TJX Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 30, 2024	Qualivian Investment Partners	2.5%	-	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods.	URI MUSA	View
2025 Q2	Jul 25, 2025	Bretton Fund	2.7%	-	AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	fundamentals, healthcare, insurance, technology, value	UnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings.	UNH	View
2025 Q2	Jul 23, 2025	Madison Sustainable Equity Fund	6.1%	2.4%	AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V	AI, Cloud, growth, healthcare, large cap, Quality, sustainability, technology	Oracle's massive RPO growth of 359% driven by multi-billion AI infrastructure contracts, with OCI revenue projected to grow from $18 billion to $144 billion over four years. Alphabet's Google Cloud accelerated to 31.7% growth, benefiting from AI demand. Microsoft and NVIDIA highlighted for strong AI-driven earnings growth expectations.	UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL	View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	consumer, financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance.	MSCI CDW ABNB ACGL FI ADI FERG	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	Saturna Sustainable Funds	-1.9%	9.5%	AAPL, ACN, ADBE, DASTY.PA, FERG.L, GIB.A.TO, GSK, HD, LLY, LOW, LULU, NVDA, NVO, NXPI, SBUX, SCHNEIDER.PA, STM, TJX, TSM, WKL	AI, global, growth, healthcare, large cap, semiconductors, Sustainable, technology	Generative AI is driving stock prices, index returns, and capital expenditures across technology companies. The fund sees significant productivity enhancements from AI tools and believes AI will follow the path of transformative technologies like desktop computers and cellular phones. Big tech companies are committing tens to hundreds of billions in capital investment for AI development.		View
2024 Q1	May 7, 2024	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	healthcare, insurance, large cap, Quality, value	Progressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums.	UNH	View
2024 Q1	May 2, 2024	Madison Investors Fund	7.8%	17.0%	A, ACGL, ACN, ADI, ALC, AMZN, BDX, BRK.B, CHTR, CPRT, DLTR, FI, GOOGL, LBRDK, LOW, PCAR, PGR, PH, TJX, V	financials, growth, industrials, large cap, Quality, technology, value	Two insurers, Arch Capital and Progressive, were large contributors during the quarter. Both are benefiting from attractive market conditions which has boosted underwriting profits. Investment income should continue to rise as they roll over fixed income portfolios at more favorable coupon rates.	PH FISV PGR ACGL PCAR	View
2025 Q1	May 13, 2025	Sawgrass Asset Management – Large Cap Quality Growth	-	-	ADBE, AVGO, AZO, CBOE, LULU, MCD, META, NOW, NVDA, TJX	growth, large cap, Outperformance, Quality, volatility	The portfolio's focus on quality companies with low price volatility helped limit losses during the quarter's elevated volatility. Quality positioning benefited from investor flight towards quality companies amid market uncertainty.		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 21, 2026	Bretton Fund	-9.1%	-9.1%	AXP, AZO, BAC, BRK/B, DFH, EXP, GOOGL, MA, MCO, MSFT, NVR, ROST, SPGI, TJX, UNH, V	AI, Concentration, infrastructure, payments, technology, value		AXP	View
2026 Q1	Apr 21, 2026	Renaissance Investment Management – Large Cap Growth	-	-	AMAT, APP, BSX, CPRT, FIX, INTU, IT, LRCX, MSFT, TJX, ZTS	AI, growth, Iran, large cap, oil, semiconductors, technology, value			View
2026 Q1	Mar 31, 2026	ClearBridge Investments All Cap Growth	-	-	ADSK, APP, ASML, CRWD, DOCS, ETN, FCX, GWW, HUBS, ISRG, JCI, LHX, META, NFLX, PODD, RHHBY, RTX, TJX, TSM	AI, defense, growth, healthcare, materials, semiconductors, technology		ANET ROG.SW FCX TSM ASML APPL	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
2024 Q4	Feb 6, 2025	Bretton Fund	-1.0%	20.3%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	consumer, financials, healthcare, technology, value	Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race.	UNH DFH NVR AZO GOOGL AXP PGR	View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2024 Q4	Dec 31, 2024	Saturna Sustainable Funds	-4.2%	9.6%	AAPL, ADBE, AVGO, GOOGL, LIN, LLY, LULU, NEE, NOW, NVDA, NVO, SBUX, TJX, TSCO, TSM	AI, infrastructure, Onshoring, semiconductors, Sustainable, tariffs, technology, Utilities	AI infrastructure companies like Nvidia, Taiwan Semiconductor, and Broadcom drove significant portfolio returns. The fund maintains exposure to AI enablers while adding companies whose growth opportunities are not contingent on AI advancements. Many companies contributing to AI building blocks enjoyed extraordinary returns during 2024.		View
2025 Q3	Dec 15, 2025	Qualivian Investment Partners	6.4%	-	APH, BN, BRO, CPRT, GOOGL, MA, MCO, ORLY, TJX, WSO	AI, compounders, long-term, Quality, technology, value	The fund focuses on Quality Compounders - high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation that compound capital at mid-teens rates. Research shows quality stocks outperform over extended periods, similar to betting on favorites versus long shots in racetrack markets.		View
2023 Q2	Dec 7, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging AI threats and expect management to make appropriate strategic choices for the long term.	SCHW USB	View
