TGT

TGT

TGT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	City Different Investments – Multi-Cap Core	6.3%	15.0%	AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO	long-term, multi-cap, Research, stock selection, value	The manager employs a disciplined value-oriented approach, comparing investing to thrift shopping where they search for undervalued opportunities. The process involves extensive research to find businesses trading below intrinsic value, with most ideas failing to survive deep analysis.		View
2024 Q3	Sep 30, 2024	Tarkio Fund	-	-	AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO	growth, multi-cap, Quality, small caps, value			View
2023 Q2	Aug 9, 2023	The Olstein Strategic Opportunities Fund	-	-	AMZN, AVTR, BAX, CSCO, CW, DAL, DE, DIS, DOV, FIS, GNRC, GOOGL, IFF, KFY, KLIC, META, NFLX, ORCL, TGT, USB, WESCO	Banking, discount, Entertainment, free cash flow, fundamentals, technology, value	The fund emphasizes buying companies at significant discounts to intrinsic value based on normalized future free cash flow. The manager believes current negative sentiment has created opportunities to purchase good companies whose stock prices have fallen to levels that no longer accurately represent their future fundamentals.	CSCO DIS	View
2025 Q2	Aug 7, 2025	Matrix Dividend Income	-	-	AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH	dividends, financials, tariffs, technology, value, volatility	The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market.	FI AMAT	View
2025 Q2	Aug 7, 2025	Matrix Large Cap Value Strategy	-	-	AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH	dividends, financials, large cap, tariffs, technology, value, volatility	The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably.	UNH FI AMAT AMAT	View
2025 Q2	Jul 8, 2025	Manole Capital Management	-	-	AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU	Credit Cards, crypto, Fintech, payments, regulation, Stablecoins	Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat.		View
2025 Q2	Jul 4, 2025	ClearBridge Investments Large Cap Value	-	-	AAPL, ADBE, AIR.PA, AVGO, ETN, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V	AI, Cloud, diversification, growth, large cap, semiconductors, technology	The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon expected to grow alongside robust demand for Nvidia's GPUs. Marvell designs chips and networking equipment that power AI technologies and has a strong interconnect business, though its AI revenue ramp has been slower than peers.	ADBE ICLR TGT LIN AIR FP NOW MRVL AVGO TSM	View
2025 Q2	Jul 29, 2025	ClearBridge Investments All Cap Growth	-	-	AAPL, ALNY, AVGO, CRWD, ETN, ICLR, JCI, LLY, MDB, META, MSFT, NFLX, NVDA, NVO, PLTR, SNPS, TGT, TMO, UNH, VRTX	AI, Biotechnology, growth, healthcare, positioning, semiconductors, tariffs, technology	Mega cap AI market leadership returned with hyperscalers showing commitment to high levels of AI-driven capex. Microsoft and Meta Platforms outperformed as both they and semiconductor companies including Nvidia and Broadcom were boosted by solid earnings and renewed expectations of widespread AI adoption. Broadcom maintained strong execution in development of custom silicon chips for AI computing and is well-positioned for continued healthy investment in AI.	PLTR SNPS ALNY NVO AVGO NFLX TGT ICLR PLTR SNPS LLY	View
2025 Q2	Jul 29, 2025	ClearBridge Investments Large Cap Growth Strategy	-	-	AAPL, ADBE, AIR.PA, AVGO, ETN, GWW, ICLR, LIN, LLY, META, MMC, MRVL, MSFT, NFLX, NOW, NVDA, TGT, TMO, TSM, UNH, V	AI, diversification, growth, large cap, positioning, risk management, semiconductors, technology	The Strategy broadened AI semiconductor exposure through new positions in Broadcom and Marvell Technology. Broadcom enables better participation in custom silicon chips for AI computing, working with large technology companies to develop custom silicon alongside Nvidia's GPUs. Marvell designs chips and networking equipment for AI, cloud computing and 5G infrastructure with strong interconnect business.	ICLR LIN AIR FP NOW MRVL TSM	View
2025 Q2	Jul 27, 2025	Diamond Hill Large Cap Strategy	2.9%	4.3%	AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS	AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value	AI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors.	EQH ZTS TMO FDX ADBE FERG RRX	View
2025 Q2	Jul 18, 2025	Mairs & Power – Balanced Fund	-	2.7%	ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC	AI, Balanced, financials, healthcare, long-term, technology, Utilities, value	AI-related stocks have driven 75% of market returns since ChatGPT launch, with 40% of capital expenditures linked to AI. The Fund lacks exposure to mega-cap AI leaders but sees durable momentum in AI infrastructure including data centers, power generation, and components.	WEC AMZN FI UNH	View
