TSCO

TSCO

TSCO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 14, 2025	Wedgewood Partners	7.1%	0.3%	AAPL, BKNG, CDW, CPRT, EW, GOOGL, IDXX, META, MSFT, MSI, ORLY, TSCO, TSM, UNH, URI, V, ZTS	AI, Bull Market, growth, healthcare, large cap, tariffs, technology, Valuations	Meta Platforms has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively in deep learning recommendation systems that help power its products. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate to reinforce its competitive positioning. Microsoft showed key acceleration in its Azure cloud infrastructure business, driven by demand for AI-compute capacity.		View
2024 Q1	May 8, 2024	Aoris International Fund	3.1%	0.0%	ATCO-A.ST, COST, CPG.L, INTC, NVDA, TSCO, TSLA, V	AI, Conservative, international, Quality, technology, value	The fund focuses on high-quality, wealth-creating businesses with strong competitive positions and proven management. They avoid unprofitable companies, highly indebted businesses, emerging market companies, and those with volatile earnings. The investment approach emphasizes conservative, fundamental analysis of market-leading businesses.	V CPG.L ATCO-A.ST	View
2024 Q1	May 7, 2024	Ithaka US Growth Strategy	0.2%	0.0%	AAPL, ADBE, AMZN, ASML, CMG, CRWD, DXCM, LULU, MSFT, NVDA, TSCO	AI, Cloud, growth, healthcare, large cap, semiconductors, technology	Generative AI references pervaded almost every earnings call as the world debates the future impact of this revolutionary technology. The firm outlined stages of the AI technological revolution and where profits will accrue in each evolution stage. NVIDIA benefited from tremendous excitement surrounding generative AI development and the likelihood this would necessitate purchasing large numbers of Nvidia products far into the future.	AAPL ADBE LULU MSFT AMZN NVDA	View
2026 Q1	Apr 6, 2026	Wedgewood Partners	-6.3%	-6.3%	AMZN, BKNG, CB, CDW, CPRT, GOOGL, META, MSFT, MSI, ODFL, ORLY, PGR, PYPL, TOL, TSCO, TSM, UNH, V	AI, energy, geopolitics, growth, large cap, oil, semiconductors, technology		V GOOGL META BKNG MSFT ORLY CB MSI ODFL TSM	View
2024 Q1	Apr 15, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, AMZN, BKNG, CDW, CPRT, EW, GOOGL, META, MSFT, NVDA, POOL, PYPL, SPGI, TPG, TSCO, TSLA, TSM, UNH, V	AI, growth, large cap, payments, technology, Travel, value	Artificial intelligence continues to drive significant performance with portfolio holdings including Alphabet, Apple, Meta Platforms, Microsoft and Taiwan Semiconductor Manufacturing benefiting from the secular AI tailwind. Meta Platforms and Taiwan Semiconductor were 2024 performance leaders on this front.	PYPL	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
2023 Q2	Dec 7, 2023	Rowan Street Capital	12.8%	42.3%	CMG, NVO, TSCO	-			View
2023 Q3	Nov 10, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2025 Q4	Jan 23, 2026	Bell Global Emerging Companies Fund	-1.8%	-5.9%	3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS	global, industrials, Quality, SMID Cap, technology, value	The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions.	VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL	View
2025 Q4	Jan 23, 2026	Bell Global Equities Fund	-1.5%	0.0%	3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V	financials, Global Equities, industrials, QARP, Quality, technology	Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions.	JKHY LPLA GWW TSCO ODFL	View
2025 Q4	Jan 14, 2026	Wedgewood Partners	-1.8%	4.3%	AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	AI, growth, large cap, Portfolio Management, Quality, technology, valuation	AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index.	PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN	View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	ALL, ARGX, BJ, COR, CTAS, DASH, EME, FND, IAC, ICLR, LNG, ORLY, PINS, PR, RGEN, RNR, ROST, TPG, TSCO, VEEV	consumer, energy, financials, growth, healthcare, industrials, mid cap, technology	AI investments by large public cloud providers continue unabated as they see greater risks of underspending and being left behind by rivals. This dynamic affects Information Technology budget setting cycles as companies approach year end.		View
2023 Q2	Jul 20, 2023	Ithaka US Growth Strategy	0.2%	0.0%	AMZN, CDNS, ISRG, MELI, MSFT, NOW, NVDA, PODD, PYPL, SQ, TSCO, TTD	AI, Cloud, growth, large cap, semiconductors, technology, US	Generative AI dominated earnings calls with 70% of portfolio companies mentioning it. The technology requires enormous resources suggesting value will accrue to platform providers and hardware manufacturers. While debate exists between dreamers and naysayers, the massive investment being deployed significantly increases adoption probability.	PYPL ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM PODD AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q2	Jul 14, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, CDW, CPRT, GOOGL, META, MSFT, PYPL, TPG, TSCO	AI, Buybacks, Cloud, Ecosystem, growth, large cap, Mobile, technology	Meta has been at the forefront of investing in valuable artificial intelligence IP, particularly with ranking and recommendation systems across its products. Despite the recent Gen-AI frenzy, Meta has been researching generative-AI tools for years. Alphabet and Google have been pioneers in AI development, creating important software and hardware specifications that developers rely on today.	TSCO CDW TPG PYPL AAPL\|MSFT\|NFLX\|NVDA\|UNH CPRT GOOGL AAPL ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	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
