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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AVY, ENTG, POOL, TT | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Fenimore Dividend Focus Strategy | -2.6% | - | AVY, CDW, CTAS, MCHP, THG, TT | - | View | ||
| 2024 Q2 | Jul 12, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | ADYEN NA, BILL, BMRN, CPRT, CSGP, GWRE, KLAC, LULU, MPWR, MSCI, POOL, SLNY, SQ, TER, TT, WDAY, WDC, WST | - | View | ||
| 2025 Q2 | Jun 30, 2025 | Fenimore Dividend Focus Strategy | 5.7% | - | ENTG, GEHC, HEI, MKC, ROST, TT | cash flow, dividends, downside protection, fundamentals, Quality | The commentary stresses high-quality businesses with durable cash flows and growing dividends amid speculative market behavior. Management believes quality stocks lag temporarily during risk-on rallies but outperform over full cycles. Capital preservation and downside protection remain core objectives. | GEHC ENTG |
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| 2025 Q1 | Apr 7, 2025 | Sandhill Investment Management | - | - | ANET, TT | Balance Sheet Strength, Corporate Bonds, Market Volatility, quality equities, tariffs | The April 2025 newsletter discusses sharp market declines following U.S. tariff announcements, noting the fifth-worst two-day drop since 1950 and highlighting that historically such extreme fear periods have been followed by strong multi-year returns. Sandhill entered the year with elevated cash levels and has redeployed capital into high-quality companies such as J.P. Morgan, Arista Networks and Trane Technologies, emphasizing balance sheet strength and low leverage amid uncertainty. With bonds once again serving as portfolio stabilizers due to normalized interest rates and short duration positioning, the firm frames volatility as an opportunity for disciplined long-term investors. | TT |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | ADYEY, BMRN, KLAC, LULU, MELI, MTD, NTR, PGR, SQ, TT, WDAY | - | View | ||
| 2025 Q4 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | AJG, HEI, ROST, STE, TT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Davenport Core Leaders Fund | -3.5% | -3.5% | NVDA, TT | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Fenimore Dividend Focus Strategy | 10.3% | 10.3% | APD, SYK, TROW, TT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Parnassus Mid Cap Growth Fund | -2.5% | 10.6% | A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Fenimore Dividend Focus Strategy | -5.2% | 7.6% | BR, CDW, MCHP, PAYX, TT | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Fenimore Dividend Focus Strategy | 10.8% | 19.7% | A, APD, ENTG, MLM, TT | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Brown Advisory Large-Cap Growth Strategy | -4.4% | 1.8% | AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS | AI, Cloud, growth, large cap, semiconductors, software, technology | AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms. | ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investments International Growth ADR Strategy | 0.0% | 0.0% | 0700.HK, 8035.T, AZN.L, CLS.TO, EL.PA, ENR1.DE, GALD.SW, HEI.DE, III.L, ITX.MC, LIN, NVO, NWG.L, RACE, ROG.SW, RYA.L, SE, SIE.DE, SONY, TT, UCG.MI | AI, Asia, banks, Europe, growth, international, Pharmaceuticals, value | The Strategy saw strength in holdings supporting the buildout of AI workloads during the quarter, led by Siemens Energy (electrical equipment for data centers), Tokyo Electron (semiconductor equipment), and Celestica (cloud platform technology solutions). Data centers remain supportive for earnings revisions in industrial holdings. Health care was a focus of activity with repurchases of EssilorLuxottica and Galderma Group and addition of Roche. Roche reported positive Phase III data for giredestrant and fenebrutinib with peak sales opportunities of $5 billion each. The sector has been improving after U.S. policy pressures moderated. Increased non-U.S. defense spending is here to stay as NATO evolves from U.S. leadership to more European participation. There has been rebuilding of inventories in the European Union and efforts to maintain steady defense infrastructure supply. Japan has also increased defense spending under its new prime minister. Despite investor avoidance since COVID, Chinese innovation is rapid and happens at lower prices. The next five years will see companies consolidate and dominate higher value chain positions across pharmaceuticals, battery materials, solar energy and technology. Lower valuations and higher profitability make exposure necessary. Banks can benefit from funding AI and energy transitions through new profitable loans. Heidelberg Materials could see upside from implementing decarbonization technologies in cement production. The transition creates lending opportunities and operational improvements for industrial companies. Value has worked internationally because inexpensive stocks are direct beneficiaries of enormous stimulus measures in Germany, Europe and Japan. The Strategy increased structural growth exposure through European and U.K. banks where there is a step change in earnings. Bank valuations remain inexpensive with excess capital. | HEI GR ROG SW NWG LN AZN LN |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2025 Q4 | Jan 13, 2026 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
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| 2024 Q4 | Jan 10, 2025 | Sandhill Investment Management | - | - | ANET, CDNS, HUBB, ISRG, JPM, NOW, PANW, SPXC, TT | Inflation Risk, Investment Grade Bonds, Market Concentration, quality growth, Valuation discipline | The newsletter underscores a continued focus on high-quality U.S. equities with durable competitive advantages, while acknowledging elevated market concentration and valuations near historical extremes that warrant caution. Sandhill highlights disciplined positioning with increased cash levels, short-duration investment grade bonds, and selective rotation into companies such as J.P. Morgan, Arista Networks and Trane Technologies amid volatility. Looking into 2025, inflation risks, fiscal imbalances and expensive equity multiples frame a backdrop of heightened volatility, reinforcing an emphasis on balance sheet strength and valuation discipline. | JPM |
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| 2024 Q3 | Sep 30, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | AMAT, EL, HAL, ICE, TT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | AMAT, EL, HAL, ICE, TT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | NewBridge Large Cap Growth Equity | 6.0% | 22.4% | CELH, CSGP, LULU, MSCI, NVDA, TT, UNH, VRT | - | View | ||
| 2023 Q4 | Jan 16, 2024 | NZS Capital – Growth | 4.0% | 22.0% | TT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Rick Ryskalczyk | Trane Technologies plc | Industrials | Building Products | Bull | New York Stock Exchange | backlog, Climate, energy efficiency, HVAC, Pricing power, services | View Pitch |
| Jan 15, 2026 | Fund Letters | John Fox | Trane Technologies plc | Industrials | Building Products | Bull | New York Stock Exchange | backlog, datacenters, HVAC, refrigerants, Thermal | 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. | ||||||||