2025 Q2	Jul 18, 2025	Alpine Capital Research	-	-	AMZN, BN, BRK-A, CRM, CWEB, F, GLXY.TO, GM, LRCX, MA, MU, SOXX, TGT, V	AI, Data centers, Dollar, growth, semiconductors, technology, Trade Policy, US Markets	AI is reshaping markets as a present force, not a distant promise. The Magnificent 7 companies are investing $330.7 billion in capex for 2025, primarily for AI infrastructure including data centers and advanced AI models. AI currently handles 30-50% of critical functions at companies like Salesforce, with expectations of further expansion and workforce reductions as AI-driven efficiencies are implemented.	V MU LRCX GLXY.TO V MU LRCX GLXY CN	View
2024 Q2	Jul 10, 2024	HORAN Capital Advisors	0.0%	0.0%	AMZN, EBAY, LULU, META, MSFT, NKE, NVDA, ROST, SBUX, TGT, TJX, WEN, WMT	consumer, earnings, Economic Slowdown, Fed policy, Market Concentration, Sentiment	Consumers are changing shopping habits due to elevated prices and higher unemployment, with higher earners now shopping at discount stores. Walmart is seeing increased higher income shoppers while companies like Starbucks and Nike face headwinds from consumer pressure. Sales growth for discount stores has outperformed name brands for several quarters.		View
2024 Q2	Jun 30, 2024	Carillon Eagle Growth & Income Fund	-	-	ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN	AI, dividends, growth, large cap, Quality, semiconductors, technology	Technology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate.		View
2023 Q2	Jun 30, 2023	Carillon Eagle Growth & Income Fund	-	-	ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC	AI, Banking, dividends, energy, large cap, Quality, technology	After a major chip manufacturer significantly increased revenue guidance in May because of much higher artificial intelligence spending, investors looked for other ways to participate in higher capital spending on AI. The emergence of artificial intelligence was a notable event during the quarter, transitioning from a powerful concept to a substantial earnings contributor much quicker than many observers expected.		View
2024 Q1	May 2, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMZN, BDX, CSCO, GOOGL, LIN, LLY, MFSIX, MFSYX, MSFT, NESN.SW, NKE, NUE, ORCL, PEP, PGR, TGT, UNH, UPS	Esg, growth, healthcare, large cap, sustainability, technology	GLP-1 therapies are in strong demand with limited availability as capacity increases will be skewed towards year-end. Zepbound for Obesity was approved in Q4 2023 and has seen very strong initial demand, but is limited by capacity constraints.		View
2025 Q1	Apr 8, 2025	Matrix Dividend Income	-	-	ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB	dividends, financials, healthcare, tariffs, technology, value, volatility	The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending.	TGT PEP GNRC	View
2025 Q1	Apr 8, 2025	Matrix Large Cap Value Strategy	-	-	ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB	dividends, financials, healthcare, tariffs, technology, value, volatility	The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system.	TGT PEP GNRC	View
2025 Q1	Apr 24, 2025	Diamond Hill Large Cap Strategy	1.4%	1.4%	ABT, AIG, BRK-B, COF, D, GIS, GM, HCA, HD, LULU, MET, PH, RRX, TGT, WM	consumer, financials, healthcare, large cap, Trade Policy, value, volatility	President Trump announced significant tariffs including 104% on China in response to retaliation, creating widespread market uncertainty. The administration's determination to reshape global trade relationships is causing companies to preemptively invest in US operations to avoid tariffs.		View
2024 Q1	Apr 20, 2024	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS	AI, cyclicals, growth, large cap, risk management, semiconductors, technology	Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk.		View
2023 Q1	Apr 17, 2023	Pittenger & Anderson	-	-	AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO	long-term, multi-cap, Research, stock selection, value	The manager describes a disciplined value-oriented approach, comparing investing to thrift shopping where you search for undervalued opportunities. The process involves extensive research to find companies trading below intrinsic value, with most ideas not surviving deep analysis.		View
2025 Q1	Apr 16, 2025	Horizon Investment	-	-	AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO	mid cap, multi-cap, Quality, small caps, value			View
2024 Q1	Apr 15, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY	AI, growth, healthcare, mid cap, risk management, technology	Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications.	WDAY MDB	View
