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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 20, 2025 | BBH Select Series – Mid Cap Fund | 5.4% | -0.9% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO | healthcare, industrials, mid cap, payments, software, tariffs, technology | Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks. | GLOB WSO FOUR GWRE |
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| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO | insurance, Manufacturing, mid cap, Quality, Regional Banks, technology | Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound. | View | |
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -7.7% | -7.7% | BJ, CASY, CCO, CRS, CW, DASH, EME, HOOD, IBKR, INSM, IONS, LNG, PINS, PR, RGEN, ROST, RRX, STVN, TPG, TRGP, TTWO | AI, Data centers, energy, Geopolitical, growth, healthcare, mid cap, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | BBH Select Series – Mid Cap Fund | -6.0% | -6.0% | ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA | industrials, insurance, mid cap, software, technology, Testing, value | The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity. | KEYS ULS |
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| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2025 Q4 | Feb 23, 2026 | Barometer Capital Management | 0.0% | 0.0% | AEM.TO, BBD-B.TO, BVN, CAT, CLS.TO, CPX.TO, FTT.TO, GOOGL, HWM, K.TO, LRCX, MS, NA.TO, POW.TO, RTX, RY.TO, SAN, SE, TTWO, TVE.TO | AI, Canada, Copper, defense, energy, financials, Precious Metals, semiconductors | AI infrastructure remained a pillar of market leadership despite some consolidation in December. The market continued to distinguish between AI-enablers where demand remained strong and more cyclical parts of the chip complex, reinforcing the durability of the infrastructure buildout theme. Semiconductors exposed to AI maintained strength as semiconductor capital spending remained supported by AI-driven demand for advanced chips. Defense spending stayed elevated amid ongoing geopolitical uncertainty, supporting backlog strength and long-cycle earnings durability for aerospace and defense companies. RTX and Howmet extended gains as commercial aerospace demand remained strong and defense spending supported long-cycle revenue visibility through backlogs. Precious metals experienced renewed volatility during the quarter, with gold and silver weakening sharply into the end of October after an extended run higher. The pullback created opportunity as the manager re-engaged at lower levels when the market stabilized and the broader macro backdrop remained supportive for hard assets. Gold miners delivered strong returns throughout the year despite some weakness in final days of December. Copper prices surged into year-end amid rising demand tied to electrification, infrastructure, and data-center buildouts, alongside persistent supply constraints. This supported miners levered to the copper theme, with materials exposure contributing positively through companies like Hudbay Minerals and Rio Tinto benefiting from strength in copper and base metals. The portfolio benefited from exposure to global power demand themes, with Caterpillar continuing to benefit from robust demand in its energy & transportation business increasingly tied to expanding global power needs, particularly the build-out of AI data centers requiring reliable on-site generation capacity. Nuclear energy remained supported by structural tailwinds including rising global demand for reliable baseload power. Financials added to returns with banks demonstrating strong earnings power and shareholder return capacity. Morgan Stanley benefited from a supportive backdrop for capital markets activity and wealth management momentum, while Canadian banks continued to demonstrate resilient profitability and capital strength supporting shareholder return expectations. | TVE CN LRCX CAT |
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| 2025 Q3 | Oct 30, 2025 | Minotaur Global Opportunities Fund | - | - | CDR.WA, TTWO | AI, gaming, global, Poland, technology, value | CD Projekt exemplifies quality gaming businesses undergoing structural transformations. The company is transitioning from single-track to dual-track AAA development, breaking the constraint that limited capital deployment at high returns. With exceptional historical margins of 39% and proven unit economics, they're scaling from cyclical hitmaker to steady-state compounder through 2035. | CDR CDR |
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| 2025 Q3 | Oct 28, 2025 | BBH Select Series – Mid Cap Fund | -0.9% | -1.8% | ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST | AI, healthcare, mid cap, Quality, tariffs, technology, value | The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments. | BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 5.3% | - | ARGX, AXON, BJ, BRO, CW, DASH, EHC, EME, HOOD, IBKR, IDXX, INSM, INSP, NCLH, ORLY, PINS, RNR, ROST, SAIA, TTWO | AI, Capital markets, Data centers, earnings, Fed policy, growth, mid cap, semiconductors | AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. With debt levels increasing for the biggest AI spenders, measures of capital spending-to-sales are approaching dot-com peak levels. | View | |
| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -4.7% | 9.4% | ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV | AI, consumer, financials, growth, healthcare, industrials, mid cap, technology | Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook. | AMAT AXON PINS TTWO |
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| 2023 Q4 | Jan 18, 2024 | MacNicol & Associates Asset Management | - | - | TTWO | Canada, crypto, gaming, inflation, Labor Market, liquidity | Bitcoin ETF approval by SEC represents a watershed moment for cryptocurrency mainstream adoption. The firm has made money through crypto investments including NextBlock Global and 3iQ Digital Holdings, though experiences have been marked by stress and confusion. | 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Sonu Chawla | Take-Two Interactive Software, Inc. | Communication Services | Interactive Home Entertainment | Bull | NASDAQ | Bookings, Engagement, Franchises, Gaming, Releases | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Florian Muller | Take-Two Interactive | Communication Services | Electronic Gaming & Multimedia | Bear | NASDAQ | — | 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. | ||||||||