2024 Q3	Oct 24, 2024	Bretton Fund	10.0%	0.0%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	financials, growth, Homebuilders, insurance, materials, technology, value	Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year.	GOOGL PGR	View
2025 Q3	Oct 22, 2025	Bretton Fund	8.2%	-	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	Antitrust, consumer, financials, healthcare, retail, technology	The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance.	UNH GOOGL	View
2022 Q3	Oct 21, 2022	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V	-			View
2023 Q3	Oct 20, 2023	Bretton Fund	10.0%	0.0%	AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH	Concentration, large cap, Quality, technology, US, value	Alphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects.		View
2025 Q3	Oct 15, 2025	Madison Sustainable Equity Fund	6.5%	8.2%	AAPL, ADBE, AMZN, ANET, COST, ECL, GOOGL, JPM, KEYS, LIN, LLY, MSFT, NEE, NVDA, ORCL, PGR, TEL, TJX, TXN, V	growth, healthcare, large cap, Quality, Sustainable, technology	Oracle's massive RPO growth driven by AI infrastructure demand, with OCI revenue projected to increase from $18 billion to $144 billion over four years. Data center capital expenditure growth benefiting companies like Arista Networks. AI infrastructure companies generating strong performance in the quarter.	TJX TEL ANET GOOGL ORCL	View
2023 Q3	Oct 15, 2023	Madison Investors Fund	7.8%	17.0%	A, ACGL, ADBE, ADI, ALC, DLTR, FI, GOOGL, J, LBRDK, LOW, TEL, TJX, TXN	growth, healthcare, insurance, retail, semiconductors, technology, value	Alphabet is rapidly incorporating artificial intelligence technology into its suite of products and services, which will drive additional opportunities for growth rather than threaten its existing market position. Early signs are positive, with Alphabet maintaining its global search engine market share and announcing new products.	0A53LN TXN	View
2025 Q3	Oct 14, 2025	Madison Investors Fund	-2.2%	-0.1%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability.		View
2025 Q4	Jan 6, 2026	The Baird Chautauqua International Growth Fund	0.1%	19.2%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, FFH.TO, GALDA.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, Automation, China, growth, international, semiconductors, Trade Policy, value	AI-related infrastructure demand drove commodities rally and memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Fanuc showcased significant advancements in AI-enabled robotics with commercialization potentially arriving in coming years. Significant de-escalation in U.S.-China trade tensions with Presidents Trump and Xi reaching agreement in October. U.S. reduced fentanyl-related tariffs and extended suspension of reciprocal tariffs for one year. Average effective U.S. tariff rate remains elevated at 17% compared to 2-3% at end of 2024. Economic data remained mixed despite trade war stabilization. Exports resilient but domestic demand stubbornly weak. Property sector downturn continues in fifth year. Policymakers identified raising household incomes as priority for boosting consumption, signaling recognition that economy's reliance on exports has become precarious. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in that consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with demand continuing to outpace supply and management seeing tightness across 2026. Fanuc reported strong robot orders up 38% year-over-year, driven by reshoring-related automation demand in North America, European automation investments, and new energy vehicle spending in China. Company showcased significant advancements in AI-enabled robotics at international robot show. Sea Limited reported strong results with revenue growing 38% and gross merchandise value growing 28%, though Shopee's adjusted EBITDA margin declined sequentially as management signaled preference for growth over near-term margin optimization with ongoing investments in logistics and fulfillment capabilities.		View
2025 Q4	Jan 6, 2026	The Baird Chautauqua Global Growth Fund	4.2%	22.1%	2269.HK, 6098.T, 6954.T, ASML, BABA, BEKE, BEPC, CSU.TO, D05.SI, GALP.SW, GOOGL, INCY, LULU, MA, MU, PRX.AS, REGN, RYA.L, SCHW, SE, TEAM, TEMN.SW, TJX	AI, China, growth, international, rates, semiconductors, Trade Policy, value	AI-related infrastructure demand drove materials and memory semiconductor outperformance. Fanuc showcased significant advancements in AI-enabled robotics with commercialization expected in coming years. Application software and IT services faced pressure on concerns that generative AI could disrupt traditional business models. Significant de-escalation in U.S.-China trade tensions with agreements reducing fentanyl-related tariffs and suspending reciprocal tariffs. Average effective U.S. tariff rate remains elevated at 17% versus 2-3% in 2024. Tariff pass-through to consumer prices has been more muted than initially feared but remains an upside risk to inflation. Chinese exports resilient despite trade tensions, with trade surplus crossing $1 trillion for the first time. Domestic demand remains weak with property sector downturn continuing. Policymakers signaled shift toward boosting household incomes as priority for consumption growth. Memory semiconductors delivered outsized returns as high-bandwidth memory demand for AI datacenters rewarded players in the consolidated industry. Micron reported strong results with improved pricing in both DRAM and NAND, with management seeing supply tightness across 2026. Central bank policy paths diverged with Fed continuing easing, ECB holding steady, and BOJ raising rates to highest level in nearly three decades. Fed faces delicate balancing act between weakening labor market and inflation remaining above target.		View