2023 Q2	Jun 30, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST	consumer discretionary, growth, healthcare, industrials, mid cap, technology	The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles.		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	Apr 14, 2025	Wedgewood Partners	-6.3%	-6.3%	AAPL, CPRT, GOOGL, META, MSFT, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V	China, growth, infrastructure, large cap, payments, tariffs, technology, volatility	The Trump administration's tariff policy has created significant market volatility, with reciprocal tariff rates initially announced at 10% across-the-board and 145% on Chinese exports. The administration issued a 90-day pause to negotiate lower rates, with critical technology exclusions for computers, smartphones and chip-making equipment representing nearly 25% of Chinese imports.	URI ORLY V	View
2023 Q1	Mar 31, 2023	Aoris International Fund	3.1%	0.0%	ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO	concentrated, Conservative, growth, international, long-term, Quality, ROIC	Aoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions.	GGG MC.PA	View
2024 Q4	Jan 28, 2025	Aoris International Fund	-	22.9%	APH, CDW, CMPGY, COST, CTAS, DPLM.L, HLMA.L, MC.PA, MSCI, OR.PA, RELX.L, SHW, TSCO, V	global, Intrinsic Value, large cap, Long Term, Quality, value	Manager focuses on owning 15 high-quality, growing, wealth-creating businesses that are market leaders in established industries. Portfolio companies are selected for their strong competitive positions, consistent growth records, and ability to control their own destiny without being subject to government policy changes.		View
2023 Q4	Jan 26, 2024	Aoris International Fund	3.1%	0.0%	ATCO-A.ST, COST, CPRT, FAST, GGG, MSFT, NKE, OR.PA, RELX.L, TSCO	concentrated, international, Long Term, Quality, Resilience, value	Aoris focuses on high-quality, wealth-creating businesses with strong competitive positions, consistent profitability, and resilient characteristics. The portfolio consists of 15 companies that demonstrate superior growth, profitability, and balance sheet strength compared to market averages.	REL.L FAST OR.PA COST AAPL\|MSFT\|NFLX\|NVDA\|UNH CPRT ATCO-A.ST	View
2022 Q4	Jan 19, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, EW, GOOG, META, MSI, PYPL, TPL, TSCO, V	-			View
2024 Q4	Jan 15, 2025	Wedgewood Partners	5.5%	29.1%	AAPL, BKNG, CDW, EW, GOOGL, META, MSFT, MSI, NVDA, ODFL, ORLY, POOL, SPGI, TPG, TSCO, TSM, UNH, V	AI, growth, interest rates, large cap, semiconductors, technology, Valuations	Wedgewood views AI as evolutionary rather than revolutionary, noting that companies like Alphabet and Meta have been using machine learning for over a decade. They emphasize that AI has been hiding in plain sight, with their portfolio companies already generating substantial returns from AI-related investments in R&D and capex.		View
2023 Q4	Jan 13, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, ODFL, ORLY, PYPL, TPG, TSCO, TSM, UNH, V	AI, Cloud, Fed policy, growth, large cap, semiconductors, technology	AI has been a multi-year phenomenon driving growth and profitability across portfolio companies. Meta Platforms has built one of the world's fastest supercomputers and uses AI for advertising optimization and content curation. Alphabet has spent $150 billion on R&D over five years, with 80% of advertising customers using AI-enabled tools. Apple has developed custom neural processing units enabling FaceID and other AI features across 200+ million devices annually.		View
2022 Q4	Jan 3, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	9WY, AAPL, ADYE AV, CDW, EW, FSR, GOOGL, META, MSI, PYPL, SI, SW, THRY, TSCO, V	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Wedgewood Partners	Tractor Supply Company	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Core Position, Execution, Inflation Moderation, margin expansion, Relative value, Rural Lifestyle, Specialty retail, store remodeling	View Pitch
Jan 28, 2026	Fund Letters	Ned Bell	Tractor Supply Company	Consumer Discretionary	Specialty Retail	Bear	NASDAQ	guidance, retail, Rural, seasonality, Weather	View Pitch
Jan 27, 2026	Fund Letters	Ned Bell	Tractor Supply Company	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	consumer, Cyclicality, resilience, Ruralretail, Store growth	View Pitch
Jan 16, 2026	Fund Letters	David A. Rolfe	Tractor Supply Company	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Loyalty, Margins, recovery, retail, Rural	View Pitch
Oct 7, 2025	Seeking Alpha	Seeking Alpha	Tractor Supply Company		Specialty Retail	Bull		Allivet acquisition, Competition, Consumables, Neighbors’ Club, pet healthcare, remote work, Revenue Growth, rural housing market, store expansion, valuation	View Pitch
Aug 8, 2025	Seeking Alpha	ABI Invest	Tractor Supply Company	Consumer Discretionary	Specialty Retail	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of TSCO

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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