2024 Q1	Apr 15, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AMP, AMZN, CASY, DIS, ENTG, FI, HSY, JPM, LFUS, LLY, META, MSFT, NVDA, PG, QCOM, TECH, TGT, UNH, USB, WFC	AI, Balanced, dividends, financials, healthcare, semiconductors, technology, value	The fund sees significant opportunities with companies that will benefit from AI implementation and plans to continue improving the portfolio accordingly. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. The fund has invested in pick and shovel providers of AI that are crafting tools for businesses to utilize.		View
2025 Q1	Mar 31, 2025	ClearBridge Investments All Cap Growth	-	-	AAPL, ABBV, AMZN, APP, ARES, AVGO, CRL, CTAS, ELF, META, NVDA, RTX, SPGI, TGT, TJX, TSLA, UBER, UNH, V, VRTX	AI, earnings, growth, healthcare, Magnificent Seven, tariffs, technology	Trump's chaotic introduction of tariffs dominated headlines, with 25% steel and aluminum tariffs, additional 20% tariff on China, and 25% tariffs on most goods from Canada and Mexico. The multinational exposure of many holdings makes tariffs a key risk being monitored, with potential headwinds to GDP growth depending on substitutes and production shifting ability.	ARES APP	View
2025 Q1	Mar 31, 2025	Columbia Dividend Opportunity Fund	3.4%	3.4%	ABBV, AFG, ALL, AVGO, CSCO, CVS, CVX, DLR, EIX, HD, HPE, IBM, JNJ, JPM, KO, MRK, PEG, PM, TGT, XOM	defensives, dividends, energy, large cap, Trade Policy, Utilities, value	The fund focuses on companies with historically consistent and increasing dividends. Dividend-paying stocks held up reasonably well in Q1 despite broader market weakness, benefiting from rotation into defensive areas. The fund maintains positions in core dividend-paying holdings across sectors.		View
2025 Q4	Feb 22, 2026	City Different Investments – Multi-Cap Core	2.8%	18.1%	AMG, APG, CHTR, FLYW, GILD, GOOGL, KMX, LOPE, META, MSFT, NFLX, SBUX, SCHW, TGT, TMO	Behavioral, Diversified, long-term, multi-cap, value	Mature (Value) businesses led performance in the fourth quarter and were the strongest contributors for the full year, reflecting durable execution in companies that continued to generate healthy free cash flow and return capital.	FLYW	View
2023 Q4	Feb 20, 2024	Tall Oak Capital Advisors	-	-	AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO	Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology	The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution.	PANW	View
2024 Q4	Dec 31, 2024	Madison Sustainable Equity Fund	-2.1%	17.4%	AAPL, ADBE, AMZN, BLK, COST, DHR, ECL, GOOGL, JPM, KEYS, LIN, LLY, MCD, MSFT, NEE, ORCL, SCHW, TGT, UNH, V	financials, growth, healthcare, large cap, Quality, sustainability, technology	Google's Cloud business reported accelerating revenue growth from 29% to 35% year-over-year, showing the company is gaining traction with enterprise customers. Google has released a new quantum chip that has been well received by investors for its growth potential. Adobe continues to grow with professional creative designers and enterprise customers by integrating new GenAI features into its existing software applications.		View
2023 Q2	Dec 7, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	AAPL, ADI, DHR, GOOGL, HD, LLY, NESN.SW, ORCL, PEP, QCOM, TEL, TGT, UNH, USB	Banking, financials, healthcare, large cap, Quality, sustainability, technology	Manager sees semiconductor fundamentals troughing in Q2 with recovery expected in second half. Qualcomm inventory issues peaked in Q1 and should moderate. Analog Devices showed strength in auto and industrial markets with 30% and 25% growth respectively.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH DHR ALLY USB ICLR\|LLY\|PLTR\|SNPS\|TGT AIRTEL.L QCOM GOOGL ADI	View
2025 Q3	Nov 16, 2025	Matrix Dividend Income	-	-	ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP	defense, dividends, financials, healthcare, technology, value	Technology and Communications sectors led the market rally in Q3, accounting for close to 70% of the S&P 500's performance. Many companies within these sectors benefit from investor enthusiasm for artificial intelligence including the Magnificent 7. The manager expects corporations to continue finding new ways to run their businesses more efficiently as they incorporate AI.	LMT STZ ACN	View
2025 Q3	Nov 16, 2025	Matrix Large Cap Value Strategy	-	-	ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP	AI, defense, dividends, financials, large cap, rates, technology, value	Technology and Communications sectors led the market rally, accounting for 70% of S&P 500 performance in Q3, driven by investor enthusiasm for artificial intelligence including the Magnificent 7. Companies are expected to continue incorporating AI to run businesses more efficiently and drive earnings growth.		View