2025 Q4	Jan 5, 2026	The Compounding Tortoise	0.0%	-2.9%	BRO, HEI, TJX, TVK.TO	earnings, growth, long-term, Quality, Roiic, value	The manager focuses on companies with high returns on incremental invested capital, good growth, and embedded optionality. Portfolio-weighted NOPAT per share growth has been 12.5% per annum over the past two years. The challenge is finding companies that tick all quality growth boxes, especially when attractively priced. Portfolio-weighted earnings growth (NOPAT per share) has been 12.5% per annum over two years. For 2026, the manager estimates portfolio-weighted earnings growth will be about 16%, supported by low-30s percent ROIIC. Focus is on investments that pay off quickly with meaningful management ownership.		View
2025 Q4	Jan 12, 2026	ClearBridge Investment Growth Strategy	-	-	ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO	AI, balance, growth, innovation, semiconductors, technology, volatility	The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion.	ELF SHOP	View
2024 Q3	Sep 30, 2024	Qualivian Investment Partners	2.4%	15.3%	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods.	URI MUSA	View
2024 Q3	Sep 30, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, ACN, AMZN, COST, DHR, GOOGL, HD, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, TJX, TXN, UNH, USB, V	healthcare, large cap, Quality, sustainability, technology, value	Microsoft continues to point to supply constraints in Azure but remains bullish about AI opportunities with their expansive enterprise position. Oracle reported strong Cloud infrastructure demand acceleration and highlighted multi-year AI growth opportunities. Qualcomm is positioned for AI moving into mobile phones and entering the AI PC business, though ramping will take time.		View
2023 Q4	Sep 2, 2024	Bretton Fund	10.0%	0.0%	AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH	concentrated, large cap, Quality, technology, US, value	Alphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects.		View
2023 Q2	Aug 15, 2023	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V	AI, consumer discretionary, financials, Homebuilders, insurance, technology	Artificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever.		View
2024 Q2	Jul 24, 2024	Bretton Fund	10.0%	0.0%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	Building Materials, financials, Homebuilders, large cap, Quality, technology, value	The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets.	EXP	View
2024 Q2	Jul 17, 2024	Madison Investors Fund	7.8%	17.0%	A, ACGL, ADI, ALC, AMZN, BDX, BRK.B, CPRT, DE, DLTR, FI, GOOGL, LOW, PCAR, PGR, PH, SBUX, TJX, TXN, V	consumer, industrials, insurance, large cap, Quality, semiconductors, technology, value	Semiconductor manufacturers Analog Devices and Texas Instruments continue to see declining sales and profits due to weak demand and inventory reduction by customers and distributors. However, the cycle appears to be bottoming, setting conditions for a profit rebound over the coming years as investors better appreciate the industry's secular demand characteristics.	DE SBUX	View
2023 Q2	Jul 7, 2023	Saga Partners	22.6%	39.4%	AAPL, ADBE, AMZN, CMG, CPRT, CRM, GOOGL, HD, HEI, MA, META, MSFT, NFLX, NOW, ORLY, ROKU, TDG, TJX, TSCO, V	Concentration, innovation, long-term, Streaming, technology, volatility	Connected TV has moved into the transitional phase where the market has chosen winners who are scaling products with rising barriers to entry. The real value will move to TV operating system aggregators rather than content suppliers, with Roku positioned to benefit from its growing market share approaching half of US households.		View
2025 Q1	Apr 23, 2025	Bretton Fund	-1.0%	-1.0%	AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	durability, Franchises, Pricing Power, tariffs, Trade Policy, value	The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end.		View
2023 Q1	Apr 21, 2023	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V	Banking, healthcare, Housing, technology, value	Regional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks.	ABAC JPM CNVRG PM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q1	Apr 14, 2023	Madison Investors Fund	7.8%	17.0%	ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB	Banking, financials, large cap, Quality, semiconductors, technology, value	The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging threats and expect management to make sound strategic choices for the long term.	SCHW USB	View
2022 Q4	Feb 14, 2023	Bretton Fund	10.0%	0.0%	AXP, BRK/A, GOOG, JPM, MSFT, TJX, UNH	-			View

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