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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, CVNA, HLT, MELI, NET, PLTR, TW | AI Demand, Compounding, earnings growth, Mid Caps, volatility | The letter highlights a rebound in mid-cap growth stocks supported by resilient demand for AI-related services and improving earnings visibility. Management views mid-cap growth as a source of long-term compounders overlooked during recent market volatility. Selectivity and balance sheet strength remain critical. | CVNA VST MELI TW AXON PLTR |
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| 2025 Q1 | Mar 31, 2025 | Baron FinTech Fund | -1.4% | -1.4% | APO, GWRE, HOOD, KKR, MA, MELI, NOW, PGR, TW, XYZ | - | View | ||
| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, HOOD, IBKR, LPLA, MORN, SHOP, TW, VRSK | AI, analytics, Data, Fintech, software | AI optimism fueled equity strength, shaping valuations, sector rotations, and risk appetite across fintech and software. Managers highlighted both perceived AI threats to incumbents and the long-run efficiency and product expansion opportunities AI enables. AI remains a dominant catalyst influencing earnings expectations, sentiment, and capital deployment. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Oct 28, 2025 | Voya MidCap Opportunities Strategy | - | - | APP, FIX, KTOS, MLTX, TW, VRSK | Artificial Intelligence, Data centers, defense, infrastructure, Rate Cuts | The fund outperformed its benchmark on strong stock selection within industrials and technology. Contributors included Kratos Defense, Comfort Systems, and AppLovinbenefiting from defense modernization, data center expansion, and AI-driven digital advertising. Management expects continued market leadership expansion beyond megacaps as Fed rate cuts and global capex cycles sustain growth opportunities in AI infrastructure and defense sectors. | View | |
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | APP, CTAS, FI, FIX, GOOG, IT, TPR, TW | AI, diversification, Large Caps, technology, valuation | U.S. large caps hit new highs as tech and AI continue to lead performance. Companies like Alphabet and AppLovin benefit from AI monetization, while investors face valuation concerns as mega-caps dominate indices. The managers emphasize diversification and quality growth selection amid elevated valuations. | 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 22, 2026 | NewBridge Large Cap Growth Equity | 6.7% | 32.1% | ADBE, AMZN, ANET, AVGO, CELH, CSGP, GOOGL, LLY, MCK, META, MPWR, MSFT, NFLX, NOW, NVDA, RDDT, TSLA, TW, UBER, V, VRT, ZTS | Fed, fundamentals, growth, large cap, Quality, rates, technology, Trump | The portfolio benefits from AI-related opportunities through companies like Reddit, which has secured deals with high-profile AI/LLM leaders including Google and OpenAI. These partnerships are driving user base growth and advertiser interest as Reddit leverages its data for AI use cases. Vertiv Holdings was a standout performer during the quarter as it continues to benefit from large tech companies' intentions to increase data center capacity. The company is well-positioned for the ongoing data center expansion trend. The portfolio maintained its high-growth, high-quality mandate with 98% allocated to Emerging Growth and Established Growth companies. Growth factors were the best performing quantitative factors during the quarter, including Estimated Long-term Growth, Sales Growth, and Composite Growth. The portfolio includes significant exposure to cloud infrastructure and services companies that reported strong quarterly results. These companies benefit from continued digital transformation and enterprise cloud adoption trends. | CELH RDDT TW |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
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| 2025 Q4 | Jan 15, 2026 | Canopy Investors | - | - | 4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW | AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation | AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration. | 4194 JP TREX AUTO LN MEDP PTC |
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| 2025 Q4 | Jan 14, 2026 | Lakehouse Global Growth Fund | 0.0% | -8.5% | 4443.T, ADYEN.AS, AMZN, CSU.TO, KXS.TO, MELI, PINS, TW, WIX, WK | global, growth, Networks, software, technology | The fund holds MercadoLibre, a leading Latin American e-commerce platform with network effects and loyalty advantages. The company represents one of the top holdings in the portfolio with strategic advantages in networks, loyalty, and intellectual property. Multiple holdings focus on enterprise software solutions including Workiva for compliance and reporting, Sansan for business networking, and Constellation Software for vertical software acquisitions. These companies benefit from loyalty and intellectual property moats. The fund holds Adyen, a global payment processing platform, and Tradeweb Markets, which operates electronic trading networks for fixed income markets. Both companies benefit from network effects and switching costs. | View | |
| 2025 Q1 | Mar 31, 2025 | Lakehouse Global Growth Fund | - | - | SE, TW | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, MRVL, TW, VRT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Erick Maronak | Tradeweb Markets, Inc. | Financials | Capital Markets | Bull | NASDAQ | And Continued Adoption By Institutional Clients., Include Electronification, market share gains | View Pitch |
| Dec 5, 2025 | Fund Letters | Brian Angerame | Tradeweb Markets Inc. | Financials | Financial Exchanges & Data | Bear | NASDAQ | Execution, Expectations, Liquidity, valuation, Volumes | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | TSMC | Consumer Discretionary | Semiconductors & Foundry | Bull | NYSE | AI, Capacity, diversification, Foundry, manufacturing, Onshoring, profitability, ROIC, semiconductors | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Lieberman | TSMC | Consumer Discretionary | Semiconductors & Foundry | Bull | NYSE | AI, Capacity, diversification, Foundry, manufacturing, Onshoring, profitability, ROIC, semiconductors | 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 |
|---|---|---|---|---|---|---|---|---|
| Andreas Halvorsen | Viking Global Investors | $37.7B | $297.7M | 0.79% | 2,768,659 | +2,768,659 | +100.00% | 1.1638% |
| William Von Mueffling | Cantillon Capital Management | $18.5B | $289.1M | 1.56% | 2,688,245 | -1,180,399 | -30.51% | 1.1300% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $26.8M | 0.05% | 249,143 | -230,637 | -48.07% | 0.1047% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $730,412 | 0.00% | 6,792 | +6,792 | +100.00% | 0.0029% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.0M | 0.00% | 18,415 | +18,415 | +100.00% | 0.0077% |
| Israel Englander | Millennium Management LLC | $233.2B | $39.6M | 0.02% | 368,189 | -70,911 | -16.15% | 0.1548% |
| Jeremy Grantham | GMO LLC | $39.1B | $270.9M | 0.69% | 2,518,721 | +549,685 | +27.92% | 1.0587% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $2.8M | 0.00% | 25,824 | -1,500 | -5.49% | 0.0109% |
| Murray Stahl | Horizon Kinetics | $7.4B | $568,133 | 0.01% | 5,283 | +0 | +0.00% | 0.0022% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $64.3M | 0.10% | 597,825 | +93,825 | +18.62% | 0.2513% |
| Cliff Asness | AQR Capital Management | $190.6B | $199.5M | 0.10% | 1,854,882 | +1,375,925 | +287.28% | 0.7797% |
| Charles Mawer | Mawer Investment Management | $17.9B | $57.1M | 0.32% | 531,171 | +62,575 | +13.35% | 0.2233% |
| Rich Handler | Jefferies | $19.3B | $1.3M | 0.01% | 11,635 | +11,635 | +100.00% | 0.0049% |