2023 Q3	Nov 10, 2023	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT	consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology	Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth.	SBUX SUNP IN ICLR\|LLY\|PLTR\|SNPS\|TGT AAPL\|MSFT\|NFLX\|NVDA\|UNH AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q3	Nov 10, 2023	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V	AI, China, consumer, growth, healthcare, large cap, technology	Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI.		View
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
2023 Q3	Oct 31, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, PM, TGT, TXN, VZ	defense, dividends, energy, large cap, Quality, technology, value	The Income Equity strategy focuses on higher overall dividend yield orientation and companies with attractive shareholder yields. The portfolio emphasizes dividend-paying companies as a significant component of expected total returns in the current environment.		View
2024 Q3	Oct 28, 2024	Kinsman Oak	0.0%	0.0%	AMZN, DG, DLTR, GOOG, MSFT, RACE, RMS.PA, TGT, WMT	Bifurcated Economy, Dollar Stores, Hidden Segments, Luxury, nuclear, uranium, value	Mega-cap technology companies are turning to nuclear power to meet electricity demand for AI and data centers. Alphabet, Amazon, and Microsoft have all signed agreements for small modular reactors, indicating a dramatic shift in sentiment towards nuclear energy.		View
2023 Q3	Oct 25, 2023	GDS Investments	-	-	AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO	financials, healthcare, multi-cap, Quality, small caps, value			View
2025 Q3	Oct 24, 2025	Mindset Value Fund	10.2%	-12.4%	GLASF, GRUSF, HQI, NNI, TGT, VREOF	Cannabis, EBITDA, growth, Reform, SmallCap, value	Federal cannabis reform appears increasingly likely with President Trump discussing legalization benefits and Target beginning hemp beverage sales. Minnesota adult-use approval for existing medical providers creates significant growth opportunities. The sector remains illiquid and volatile but positioned for meaningful catalysts.	CAN GLASF VREOF CAN GLASF VREOF	View
2025 Q3	Oct 24, 2025	Mairs & Power – Balanced Fund	-	6.5%	ABT, AMZN, ENTG, FI, FUL, GOOG, HON, JNJ, JPM, MDT, MSI, NEOG, PFG, TECH, TGT, TXN, UNH, USB, WEC, WFC	AI, Balanced, financials, healthcare, technology, underperformance, Utilities, value	AI-related stocks have dominated market performance since ChatGPT's 2022 launch, with 40 AI-related S&P 500 stocks accounting for 75% of market returns. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, and thermal management components. However, the Fund largely lacks exposure to these high-performing AI companies, contributing to underperformance.		View
2025 Q3	Oct 24, 2025	Diamond Hill Large Cap Strategy	-0.1%	4.2%	AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS	AI, Data centers, defense, large cap, Quality, technology, value	AI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption.	ZTS FDX	View
2025 Q3	Oct 19, 2025	Smead Value Fund	10.7%	4.7%	AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH	AI, commodities, energy, Homebuilders, technology, value	Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets.	MRK SPG DHI APA	View
2023 Q3	Oct 17, 2023	Warden Capital	0.0%	9.1%	CUBE, MAA, MAC, PLD, TGT	Cap Rates, Commercial Property, inflation, interest rates, Office, real estate, REITs, retail	The manager discusses the interplay between fundamental performance and interest rates across CRE sectors. Higher rates are impacting all sectors, but higher yielding sectors should see less impact. Quality assets are expected to revert towards replacement values over the long term.		View
2025 Q3	Oct 16, 2025	White Brook Capital	-	-	AMS, BLDR, BOF, CCLDO, CVEO, FND, GOOG, INFU, JAKK, MSFT, NVDA, PAYS, PTLO, QIPT, RGTI, RPID, TGT, TSM, TTSH	AI, Bubble, cash flow, growth, Homebuilders, small caps, value	Manager views AI spending as creating a bubble with mixture of substance and hype. Compares to fiber optic cable overinvestment but notes silicon processors have much shorter lifespans. Sees problematic warrant and share issuances in AI ecosystem deals.	TGT US PTLO US	View
2023 Q3	Oct 16, 2023	Smead Value Fund	5.1%	11.1%	AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM	Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value	The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years.		View
