaming Services | Bear | New York Stock Exchange | capital reallocation, growth prospects, high valuation, margin expansion, Music streaming, portfolio optimization, Spotify, streaming services, Universal Music Group | View Pitch |
| Jan 8, 2026 | Fund Letters | Alex Kopel | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | Audio, Engagement, margin expansion, Streaming, Subscription | View Pitch |
| Dec 3, 2025 | Fund Letters | Jason L. White | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising, antitrust, Audio, Margins, monetization, Regulation, Streaming, Subscriptions | View Pitch |
| Nov 29, 2025 | Fund Letters | Tom Coutts | Spotify Technology S.A. | Communication Services | Entertainment | Bull | NYSE | Audio, FCF, growth, Margins, monetization, Streaming, Users | View Pitch |
| Nov 29, 2025 | Fund Letters | Alex Kopel | Spotify Technology S.A. | Communication Services | Entertainment | Bear | NYSE | advertising, ARPU, Audio, Automation, Competition, Margins, Podcasts, Streaming, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Paulina McPadden | Spotify Technology SA | Communication Services | Streaming Services | Bull | NYSE | advertising, ARPU, Engagement, Free Cash Flow, Margins, Personalization, Streaming | View Pitch |
| Nov 29, 2025 | Fund Letters | Matthew Kamm | Spotify Technology SA | Communication Services | Media & Entertainment | Bull | NYSE | growth, media, monetization, Streaming, Subscriptions | View Pitch |
| Nov 29, 2025 | Fund Letters | Alex Kopel | Spotify Technology S.A. | Communication Services | Entertainment | Bear | NYSE | advertising, ARPU, Audio, Automation, Competition, Margins, Podcasts, Streaming, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Paulina McPadden | Spotify Technology SA | Communication Services | Streaming Services | Bull | NYSE | advertising, ARPU, Engagement, Free Cash Flow, Margins, Personalization, Streaming | View Pitch |
| Aug 13, 2025 | Seeking Alpha | YR Research | Spotify | Communication Services | Internet Content & Information | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Julia Ostian | Spotify Technology S.A. | Communication Services | Internet Content & Information | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | PropNotes | Spotify Technology S.A. | Communication Services | Internet Content & Information | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Motti Sapir | Spotify Technology | Communication Services | Internet Content & Information | Neutral | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||