2023 Q3	Oct 15, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	ADI, BMY, COST, DIS, EL, GOOGL, HD, J, LLY, NEE, ORCL, PEP, TEL, TGT, TXN, UNH	growth, healthcare, infrastructure, large cap, Quality, semiconductors, sustainability, technology	Eli Lilly's diabetes franchise, particularly Mounjaro, continues to drive performance with approval for diabetes and expected approval for obesity treatment later this year. The company is also awaiting approval of donanemab for Alzheimer's by year end.	TXN GOOGL 0JZ0 LN ALLY	View
2025 Q4	Jan 30, 2026	Immersion Investment Partners	0.0%	0.0%	BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING	AI, Food, growth, Restaurants, small caps, tech, Valuations	The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves.	BROS MAMA PAR	View
2025 Q4	Jan 2, 2026	Oak Ridge investment	0.0%	0.0%	CSCO, TGT, WMT	AI, Fed policy, growth, healthcare, technology, Valuations	AI is for real and will rapidly grow into everyday lives, continuing to threaten jobs while creating opportunities to improve quality of life. Success breeds competition and margin pressure hits profits. The best performing stocks will be those in their respective industries that do a better job than their peers utilizing technology. Healthcare stocks soared during the fourth quarter and provided the best returns by far. Performance was led by weight loss companies, European pharmaceuticals with positive phase three trials, and breakthrough biotech innovators in autoimmune disease. The sector is expected to lead in the year ahead. Technology and Communication Services remained recipients of majority of Capex spending. Mega cap Tech leaders saw earnings grow 31% and stocks advance 24%, lowering P/Es to reasonable levels. Larger cap Technology companies should continue to lead the market despite being an enormous part of the growth benchmark. Valuations do matter, as evidenced by Cisco Systems finally reaching new highs over 25 years after its Bubble Peak. The market has assigned a 40 P/E ratio to Walmart compared to 15X multiple on struggling Target. Leadership has been among lower quality, higher volatility names trading at extremely high valuations.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Balanced Fund	0.0%	6.6%	AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC	AI, Balanced, earnings, financials, healthcare, rates, technology	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence.		View
2025 Q4	Jan 13, 2026	Thornburg Strategic Income Fund	1.2%	7.6%	AMAT, AMZN, META, TAP, TGT	credit, Data centers, duration, Fed policy, fixed income, investment grade, yield curve	The portfolio identified attractive opportunities within project finance through lending secured by data centers under construction with leases to investment-grade tenants. These transactions offer high barriers to entry, favorable valuations, robust structures, and desirable tenant profiles despite maintaining a generally cautious view of the data center and AI sectors. Recent bankruptcies and instances of fraud may be indicative of light covenants typically seen late-cycle. Credit spreads remain tight, particularly within private market areas that have experienced sharp growth, raising concerns about credit quality deterioration. The Federal Reserve continued its easing cycle with 50 basis points of rate cuts including a 25bp cut in December lowering the Fed Funds rate to 3.50-3.75%. Treasury yields fluctuated with short-end yields declining 20-30 basis points as rate-cut expectations increased while the curve continued to steepen.		View
2023 Q3	Sep 30, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ	energy, fundamentals, large cap, rates, real estate, Utilities, value	Energy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation.		View
2024 Q2	Jul 31, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS	AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology	AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets.	IDXX ELF	View
2024 Q2	Jul 26, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN	AI, Cloud, large cap, semiconductors, technology, value	AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date.	SBUX IP	View
2023 Q2	Jul 25, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	ABBV, AIG, AMZN, DIS, FERG, HCA, HUM, KMX, MSFT, PFE, TFC, TGT, TTWO, WY	AI, Banking, healthcare, large cap, rates, technology, value	The fund emphasizes value investing philosophy and approach, believing it is well-suited to an environment with higher rates and inflation where value stocks are positioned to produce abundant cash flows. The team focuses on achieving value-added results through active portfolio management.	ICLR\|LLY\|PLTR\|SNPS\|TGT FERG AMZN BRK/A\|CSGP\|KMX AIG	View
2023 Q2	Jul 19, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, CCI, LOW, MSFT, PGR, SCHW, TGT	-			View
2024 Q2	Jul 17, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMZN, COST, DHR, EFX, GOOGL, HD, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, QCOM, TGT, UNH, USB, V	Esg, healthcare, large cap, sustainability, technology, Utilities	AI is emerging as a key theme with Qualcomm benefiting from AI moving to smartphones through higher silicon content and potential share gains. Apple introduced Apple Intelligence at their developer conference as their answer for artificial intelligence.	EFX	View
2024 Q2	Jul 16, 2024	Tidefall Capital Management	2.4%	6.9%	AMZN, PDD, TGT, WMT	China, E-Commerce, Geopolitical Risk, growth, technology, valuation	Pinduoduo represents a revolutionary e-commerce model with team buying via social media, algorithmic product recommendations, and automatic price tracking. The company has grown to become China's second largest online retailer in less than a decade, with international expansion through Temu becoming the most downloaded app in the US in 2023.	PDD	View
2024 Q2	Jun 30, 2024	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS	AI, growth, large cap, Mega Cap, risk management, semiconductors, technology	Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance.		View
2025 Q1	Apr 14, 2025	Smead Value Fund	-3.1%	-3.1%	AMGN, APA, AXP, DHI, DVN, EBAY, LEN, MAC, MRK, NVR, OVV, OXY, SPG, TGT	energy, Homebuilders, Overvaluation, Quality, REITs, Scarcity, value	The fund emphasizes buying quality, well-selected common stocks at attractive valuations during a period when stocks are historically overpriced and overly popular. The manager believes investors are expecting what worked for the last ten years will work for the next ten years, creating opportunities for value-oriented approaches.		View
2023 Q1	Apr 14, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	AAPL, ADI, ADP, DHR, GOOGL, HD, LLY, NESN.SW, ORCL, PEP, QCOM, TEL, TGT, UNH, USB	financials, healthcare, large cap, Quality, sustainability, technology	Manager sees semiconductor fundamentals troughing in Q2 2023 with recovery expected in second half. Analog Devices performed well with strong auto and industrial end markets. Qualcomm inventory issues peaked and should moderate going forward.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH DHR ALLY USB ICLR\|LLY\|PLTR\|SNPS\|TGT AIRTEL.L QCOM GOOGL ADI	View
2023 Q4	Mar 1, 2024	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS	AI, diversification, growth, large cap, Magnificent Seven, technology	Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward.		View
2024 Q4	Jan 17, 2025	Carillon Eagle Growth & Income Fund	-	-	AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB	AI, dividends, energy, financials, growth, income, large cap, technology	AI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth.		View
2023 Q4	Jan 16, 2024	Smead Value Fund	5.1%	11.1%	APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL	banks, consumer, energy, Homebuilders, inflation, value	Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR.		View
2023 Q4	Jan 14, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO	financials, healthcare, inflation, large cap, rates, Sustainable, technology	Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate.		View
2023 Q4	Jan 13, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD	diversification, growth, large cap, software, technology, volatility	AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks.	0CUN LN AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM CTAS	View
2023 Q4	Jan 2, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP	energy, financials, large cap, Quality, rates, technology, value	The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Matrix Dividend Income	Target Corporation	Consumer Discretionary	General Merchandise Stores	Bull	NYSE	Consumer Discretionary, dividend aristocrat, Dividend Growth, Economic Slowdown, General Merchandise, retail, tariffs, Value	View Pitch
Apr 13, 2026	Fund Letters	Matrix Large Cap Value Strategy	Target Corporation	Consumer Discretionary	General Merchandise Stores	Bull	NYSE	50-Year Dividend Growth, Consumer Discretionary, dividend aristocrat, Economic Slowdown, General Merchandise, retail, tariffs, Value	View Pitch
Dec 5, 2025	Fund Letters	Robert Feitler	Target Corporation	Consumer Discretionary	General Merchandise Stores	Bear	NYSE	Demand, Discretionary, Margins, retail, tariffs	View Pitch
Dec 5, 2025	Fund Letters	Evan Bauman	Target Corporation	Consumer Discretionary	General Merchandise Stores	Bear	NYSE	Competition, Discretionary, Margins, retail, tariffs	View Pitch

BSD Shareholders of TGT

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

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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